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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹6,440 Cr
verified against source
Revenue YoY
3%
reported change
EBITDA
₹880 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Apollo Tyres reported a challenging Q2 FY25 with consolidated revenue of ₹6,440 crore (+3% YoY) and EBITDA margin of 13.6%, down ~70bps sequentially due to raw material cost inflation. India revenue was ₹4,460 crore with EBITDA margin of 12.1%, while Europe revenue was €171 million with EBITDA margin of 14.8% (+70bps YoY). Domestic replacement volumes grew mid-single digits, but OEM declined double digits. Management expects RM costs to rise ~1% in Q3 and decline from Q4, with price increases of 2-3% already implemented. Europe shows recovery signs with improved mix (UHP now 47% of PCR volumes). Key risk: competitive pressure and sticky other costs (freight, EPR, advertising) may delay margin recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Raw material costs to rise slightly in Q3 and start coming down from Q4 onwards.
- Management expects double-digit growth in TBR and PCR replacement segments for FY25.
- No change in CapEx guidance; ₹300 crore spent in H1.
Risks flagged
- Other expenses (freight, EPR, advertising) remained elevated; management expects them to persist near current run rate.
- Analyst noted margin gap with peers narrowing; management acknowledged focus on profitability may limit volume growth.
- OEM segment declined double digits; management sees no near-term recovery.
Key quotes
- My mantra has been profitable growth. And therefore, we are only looking at premiumization of our PCR tires and not going down on pricing.
- We are doing more analysis to see what has gone wrong and where other expenses have gone up. So, there is a direct focus on all of this.
- The under-recovery from last year is about 6-odd percent.
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