Total Volumes Growth (Q4)
10%
+10% YoY
Volume growth supported revenue increase; steady demand across key segments.
APCOTEX
Other
30 Apr 2026
Apcotex Industries Limited — Q4 FY26
Apcotex delivered a strong Q4 FY26 with revenue of INR 398 Cr (+14% YoY) and EBITDA of INR 55 Cr (+42% YoY), driven by higher volumes (+10% YoY), better realizations, and operational efficiencies.
✓ Verified against BSE filing
2-Min Summary
Apcotex delivered a strong Q4 FY26 with revenue of INR 398 Cr (+14% YoY) and EBITDA of INR 55 Cr (+42% YoY), driven by higher volumes (+10% YoY), better realizations, and operational efficiencies. PAT surged 107% YoY to INR 35 Cr, while EBITDA margins expanded to 13.76% (+270 bps YoY). The nitrile latex segment saw significant margin improvement, partly due to temporary supply disruptions from the West Asia crisis. Management highlighted proactive raw material coverage ensuring uninterrupted operations. For FY27, volume growth is expected in low double digits, but revenue visibility is low due to volatile raw material prices and geopolitical uncertainty. Key risk: a sharp drop in crude prices could hurt margins given high-cost inventory coverage.
Key Numbers
Nitrile Latex Capacity Utilization
100%
Flat vs prior quarter
Running at full capacity; margins improved due to supply disruptions from competitors.
Export Volumes Growth (FY26)
14%
+14% YoY
Record high export volumes for the full year, driven by strong international demand.
Net Cash Position
INR 70 Cr
+INR 70 Cr vs prior year
Cash and investments exceed total debt by ~INR 70 Cr; net debt-to-equity improved to 0.08.
Management Guidance
NBR capacity to double by Q1 FY28
Expansion project to double NBR capacity is on track, expected to come on stream in Q1 FY28.
expansionNew R&D center capex of INR 20-25 Cr
Board approved a new R&D center with planned spend of INR 20-25 Cr on infrastructure this year.
capexVolume growth expected in low double digits for FY27
Management expects low double-digit volume growth for FY27, subject to demand and capacity constraints.
growthKey Risks
Sharp drop in crude prices could hurt margins
If crude prices fall sharply, the company may be stuck with high-cost inventory, compressing margins for a quarter.
high · management_commentaryGeopolitical tensions impacting export markets
The West Asia crisis has disrupted exports to the Middle East, Egypt, and Turkey, which contribute ~12% of revenue.
medium · analyst_questionCustomer resistance to price increases
Rising raw material costs may face pushback from customers, especially in automotive and other price-sensitive sectors.
medium · management_commentaryNitrile latex margin sustainability
Improved nitrile latex margins partly due to temporary supply disruptions; structural improvement is gradual.
medium · data_observationNotable Quotes
We were able to run our plant without even one day of shutdown because we were able to take some bold calls in early March.
I think in the long run, I don't know what these kind of high energy prices and high petrochemical prices... nobody knows. I don't think anyone can predict what the demand disruption will be.
We are in a niche space in a few geographies, a few products. We are trying to improve and grow in that.