Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹6,830 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹1,020 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 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 recovery in exports. India revenue grew 6% to INR 47.1 billion with EBITDA margin of 15.3%, aided by GST rationalization benefits and volume growth in replacement and OEM segments. Europe revenue grew 4% YoY to EUR 177 million, though demand remains challenging. Management expects healthy demand momentum in H2, with October showing strong growth. Raw material costs are expected to remain range-bound. Risks include competitive intensity from new entrants and uncertain European demand recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q3 revenue growth to be at least at Q2 levels, driven by GST benefits and brand investments.
- Profitability expected to remain at current levels or improve, supported by stable raw material costs and operating leverage.
- Replacement demand expected to improve from current low levels to mid-to-high single digit growth.
- Production closure at Enschede plant expected by end June 2026, with payback period of about two years on EUR 55 million cash costs.
Risks flagged
- A financially strong new player is entering PCR and TBR segments, potentially increasing competitive intensity and pricing pressure.
- European market remains challenging with low single-digit growth expected; recovery is not yet assured.
- While raw materials are currently stable, any upturn could pressure margins, especially given competitive pricing dynamics.
- Apollo lost ground in PCR OEM shares due to not bidding for certain unprofitable businesses, which may impact future volumes.
Key quotes
- Profitable growth continues to be our mantra, and we will continue to keep our focus on profitability, free cash flows, and on return ratios.
- We will not go the pricing route, and that's been a consistent strategy. It will be a mix of brand, product, and expansion of the distribution channels.
- At the end of the day, the tire is a performance product. It is not a showpiece to be displayed somewhere.
Research modules