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Model Note · APOLLO TYRES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
APOLLO TYRES LTD Discounted cash flow · base FY26
APOLLO TYRES LTD
Value per share, this model₹286
CMP 2026-09-10₹418.10
Difference(31.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of APOLLO TYRES LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
9% a year
FY26 9.0% · 5-yr CAGR 10.4%
EBITDA margin
10.9%
FY26 10.9% · 5-yr average 13.4%
Depreciation · capex, % of revenue
5.4% · 4.9%, fading to 1.2× depreciation
FY26 5.4% · 4.9%
Working capital, % of added revenue · tax
19% · -4.8%
70 working-capital days · effective (4.8)%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,602 · ₹0 · ₹0 cr
FY26 net debt ₹1,602 cr
Shares
63.51 crore
63.51 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
28,471
31,033
33,826
36,870
40,189
43,806
growth %
9.0
9.0
9.0
9.0
9.0
9.0
EBITDA
3,110
3,383
3,687
4,019
4,381
4,775
Depreciation
(1,543)
(1,676)
(1,827)
(1,991)
(2,170)
(2,365)
NOPAT
1,642
1,789
1,950
2,125
2,316
2,525
less capex
(1,403)
(1,521)
(1,791)
(2,098)
(2,445)
(2,839)
less working-capital build
—
(487)
(531)
(578)
(630)
(687)
Free cash flow to firm
—
1,457
1,455
1,440
1,411
1,365
Present value
1,383
1,244
1,109
979
853
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · APOLLO TYRES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,568
PV of the terminal value (72% of EV)
14,172
Enterprise value
19,740
less net debt
(1,602)
less non-controlling interest
0
add non-operating investments
0
Equity value
18,138
÷ 63.51 crore shares
₹286
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
296
318
344
377
418
10.5%
272
291
312
339
371
11.0%
252
267
286
307
333
11.5%
234
248
263
281
302
12.0%
219
231
244
259
276
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
