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Raw material cost volatility
View Risks →Apollo Tyres Limited — Q3 FY26
Apollo Tyres reported a strong Q3 FY26 with consolidated revenue of ₹7,740 crore (+12% YoY) and EBITDA margin of 15.3% (+160 bps YoY), driven by robust domestic demand across all channels and categories.
bullish
high
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Apollo Tyres reported a strong Q3 FY26 with consolidated revenue of ₹7,740 crore (+12% YoY) and EBITDA margin of 15.3% (+160 bps YoY), driven by robust domestic demand across all channels and categories. India revenue grew 13%+ to ₹5,140 crore, with mid-teens volume growth, while Europe remained flattish. The company announced a ₹5,800 crore capex for Andhra Pradesh plant expansion over FY27-29, reflecting high capacity utilization (high 80s) and strong demand outlook. Management expects healthy momentum to continue into Q4 and FY27, aided by BCCI sponsorship and premiumization. However, elevated A&P spend (₹150 crore in Q3) will normalize only by FY27, and Europe demand remains muted with negative market growth. Key risk: raw material cost volatility could pressure margins if global prices rise.
अपोलो टायर्स ने वित्त वर्ष 2025-26 की तीसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कुल कमाई ₹7,740 करोड़ रही, जो पिछले साल से 12% ज्यादा है। कमाई पर मुनाफे का हिस्सा (EBITDA मार्जिन) 15.3% रहा, जो पिछले साल से 1.6% बढ़ा है। इसकी वजह भारत में टायरों की जबरदस्त मांग है। भारत में कमाई 13% बढ़कर ₹5,140 करोड़ हो गई, जबकि यूरोप में बिक्री स्थिर रही। कंपनी आंध्र प्रदेश में नया प्लांट लगाने के लिए ₹5,800 करोड़ खर्च करेगी, क्योंकि मौजूदा प्लांट लगभग पूरी क्षमता (80-90%) पर चल रहे हैं। प्रबंधन को अगली तिमाही और अगले वित्त वर्ष में भी अच्छी बिक्री की उम्मीद है। हालांकि, विज्ञापन पर खर्च (₹150 करोड़) अभी ज्यादा है, जो अगले साल तक सामान्य होगा। यूरोप में मांग कमजोर है। मुख्य जोखिम: कच्चे माल के दाम बढ़ने से मुनाफा कम हो सकता है।
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India volume growth
mid-teens
+mid-teens YoY
India standalone volume growth in Q3 was in mid-teens, driven by double-digit growth across replacement, OEM, and exports.
Europe UHP mix
52%
+4pp YoY
Ultra-high performance tire mix in Europe increased to 52% from 48% last year, supporting premiumization.
India capacity utilization
high 80s%
flat
Overall India capacity utilization is in the high 80s, with TBR near 100%, necessitating the new capex.
Net debt to EBITDA (consolidated)
0.4x
-0.4x QoQ
Consolidated net debt to EBITDA improved to 0.4x from 0.8x in September, driven by strong cash flows.
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Guidance and risk preview
Board approved ₹5,800 crore capex for expanding PCR and TBR capacities at the Andhra plant, spread over three financial years.
International commodity prices and currency fluctuations could increase raw material costs, pressuring margins.
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