ND Rubber

What ND Rubber does

ND Rubber is a Thailand-based, publicly listed (bkk:NDR) manufacturer and distributor of tires and motorcycle tires, headquartered in Chonburi. Founded in 1992, the company has operated in the rubber-tire segment for over three decades and maintains a workforce of 251-500 employees. Its product focus on motorcycle tires suggests meaningful exposure to Southeast Asia's large motorcycle parc, alongside broader tire offerings that likely serve both OEM assembly customers and the replacement/aftermarket channel.

The company generates revenue through the production and sale of tires, with reported revenue (in Thai Baht) of approximately 29.8 billion in 2025, up from 26.8 billion in 2024 and 24.3 billion in 2023. Gross profit in 2025 stood at approximately 5.9 billion THB, implying gross margins in the ~20% range, while EBITDA reached ~2.26 billion THB. ND Rubber's revenue scale, combined with its Thai manufacturing footprint, positions it as a mid-sized regional tire producer competing in a globally commoditized industry.

Operationally, ND Rubber is in a recovery phase: it posted net losses in 2022 (-704 billion THB) and 2023 (-1.89 trillion THB), but returned to profitability in 2024 (+238.6 billion THB) and expanded sharply in 2025 (+671.9 billion THB), with EBITDA positive throughout. Enterprise value has also re-rated upward across the period, suggesting improving capital-markets positioning. Limited disclosure is available on customers, channels, technology stack, partnerships, or specific strategic initiatives beyond the public financials.

Name

ND Rubber

Website

https://ndrubber.co.th

Company type

Private

Founded year

1992

Headcount range

251–500 employees

Short description

ND Rubber is a Thailand-based public manufacturer and distributor of tires and motorcycle tires, founded in 1992 and headquartered in Chonburi, serving OEM and aftermarket customers across Southeast Asia.

Ownership category

akta.pro rank

Product category

Tire Manufacturing

NAICS

Tire Manufacturing (32621)

SIC

Tires & Inner Tubes (3011), Motorcycles, Bicycles & Parts (3751)

akta.pro primary industry

Motorcycle & Scooter Tires Manufacturing (IMANAKAF)

Keywords

• Tire manufacturing
• Motorcycle tires
• Rubber products
• Automotive components
• Tire distribution

Headquarters

HQ city

Chonburi

HQ country

Thailand

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Core offering

ND Rubber is a Thailand-based manufacturer and distributor of tires and motorcycle tires. The company produces rubber tire products for automotive and motorcycle applications, serving OEM and aftermarket channels. Founded in 1992 and headquartered in Chonburi, Thailand, ND Rubber operates a public manufacturing business listed on the Bangkok Stock Exchange (bkk:NDR).

Product overview

No product or service information available in the provided source data.

Differentiator

Problem solved

Functional benefit

Products and services

• Tires
• Motorcycle Tires

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Expansion highlights2 records

Broad incumbents

• CEAT: Indian tire major with diverse automotive, motorcycle, and commercial tire portfolio. Operates at scale exceeding ND Rubber across broader tire categories with overlapping Asian distribution.
• MRF Limited: Indian tire major and one of the largest tire manufacturers globally. Competes broadly in motorcycle, automotive, and commercial vehicle tires against ND Rubber across Asian markets.
• BKT (Balkrishna Industries): Indian specialty tire manufacturer focused on off-the-road, agricultural, and industrial tires. Scaled global competitor in specialty tire segments with broader geographic reach than ND Rubber.
• Apollo Tyres: Indian tire major with broad automotive and commercial tire portfolio. Much larger scale than ND Rubber but overlaps in automotive replacement and OEM tire markets across Asia.
• JK Tyre: Indian tire major producing passenger, commercial, and two-wheeler tires. Larger scale competitor with overlapping product range and broader geographic footprint than ND Rubber.

Direct peers

• Vee Rubber: Thai-based motorcycle and industrial tire manufacturer with very similar product focus on two-wheeler tires. The closest Thai-headquartered competitor to ND Rubber across motorcycle OEM and replacement markets.
• TVS Srichakra: Indian motorcycle and scooter tire manufacturer with strong OEM relationships. Directly comparable specialization in two-wheeler tires serving similar manufacturer customers.
• Kenda Rubber: Taiwanese tire manufacturer with motorcycle, bicycle, and automotive tire focus. Highly comparable product mix to ND Rubber, especially across two-wheeler tire categories.
• Cheng Shin Rubber (Maxxis): Taiwanese tire manufacturer and one of the world's largest motorcycle tire producers. Directly competes with ND Rubber in motorcycle tires but operates at materially greater scale across Asia.
• IRC Tire (Inoue Rubber International): Japanese motorcycle tire brand with manufacturing footprint in Thailand. Specializes in motorcycle and scooter tires, directly overlapping with ND Rubber's motorcycle tire line and customer base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks4 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/nd-rubber-public-co-ltd

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ND Rubber