Pakistan tyre exports are reported to have reached $116 million in FY2026, with the industry targeting $150 million for FY2027. On paper that is a strong growth story.
We did the arithmetic on it, and one number changes how the whole thing reads. Almost the entire increase belongs to a single company.
Pakistan's Tyre Export Growth Over Five Years
The trajectory is genuinely impressive, and it is worth setting out before the caveats.
| Period | Exports | Status |
|---|---|---|
| FY2021–22 | $35 million | Reported |
| FY2025–26 | $116 million | Reported |
| FY2026–27 | $150 million | Target, not earnings |
From FY22 to FY26 the figure rose by $81 million, or about 231 per cent. That is real growth over four years.
The FY27 target asks for another $34 million, which is about 29 per cent. And that is where the first surprise sits.
The Target Is Actually Slower Than the Trend
Everyone will call $150 million ambitious. Compound the last four years and it is not.
Growing from $35 million to $116 million over four years works out at about 34.9 per cent a year, compounded.
The FY27 target represents 29.3 per cent growth. That is slower than the pace the industry has just been managing.
This is not a criticism. A conservative target may simply be realistic, and bases get harder to grow from as they get bigger.
But it does mean the number is not a stretch against recent performance. It is a modest deceleration dressed as a leap.
Strip One Company Out and the Target Changes Meaning
This is the calculation that matters most, and it takes one subtraction.
Service Long March reportedly exported $67 million in FY26, about 58 per cent of the industry total. Its FY27 target is $100 million.
So take that company out of both years and see what is left for everybody else.
| Exports | FY26 | FY27 target | Change |
|---|---|---|---|
| Whole industry | $116m | $150m | +$34m |
| Service Long March | $67m | $100m | +$33m |
| Everyone else | $49m | $50m | +$1m |
Of the $34 million increase, $33 million is one company. That is 97 per cent.
The rest of Pakistan's tyre industry is implicitly expected to grow by about 2 per cent. In an export target described as industry-wide, that is striking.
So read the headline carefully. This is substantially one manufacturer's plan with an industry label on it.
If that company hits its number, its share of national tyre exports rises from about 58 per cent to roughly 67 per cent.
Concentration is not automatically bad. It does mean the national figure depends heavily on one firm's order book.
What the Exchange Filings Show
The export figures are press reports, but the company itself is a listed business with filed data.
Its Pakistan Stock Exchange company profile shows it was incorporated on 7 January 2020 under the Companies Act, 2017.
| Latest reported year | Figure |
|---|---|
| Sales | Rs49.84 billion |
| Profit after tax | Rs10.03 billion |
| Earnings per share | Rs7.00 |
| Gross margin | 21.65%, from 24.68% |
| Net margin | 20.11%, from 14.12% |
Look at those last two rows together, because they are moving in opposite directions.
Gross margin fell by about 3 percentage points while net margin rose by about 6. That is a nine-point swing.
Manufacturing got slightly less profitable, yet the bottom line improved substantially. The gain therefore came from below the gross line.
That usually means finance costs, other income or tax. It is not the same as making tyres more profitably.
One note on the periods. The exchange figures are the company's latest reported annual accounts. Those may not line up exactly with the export financial year, so we have not combined them.
September Was Running Ahead of the Target Pace
One month of data is reported. It is worth testing against the target rather than just quoting.
Exports reportedly rose from $6.9 million in September 2025 to $9.5 million in September 2026, up about 37.7 per cent.
To reach $100 million in a year, a company needs to average about $8.33 million a month. September came in 14 per cent above that pace.
Annualise September and you get $114 million, comfortably above the target. But do not annualise one month.
Here is why. At $67 million across FY26, the monthly average was about $5.58 million, and September 2025's $6.9 million was already 24 per cent above that.
So September looks like a seasonally strong month for this business. A good September is encouraging, not conclusive.
TBR, PCR and Why the Difference Matters
Three abbreviations run through this story, and the distinction is the whole point of the next section.
| Type | What it covers |
|---|---|
| TBR | Truck and Bus Radial |
| PCR | Passenger Car Radial |
| OTR | Off-the-Road, for heavy equipment |
These are different products made on different lines for different customers. A truck tyre plant does not simply start making car tyres.
And the exchange filing is specific about which of them this company makes.
Its listed activities cover all steel radial truck, bus, light truck and off-the-road tyres. Passenger car tyres do not appear.
That matters for the reported 2028 plan. Passenger car radial exports would be a new product category, not an extension of an existing one.
New categories need tooling, certification and customers. It is a bigger undertaking than a growth target in an existing line.
A separate manufacturer has reportedly begun passenger car radial exports already, including shipments to the United States. That is a different company and a different product line.
Which Countries Buy Pakistani Tyres?
The reported markets are the United States and Brazil, and both are notable for the same reason.
Each is a large market with real testing and certification requirements. Shipping truck tyres into either is a genuine quality signal.
One caution on how that gets reported. Naming two markets is not a country-by-country export breakdown, and it does not mean every Pakistani manufacturer ships to both.
Türkiye comes up as an opportunity, and the reasoning needs care.
Pakistan and Türkiye have a trade in goods agreement with preferential tariff arrangements. But a trade agreement is not a blanket discount.
Concessions apply to specific product classifications, and qualifying depends on HS codes and Rules of Origin. A tyre category can sit outside the concession entirely.
So treat market access as a question to be answered product by product, not a door that is already open.
What Could Drive or Derail the Target
On the supportive side, the structural case is reasonable.
Local capacity exists and is expanding, and labour costs are competitive. A Pakistani plant now has a track record in two difficult markets.
This also sits inside a wider pattern. Local assembly is spreading across the sector, from motorcycle brands preparing to build here to locally assembled electric vehicles.
On the risk side, the concentration we calculated earlier is the main one. One company carrying 97 per cent of the planned increase is a single point of failure.
Tariffs are the second risk, and they are outside anyone's control here. Trade policy in a destination market can change a business case overnight.
Then there is input cost. Rubber and steel are globally priced, and a weaker rupee cuts both ways for an exporter who imports raw material.
And finally the margin trend. Gross margin is already heading down, which is worth watching in a business planning to grow volume quickly.
Related Products at Asad Autos
Separate from the industry news, there is a practical point for drivers here.
Tyres carry your whole car on four small contact patches. Pressure and condition matter more than brand arguments.
For everyday upkeep we stock car care products in Pakistan, including cleaning, protection and a tyre repair fluid.
We do not sell tyres themselves. Buy those from a dealer who will fit and balance them properly, and check your pressures monthly.
Final Thoughts
The growth is real. Going from $35 million to $116 million in four years is a genuine industrial achievement. Exporting truck tyres to the United States and Brazil is not easy to do.
Two things temper the headline. The $150 million is a target rather than earnings, and $33 million of the $34 million increase belongs to one company. Everyone else is implicitly flat.
And the target is slower than the industry's own four-year compound growth rate, so the ambitious framing does not quite survive contact with a calculator.
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Frequently Asked Questions
What is Pakistan's tyre export target for FY2027?
The industry is targeting $150 million, against reported exports of $116 million in FY2026. That is a target rather than confirmed revenue, and achieving it will depend on orders, capacity and market access.
How much did Pakistan earn from tyre exports in FY2026?
Reported exports were about $116 million, up from roughly $35 million in FY2022. That is an increase of $81 million, or around 231 per cent across four years.
How much of the target comes from one company?
Almost all of it. Service Long March is reported to be moving from $67 million to a $100 million target. That accounts for $33 million of the industry's $34 million rise, leaving roughly 2 per cent growth for everyone else.
Is the $150 million target ambitious?
Less than it sounds. It represents about 29.3 per cent growth, while the industry compounded at roughly 34.9 per cent a year between FY2022 and FY2026. On that basis the target is a slight slowdown rather than a stretch.
What tyres does Service Long March make?
The exchange filing covers truck, bus, light truck and off-the-road steel radials. Car tyres are absent from it. That is why the reported 2028 plan for passenger car radials would mean entering a new category rather than extending an existing line.
Which countries import tyres from Pakistan?
The United States and Brazil are the markets named in reporting. Both have demanding certification requirements, so shipping there is a quality signal. Note that naming two markets is not a full country-by-country breakdown.
What is the difference between TBR and PCR tyres?
TBR means Truck and Bus Radial, PCR means Passenger Car Radial, and OTR covers off-the-road tyres for heavy equipment. They are made on different lines for different customers, so moving between them is a real industrial step.
Does the Pakistan-Türkiye agreement make tyre exports duty free?
Not automatically. Preferential arrangements exist between the two countries, but they apply to specific product classifications. Whether a given tyre qualifies turns on its HS code and on Rules of Origin requirements.
What could stop the target being met?
Tariff changes in destination markets, input costs for rubber and steel, logistics, and the heavy dependence on a single exporter. A falling gross margin is the other thing to watch, given how fast the volume plan moves.
