The search for new growth paths follows a period of robust domestic demand, with tire makers benefiting from the Goods and Services Tax (GST) cut in FY26. MRF, JK Tyre, Apollo Tires and Ceat recorded sales revenue growth of 9-18% in FY26. Balkrishna Industries, however, posted a more modest growth of 3.6%, reflecting the company’s greater dependence on international markets, with about 70% of its revenue coming from exports.