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Revenue
₹332 Cr
verified against source
Revenue YoY
-7%
reported change
EBITDA
₹44 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Apcotex delivered a strong Q3 FY26 with EBITDA up 61% YoY to INR 44 Cr and PAT up 91% YoY to INR 22 Cr, despite a 7% revenue decline to INR 332 Cr due to falling raw material prices. Volume growth of 10% YoY and margin expansion to 13.12% drove profitability, aided by improved capacity utilization across nitrile latex, paper, and rubber segments. Management guided for EBITDA margins in the 13-16% range and expects full utilization of nitrile latex capacity by next year. The INR 550-600 Cr expansion plan (capex INR 130-140 Cr) is on track for commissioning by FY27-end. Key risk: non-notification of anti-dumping duty on NBR could pressure rubber margins, though expansion plans proceed regardless.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated sustainable EBITDA margin range of 13-16%, with current quarter at 13.12% and potential to improve further.
- Capex of INR 130-140 Cr for capacity expansion across multiple product lines, commissioning from end of FY26 to April FY27.
- Current utilization at 70-75%; expected to hit full capacity run-rate at some point in FY27.
- CFO guided for effective tax rate of 27-28% for the full year.
Risks flagged
- Finance ministry has not yet notified the recommended anti-dumping duty on NBR, which could pressure rubber margins if dumping resumes.
- Sharp increases in raw material prices (e.g., styrene, acrylonitrile) could compress EBITDA margins if pass-through is incomplete.
- US tariffs have caused degrowth in carpet, textile, and tire segments, which could persist if trade uncertainty continues.
- Chinese overcapacity may lead to increased competition in Southeast Asia, delaying margin recovery in nitrile latex.
Key quotes
- We are the only manufacturers of NBR. If we cannot sustain this plant, India will have no manufacturing of NBR which I think is a very important synthetic rubber.
- Our expansion plans continue nonetheless. We have found an innovative way to expand our volumes by almost 80-90% in a much lower capex cycle.
- We look at EBITDA, PAT, and ROCE very important for us. As long as ROCE is healthy, sometimes we are okay with EBITDA percentage margins falling.
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