JK Tyre & Industries Limited — Credit Ratings, 13-06-2025: Credit Rating

India Ratings and Research has reaffirmed JK Tyre & Industries Ltd’s bank facilities rating at IND AA- with a stable outlook. The rating reflects the company’s strong position in truck and bus tyres, improved product mix with higher margins, and an 11% revenue CAGR over FY20-FY25 supported by better capacity utilization. Despite a revenue and EBITDA dip in FY25 due to softer commercial vehicle demand and raw material inflation, net leverage rose but is expected to stabilize with demand recovery and controlled costs. This stable rating underpins steady investor confidence and helps maintain favorable borrowing costs.