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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
₹7,340 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹1,070 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 Q4 FY26 with consolidated revenue of INR 7,340 crore, up 14% YoY, and EBITDA margin of 14.6% (+160bps YoY). India operations drove growth with high-teens volume expansion in replacement and OE, while Europe remained muted due to sluggish demand and cost inflation. The company announced price hikes of 6-8% in India to offset mid-to-high teens raw material cost inflation, with further increases likely. The Enschede plant closure is on track, expected to improve European margins from H2 FY27. A strong balance sheet (net debt/EBITDA at 0.4x) provides cushion. Key risk: sustained raw material inflation could pressure margins if demand softens.
Colored figures show movement against the previous available record.
Guidance to track
- Two rounds of price hikes implemented, with 3-5% already effective and remainder in May.
- Nearly 80% allocated to India for capacity expansion in truck and car tires.
- Post Enschede closure, cost competitiveness expected to lift margins above current levels.
- Management indicated at least two more rounds of price hikes required to fully offset raw material inflation.
Risks flagged
- Mid-to-high teens sequential increase in Q1 FY27, with potential for further rise in Q2.
- Analyst raised concern that repeated price increases and diesel price hikes could impact fleet operator profitability and demand.
- Despite Enschede closure, sluggish market conditions and high energy costs may delay margin improvement beyond H2 FY27.
- Management noted Europe is a price follower; if competitors delay hikes, Apollo may struggle to pass on costs.
Key quotes
- We have already announced price increases of 6%-8% for this current quarter. More price increases would further be needed.
- The closure of the Enschede plant production remains on track. A non-cash write-off of EUR 43 million has been taken on the fixed assets this quarter.
- Our net debt to EBITDA ratio has significantly improved from 3.2x multiple to 0.4x in 2026 March, providing us with ample financial strength to navigate future uncertainties with confidence.
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