Apollo Tyres · Analyst questions, management answers, and the quality of the response where the ledger is available.
ConCallIQ research layer
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Questions audited
12
Answered directly
83%
Numeric claims
4
Consistency
contradicted
Question ledger
Raghu Nandan · Research desk
directRaghu, as mentioned, for both OE and replacement, the volume growth was high teens. Exports were impacted by events through the year, so the overseas markets were muted. We had mid-single digit growth in the export volumes and a high teens in both OE and replacement.
Raghu Nandan · Research desk
partialWe don't have the official data, Raghu, now published or it comes with a significant lag. For the full year, we believe we have gained market share in TBR replacement and even in TBR overall. Passenger car replacement we would have gained share, not in passenger car OEM.
Raghu Nandan · Research desk
evasiveWe will continue to look at exports strategically. Keeping in mind, as I said, our capacity utilizations are at a high. In certain product categories, particularly on truck, we would need capacity allocation decisions given the strong demand in India.
Siddhartha Bera · Research desk
directMid to high teens is the current reality. It can change because the situation, even as we have progressed about a month and a half into the quarter, has kept changing. The current estimate is around mid to high teens. We've taken about half the price increase that is needed, so at least a couple of more rounds of price increases would be needed to negate all the cost push that is there.
Siddhartha Bera · Research desk
directClose to INR 3,000 crores out of the INR 3,500 crores would be in India, where we are expanding capacity both in truck and car tires. In Europe, in the Hungary plant, there is only a passenger car tire expansion, which is also already well underway, so the balance would be in Europe.
Siddhartha Bera · Research desk
directSiddharth, the last day for the Enschede plant would be June 30th, which has been a tough, difficult emotional decision for us. Take about another quarter as we stabilize things. In H2 of FY 2027, the positive impact of margins as we become more cost competitive for our European operations should start flowing in.
Basudeb Banerjee · Research desk
directBasudeb, the entire top line growth of 2% Q4 over Q3 has been through volume growth. The volume growth in Q4 has been 2% on a sequential basis. As I mentioned, we have announced price hikes of 6%-8%, of which 3%-5% have already been implemented in the India market, and the others are coming through in May.
Basudeb Banerjee · Research desk
directFor Q4, the prices and the current situation is very different. Natural rubber was at INR 200, synthetic rubber at INR 170, carbon black at INR 110, and steel cord at INR 155.
Amyn Pirani · Research desk
directThat's at the core of the decision regarding the Enschede plant. You've correctly pointed out that the 14.3, 14.6, et cetera, are lower than our previous few years' historical levels, which used to be a 16%+. The reason is that the European market conditions have been sluggish, flattish to a negative now for two years running.
Vijay Pandey · Research desk
directWe've announced a 2% price increase in Europe also, Vijay Pandey. Europe, we are more a follower given our size relative to some of the global majors. We follow their pricing actions based on their announcements.
Vijay Pandey · Research desk
directThe advertisement and sales promotion, which as I mentioned, reflected the recent sponsorship of the jersey and then the activation, was higher by more than INR 100 crores in terms of usual. Against a typical 2% of sales, we were at 4% of sales for the current quarter.
Rishi Vora · Research desk
partialThere, there could be a potential revenue loss on only one product category, which is the agricultural stroke OHT, which was a small capacity that we did not manufacture in any of the other plants. And in some of those cases, we may lose some of the OE business, which anyway was a loss-making business, so it would be a conscious choice.
