Apollo Tyres Limited — Q2 FY26
Apollo Tyres reported a solid Q2 FY26 with consolidated revenue of INR 68.3 billion (+6% YoY) and EBITDA margin of 14.9% (+130 bps YoY), driven by strong India performance and r...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
83%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Future growth and market share recovery efforts
Asked by Raghu
Management gave qualitative optimism but no concrete market share targets or timeline.
no specific market share targetqualitative outlook only
Read the exchange
Question
If you can talk about how you see the future shaping up in terms of regaining market share and your efforts towards that.
Neeraj Kanwar, Vice Chairman and Managing Director
We have invested in the brand with the Indian cricket team... We are hopeful that quarter three revenue growth should be, if not better, at least at the same level. Profitability will continue to remain at this level, if not better.
Answered
High priority
Volume growth across channels and replacement demand
Asked by Raghu
Provided specific volume growth numbers and segment breakdown.
Read the exchange
Question
Can you talk about the volume growth for India business across channels and how you're looking at the replacement demand across segments as well?
Gaurav Kumar, CFO
Overall volume growth was 4% for this quarter. It was still quite muted for truck and passenger car... The big demand upliftment was in the farm segment, two-three wheelers, and others.
Answered
High priority
Replacement vs OEM growth and GST impact
Asked by Raghu
Provided exact growth percentages for both channels.
Read the exchange
Question
How was the replacement and OEM growth, sir?
Gaurav Kumar, CFO
Overall replacement growth was 2%, and OEM was 4%.
Answered
Medium priority
Exports growth and full-year outlook
Asked by Raghu
Provided current quarter double-digit growth and full-year guidance.
Read the exchange
Question
How was the exports growth this quarter, and would you say that exports growth can be high single digit for the full year?
Gaurav Kumar, CFO
Export growth was in double digits for the current quarter. Overall for the year, yes, we would push towards a high single digit growth.
Answered
Medium priority
Raw material cost benefit in Q2 and Q3 outlook
Asked by Raghu
Provided sequential change and forward guidance.
Read the exchange
Question
If you can share the raw material cost, what was the benefit in Q2 and your expectation for Q3?
Gaurav Kumar, CFO
The raw materials in Q2 were down 3% sequentially from Q1, and we expected to be stable to slightly down in Q3.
Answered
Medium priority
Commodity prices for key raw materials
Asked by Raghu
Provided specific prices for each commodity.
Read the exchange
Question
Can you also share the commodity prices for each of the commodities: natural rubber, synthetic rubber, etc.?
Gaurav Kumar, CFO
Natural rubber was around INR 210 a kg, synthetic rubber INR 175, carbon black INR 115, and steel cord INR 155.
Answered
Medium priority
Vredestein premiumization strategy and volumes
Asked by Raghu
Provided specific volume numbers and strategic positioning.
Read the exchange
Question
If you can indicate how salient it is when you look at the India PCR, and where would you like to take it up in terms of your effort on premiumization?
Neeraj Kanwar, Vice Chairman and Managing Director
The numbers within the overall basket are still small... at a level of 10,000 tires a month in a total mix of 450,000-500,000. We are positioning it as an absolute premium brand.
Answered
High priority
Europe volume trends and outlook
Asked by Raghu
Provided growth breakdown and forward guidance.
Read the exchange
Question
If you can talk about how you are seeing the volume trends, and going forward, would you expect further improvement?
Gaurav Kumar, CFO
The top line growth in Europe was 4%, which was entirely from volume. Outlook for Europe market overall continues to be a challenging scenario... we are looking at growth coming back, even though it would be low single digits.
Answered
High priority
Market share trends in TBR and PCR
Asked by Aniket Mahtre
Provided specific market share estimates for both segments.
Read the exchange
Question
Last time around you had indicated we were losing some share in the TBR segment. How is that shaping up now? Also, if you could talk about a similar thing on the PCR side.
Gaurav Kumar, CFO
On the TBR replacement, we estimate our market share to be around 29%. On the PCR replacement side, based on our internal estimates, we would be at 20% market share, which would be industry-leading.
Partial answer
Medium priority
OEM shares and bidding strategy
Asked by Aniket Mahtre
Acknowledged loss but did not quantify current OEM share.
no specific numbers given
Read the exchange
Question
How about OEM shares, sir, for us?
Gaurav Kumar, CFO
OEM shares have maintained. We had lost ground in PCR OEM shares as we did not bid for certain businesses on profitability count. Each RFQ is now being critically evaluated.
Evasive
Medium priority
NSKD facility shutdown margin improvement
Asked by Aniket Mahtre
Refused to estimate margin improvement, redirected to payback period.
declined to quantify margin improvementgave payback period instead
Read the exchange
Question
For the NSKD facility post the shutdown, would you like to quantify what kind of margin improvement can we expect once it shuts down in Europe?
Gaurav Kumar, CFO
That's a difficult one to estimate, Aniket. We've indicated the total cash pots, particularly around EUR 55 million. Based on our expectations, the payback period should be about two years.
Answered
High priority
Capacity utilization and CapEx deployment
Asked by Mihir Vora, Equirus
Provided utilization percentages and expansion details.
Read the exchange
Question
My question was across the capacity utilization across our segments and where we are deploying the CapEx currently, in which segments are we prioritizing?
Gaurav Kumar, CFO
Our capacity utilization is still in the 80s in India. In Europe, Netherlands and Hungary are close to 90%. There is a capacity expansion... passenger car, both in Hungary and Andhra Pradesh.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Overall volume growth 4% for India business | 4% | 6% | Understated vs filing |
| Export growth double digits in Q2 | 10% | 6% | Overstated vs filing |
| Europe top line growth 4% entirely from volume | 4% | 6% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.