Europe demand remains weak
Europe market growth was -4% in Q3, and recovery is uncertain; continued weakness could delay margin improvement.
APOLLOTYRE / Q3-FY26 / risks
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Apollo Tyres · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Raw material cost volatility
Global events cause unpredictable swings in raw material prices; management expects flattish costs but cannot rule out adverse moves.
High CapEx may pressure ROCE
The large CapEx cycle could temporarily depress ROCE, which is currently 13.5%, below the 15% target.
A&P spend spike may persist
Elevated A&P spend due to BCCI sponsorship may take time to normalize, impacting near-term margins.