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NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Apollo Tyres Ltd.
NSE: APOLLOTYREConsumer CyclicalAuto Parts
- Last close
- ₹384.15
- Day change
- −₹14.65 (−3.67%)vs
- Market cap
- ₹26,183 crIndian rupees
- Research updated
- 1 report
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About Apollo Tyres
Apollo Tyres Ltd. is a prominent company in the tire manufacturing industry, known for producing a vast range of automotive tires that are used across various vehicle segments, including commercial vehicles, passenger cars, and two-wheelers. Established in India, the company has grown to become a significant player not only domestically but also in international markets through strategic expansions and acquisitions. Apollo Tyres operates through key brands such as Apollo and Vredestein, each catering to different market needs and customer bases. The company's tires are recognized for their durability, performance, and adaptability to diverse road conditions, making them a preferred choice among both consumers and automotive manufacturers. Within the financial markets, Apollo Tyres Ltd. represents a critical component of the industrial sector, particularly impacting transportation and manufacturing industries. Its innovative approach to design and sustainability initiatives, including the development of environment-friendly products, underscores its commitment to leading in tire technology and manufacturing excellence.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: APOLLOTYRE
- Employees
- 17,118
- Headquarters
- Gurugram, India
- ISIN
- INE438A01022
- Website
- apollotyres.com
Public research · Report of
Business model & financial foundation
Apollo Tyres (NSE: APOLLOTYRE), Tyres and rubber products: revenue of ₹28,471 crore in FY26 (+9.0% on FY25), an EBITDA margin of 14.6%, net profit of ₹1,372 crore and net debt of ₹1,588 crore.
- Revenue, FY26 (₹ crore)
- 28,471
- consolidated
- Revenue growth, FY26
- +9.0%
- on FY25
- EBITDA margin, FY26
- 14.6%
- EBITDA (excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,372
- to owners
- Return on equity, FY26
- 8.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,588
- Net debt excl leases; investments counted as liquidity
- Market capitalisation (₹ crore)
- 26,059
- at the close of 16 Oct 2026
Company profile
Manufactures and distributes tyres under Apollo and Vredestein brands. India serves replacement, OEM and export channels; Europe includes sales and manufacturing operations and Reifencom distribution. Commodity rubber and oil-linked materials dominate the cost stack, while price increases and premium mix are the key offsets. The Enschede closure and capacity transfers to Hungary and India reshape European economics as the Andhra Pradesh expansion raises capex.
| Item | Value |
|---|---|
| Legal name | Apollo Tyres Limited |
| Exchange and ticker | NSE: APOLLOTYRE; BSE: 500877 |
| ISIN | INE438A01022 |
| CIN | L25111KL1972PLC002449 |
| Sector | Consumer Cyclical |
| Industry | Tyres and rubber products |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since July 2022) |
| Market capitalisation | ₹26,059 crore (16 Oct 2026) |
| Shares outstanding | 63.51 crore shares (FY26) |
| Price | ₹413.9 (close, 16 Oct 2026) |
| 52-week range | ₹365.3 - ₹540.5 (to 16 Oct 2026) |
| Website | https://corporate.apollotyres.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Apollo Tyres (Europe) B.V. | 100% | European operations |
| Apollo Tyres Cooperatief U.A. | 100% | European holding structure |
| Apollo Tyres (Hungary) Kft. | 100% | Hungary tyre manufacturing |
Three material unlisted subsidiaries; indirect holdings included. Full list and Reifencom ownership chain not retrieved.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 36.95% | 36.93% | 36.93% | 36.93% |
| Promoter holding pledged | 0.05% | 0.01% | 0.01% | 0.01% |
| Foreign institutions | 11.90% | 12.26% | 12.15% | 10.09% |
| Domestic institutions | 29.50% | 29.50% | 29.10% | 30.60% |
| of which mutual funds | 17.67% | 17.71% | 17.83% | 18.28% |
| Retail | 7.07% | 6.73% | 7.05% | 7.54% |
| Other | 14.58% | 14.58% | 14.77% | 14.84% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Apollo Tyres sells tyres to replacement buyers, OEMs and export channels, under Apollo and Vredestein. India standalone is the main demand engine; European manufacturing and Reifencom distribution are material and require consolidated coverage. The presentation's Europe operating KPIs exclude Reifencom; its statutory Europe segment does not. Do not splice these scopes. Consolidated replacement mix is79%, India replacement66% in Q1FY27. Natural rubber and oil-linked inputs dominate cogs; pricing lags via staggered replacement increases and quarterly OEM formula resets.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| APMEA (Asia Pacific, Middle East & Africa) | 20,206 | 71.0% | 2,129 | 77.9% |
| Europe | 8,856 | 31.1% | 554.0 | 20.3% |
| Others | 2,908 | 10.2% | 51.1 | 1.9% |
| Inter-segment revenue elimination | -3,499 | -12.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| MRF (MRF) | |
| CEAT (CEATLTD) | Domestic tyre volumes, pricing and rubber exposure |
| JK Tyre & Industries (JKTYRE) | Truck-bus radial exposure; leverage and cyclicality |
| Balkrishna Industries (BALKRISIND) | Export/off-highway peer; premium margin, less domestic mix |
| TVS Srichakra (TVSSRICHAK) | Domestic tyre manufacturing; different two-wheeler mix |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 20,581 | 24,122 | 25,378 | 26,123 | 28,471 |
| Cost of revenue (vendor classification) * | 12,522 | 14,782 | 13,797 | 14,830 | 15,703 |
| Other operating costs (vendor classification) * | 3,237 | 3,782 | 4,067 | 4,512 | 4,938 |
| EBITDA (vendor classification) * | 2,671 | 3,336 | 4,579 | 3,644 | 4,297 |
| EBIT * | 1,275 | 1,944 | 3,036 | 1,980 | 1,697 |
| Finance costs | 426.9 | 516.4 | 505.9 | 446.6 | 391.5 |
| Profit before tax | 847.7 | 1,427 | 2,540 | 1,547 | 1,309 |
| Tax expense (credit negative) | 209.1 | 381.3 | 818.3 | 425.3 | -63.2 |
| Profit for the period | 638.6 | 1,046 | 1,722 | 1,121 | 1,372 |
| Diluted EPS (₹) | 10.06 | 16.47 | 27.11 | 17.66 | 21.65 |
| Materials incl. traded goods and inventory change | 13,663 | 14,695 | 15,554 | ||
| Employee benefits expense | 2,964 | 3,130 | 3,542 | ||
| Other expenses | 4,303 | 4,728 | 5,232 | ||
| EBITDA (excl. other income) | 4,447 | 3,572 | 4,143 | ||
| Other income | 153.6 | 88.1 | 133.4 | ||
| Depreciation and amortisation | 1,478 | 1,498 | 1,543 | ||
| Exceptional items (charge negative) | -77.3 | -168.7 | -1,034 | ||
| Share of profit of associate/JV | 0.36 | 0.67 | 0.59 | ||
| Non-controlling interests | n.d. | n.d. | 0.00 | ||
| Profit attributable to owners | 1,722 | 1,121 | 1,372 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 11,752 | 12,578 | 13,902 | 14,766 | 16,715 |
| Borrowings excluding leases | 7,061 | 6,421 | 3,942 | 3,377 | 2,632 |
| Cash, bank balances and current investments | 870.6 | 836.0 | 1,416 | 897.5 | 1,044 |
| Trade receivables | 2,051 | 2,489 | 2,665 | 3,062 | 3,191 |
| Inventory | 4,155 | 4,428 | 4,246 | 5,131 | 5,452 |
| Trade payables | 3,531 | 3,396 | 2,726 | 2,874 | 3,224 |
| Net property, plant and equipment * | 724.8 | 782.9 | 771.0 | 784.3 | 931.2 |
| Capital work in progress * | 594.7 | 199.4 | 283.0 | 325.1 | 917.9 |
| Total assets * | 27,146 | 27,353 | 26,957 | 27,306 | 29,240 |
| Net debt excl leases; investments counted as liquidity | 2,526 | 2,480 | 1,588 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 138.1 | 1,168 | 3,440 | 1,823 | 3,667 |
| Free cash flow (vendor definition) * | 307.3 | 1,360 | 2,709 | 1,055 | 2,264 |
| Cash dividends paid (negative) | -222.3 | -206.4 | -285.8 | -381.1 | -538.5 |
| Cash paid for PPE (negative) | -1,816 | -762.7 | -730.4 | -768.6 | -1,403 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares issued (crore, FV INR 1) | 63.51 | 63.51 | 63.51 | 63.51 | 63.51 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,437 | 6,928 | 6,424 | 6,561 | 6,831 | 7,743 | 7,336 | 7,398 |
| Cost of revenue (vendor classification) * | 3,556 | 4,052 | 3,770 | 3,668 | 3,736 | 4,260 | 3,890 | 4,222 |
| Other operating costs (vendor classification) * | 1,233 | 1,132 | -1,278 | 1,155 | 1,196 | 1,388 | 1,492 | 1,345 |
| EBITDA (vendor classification) * | 899.7 | 955.3 | 848.8 | 886.7 | 1,051 | 1,236 | 1,104 | 926.4 |
| EBIT * | 518.7 | 575.1 | 355.8 | 138.9 | 487.1 | 823.2 | 251.4 | 559.2 |
| Finance costs | 119.7 | 110.5 | 109.4 | 100.6 | 101.1 | 100.1 | 89.8 | 91.5 |
| Profit before tax | 398.9 | 464.6 | 259.9 | 38.4 | 386.1 | 723.1 | 161.7 | 467.7 |
| Tax expense (credit negative) | 101.5 | 127.3 | 75.3 | 25.5 | 128.0 | 252.6 | -469.3 | 118.8 |
| Profit for the period | 297.5 | 337.3 | 184.6 | 12.9 | 258.1 | 470.5 | 631.0 | 348.9 |
| Diluted EPS (₹) | 4.68 | 5.31 | 2.91 | 0.20 | 4.07 | 7.43 | 9.97 | 5.52 |
| Materials incl. traded goods and inventory change | 3,556 | 4,052 | 3,634 | 3,668 | 3,736 | 4,260 | 3,890 | 4,222 |
| Employee benefits expense | 769.7 | 797.1 | 766.1 | 869.6 | 878.6 | 908.6 | 884.8 | 962.8 |
| Other expenses | 1,233 | 1,132 | 1,186 | 1,155 | 1,196 | 1,388 | 1,492 | 1,345 |
| EBITDA (excl. other income) | 877.9 | 947.0 | 837.4 | 867.8 | 1,021 | 1,186 | 1,069 | 868.0 |
| Other income | 21.7 | 8.06 | 27.5 | 18.9 | 29.7 | 49.6 | 35.2 | 58.3 |
| Depreciation and amortisation | 375.9 | 375.9 | 377.1 | 377.6 | 383.4 | 385.3 | 396.7 | 390.7 |
| Exceptional items (charge negative) | -5.18 | -4.24 | -118.9 | -370.2 | -180.0 | -27.1 | -456.1 | 23.5 |
| Share of profit of associate/JV | 0.14 | 0.21 | 0.29 | 0.06 | 0.09 | 0.19 | 0.25 | 0.06 |
| Non-controlling interests | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | 0.00 | n.d. |
| Profit attributable to owners | 297.5 | 337.3 | 184.6 | 12.9 | 258.1 | 470.5 | 631.0 | 348.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.4% | 17.2% | 5.2% | 2.9% | 9.0% |
| EBITDA margin | 17.5% | 13.7% | 14.6% | ||
| Net margin | 6.8% | 4.3% | 4.8% | ||
| Return on equity | 13.0% | 7.8% | 8.7% | ||
| Return on capital employed | 6.8% | 10.3% | 16.5% | 11.0% | 9.1% |
| Return on assets | 6.3% | 4.1% | 4.9% | ||
| Net debt (₹ crore) | 2,526 | 2,480 | 1,588 | ||
| Net debt / EBITDA | 0.57x | 0.69x | 0.38x | ||
| Interest cover | 2.99x | 3.76x | 6.00x | 4.43x | 4.34x |
| Asset turnover | 0.77x | 0.89x | 0.93x | 0.96x | 1.01x |
| Receivable days | 36 | 38 | 38 | 43 | 41 |
| Inventory days (on revenue) | 74 | 67 | 61 | 72 | 70 |
| Payable days (on revenue) | 63 | 51 | 39 | 40 | 41 |
| Cash conversion | 2.00x | 1.63x | 2.67x | ||
| Capex intensity | 8.8% | 3.2% | 2.9% | 2.9% | 4.9% |
| Free cash flow (₹ crore) | -1,678 | 405.5 | 2,709 | 1,055 | 2,264 |
| Dividend payout | 16.6% | 34.0% | 39.2% | ||
| EPS, diluted (₹) | 10.06 | 16.47 | 27.11 | 17.66 | 21.65 |
| Book value per share (₹) | 185.0 | 198.1 | 218.9 | 232.5 | 263.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excl leases; investments counted as liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Apollo Tyres includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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