5 Best Tyre Stocks to Watch in 2023

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The automotive industry has experienced a steady rise after the pandemic offering a fresh kick-start to some major tyre companies around the country. As the vehicles roll back on the streets, tyre stocks are likely to experience a positive shift. If you are looking for online trading in India for tyre stocks in 2023, here is the list to help you.

  1. MRF

MRF (Madras Rubber Factory) is one of the largest tyre manufacturers in India. Its superior-quality tyres cater to various automobile segments, including passenger vehicles, two-wheelers, trucks, buses, and more.

   

MRF is expected to continue its growth trajectory, by consistently expanding its product range and enhancing its distribution network. The revenue increased from ₹16,163 Cr to  ₹19,316 Cr in 2022 with a net profit of ₹669 Cr in 2022. 

  • MRF Share Price as of April 2023: ₹85,00+ 
  • Market Cap: Around ₹36,405 Cr
  1. Apollo Tyres

Apollo Tyres is a global tyre manufacturer with a strong presence in India, Europe, and North America. With a total of 4 manufacturing units in India, Apollo Tyres is the fifth-largest producer of tyres in the country.

Their revenue increased from ₹17,397 Cr to ₹20,947 Cr in 2022 with profits doubling from ₹350 Cr to ₹638 Cr in 2022. Apollo has also developed tyres suitable for electric vehicles, which is expected to boost its growth in the coming years. 

  • Apollo Tyres Share Price as of April 2023: ₹300+ 
  • Market Cap:  Around ₹21,117 Cr
  1. JK Tyres

Among the top 25 tyre manufacturing companies around the world, JK Tyres has a strong presence in both the domestic and international markets. The company’s diverse product portfolio caters to various automobile segments, including passenger vehicles, commercial vehicles, and two-wheelers.

JK Tyres has made significant investments in research and development to boost the development of innovative products. Their revenue was ₹9,102 Cr in 2021 which increased to ₹11,982 Cr in 2022 with net profits of almost ₹200 Cr.

  • JK Tyre Share Price as of April 2023:  ₹160+ 
  • Market Cap: Around ₹4,176 Cr
  1. Ceat Tyres

Another strong competitor in the automotive industry is Ceat Limited. Ceat Limited has a wide distribution network throughout India which makes it a prime choice for people throughout the country as well as in the international market. 

Ceat Tyres indulges in high investments to create cutting-edge products that provide the best performance and safety. Their revenue was ₹7,609 Cr in 2021 which increased to ₹9,363 Cr in 2022.

  • Share Price as of April 2023: ₹1,400+
  • Market Cap: Around ₹5,774 Cr
  1. Balkrishna Industries

Balkrishna Industries is yet another well-known tyre manufacturer in India that serves  the off-highway market. The company has a strong presence in the global market, focusing on the agriculture and construction segments. 

Balkrishna Industries has an excellent revenue of ₹8,295 Cr in 2022 from ₹5,783 in 2021 with a net profit of ₹1,435 Cr. 

  • Share Price as of April 2023:  ₹2,000+
  • Market Cap: Around ₹39,125 Cr

Final Words

To conclude, these are the best tyre stocks to have a close look at in 2023. Their diversified product portfolios and global presence promise potent growth in the upcoming years.

You can closely monitor the above stocks and trade them easily with the Dhan platform.  

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