NSE: APOLLOTYRE · BSE: 500877
APOLLO TYRES LTD
Manufactures and sells tyres, primarily for passenger vehicles and trucks, across three reporting regions. APMEA (Asia Pacific, Middle East and Africa) is the largest, accounting for 63.2% of FY26 segment revenue at ₹20,206.263 crore, with both replacement and original equipment (OE) channels in India posting strong volume growth. Europe operations contributed 27.7% at ₹8,855.83 crore, with manufacturing now consolidated in Hungary following the closure of the Enschede plant in the Netherlands on June 30, 2026. The Others segment (Americas and other regions) contributed 9.1% at ₹2,907.453 crore. Consolidated Q4 FY26 revenue reached ₹73.4 bn (+14% YoY) at a 14.6% EBITDA margin. Fresh passenger-vehicle OE approvals were secured from BMW, MINI, Genesis, KIA and Mahindra. Capacity utilisation stood at 90% across India and Europe operations. The largest cost line is raw materials at 46.4% of revenue, followed by other operating expenses at 18.4% and employees at 12.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. APMEA (63%), Europe (28%), Others (9%). Cyclical, asset-heavy multi-region tyre manufacturer exposed to natural rubber price volatility
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20,948 | 24,568 | 25,378 | 26,123 | 28,471 |
| EBITDA (ex other income) | 2,568 | 3,336 | 4,370 | 3,403 | 3,110 |
| margin % | 12.3 | 13.6 | 17.2 | 13.0 | 10.9 |
| Owners' profit | 639 | 1,105 | 1,722 | 1,121 | 1,372 |
| EPS, as reported (₹) | 10.06 | 17.39 | 27.11 | 17.66 | 21.66 |
| ROE % · ROCE % | 5.4 · 6.7 | 8.6 · 10.1 | 12.4 · 15.3 | 7.6 · 10.0 | 8.2 · 8.0 |
| Debt / equity (x) | 0.52 | 0.43 | 0.28 | 0.23 | 0.16 |
| Cash from operations | 2,239 | 2,134 | 3,440 | 1,823 | 3,667 |
| Capex | (1,846) | (775) | (730) | (769) | (1,403) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,437 | 6,928 | 6,424 | 6,561 | 6,831 | 7,743 | 7,336 | 7,398 |
| Profit before tax | 399 | 464 | 260 | 38 | 386 | 723 | 161 | 468 |
| Net profit | 297 | 337 | 185 | 13 | 258 | 471 | 631 | 349 |
| EPS (₹) | 4.68 | 5.31 | 2.91 | 0.20 | 4.07 | 7.43 | 9.97 | 5.52 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| APMEA | 20,206 | 63.2 |
| Europe | 8,856 | 27.7 |
| Others | 2,907 | 9.1 |
| Total, before eliminations | 31,970 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 50,244 | 20.8 | 2.40 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 41,287 | 29.4 | 3.77 | 17.8 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD ◆ | 24,337 | 14.2 | 1.46 | 8.0 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 12,554 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,763 | 13.1 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,140 | 34.0 | 2.64 | 13.1 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,543 | 25.1 | 2.55 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 565 | 61.5 | 16.72 | 59.2 | 18.4 | 21.3 | — | 2.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 25.1 | 4 of 13 | 75% |
| P/B | 1.5 | 2.4 | 7 of 16 | 60% |
| ROCE | 6.2 | 9.9 | 11 of 17 | 38% |
| ROE | 8.2 | 9.0 | 9 of 16 | 47% |
| Debt / Equity | 0.2 | 0.4 | 7 of 16 | 60% |
| EBITDA margin | 12.8 | 7.6 | 3 of 16 | 87% |
| Revenue growth | 12.8 | 10.1 | 6 of 15 | 64% |
| Profit growth | 2609.1 | (5.8) | 1 of 16 | 100% |
| Market cap | 24337 | 322 | 3 of 17 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Apollo Tyres Reports Nil Physical Share Transfer Requests in September 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Postal ballot results - Whole-time Director appointment approved | management changes | medium | — | — |
| 7 Oct 2026 · Apollo Tyres files Q2 demat compliance certificate with exchanges | compliance | minimal | — | — |
| 7 Oct 2026 · Newspaper notice for re-lodgement of physical share transfers | compliance | minimal | — | — |
| 6 Oct 2026 · Apollo Tyres CFO Gaurav Kumar resigns, effective Oct 6, 2026 | management changes | high | — | — |
| 6 Oct 2026 · Apollo Tyres CFO Gaurav Kumar resigns effective Oct 6, 2026 | management changes | high | — | — |
| 30 Sept 2026 · Apollo Tyres allots Rs 500 Cr NCDs via private placement | fund raising | high | — | — |
| 29 Sept 2026 · Trading Window Closure from October 1 for Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · Apollo Tyres reports nil physical share transfer requests in Aug 2026 | compliance | minimal | — | — |
| 18 Sept 2026 · Apollo Tyres gets ESG rating of 71 for FY25 and FY26 | general | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.