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Revenue
₹7,740 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
₹1,190 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 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 and exports up nearly 20%. Europe remained flattish due to muted demand. The company announced a ₹5,800 crore CapEx plan for Andhra Pradesh over FY27-29 to address capacity constraints (India utilization in high 80s). A&P spend spiked to ~₹150 crore due to BCCI sponsorship activation, but is expected to normalize to 2.5% of sales. Raw material costs are expected to remain steady in Q4. Risk: Europe demand recovery remains uncertain and could delay margin improvement.
Colored figures show movement against the previous available record.
Guidance to track
- Board approved ₹5,800 crore CapEx for expanding PCR and TBR capacities in Andhra Pradesh, spread over FY27-29, with growth CapEx of ~₹2,000 crore in FY27.
- Overall consolidated CapEx for FY27 is expected to be around ₹3,000 crore, including Hungary expansion and maintenance.
- A&P spend as a percentage of sales will increase to about 2.5% in a normalized scenario, up from ~2% historically, to drive top-line growth.
- The Netherlands plant will stop production by end of June 2026, with benefits expected to flow from H2 FY27.
Risks flagged
- Europe market growth was -4% in Q3, and recovery is uncertain; continued weakness could delay margin improvement.
- Global events cause unpredictable swings in raw material prices; management expects flattish costs but cannot rule out adverse moves.
- The large CapEx cycle could temporarily depress ROCE, which is currently 13.5%, below the 15% target.
- Elevated A&P spend due to BCCI sponsorship may take time to normalize, impacting near-term margins.
Key quotes
- We closed Q3 with consolidated top-line growth of nearly 12% and an EBITDA margin of 15.3%.
- Our current capacity utilization level in India is in the high 80s, and given our growth expectations for the near future, we would start hitting capacity limitations soon.
- We would probably need to take a mid-single-digit kind of price increase every year.
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