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Apollo Tyres Margin Trend — Quarter by Quarter

Apollo Tyres's EBITDA margin moved from 13.6% in Q2 FY25 to 14.6% in Q4 FY26 across 5 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2614.6%+160 bps
Q3 FY2615.3%+160 bps
Q2 FY2614.9%+130 bps
Q3 FY2513.7%—
Q2 FY2513.6%—

What management said about ebitda margin

G

Q4 FY26 · European margins to improve from H2 FY27

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

G

Q2 FY26 · EBITDA margin to sustain or improve in H2

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

G

Q2 FY26 · Enschede closure by end June 2026

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

G

Q3 FY25 · Raw material costs flattish in Q4 vs Q3

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

G

Q2 FY25 · RM cost expected to increase ~1% in Q3, decline from Q4

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