Apollo Tyres
Apollo Tyres
AutomobilesKey Fundamentals
SmallcapTyresAutomobilesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has delivered good profit growth of 23.6% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 26.1%
Weaknesses
3- The company has delivered a poor sales growth of 10.4% over past five years.
- Tax rate seems low
- Company has a low return on equity of 11.6% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoApollo Tyres Ltd trades at a market cap of ₹26,284 Cr with a PE of 15.6x and a dividend yield of 1.43%. The company has delivered strong profit growth (26% CAGR over 3 years, 73% TTM) but revenue growth has been modest at 5% CAGR over 3 years, and return on equity stands at 13% for the last year.
- Strong profit growth of 26% CAGR over 3 years and 73% TTM growth indicates significant margin expansion and operational improvement
- PE ratio of 15.6x is reasonable for the auto ancillary space, suggesting the stock is not excessively priced relative to earnings
- 5-year compounded profit growth of 24% significantly outpaces 5-year sales growth of 10%, reflecting improving cost discipline and operating leverage
- ROE has improved from a 10-year average of 9% to 13% in the last year, showing a clear upward trend in capital efficiency
- Healthy dividend payout ratio of 26.1% with a current yield of 1.43% provides tangible shareholder returns
- 10-year stock CAGR of 7% and 5-year CAGR of 14% demonstrate long-term wealth creation despite recent weakness
- TTM sales growth of 11% shows an acceleration from the 3-year CAGR of 5%, suggesting a pickup in topline momentum
- Sales growth of only 5% CAGR over 3 years and 10% over 5 years is modest for a mid-cap industrial company, indicating limited topline traction
- Stock has declined 12% over the last 1 year, underperforming broader market indices and signalling weak near-term sentiment
- 3-year average ROE of approximately 11.6% is below the 15% threshold typically considered attractive for capital-intensive manufacturing businesses
- Price-to-book ratio of 1.58x with sub-12% historical ROE suggests limited value creation above cost of equity over longer periods
- Tax rate appears low, which may not be sustainable; normalization of tax rates could compress net profit margins going forward
- 10-year compounded profit growth of only 7% highlights that the recent profit surge may be cyclical rather than structural
- The tyre industry is highly sensitive to raw material costs (natural rubber, crude derivatives), creating earnings volatility risk that the recent 73% TTM profit jump may mask
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Tyre margins to fall 200-250bps Aug 25
Operating margins of Apollo Tyres, Ceat, and MRF projected to fall 200-250 bps to ~12% in FY27 as natural rubber and crude-linked input costs surged 35-40%, outpacing price hikes.
- Natural rubber up 22% QoQ Aug 24
Natural rubber prices rose 22% QoQ in Q1FY27, and UBS expects Q2FY27 to see further margin pressure before a meaningful improvement in earnings thereafter.
- Total expenses rise sharply Aug 24
Consolidated total expenses climbed to ₹7,012 crore in Q1FY27 from ₹6,171 crore YoY, reflecting elevated raw material costs despite revenue growth.
- Warburg Pincus continues exit Aug 24
Emerald Sage Investment (Warburg Pincus arm) sold 4.25% stake for ₹1,175 crore at ₹435/share, reducing its holding to 5.68% from 9.93%. This follows a 3.54% stake sale in May 2024.
- UBS upgrades to Buy, ₹590 TP Aug 24
UBS upgraded Apollo Tyres from Neutral to Buy with a target of ₹590, implying ~34% upside. UBS expects EBITDA to rise 21% YoY in FY28E on easing commodity pressures and improving business conditions.
- Q1FY27 profit surges to ₹349cr Aug 24
Consolidated net profit jumped to ₹348.87 crore in Q1FY27 vs ₹12.88 crore YoY, while revenue grew 12.8% to ₹7,397.79 crore, supported by robust demand and high capacity utilisation.
- Strong institutional buying on block Aug 24
ICICI Prudential MF bought 1.9 crore shares (3% stake) for ₹830 crore, SBI Life acquired 56.32 lakh shares for ₹245 crore, and Bajaj Life bought 22.98 lakh shares for ₹100 crore at ₹435/share.
- 9.93% pledge released Aug 29
Emerald Sage Investment released a pledge over 6.31 crore shares (9.93% stake) on Aug 26, 2026, reducing encumbrance on promoter holdings.
- New Whole-Time Director appointed Sep 7
Apollo Tyres appointed Rajeev Kumar Sinha as Whole-Time Director for 5 years from Aug 13, 2026, at ₹31.25 lakhs/month, strengthening leadership.
- Europe outlook turning constructive Aug 24
UBS sees a more constructive outlook for Apollo Tyres' European operations alongside India business improvements, with brand-building investments including Indian cricket jersey sponsorship.
- ESG rating of 68 for FY26 Sep 3
Apollo Tyres received an ESG rating of 68 for FY26 from NSE Sustainability Ratings and Analytics Limited, disclosed under SEBI Regulation 30.
- Postal ballot record date Aug 28 Aug 25
Apollo Tyres fixed Aug 28, 2026, as the cut-off date for postal ballot to approve Rajeev Kumar Sinha's appointment as Whole-Time Director.
TL;DR: Apollo Tyres delivered strong Q1FY27 results with profit surging to ₹349 crore and 12.8% revenue growth, earning a UBS upgrade to Buy with a ₹590 target. The key risk is near-term margin compression of 200-250 bps from a 35-40% surge in raw material costs, with Q2FY27 likely to remain pressured. Institutional confidence is evident from heavy buying by ICICI Prudential MF, SBI Life, and Bajaj Life on the Warburg Pincus block deal. The trend is cautiously improving — near-term commodity headwinds are well-flagged, but FY28 earnings recovery looks promising if input costs stabilise as UBS expects.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,245 | 6,280 | 6,595 | 6,258 | 6,335 | 6,437 | 6,928 | 6,424 | 6,561 | 6,831 | 7,743 | 7,336 | 7,398 |
| Expenses | 5,193 | 5,120 | 5,387 | 5,230 | 5,426 | 5,559 | 5,981 | 5,586 | 5,693 | 5,810 | 6,557 | 6,267 | 6,530 |
| Operating Profit | 1,051 | 1,160 | 1,208 | 1,028 | 909 | 878 | 947 | 837 | 868 | 1,021 | 1,186 | 1,069 | 868 |
| OPM % | 17% | 18% | 18% | 16% | 14% | 14% | 14% | 13% | 13% | 15% | 15% | 15% | 12% |
| Other Income | 22 | 13 | 3 | 38 | -10 | 17 | 4 | -91 | -351 | -150 | 23 | -421 | 82 |
| Interest | 135 | 133 | 123 | 115 | 107 | 120 | 111 | 109 | 101 | 101 | 100 | 90 | 91 |
| Depreciation | 362 | 360 | 368 | 388 | 370 | 376 | 376 | 377 | 378 | 383 | 385 | 397 | 391 |
| PBT | 576 | 680 | 721 | 563 | 423 | 399 | 465 | 260 | 38 | 386 | 723 | 162 | 468 |
| Tax % | 31% | 30% | 31% | 37% | 29% | 25% | 27% | 29% | 66% | 33% | 35% | -290% | 25% |
| Net Profit | 397 | 474 | 497 | 354 | 302 | 297 | 337 | 185 | 13 | 258 | 471 | 631 | 349 |
| EPS in Rs | 6.25 | 7.47 | 7.82 | 5.58 | 4.76 | 4.68 | 5.31 | 2.91 | 0.2 | 4.06 | 7.41 | 9.93 | 5.49 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12,815 | 11,849 | 13,180 | 14,843 | 17,549 | 16,350 | 17,397 | 20,948 | 24,568 | 25,378 | 26,123 | 28,471 | 29,308 |
| Expenses | 10,876 | 9,840 | 11,313 | 13,175 | 15,573 | 14,392 | 14,579 | 18,353 | 21,235 | 20,909 | 22,528 | 24,300 | 25,164 |
| Operating Profit | 1,939 | 2,008 | 1,867 | 1,668 | 1,976 | 1,958 | 2,818 | 2,595 | 3,333 | 4,468 | 3,595 | 4,170 | 4,143 |
| OPM % | 15% | 17% | 14% | 11% | 11% | 12% | 16% | 12% | 14% | 18% | 14% | 15% | 14% |
| Other Income | -31 | 110 | 148 | 114 | -77 | 24 | -478 | 118 | 64 | 77 | -80 | -900 | -466 |
| Interest | 189 | 101 | 118 | 177 | 199 | 300 | 463 | 465 | 551 | 527 | 470 | 419 | 382 |
| Depreciation | 388 | 427 | 462 | 593 | 813 | 1,138 | 1,315 | 1,400 | 1,419 | 1,478 | 1,498 | 1,543 | 1,556 |
| PBT | 1,331 | 1,591 | 1,436 | 1,012 | 888 | 543 | 561 | 848 | 1,427 | 2,540 | 1,547 | 1,309 | 1,739 |
| Tax % | 27% | 29% | 23% | 28% | 23% | 12% | 38% | 25% | 27% | 32% | 28% | -5% | — |
| Net Profit | 978 | 1,123 | 1,099 | 724 | 680 | 476 | 350 | 639 | 1,046 | 1,722 | 1,121 | 1,372 | 1,708 |
| EPS in Rs | 19.21 | 22.06 | 21.59 | 12.65 | 11.88 | 8.33 | 5.51 | 10.06 | 16.47 | 27.11 | 17.66 | 21.61 | 26.89 |
| Div. Payout % | 10% | 9% | 14% | 24% | 27% | 36% | 63% | 32% | 27% | 22% | 28% | 28% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 51 | 51 | 51 | 57 | 57 | 57 | 64 | 64 | 64 | 64 | 64 | 64 |
| Reserves | 4,991 | 6,554 | 7,239 | 9,719 | 9,983 | 9,873 | 11,380 | 11,689 | 12,515 | 13,839 | 14,702 | 16,652 |
| Borrowings | 1,106 | 1,547 | 3,437 | 4,661 | 5,111 | 6,764 | 7,334 | 7,061 | 6,421 | 4,905 | 4,410 | 3,675 |
| Other Liabilities | 2,451 | 3,442 | 4,507 | 5,620 | 5,000 | 6,512 | 7,040 | 8,228 | 8,282 | 8,068 | 8,051 | 8,643 |
| Total Liabilities | 8,600 | 11,594 | 15,233 | 20,058 | 20,151 | 23,205 | 25,816 | 27,041 | 27,281 | 26,875 | 27,227 | 29,034 |
| Fixed Assets | 4,382 | 5,214 | 6,692 | 10,403 | 11,754 | 15,448 | 16,420 | 17,591 | 17,653 | 17,006 | 16,411 | 16,487 |
| CWIP | 218 | 994 | 2,915 | 2,304 | 1,539 | 1,642 | 1,107 | 618 | 253 | 348 | 435 | 1,077 |
| Investments | 101 | 506 | 396 | 1,342 | 6 | 19 | 110 | 481 | 436 | 532 | 45 | 62 |
| Other Assets | 3,899 | 4,880 | 5,230 | 6,008 | 6,852 | 6,096 | 8,181 | 8,350 | 8,940 | 8,989 | 10,335 | 11,408 |
| Total Assets | 8,600 | 11,594 | 15,233 | 20,058 | 20,151 | 23,205 | 25,816 | 27,041 | 27,281 | 26,875 | 27,227 | 29,034 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,412 | 2,122 | 902 | 1,720 | 1,071 | 2,517 | 2,447 | 2,154 | 2,137 | 3,440 | 1,823 | 3,667 |
| Investing | -796 | -2,226 | -3,368 | -3,891 | -1,027 | -2,817 | -2,342 | -1,172 | -478 | -704 | -205 | -1,344 |
| Financing | -684 | -255 | 1,895 | 2,321 | -62 | 472 | 152 | -1,081 | -1,692 | -2,659 | -1,647 | -2,177 |
| Net Cash Flow | -68 | -358 | -571 | 150 | -18 | 173 | 257 | -100 | -34 | 76 | -28 | 146 |
| Free Cash Flow | 781 | 507 | -2,361 | -1,348 | -1,203 | -288 | 1,291 | 337 | 1,374 | 2,766 | 1,093 | 2,312 |
| CFO/OP | 88 | 125 | 66 | 118 | 65 | 133 | 94 | 88 | 71 | 86 | 62 | 98 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 27 | 33 | 31 | 35 | 27 | 21 | 29 | 36 | 37 | 38 | 43 | 41 |
| Inventory Days | 92 | 119 | 140 | 128 | 125 | 129 | 129 | 122 | 110 | 113 | 127 | 128 |
| Days Payable | 46 | 95 | 92 | 106 | 74 | 93 | 109 | 104 | 85 | 73 | 71 | 76 |
| Cash Conversion Cycle | 73 | 58 | 80 | 57 | 78 | 57 | 49 | 54 | 63 | 79 | 99 | 93 |
| Working Capital Days | 14 | 2 | -5 | 0 | 20 | -22 | -27 | -23 | -6 | 8 | 22 | 20 |
| ROCE % | 26% | 23% | 16% | 9% | 9% | 5% | 9% | 7% | 10% | 16% | 11% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY11–FY27.
Documents
Frequently Asked Questions about Apollo Tyres
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Company Information
Apollo, established in 1972, manufactures automatic bias and radial tyres, and tubes. It has plants in Kochi, Vadodara, Pune, and Chennai. The product profile includes prominent tyre brands in the T&B, light truck, passenger car, and farm vehicle segments in India, catering to both original equipment manufacturers, and the replacement market. [1]
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