APOLLOTYRE / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Apollo Tyres · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

12

Answered directly

75%

Numeric claims

1

Consistency

contradicted

Question ledger

What was answered, and how?

Raghunandhan NL · Nuvama

direct

Why is CapEx per ton higher than previous expansions?

It is about a 350 tons capacity addition leading to about INR 17 crore per metric ton of CapEx. The increase comes as a result of both the inflationary pressures... and also because the technology keeps moving.

Raghunandhan NL · Nuvama

partial

What is the volume growth breakdown by channel?

Our volume growth for OEM and replacement was in mid-teens, and in exports it was just short of 20%. So we've had a healthy growth, as I mentioned, across all the three channels.

Raghunandhan NL · Nuvama

partial

What was A&P spend in Q3 and future ratio?

We used to be roughly around 2% spend of A&P as a percentage of sales. In a normalized scenario, we would be upping it to about 2.5% to drive the top-line growth.

Basudeb Banerjee · CLSA

direct

What was the exact A&P spend this quarter?

A&P, along with certain sales promotion, was of the order of INR 150 crore.

Basudeb Banerjee · CLSA

partial

Will elevated A&P last till Q4?

In the short term, because even as we take our call on what are the A&Ps we want to continue... it will take some time... FY 2027 scenario would be a more normalized scenario.

Basudeb Banerjee · CLSA

partial

How to view gross margin risk from raw materials?

the current outlook given by our procurement team is a flattish scenario. So as of now, that's the best estimate we have.

Basudeb Banerjee · CLSA

direct

When will debt reduction reflect in P&L?

It will start reflecting fairly in the next quarter.

Amyn Pirani · JPMorgan

direct

What is the capacity utilization for India overall?

For us, what is more relevant is the overall India operations capacity utilization. That, as I mentioned, is in the high 80s, both for car tires and truck tires.

Amyn Pirani · JPMorgan

direct

What is the total capacity addition in numbers?

Our India capacity is a little short of 60,000... we are adding 10,500... about 17%-18% of capacity to our India PCR capacity. Similarly, our existing TBR capacity is 15,000+, and we are adding 3,600 tires per day capacity, so about a 20%.

Amyn Pirani · JPMorgan

direct

What is the total CapEx for next year?

I would put the overall CapEx number for next year closer to INR 3,000 crore, Amyn.

Amyn Pirani · JPMorgan

partial

What is the current ROCE and outlook?

Our current year ROCE, we are running at 13.5%... still not reaching that 15% target... We'll have to come back to you on that.

Joseph · Research desk

partial

When will tax rate move to 25%?

Yes, Joseph. The tax team is examining, and with the change, most probably we would be moving to that tax bracket.