JK Tyre & Industries Limited (NSE: JKTYRE) Q4 2025 Earnings Call dated May. 21, 2025
Corporate Participants:
Unidentified Speaker
Chirag Jain — Investor Realations
Anshuman Singhania — Managing Director
Arun K. Bajoria — Director & President
Sanjeev Aggarwal — Chief Financial Officer
Analysts:
Unidentified Participant
Arjun Khanna — Analyst
Abhishek Jain — Analyst
Dinesh Kumar — Analyst
Manju Choudhary — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Q4, FY25JK Tires and Industries earning conference call hosted by MK Global Financial Services Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchdown phone. I now hand the conference over to Mr. Chirag Jain from MK Global Financial Services Limited. Thank you. And over to you sir.
Chirag Jain — Investor Realations
Thank you. Muskrang. Good morning everyone. On behalf of MK Global, I would like to welcome you all to the Q4 and FY25 earnings conference call of JK Tire and Industries Limited. Today we have with us the senior management team represented by Mr. Anshuman Singhania, Managing Director, Mr. Arun K. Bajoria, Director and President International and Mr. Sanjeev Agarwal, Chief Financial Officer. We will begin the call with opening comments from the management team followed by Q and a session. Over to you sir.
Anshuman Singhania — Managing Director
Yeah. Thank you. A very good morning to everyone. I would like to take this opportunity to extending my warm welcome to all of you and thank you for joining the JGATAR Quarter 4 and FY25 earnings call. It is my pleasure to have with. Us. Dr. Arun Kumar Bajoria Ji, Director and President and Sanjeev Agarwal Ji, cfo. The Indian economy continued to outshine its global peers with its GDP hitting a milestone of 4.3 trillion US 2025 doubling from 2.1 trillion in 2015. There is still a high growth potential going forward. As RBI latest estimates the GDP is projected to grow at 6.5% in FY26. The Indian economy has shown tremendous resilience and continues to remain less impacted by the external geopolitical environment and US tariffs. On account of India being primarily driven by domestic economy with underlying strong domestic capital markets and huge foreign exchange reserves, we believe the US tariff in the medium to long term are unlikely to have a significant impact on the auto sector and the tyre industry.
However, the Indian economy is likely to be relatively better placed in terms of tariffs under FTA which is under negotiation which will provide significant long term growth opportunities. Overall, India’s long term growth trajectory continues to remain strong on account of the macro fundamentals and robust domestic demand which makes India an engine of growth despite the emerging trend trade challenges in the global landscape. Automotive industry is the cornerstone of India’s manufacturing and economic growth contributing significantly to its gdp. India is the third largest automotive market in the world which is emerging as a global leader in the automotive value chain.
The year FY25 remained a progressive year for the sector demonstrated by an overall volume growth of 7.3% backed by double digit growth in two three wheeler segment. The PV segment continued its upward trajectory and touched all time high with the sales of 4.3 million vehicles SUV being the key growth contributing as high as 65% of the total PV sales in FY25. CV witnessed a marginal degrowth of 1 to 2% on account of long monsoon spell and reduced government spend on infrastructure due to general elections. Commercial vehicle segment saw a positive momentum in quarter four FY25 and the trend is expected to continue in first quarter of the next financial year on account of pre buying of CVs as the new regulations of AC cabins is being mandated by June 25.
Auto sector is expected to grow at 6 to 8% in FY26 on back of stable macroeconomic conditions including revival in the infrastructure spend, normal monsoon easing interest rate scenario and increase in rural and urban disposable incomes. Coming to JK Tire’s quarter four performance, the quarter has recorded an improvement over the previous quarter. The consolidated revenue increased to Rs 3780 crores. EBITDA stood at Rs 384 crores up by 15% on quarter on quarter basis. EBITDA margin expanded primarily on account of higher volumes and improved operational efficiencies. I would like to also highlight the double digit volume growth achieved in both in passenger and TBR categories in the replacement market on Y on Y basis.
For the year as a whole consolidated revenue stood at Rs 14,772 crore or a consolidated EBITDA was recorded at Rs 16.78crore with an EBITDA margin of 11.4%. In fourth quarter export were up by 4% on quarter on quarter basis. Despite heightened uncertainty and continued volatility in the global markets, JK Tire remains committed to provide innovation, high quality and technologically advanced products thereby elevating customers experience. We have been constantly investing nearly 1.5% of our turnover annually on strengthening our R and D capabilities which has helped us to stay ahead of the curve and deliver superior and innovative products to customers.
We are witnessing a strong market traction on our premium offerings, Levitas Ultra Smart tires, Ranger Series and Puncher Guard tires in the passenger vehicle segment and we have been securing new product approvals from the OEMs in higher rim sizes in the PCR for instance Kia silos and Thar and Thar rocks in the 18 inch which will drive our sales and improve our profitability. Further, as part of a premiumization effort in the replacement market, revenue mix of high rim sizes is improving constantly and growing at double digit in the PCR and in the commercial segment. Also our xf, XM and XD series tires are improving the product mix, fleet management and mobility business are expanding rapidly serving nearly 80% of India’s large fleets.
Ongoing projects worth Rupees 1400 crores across PCR, TBR and all steel light truck radial segment are progressing well. Further capacity utilization level remain high across all plants. JK Tire remains focused on sustainable manufacturing across its 11 plants globally. With a capacity of 35 million plus tyres annually. We are aiming to cut GHG emission and raw water consumption by 50% by 2030. As part of our strategy to achieve environmental goals, we are ranked amongst the top three companies globally in terms of the lowest energy consumption and the lowest specific raw water consumption. We are proud to inform you that JK Tire has commenced production of the new passenger car tire UX Royal Green using ISCC which is international Sustainable and Carbon Certification Certification Sustainable Material.
This development marks the introduction of India’s first passenger car manufactured with globally certified renewable and recycled raw materials. This represents a defining step in JK Tire’s journey towards environmentally responsible innovation. JK Tire has been recognized as a super brand for the 10th time, a milestone that reflects the enduring trust, quality and leadership of our brand which IT commands. In Q4FY25 we further strengthened the dealer network by adding 150 dealers and 25 exclusive brand shops. During the quarter we inaugurated the 100th Truck Wheel Centre. JK Tire has the largest service network in the country for commercial vehicles delivering a superior customer service.
As we step into FY26, our strategic approach will be to provide solutions which are innovative, driven, collaborative and sustainable to transform challenges into opportunities. With that, now I would request Dr. Bhayuriji to talk about the JK Tondale Mexico performance.
Arun K. Bajoria — Director & President
Thank you MD sir, I would like to share brief highlights of the Mexican economy for FY25 followed by JK Tornell’s performance for the quarter four and financial year 25. The Mexican economy is projected to grow by 1.5 to 2% in financial year 25 as per the Mexico’s Finance Ministry’s data. Despite the emerging trade challenges from US tariffs, public spending being identified as the likely driver of this growth, Mexico’s President has also laid down a plan Mexico to support and boost their economy Amidst the US President’s imposition of tariffs on import of Mexican goods. However, automobile tires will continue to be exported to USA at zero duty for now.
We will see as time progresses. Mexico is the second largest economy in Latin America and one of the largest Trade Partners of USA. Mexican peso depreciated against US dollar by 2% in quarter 4 of FY25 as compared to Q3 which augurs well for JK Tornell exports from Mexico. Sales for financial year 25 was recorded at 4,928 million pesos which is lower by about 10% of on constant currency basis in rupee terms. Sales in financial year 25 has declined to Rs. 2,147 crores from rupees 2628 crores recorded last year lower by 18% year on year basis.
Mainly on account of depreciation of Mexican pesos against Indian rupees by 8% which means peso in rupees at 4.41 today was nearly 4.8. Last year JK Tornell delivered highest ever supplies to Walmart and mass merchandisers in quarter four. To meet the ever evolving needs of of export and domestic markets, JK Tornell has launched 34 new products which are well accepted by customers in Mexico as well as overseas in Brazil, Latam and also usa. So with this we are now focusing on increasing our domestic sales as well as our exports to Latin America and Brazil and going forward to USA.
Our passenger car radial expansion project of US dollars 27 million is also progressing well and is expected to be completed by the end of the current year that is 2025. To increase the profitability. Various cost saving measures in areas including logistics and other overheads have been identified and action is in progress. Further, we are closely monitoring the evolving situation around US Tariffs and will accordingly take the next course of action mainly for exports to USA. Now I would request Mr. Sanjeev Agarwal ji to talk about the financial performance of JK Tai.
Sanjeev Aggarwal — Chief Financial Officer
Thank you. Thank you very much sir. So let me briefly share with you the key financial highlights for quarter four and financial year 25. The first is the consolidated revenue for quarter four were recorded at Rs. 3780 crore up by 2% on YUI basis as against rupees 3714 crore in the corresponding quarter last year Revenue for FY25 were recorded at rupees 14772 crore. Marginally lower by 2% against rupees 15046 crore in FY24 Consolidated EBITDA for Q4 was recorded at Rs. 384 crore versus 335 crore in Q3 FY25 a jump of 15%. EBITDA for FY25 stood at rupees 16.
78 crore. EBITDA margins during Q4 were recorded at 10.2% as against 9.1% representing an improvement of over one hundred and ten basis points over the previous quarter. EBITDA margin for FY25 stood at 11.4%. Cash profit for Q4 stood at Rs. 264 crore and Rs. 1202 crore for the full financial year respectively. Profit after tax for Q4 stood at Rs. 102 crore and rupees 516 crore in FY25 respectively. Capacity utilization for FY25 was at 78% on consolidated basis. However, capacity utilization of radial tyres remained high at over 85%. Export volumes during Q4 remained flat on Q on Q basis despite ongoing geopolitical challenges.
Our exports from India in value terms were up by 4% on quarter on quarter basis. Cavendish posted a top line of Rs. 10,34 crore in Q4 and impressive growth of 18% on YUI basis. CIL achieved an EBITDA of rupees 87 crore in the quarter. Subsidiary companies Cavendish and JK Toronto Magic contributed significantly to the revenue and profitability on consolidated basis, reinforcing JKTIRE’s integrated global strategy and diversified footprint. Consolidated earnings per share stood at Rs. 3.54 per share in Q4 and Rupees 18.07 in FY25. Return ratios ROCE and ROE continues to be in double digits. Net Debt stood at rupees 4,081 crore for the quarter as against rupees 4,319 crore in the previous quarter.
So there is a reduction of about 238 crore during the quarter. 4. The balance sheet of the company continues to remain healthy with robust key financial ratios, leverage ratios. Net debt to equity and net debt to EBITDA were at 0.82 multiples and 2.4 multiples as on 31st March 25th respectively. The board has announced a dividend of Rupees 3 per equity share that is 150%. The scheme of amalgamation of EIL with JK Tire is progressing well and has already been approved by SEBI and the matter is now with nclt. So with this I open the forum for the question and answers and as you must have Already read the earnings in the earnings presentation.
So the forum is open for the Q and A. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star and one on their touchdown telephone. If you wish to remove yourself from question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Dhanraj Kadam, an individual investor. Please go ahead.
Unidentified Participant
Hello sir. My question is our company growth in electric vehicle segment. Yes, we are. We are in the all electric vehicle in terms of all our product categories we are ready for the electric vehicles. In fact we are supplying our truck radial tyres in the electric bus. And we are the largest in the partisan participating in the bus segment with our EV which is the electric vehicle. We are supplying to the leading OEMs like Tata Motors, Ashok Linen which is has that switch Mobility, Ashok Lenin, JBM and ECA Mobility. And we are continuously working with the other OEMs on the EV platform.
We enjoy almost 70% market share across all OE. We are supplying tyres in the replacement market as well. Even in the last mile connectivity of the SCV which is a small commercial vehicle. We enjoy 50% of the business with Tata Motors ACE which is a EV variant. We are also successfully supplying our volumes to even two three wheeler in the EV segment. And we see that including the Ola Electric, Akhar and your electric company we are supplying this. We see that EV presence is growing in the country. EV bus is contributing 7% in the total bus industry.
And we are expecting that this will go further to 10% by intervention of various government policies also. So we are expecting a growth as an overall ev. We are expecting a growth also in the passenger car vehicle production which by 2030 we are estimating around 1.33 million units which is amounting to 20% of the passenger vehicle production in the country. And we are completely ready. And we are participating and have advanced talks with the OEM players who are into the ev. Thank you. Sir. One more last question. Hello.
Unidentified Speaker
Yes. Yes, please go on.
Unidentified Participant
Am I audible, sir?
Unidentified Speaker
Yes
Unidentified Participant
sir. My question is what company outlook on raw material cost in upcoming quarters. Raw material. We have seen right now on quarter and quarter basis from the previous quarter. We have seen around 2 1/2% decline. We are seeing going ahead. We are seeing stabilizing of raw material scenario. Thank you sir.
Unidentified Speaker
Thank you.
operator
Thank you. The next question is from the Line of Arjun Khanna from Kotak Mahindra Asset Management. Please go ahead.
Arjun Khanna
Thank you for taking my question. Sir, the first question is on the Mexico business. So if you look at the revenues in Mexico, while in the opening remarks you did comment on the depreciation of the peso versus the inr, but there would be a volume decline also. And if you look at the tariffs, etc. That would have actually kicked in possibly at the end. So could you explain why Mexico was so weak both in top line and margins for the fourth quarter?
Unidentified Speaker
Yeah. So Mexico, as you heard, Mr. Bhajore Ji, that one is that there was a depreciation of Mexico peso vis a vis the Indian rupee. The other reason was there was complete uncertainty in from Mexico supplying to us because of the Trump tariff. There was no certainty and every time the dates were sort of getting shifted. So there was a complete uncertainty in the minds of the customers based in usa. So that was one of the major reasons. But having said that, there is a good demand which is coming our way in Mexico with local Mexico as well.
And with the uncertainty getting behind, the US market is also opening up and which will have a lot of positive impact from Mexico to us.
Arjun Khanna
So sir, just to understand this, so in the month of April and May, we have seen almost 20 days. Have we seen sort of a recovery in revenues from the fourth quarter?
Arun K. Bajoria
Well, not yet. Not yet. To the extent that we are going to achieve performance. Because you see still the duty structure and all is all getting discussed between the Mexican government and the American government. But in the meantime, we have started selling higher volumes and quantities to the local domestic market. So that will certainly help us. And we are also now focusing much higher in terms of exports to Brazil as well as Latin America.
Arjun Khanna
Sure. And in terms of the way we look at it in terms of margins in Mexico, what would our outlook be?
Arun K. Bajoria
It would be slightly better than what we have achieved in the financial year 25. But for now you can. Take that. The performance in 26, financial year 26 will be better than what you have seen in financial year 25.
Unidentified Speaker
And just to add to what Bajori has said, just one very clear trend. What we are noticing today is that because there is no, let’s say, tariff being imposed for exports from Mexico to us on the tires. So that will help us in exporting the tires to the US market in a greater manner going forward. So this will definitely improve our profitability, the revenues. And we are very hopeful that the margins we will immediately improve. Let’s Say for the next financial year in the next financial year as compared to what we have seen in FY25.
Arun K. Bajoria
And the trend of raw material also is moving positively There is a stable guidance for that so that will also help in margin expansion.
Arjun Khanna
Sure sir, just to understand if there is no tariff on sale of tyres from Tornell to the US market why haven’t our sales come back?
Arun K. Bajoria
No, right now there is this clarification has been ascertained recently so the on the ground in terms of the US customers it is still seeping in and the notifications etc. Have been communicated by us to them so there will be, there will be traction coming in going forward.
Arjun Khanna
Sure sir, My second question is regarding the raw materials which the previous participant also asked. Now you mentioned the first quarter FY26 should be similar to the fourth quarter FY25 given I would assume that’s because we have some inventories Given the rupee has slightly appreciated the you have seen the oil prices slightly come off so does that mean the second quarter FY26 we should see some margin expansion.
Arun K. Bajoria
As a trend? I can tell you because there is a lot of volatility what we have noticed in FY25 also and in the last one month also again there is a downward movement of the crude oil prices, the synthetic rubber, the natural drop. So as of now what we are seeing is that it is going to be stabilized over the next couple of quarters but when it will get changed again we do not know. So giving a guidance on let’s say too far beyond maybe first quarter or second quarter would be slightly difficult at this point in time but we can say that the stabilization of the raw material prices is what we are seeing as of now.
Arjun Khanna
Sure sir, My final question is on our debt level. So this year we saw our debt increase on a year on year basis on a net debt basis. How do we look at it over FY26, 27 we’ve talked about the 1400 crores of projects we spent roughly 700 crores in 25. So what kind of CapEx do we anticipate in FY26 and 27?
Arun K. Bajoria
So here just answering one of the your last question also I would like to add that if you see the commodity prices right now the behavior of the commodity prices is also softening so I don’t see that there would be a sort of a surge which will come immediately. So one is that the second point is that as you know that we had already announced our plans of 1400 crores plus 200 to 300 normal capex which we have take up every year for the year. So that is going on and which is on stream actually.
So we are right now not embarking on any new sort of expansion project.
Unidentified Speaker
But the projects which we have already are on track and we will have the capacities available from these projects in this financial year 26.
Arjun Khanna
Right. So what would be our CapEx spend for FY26? What is the remaining amount?
Unidentified Speaker
Yeah, the outgo would be roughly around 900 crore rupees because as you would recall last year also we had given you a guidance that 800 to 900 crore rupees be roughly spend on account of the CAPEX outlay. And for the last two years we have been having the same kind of amount and this year also, so 700 crore you mentioned in the financial year 25. So this year will be roughly around 900 and we will be done with all the projects and then of course we may decide or the board may decide to go ahead with some other expansion program.
Arjun Khanna
Perfect. Thank you very much and wishing you all the best, sir. Thank you.
Unidentified Speaker
Thank you.
operator
Thank you. The next question is from the line of Abhishek Jain from Alpha Curate Advisors Private Limited. Please go ahead.
Abhishek Jain
Thanks for opportunity and congratulations. Set of numbers. So my first question on the tunnel, so if you see that Mexico peso has appreciated versus rupees on a quarter on quarter basis that is a 9% up from 3.94 to 4.28. Despite that we have seen a quarter quarter degrowth of 11% and now the Mexican peso has recovered to the 4.44. So in this case what is our revenue guidance for the next two to three quarters on a quarterly basis? Because in this quarter we understand that because of the uncertainty there was some issues, but going ahead, what will happen when that there is the appreciation of the Mexican peso versus rupee.
Unidentified Speaker
So as just now Bazori mentioned that because the uncertainties on account of tariffs is behind us and also lot of volatility which we had seen last year in FY25. So that is also behind us. So we are expecting that there will be good amount of growth in the financial year 26 on account of the larger exports and the focus, as Mr. Bajori mentioned in his speech earlier, that we are focusing also on the in the domestic market and also on the. Brazil and latter and the Brazil and Latam. So things are expected to improve definitely in this financial year in terms of revenue improvement and the EBITDA improvement as well.
Abhishek Jain
So, so Mexican already appreciated 12, 13% in the last last two months. So in this case, once that quarterly level of the Mexico has gone down to the port 50 crores versus that 600 score. So can we expect that there will be a revenue growth of 15 to 20% in the next year from the Mexico?
Unidentified Speaker
Two things just to be clear on that front. Mexican piso, if it is depreciation depreciating, then it is good for let’s say exports. Right. But when we consolidate then actually we have to see the moment visa vis the rupee which is also a cross currency. So we’ll have to see. But the impact of the depreciation of the peso definitely will improve the exports from Mexico. And as I mentioned that because there are no tariffs announced for exports from Mexico to US so far. So this will also have a positive impact.
Abhishek Jain
So how is the revenue mix at this point of time in the Mexico Mexican business? I think that 50% from the domestic and 50% from the export. And out of that the US is contribution is hardly 8 to 10%. So how much impact? If you see the impact on the revenue that is very much high. We just wanted to understand what happened actually.
Unidentified Speaker
Yes. So two things again. First is that the major focus would be definitely in the domestic market and then the Latin American markets and then the US markets. So in this order of the focus priority you will see the improvement. And at present approximately 60% of the revenue is coming from the domestic markets. Absolutely.
Abhishek Jain
And from us.
Unidentified Speaker
Sorry. You yourself said about 8%. So you see our effort is to have minimum impact due to this tariff structure which may again come back because you know right now there is a lull for about 90 days. And so we are our strategy for this year, financial year 26 is to have minimum impact due to any exports to USA.
Abhishek Jain
And as this in this year we’ll get around 10 to 12% benefit on the conversion side because appreciation of the Mexican rupee versus INR it was hit in the last year. So can we expect that a 15 to 20% growth because of this thing in the Mexican business.
Unidentified Speaker
The depreciation or appreciation of the currency will definitely have its own impact at the time of conversion of accounts into consolidated accounts. But otherwise we are saying that the quantity itself because of the larger volume exports in the domestic market, larger volume sale will improve. And because there is also an expansion program which is going on in Mexico for about $27 million. So that will increase capacity in a phased manner. So over the next two years or something. So that will also have a positive impact. We will have larger capacities available particularly for the larger rim size tires which will have the larger revenue and better profitability.
So things are looking up definitely, rest assured and we will see some good numbers going forward.
Abhishek Jain
My next question on the side. So how is the growth outlook in the calendars? And as that there’s a decline in the RM prices, most probably the seven days will also get the benefit because I just wanted to understand what are the key figures for the growth in the calendar.
Unidentified Speaker
So Cavendish is definitely has done well even in the last financial year. You would have noticed that about 20% growth is there in the volumes and the sales number. So sales numbers means sales value. I’m talking about. And this company has done exceedingly well in the last couple of years since the time rather than acquired this company at about 1,000 crore turnover to almost about 4,000 crore turnover now annual turnover. So this has been turned around making good amount of profits. Margins are very good. And on relative basis I’m saying between the two companies and this is going to get merged in any case with the parent company.
Arun K. Bajoria
So and the confidence of actually our operational efficiency and the quality of product with that basis we have been serving the OEMs also from there in that assurance. So that speaks that our processes and. Our. Systems are right in place to cater to very stringent norms of the OEMs not only in the truck radial, but also we are participating with the majority market share of OEMs who have in India. So. So we are catering into two three wheeler as well.
Abhishek Jain
Okay. And my last question on the working capital side. So if inventory and the database has gone up in this quarter because of the higher raw test prices and that’s why that short term borrowings has inched up significantly. So just wanted to understand what is your date repairment plan? Because that inventory prices is going down and most of the data will improvement in the data. So just if you can throw some light on the repayment.
Arun K. Bajoria
In fact in Q4 we have reduced the number of days of inventory in terms of even the raw material and the finished goods. And there has been a reduction in the bank borrowing also for the working capital. Right. And as I mentioned earlier that there is an overall reduction of the net debt by about 23839 crore rupees in this quarter. But when we compare it with let’s say with respect to the corresponding quarter last year, then definitely you are right that there has been some increase in the working capital requirements because of the increase in raw material.
Prices, finished goods prices. But we are on the top of it. And we are working hard to get this reduced to a level which is where we are comfortable. And we can expect that there will be significant improvement in the total working capital. And also the working capital borrowings will go down going forward.
Abhishek Jain
Okay, that’s all my sir.
operator
Thank you. The next question is from the line of Dinesh Kumar from BNK Securities. Please go ahead.
Dinesh Kumar
Yeah, hi sir, can you hear me?
Unidentified Speaker
Yes sir, we can hear you.
Dinesh Kumar
Oh, okay. So can you share the volume growth across segments? Like what was the contribution of price versus volume to revenue growth?
Unidentified Speaker
Volume growth for the quarter you are saying?
Dinesh Kumar
Yeah. And then price, where does volume go?
Unidentified Speaker
So on a quarter, on quarter basis. Our. Truck which is the TBR and TBB has grown in the range of about 7%. And our passenger line has grown around 2% quarter on quarter basis. But our passenger line on a year on year basis have in terms of volume has grown 23%. And our truck radial has grown double digit of nearly 18% in the replacement market.
Dinesh Kumar
Okay. Okay. Another question. How has competitive intensity been in the past quarter? So are there any signs of aggressive pricing by fierce.
Unidentified Speaker
So you know during the whole year last year barring the quarter four we been able to increase our prices and we continue to look for opportunities to increase our prices in the aftermarket which is the replacement market. And OEM to a large extent it is index based.
Dinesh Kumar
Okay. And how will you position for EV related tire demands like any product launches. Or partnerships coming up.
Unidentified Speaker
I think this we discussed in the call today itself. And we are fully geared up for all kind of EV requirements be it the truck and bus or the passenger car or two wheeler, three wheeler. So we have been supplying in huge quantities to all these companies and we are growing with the industry. So as the industry is growing in the respective segments we are fully ready and we have been supplying and we are growing with them.
Dinesh Kumar
Okay, that’s it from Manjit. Thank you.
Unidentified Speaker
Thank you.
operator
Thank you. The next question is from the line of Manju Chaudhary from Investe Portfolio Management. Please go ahead.
Manju Choudhary
Hello.
operator
Yes sir with a question.
Manju Choudhary
Yeah, I wanted to understand the risk of the Mexico supply to the US Is that. I’m sorry, maybe somewhere it’s been addressed. But when we are looking at this whole saga between us and Mexico, how is that plant being affected?
Unidentified Speaker
You see we have. You must have just heard that out of our total volume, total sales in FY25, about 8% is the export to USA. So therefore as you have heard us say earlier in this con call that our strategy now is that we are increasing our sales to domestic market, that is number one, and also to Brazil market and then to Latin American markets. So really speaking, if the tariffs are not going to fall in line with the way in which it will give us at least some viable alternative, we will not be affected to that extent.
So you can be rest assured that the U.S. tariff on Mexican products is not going to hurt us very much.
Manju Choudhary
So you’ll be able to send it that production at other places?
Unidentified Speaker
Absolutely.
Manju Choudhary
Okay. Okay, thank you.
Unidentified Speaker
Just one point. As we are talking about the exports from the maximum to us very broadly, I will tell you that the company as a whole on consolidated basis is exporting to us in a very small percentage, like as mentioned, 8% from Mexico and also similar numbers from India also. So this is. The exposure is very low as such.
Manju Choudhary
The 8% is from Mexico and 8% is.And 8% is from India.
Unidentified Speaker
We are seeking all opportunities to increase our sale into the US from the Mexico outfit. These uncertainties are hoovering. But these uncertainties in the minds of customers we are explaining and this acknowledgment is coming. So we are seeing going ahead a positive wave of, of supplying from Mexico into USA.
Manju Choudhary
But total sales to US is 15% of your revenue, 8% from India and 8% from Mexico.
Unidentified Speaker
I would. No, I just want to explain to you that effectively only 3% of the total revenues. That’s fine, that’s fine.
Manju Choudhary
Sorry. 16% is the number. Right.
Unidentified Speaker
So what I’m trying to tell you is that the exposure to the total revenues to U. S tariff is minimal. It may not be more than 3, 3%.
Manju Choudhary
Oh, okay.
Unidentified Speaker
Yeah, yeah. Thank you. Thank you. Yes, thank you.
operator
Thank you. The next question is from the line of Amar Khan Gore from Excess capital. Please go ahead.
Unidentified Participant
Yeah, thanks for taking my question. I had first of all a housekeeping question. Could you please tell me what were your exports for this quarter?
Unidentified Speaker
Export was at. Export was for the quarter was 400 and 530 of crores. 513 crore. 513 crores, yeah. And on a consolidated basis and for the full year it was 2378 cores.
Unidentified Participant
Thanks. My first question is on growth in the India business where we have seen much higher growth from Cavendish versus JK in the standalone. Could you please highlight what would be the difference that is driving that?
Unidentified Speaker
So you see that the. Our JK standalone caters a large amount of volumes to the OEMs and particularly to the truck radial OEMs. Where we are a very strong player. So the whole year for the truck in terms of the OEMs has been very muted growth. In fact 1 to 2% degrowth only. So this was one of the major, one of the major reasons where the standalone India JK tire was impacted. But however the CIL has a mix of truck radial and two three wheeler where it sort of performed better. It is not only catering to the OEM but it is also catering to the replacement at large, the cil.
Unidentified Participant
Okay, so if, if from an overall India business perspective could you highlight what would be the growth in replacement exports and and OE individually?
Unidentified Speaker
So the India operation year on year growth from the quarter, quarter and quarter in terms of the corresponding quarter it was 6% higher. And in the segment wise if we. See.On a quarter corresponding to the quarter in that respect our replacement market has been 7% higher, OEM has been 7% higher and totaling up to grand total of 5% higher growth.
Unidentified Participant
So you said your replacement was up 7% YoY and OE was also up 7% YoY?
Unidentified Speaker
Yes.
Unidentified Participant
Overall volume growth you’re saying is is about 6%.
Unidentified Speaker
5% is 5%. Because of the exports.
Unidentified Participant
So this is this, this you’re talking about Q4, right?
Unidentified Speaker
Yes, Q4, Q4 bio by this.
Unidentified Participant
Okay. Okay. And on the pricing side, can you quantify what kind of price hikes have you taken in this quarter or the last quarter?
Unidentified Speaker
So we have continuously done our price hikes but the fourth quarter we did not take any price hike but the rest of the quarters we were able to pass on some price based on the increase of raw material which was about 10% increase of the raw material. And the selling price to that effect was about 7% for the full year. So we were able to pass on about 4 to 5%. And the unabsorbed is still remaining around 3% for the full year.
Unidentified Participant
Okay, so sir, just a clarification. So your revenue growth in The India business YoY is about 6%, volume growth is 5%. And you talk about price increases that you have taken 5 to 6%. So but the ASP increase is only 1%. So could you tell me what is it that I’m missing?
Unidentified Speaker
You see that in terms of the volume growth there our as I told you that OEM dependency on the truck radial where we are large share of business that was quite dampened. So to that extent the volume growth was muted. So there are volume growth overall was impacted. But as we go along now the there is a positive sentiment which is Coming up in the trend truck buying. So there we will be able to gain.
Unidentified Participant
Okay. Okay. And lastly in terms of overall pricing environment and competitive intensity, in terms of prices, now that the RM is going down, do you see any changes in that or is it intensifying further?
Unidentified Speaker
No, the raw material prices, as I said, it is at a stable trajectory. So going forward we are expecting that it should remain in that range bound stable market. So there we are not seeing anything which will, which will impact. In fact there has been a marginal decline in raw material prices from Q4 to Q1. So the trend line is looking to be good.
Unidentified Participant
Okay. Okay. Thank you so much and all the best.
Unidentified Speaker
Thank you.
operator
Thank you. The last question is from the line of Peter from LIC Mutual Fund. Please go ahead. Yes, Mr. Peter, go with the question please.
Unidentified Speaker
We can’t hear too much of disturbance.
operator
The next question is from the line of Abhishek Jain from Alpha Curate Advisors. Please go ahead.
Abhishek Jain
Thanks for opportunity again. Sir, how much revenue from Cavendish in port Q&FY25?
Unidentified Speaker
How much revenue from cabin day?
Abhishek Jain
Yeah, in 4Q&FY25 for Q4 there was.
Unidentified Speaker
A revenue of 1034 crore from Cavendish and for the financial year it was 3,991 crore. So almost about 4,000 crore. So the run rate quarterly as of now is 1,000.
Abhishek Jain
And will this run rate will sustain in the coming quarter?
Unidentified Speaker
Sorry, Sorry. And here I would just like to add that it was a. It was year to year, corresponding quarter to the corresponding quarter to the corresponding. Last year it was a 18% growth increase for Cavendish and year to year 12 months to 12 months it was a 9% growth. Yeah, sorry, you are asking a question.
Abhishek Jain
So can we expect that 12 to 15 growth going ahead? Because you are also adding the capacity in the cave and is. And you are very much positive on this. So can we expect that 1215 growth.
Unidentified Speaker
In the revenues by in the double digit? Right. So that includes of course the parent company JK Tire and all put together around consolidated this. So but we are seeing that there is going to be a good growth and the capacities which we have built up in the last one year or so. So those will get utilized. And also we are in the process of implementing another project which is yet to come be completed yet to be completed in this financial year. So we can expect a good amount of growth which can be like the high single digit to a double initial double digit.
Abhishek Jain
Okay. And is Mexico revenue is a part of the export in the consolidated?
Unidentified Speaker
Yes, yes, of course.
Abhishek Jain
Entire entire number is in the export segment.
Unidentified Speaker
This has a. That is why just now if you were. You have heard Mr. Bajori mentioned that there is a total. Sorry. Mentioned that there is a total export of about 2573 crore.
Abhishek Jain
So my final
Unidentified Speaker
1800 roughly is from India. And the balance on a consolidated basis because the net entries are let’s say knocked off. There are inter company transfers or exports also. So that gets knocked of. And therefore the total consolidated Export is about 2500. The 1800 is from India.
Abhishek Jain
Okay. Thank you. That’s all for.
Unidentified Speaker
Thank you. Thank you.
operator
Thank you. Due to the time constant we will take this as the last question. I now hand the conference over to the management for closing comments. Over to you, sir.
Unidentified Speaker
So thank you. Thank you so much for joining us on this Q4 for earnings call. And I hope that we have replied to your questions to your satisfaction. And once again thank you very much for joining us. Thank you very much. Thank you. All the best.
operator
Thank you. On behalf of MK Global Financial Services limited That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.