However, as is evident now, we were caught unawares. Mutated strain of the virus took India in its stride as we were yet to work out a robust vaccination strategy. To curb the spread and manage the health emergency getting out of control in view of paucity of beds, oxygen and ventilators, a large number of states-imposed lockdowns and other restrictions which continue till date. 

As is normal under such circumstances, the economy bears the brunt and that is what seems to have happened. The fragile economic recovery seen in the second half of FY21 seems to have gone derailed. Consumer confidence has hit a new low as shown in a recent survey. Different rating agencies and multilateral organizations have downwardly revised the growth projections for the current fiscal year. From a bullish 11-13% growth (in view of base effect), the projections are now for growths in single digits only.

Needless to say, the pitch for economic revival is queered.  But, curiously, as Covid infections come off from the peak levels and the recovery rates go up, a new kind of confidence is building up. The infection rates are coming down with as much alacrity as they had peaked.

Certainly, there is no room for any complacency as premonitions of a third wave have already been made. However, the vaccination strategy to inoculate a large number of Indians by the end of the year holds much hope. It has been observed that those countries that have already inoculated over 50% of their population have witnessed much less morbidity and mortality rates.

What also holds out hope are a range of high frequency indicators which show the resilience of the Indian economy and the entrepreneurship that shines through whenever an opportunity is provided. The economic growth in the fourth quarter of last fiscal has been better than expected. From a contraction of 24.4% and 7.4% in the first and second quarters, the economy turned around in the third one with 0.5% growth and ended the year with 1.6% growth in Q4.

There are a range of other indicators too. Industrial performance measured by IIP grew by 22.3 percent in March. Merchandise exports grew by 197 percent in April. The output of eight core infrastructure sectors grew by robust 7% in March. Manufacturing PMI has remained at a high of over 55 in March and April. GST revenue collection set a new record of Rs. 1.4 lakh crore in April.

If the tyre  production data for FY21, as released recently, is anything to go by, Tyre Industry will continue to put the wheels of economy in motion against all odds. No doubt, Tyre Industry's overall numbers are down in FY21. However when looked closely, there is ample evidence that points to the resilience  in the sector. Truck & Bus (T&B) tyre production, the bellwether of economy has turned in better performance in FY21 over FY20. And this despite the fact that April’20 was a washout in view of nationwide lockdown. Both T&B and Passenger Car tyre production touched significantly higher figures in March this year with T&B tyre production crossing 20 lakh numbers, a historic high.

FY21 will also go down as a landmark year when Radial Truck & Bus tyre production equalled that of Bias tyre production. Tyre exports from India have charted an upward trajectory in the second half of previous fiscal as the stability was achieved in the exports markets.

Forecast of a normal monsoon (third in a row) and the upcoming festive season can provide much-needed impetus to the economy if vaccination drive accelerates and Covid appropriate measures are followed strictly.

No doubt, the situation is still in a flux, and it is too nascent to gauge the true impact of the second wave on economic growth.  But ramping up the vaccination drive and inoculating the entire adult population as early as possible will help.

And there is a major shift again in the vaccination policy. As this column gets on the editor’s desk, the federal government has decided to provide free coronavirus vaccines to states for inoculation of all above the age of 18.

FY 21 could not live up to the expectations that most Indians had. Hope the next year will. (TT)

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Triangle Tyre has entered into a 10-year exclusive distribution partnership with Titan International, a leading name in off the road tyre and wheel manufacturing based in West Chicago, Illinois. Under this strategic agreement, Titan gains sole rights to distribute Triangle and Diamondback branded OTR tyres throughout United States.

Under the terms of the deal, Triangle Tyre oversees product supply while Titan handles all distribution activities for a range of designated OTR tire products suited to various heavy-duty applications. Both companies are focused on delivering high performance tyre solutions engineered to withstand the increasingly rigorous demands of off the road environments.

This collaboration leverages Triangle’s worldwide manufacturing strength, the established recognition of the Diamondback brand and Titan’s extensive dealer network across North America. As a result, Titan can offer an expanded and unified OTR product line supported by its national sales and service infrastructure. The combined portfolio delivers clear advantages to dealers, OEM partners and end users in sectors such as mining, construction, earthmoving, aggregates, industrial operations and equipment rental. The range includes radial and bias OTR tyres for large earthmoving machines, loaders and dozers, scrapers and haulage equipment, mobile cranes, container handling and port machinery, as well as industrial and rental fleets.

Titan’s US dealer network is already receiving the first wave of Triangle and Diamondback OTR products, with additional sizes and tread patterns scheduled for release throughout the year. Dealers seeking current availability, detailed specifications or ordering procedures should reach out directly to their assigned Titan representative.

Paul Reitz, CEO & President, Titan International, said, “This partnership combines Titan’s deep channel reach with Triangle’s expanding OTR portfolio to deliver a broader, more competitive offering to our customers – backed by Titan’s service, training and technical support. We’re excited to bring the Triangle and Diamondback families into our US distribution platform to improve availability, coverage and value across critical OTR customers.”

Campbell Metcalfe, CEO, Triangle Tire, said, “Triangle is pleased to join forces with Titan to bring our OTR innovations to more US customers, faster. Titan’s scale, distribution strength and customer support capabilities will substantially enhance access to Triangle and Diamondback products across key industries.”

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Hankook Tire, the official tyre supplier for the FIA World Rally Championship, successfully concluded the fourth round of the 2026 WRC season. The Croatia Rally took place near Rijeka and finished on 12 April, with Hankook equipping competitors using its Ventus Z215 and Z210 tarmac tyres. The Ventus Z215 proved especially effective on dry pavement, delivering responsive handling and dependable grip that helped drivers navigate constantly shifting course conditions throughout the event.

This year’s rally featured a brand‑new route winding along the Adriatic coast and through rugged mountain landscapes. Covering 300.28 kilometres divided into 20 special stages, the competition crossed the Kvarner Gulf and the Istrian peninsula, demanding maximum effort from both drivers and teams. The event is notoriously challenging due to extreme variations in road surfaces, including smooth asphalt, rough concrete and patched areas, plus numerous blind crests. Aggressive cornering frequently dragged gravel onto the tarmac, temporarily changing traction and forcing precise tyre choices.

Hankook also ran a Brand World booth in the service park, using immersive motorsport content and interactive activities to highlight its unified global brand identity to fans. After a fierce battle, Takamoto Katsuta of Toyota Gazoo Racing claimed the overall victory. With this result, Katsuta now leads the drivers’ championship with 81 points, while Elfyn Evans trails closely, raising the stakes for the season title.

The championship next moves to the Rally Islas Canarias in Spain from 23 to 26 April, centred in Las Palmas de Gran Canaria. That round is expected to be a major test with volcanic asphalt, consecutive hairpin turns, and steep elevation changes. Since becoming the exclusive WRC tyre supplier for all classes in 2025, Hankook has reinforced its technological leadership by feeding data from over 70 global motorsport events into its research and development, continuously advancing high‑performance tyre technology and strengthening its brand prestige worldwide.

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Pirelli has confirmed that its three softest tyre compounds will be in action for the upcoming Sprint race weekends in Miami and Montreal. For both circuits, the C3, C4 and C5 specifications will serve as the Hard, Medium and Soft options, respectively, marking a clear choice towards maximum grip on these particular tracks.

The Miami Grand Prix, scheduled for the first weekend of May, will take place after a month‑long hiatus caused by the cancellation of the Bahrain and Saudi Arabian rounds. The circuit, built around the home stadium of the Miami Dolphins, features exceptionally smooth asphalt, which permits the use of Formula 1’s softest compounds. Thermal degradation is the main concern given Florida’s high temperatures, yet last year’s race showed limited tyre wear even with nominally identical compounds. This allowed drivers to push aggressively during the early laps, leading to numerous close battles on track.

In Canada later that month, Pirelli will again bring the softest selection because the Montreal surface is not very abrasive and extra grip is needed in heavy braking zones. Last season, when the range extended up to a C6 tyre, the trio including that option was used, though the soft compound itself played a minor role in race strategies as most teams preferred two‑stop plans relying solely on Hard and Medium tyres. Unlike Miami, the Canadian round introduces an unpredictable weather factor, especially given its earlier position on the calendar.

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Bekaert expects market conditions to remain mixed into 2026, with subdued demand across construction, hydrogen, and some industrial segments, along with ongoing uncertainty about global trade policies and tariffs. However, strong order books in energy and utilities, especially in Europe and North America, and stable demand in selected automotive segments in China should help offset weaker end markets.

Management indicated that structural cost improvements and focus on cash generation position Bekaert to improve margins as volumes recover. The company will prioritise growth through innovation, acquisitions, and further optimisation toward higher-margin activities.

Bekaert reported resilient 2025 results driven by cost controls, portfolio restructuring, and strong cash generation, despite weaker end markets.

The group posted consolidated sales of €3.7bn for the year, down 6% on a reported basis, reflecting currency effects, lower pass-through of input costs, and the disposal of lower-margin businesses. Underlying earnings before interest and tax were €297m, with a margin of 8.0%, compared with 8.8% a year earlier.

Profitability was supported by structural cost reductions and operational efficiencies, including a €40m cut in overheads and €39m in production savings. However, the company booked €162m in one-off restructuring and impairment charges as it adjusted its footprint to weaker demand.

Cash generation remained a highlight, with free cash flow rising 63% to €314m. Net debt fell to €180m, leaving leverage at 0.4 times EBITDA, reflecting a stronger balance sheet and disciplined capital management.

Investment and capital allocation

Bekaert continued to deploy capital selectively to support growth and efficiency. Capital expenditure included investments to expand capacity in high-demand segments such as energy and utilities, especially in North America, as well as equipment upgrades across its global footprint.

R&D investment totaled €69m in 2025, targeting sustainable construction, energy transition, and advanced materials to back the innovation agenda.

Alongside organic investment, acquisitions remained central to strategy. The company acquired Twincon and Flexofibers to strengthen its position in sustainable construction, and announced in early 2026 an agreement to acquire two tyre cord plants from Bridgestone.

Portfolio restructuring and expansion

Bekaert accelerated its shift to higher-margin and growth markets by exiting commoditised businesses in Latin America, cutting the region’s sales share to about 4% from 18% in 2022.

At the same time, the company expanded into targeted segments, including sustainable construction, lifting and mooring, and energy transition. Strategic partnerships and innovation initiatives—including developments in hydrogen, low-carbon construction materials and advanced rope technologies—continue to underpin this repositioning.

Geographically, the group maintained a broad global footprint, with demand growth strongest in China and North America, particularly in energy infrastructure and automotive applications.

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