Apollo Tyres Management Guidance Tracker

19 forward-looking guidance items tracked across 5 quarters.

Margins

Q2 FY25RM cost expected to increase ~1% in Q3, decline from Q4Active

Raw material costs to rise slightly in Q3 and start coming down from Q4 onwards.

Q3 FY25Raw material costs flattish in Q4 vs Q3Active

RM costs expected to be range-bound in Q4, around similar levels as Q3, indicating plateauing.

Q2 FY26EBITDA margin to sustain or improve in H2Active

Profitability expected to remain at current levels or improve, supported by stable raw material costs and operating leverage.

Q4 FY26European margins to improve from H2 FY27Tracked

Post Enschede closure, cost competitiveness expected to lift margins above current levels.

Growth

Q2 FY25India replacement volume double-digit growth for full yearTracked

Management expects double-digit growth in TBR and PCR replacement segments for FY25.

Q3 FY25Q4 replacement demand momentum to continueActive

Management expects healthy replacement demand momentum in Q4, with signs of further pickup beyond current levels.

Q2 FY26India replacement demand to grow mid-to-high single digitsActive

Replacement demand expected to improve from current low levels to mid-to-high single digit growth.

Q3 FY26A&P spend to normalize to 2.5% of salesTracked

A&P spend as a percentage of sales will increase to about 2.5% in a normalized scenario, up from ~2% historically, to drive top-line growth.

Capex

Q2 FY25CapEx guidance maintained at ₹1,000 crore for FY25Active

No change in CapEx guidance; ₹300 crore spent in H1.

Q3 FY25Capex to increase next year for PCR capacityTracked

Next year's capex will increase above maintenance level (~₹700-750 cr) by about ₹800 cr for PCR capacity expansion in India and Europe.

Q3 FY26CapEx of ₹5,800 crore for Andhra Pradesh expansion over FY27-29Tracked

Board approved ₹5,800 crore CapEx for expanding PCR and TBR capacities in Andhra Pradesh, spread over FY27-29, with growth CapEx of ~₹2,000 crore in FY27.

Q3 FY26Consolidated CapEx of ~₹3,000 crore in FY27Tracked

Overall consolidated CapEx for FY27 is expected to be around ₹3,000 crore, including Hungary expansion and maintenance.

Q4 FY26CapEx of INR 35 billion for FY27Tracked

Nearly 80% allocated to India for capacity expansion in truck and car tires.

Revenue

Q3 FY25No price hikes planned in near termActive

Given market situation, no price increase is planned in the near term; will continue to assess.

Q2 FY26H2 revenue growth to sustain or improveActive

Management expects Q3 revenue growth to be at least at Q2 levels, driven by GST benefits and brand investments.

Q4 FY26Price increases of 6-8% in India in Q1 FY27Active

Two rounds of price hikes implemented, with 3-5% already effective and remainder in May.

Q4 FY26Further price increases needed beyond 6-8%Active

Management indicated at least two more rounds of price hikes required to fully offset raw material inflation.

Other

Q2 FY26Enschede closure by end June 2026Tracked

Production closure at Enschede plant expected by end June 2026, with payback period of about two years on EUR 55 million cash costs.

Q3 FY26Enschede plant closure by end June 2026Tracked

The Netherlands plant will stop production by end of June 2026, with benefits expected to flow from H2 FY27.