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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
₹6,930 Cr
verified against source
Revenue YoY
5%
reported change
EBITDA
₹950 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 Q3 FY25 consolidated revenue of ₹6,930 crore, up 5% YoY, with EBITDA margin of 13.7% (flat QoQ) despite raw material cost pressures. India revenue was ₹4,540 crore (+5% YoY) with EBITDA margin of 11.1%, impacted by a 10% decline in OEM volumes. Europe revenue was EUR 181 million (+3% YoY) with EBITDA margin of 17.7%, driven by replacement growth and mix improvement (UUHP segment at 48% of PCR replacement volumes). Management expects demand recovery in Q4, particularly in replacement segments, and raw material costs to plateau. Risks include competitive intensity limiting price hikes and export weakness due to freight cost fluctuations. The company plans increased capex next year to address PCR capacity constraints.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects healthy replacement demand momentum in Q4, with signs of further pickup beyond current levels.
- RM costs expected to be range-bound in Q4, around similar levels as Q3, indicating plateauing.
- Given market situation, no price increase is planned in the near term; will continue to assess.
- Next year's capex will increase above maintenance level (~₹700-750 cr) by about ₹800 cr for PCR capacity expansion in India and Europe.
Risks flagged
- Management cited competitive intensity as reason for not planning price hikes despite margin pressure.
- Exports were flattish due to weak demand in certain markets and high logistics costs, with peers outperforming.
- India gross margin contracted ~300bps QoQ partly due to consumption of high-cost inventory; normalization expected but uncertain.
Key quotes
- We are trying to vacate the 12-inch, 13-inch market, especially with the OEMs, and then going upsizing of 14, 15, 16, 17, which is where more profitability is concerned.
- The priority to profitability margins will continue to be there. And yes, a couple of our peers have definitely done better than us.
- Currently, given the market situation, etc., and the overall scenario, absolute near-term, no price increase is planned.
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