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Non-notification of anti-dumping duty on NBR
View Risks →Apcotex Industries Limited — Q3 FY26
Apcotex delivered a strong Q3 FY26 with EBITDA up 61% YoY to INR 44 Cr and PAT up 91% YoY to INR 22 Cr, despite a 7% revenue decline to INR 332 Cr due to falling raw material prices.
bullish
high
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Apcotex delivered a strong Q3 FY26 with EBITDA up 61% YoY to INR 44 Cr and PAT up 91% YoY to INR 22 Cr, despite a 7% revenue decline to INR 332 Cr due to falling raw material prices. Volume growth of 10% YoY and margin expansion to 13.12% drove profitability, aided by improved capacity utilization across nitrile latex, paper, and rubber segments. Management guided for EBITDA margins in the 13-16% range and expects full utilization of nitrile latex capacity by next year. The INR 550-600 Cr expansion plan (capex INR 130-140 Cr) is on track for commissioning by FY27-end. Key risk: non-notification of anti-dumping duty on NBR could pressure rubber margins, though expansion plans proceed regardless.
Apcotex ने तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी का मुनाफा पिछले साल के मुकाबले 91% बढ़कर 22 करोड़ रुपये हो गया। हालांकि कच्चे माल की कीमतें गिरने से कंपनी की कुल बिक्री 7% घटकर 332 करोड़ रुपये रही, लेकिन बिक्री की मात्रा 10% बढ़ी। कंपनी का मार्जिन 13.12% तक पहुंच गया, जिससे मुनाफा बढ़ा। प्रबंधन का कहना है कि आने वाले समय में मार्जिन 13-16% के बीच रहेगा। कंपनी 550-600 करोड़ रुपये का विस्तार कर रही है, जो अगले साल तक तैयार हो जाएगा। एक जोखिम यह है कि अगर NBR पर आयात शुल्क नहीं लगा तो रबर सेगमेंट पर दबाव पड़ सकता है।
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Read Transcript →Quarter Snapshot
Volume Growth (Q3)
10%
+10% YoY
Total volumes grew 10% year-on-year despite revenue decline due to lower prices.
NBR Capacity Utilization
100%
Flat YoY
NBR (solid rubber) plant is at full capacity utilization for the whole year.
Nitrile Latex Capacity Utilization (YTD)
70-75%
+5-10pp YoY
Nitrile latex utilization improved from earlier levels; expected to reach full run-rate next year.
Export Volume Growth (9M)
21%
+21% YoY
Highest ever export volumes in 9 months, driven by strong international demand.
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Guidance and risk preview
Management reiterated sustainable EBITDA margin range of 13-16%, with current quarter at 13.12% and potential to improve further.
Finance ministry has not yet notified the recommended anti-dumping duty on NBR, which could pressure rubber margins if dumping resumes.
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