Ghandhara Tyre & Rubber Company Limited
By PSX Investors Zone · Updated October 24, 2026
Ghandhara Tyre & Rubber Company Limited (PSX: GTYR), formerly known as The General Tyre and Rubber Company of Pakistan Limited, is a Pakistani tyre manufacturer established in 1963. Based in Karachi, the company manufactures and markets tyres for passenger cars, SUVs, light and heavy commercial vehicles, motorcycles, tractors, and other applications. Its products serve original equipment manufacturers, replacement markets, institutional customers, and export markets. For FY2026, the company reported net sales of approximately Rs16.85 billion, compared with Rs17.80 billion in FY2025. Its net loss widened from Rs366.08 million to Rs1.007 billion, and loss per share increased from Rs3.00 to Rs8.26. The deterioration in profitability makes gross margins, production utilization, financing costs, and working-capital management important areas for fundamental analysis. GTYR was classified as Shariah-compliant in the PSX KMI All Share screening published in May 2026, based on December 2025 financial statements. The company also published mandatory Shariah disclosures for FY2026 in October 2026; investors should review these newer disclosures and the latest official screening before relying on the earlier classification. **Important regulatory warning:** The official PSX company page displays a Risk Warning Alert stating that the company is in continuous violation of specified exchange clauses and may face suspension of trading or delisting. This material risk must be considered separately from the company's Shariah status and financial performance. Sources: [PSX company profile and financials](https://dps.psx.com.pk/company/GTYR) | [GTR company profile](https://www.gtr.com.pk/profile-of-company/) | [PSX KMI screening](https://dps.psx.com.pk/download/attachment/277899-1.pdf)
Ghandhara Tyre & Rubber Company Limited (PSX: GTYR), formerly known as The General Tyre and Rubber Company of Pakistan Limited, is a Pakistani manufacturer of tyres and tubes for automobiles and motorcycles. Incorporated on March 7, 1963, the company commenced production in July 1964 at Landhi, Karachi.
Business Overview
The company manufactures tyres for several vehicle categories, including passenger cars, SUVs and 4×4 vehicles, light trucks, trucks and buses, tractors, motorcycles, and off-the-road applications. Its business serves four broad markets: original equipment manufacturers (OEMs), replacement or aftermarket customers, government departments and institutions, and export markets.
Ghandhara Tyre operates under the GTR brand and maintains a nationwide replacement-market distribution network. Its official company information also describes a technical assistance agreement with Shandong Huasheng Rubber Co. Ltd. of China, effective from September 2024 for seven years.
Tyre manufacturers are exposed to demand in the automotive industry, vehicle production levels, raw-material prices, energy costs, foreign-exchange movements, import availability, pricing competition, and the availability of financing for customers and dealers.
Source: Official company profile | Official PSX profile
Financial Performance
The company's reported financial results for the years ended June 30 are summarised below.
| Financial metric | FY2026 | FY2025 |
|---|---|---|
| Net sales | Rs16.85 billion | Rs17.80 billion |
| Gross profit | Rs1.51 billion | Rs2.27 billion |
| Profit/(loss) after tax | (Rs1.007 billion) | (Rs366.08 million) |
| Earnings/(loss) per share | (Rs8.26) | (Rs3.00) |
| Gross profit margin | 8.96% | 12.76% |
Net sales decreased by approximately 5.3% in FY2026. Gross profit declined by approximately 33.5%, while the annual loss after tax increased significantly. The gross profit margin contracted from 12.76% to 8.96%, indicating substantial pressure on profitability.
The company's FY2026 results also show finance costs of approximately Rs1.15 billion. This is an important factor when assessing how operating earnings translate into the final result.
These figures describe historical performance rather than future results. Investors should examine the audited annual report and the notes to the financial statements for the factors behind the lower margins and higher loss.
Source: Official PSX company financials and reports | GTR investor relations
Operations and Industry Factors
GTR serves both vehicle manufacturers and replacement-tyre customers. Demand from OEMs can be affected by vehicle production and sales, while replacement demand depends on vehicle usage, tyre replacement cycles, customer purchasing power, and competing imported products.
Key factors to monitor include:
- Raw-material costs: Rubber and other production inputs can influence manufacturing margins.
- Foreign exchange: Currency movements may affect imported materials, equipment, and export receipts.
- Production utilization: Lower utilization can increase the cost allocated to each unit produced.
- Financing costs: Interest and other financing expenses can materially affect earnings.
- Competition: Imported tyres and competing domestic manufacturers can influence market share and pricing.
- Supply-chain continuity: Availability of raw materials and timely production are important to maintaining sales.
- Technical collaboration: The company's technical assistance arrangement with Shandong Huasheng Rubber Co. Ltd. is relevant to its production technology and manufacturing processes.
Dividend Information
GTR's FY2026 results reflect a loss after tax of approximately Rs1.007 billion. The FY2026 annual results announcement reported no dividend for the year.
The company paid a dividend for FY2024, but a historical distribution should not be taken as an indication of future payouts. Investors should verify dividend entitlement, approval, and payment status through the official PSX payout records.
Source: PSX announcements and payouts
Credit Rating
PACRA's July 2026 rating report maintained GTR's long-term rating at A+ and short-term rating at A1, with a stable outlook and a rating watch. A credit rating is an assessment of credit risk under the rating agency's methodology; it does not guarantee profitability, share-price performance, or dividend payments.
Source: PACRA rating report
Shariah Compliance
Ghandhara Tyre & Rubber Company Limited was classified as Shariah-compliant in the PSX KMI All Share screening published on May 29, 2026, based on financial statements as of December 31, 2025.
The published screening reported the following ratios:
- Debt ratio: 33.63%
- Non-compliant investment ratio: 0.00%
- Non-compliant income ratio: 0.00%
- Illiquid assets ratio: 77.56%
The company published a newer mandatory Shariah disclosure on October 7, 2026, for the year ended June 30, 2026. Investors should consult that filing and the latest official Shariah screening to confirm the current status. The May 2026 screening figures should not be presented as if they were calculated using FY2026 accounts.
Source: PSX KMI All Share screening notice | Latest company announcements
Important PSX Risk Warning Alert
The official PSX company page displays the following warning:
“The Company is in continuous violation as specified in Clauses 5.11.1. or 5.11.2. and carry risk of suspension of trading or being delisted from the Exchange and may be subject to such terms and conditions as specified by the Exchange.”
This is a material regulatory risk. Readers should check the latest PSX announcements to determine the current status of the warning and any steps required by the exchange. Shariah screening status and credit ratings do not remove or resolve this separate listing-related risk.
Source: Official PSX profile — GTYR
Fundamental Analysis: What Investors Should Monitor
Investors researching GTYR may focus on the following factors:
- Sales trends: Track annual and quarterly sales and the contribution of different vehicle categories.
- Profit margins: Monitor gross margin, operating profit, and the impact of production costs.
- Finance costs: Compare financing expenses with operating profit and cash generated.
- Working capital: Review inventories, receivables, payables, and short-term financing requirements.
- Production utilization: Assess production volume relative to installed capacity, where disclosed.
- Dividend sustainability: Evaluate distributions in relation to earnings and cash flow.
- Credit risk: Review the latest PACRA report, including any rating-watch conditions.
- Shariah eligibility: Confirm current status through the latest official PSX screening and company disclosures.
- Regulatory status: Verify the Risk Warning Alert and any related exchange notices before drawing conclusions about the stock.
Frequently Asked Questions
What is Ghandhara Tyre & Rubber Company's PSX symbol?
Its Pakistan Stock Exchange symbol is GTYR.
What does GTR manufacture?
The company manufactures and markets tyres and tubes for passenger vehicles, commercial vehicles, motorcycles, tractors, and other applications.
What were the company's FY2026 results?
GTR reported net sales of approximately Rs16.85 billion and a loss after tax of approximately Rs1.007 billion for the year ended June 30, 2026.
Is GTYR Shariah-compliant?
It was classified as compliant in the PSX KMI All Share screening published in May 2026, based on December 2025 financial statements. Because a newer company Shariah disclosure was published in October 2026, investors should verify the latest status before relying on the earlier classification.
Does GTYR have a PSX Risk Warning Alert?
Yes. The official PSX profile displays a warning concerning continuous violation of specified exchange clauses and possible suspension of trading or delisting. Check the latest PSX notices for the current status.
Did GTR announce a dividend for FY2026?
The FY2026 results announcement reported no dividend for the year.
Official Research Links
This profile is for educational purposes and is not a recommendation to buy or sell any security.