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Apollo Tyres
SectorConsumer Discretionary
Apollo Tyres Ltd is a leading tire manufacturing company in India engaged in producing and selling automobile tires and tubes. It operates five manufacturing plants in India and facilities in the Netherlands and Hungary. The company's main brands are Apollo and Vredestein, offering tires for passenger vehicles, commercial vehicles, two-wheelers, farm equipment, and industrial applications. Apollo Tyres has a global presence with sales and marketing operations across Asia Pacific, Middle East, Africa, and Europe. The company continues to expand its product portfolio, manufacturing capabilities, and distribution network to serve various market segments worldwide.
In the news
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Apollo Tyres shares rise 1.2% after Warburg Pincus sells 4.25% stake for ₹1,175 cr
Apollo Tyres shares rise 2.02% to ₹431.75 on Friday
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Apollo Tyres Q4 profit jumps 27.6% but shares hit 52-week low
Apollo Tyres shares down 4% despite Citi's 'BUY' rating
Apollo Tyres reverses gains, stock falls 6% after Q4 results
Apollo Tyres Q4 PAT surges 242% YoY to ₹631 crore
Apollo Tyres Q4 profit surges 241% to ₹631 cr, declares ₹6 dividend
Apollo Tyres Q4 profit surges 240% to ₹631 cr on strong demand
Motilal Oswal Sets ₹597 Target for Apollo Tyres
Apollo Tyres Q3 profit surges 40% to ₹470.5 cr, declares ₹3.50 dividend
The Quarter story
The two most recent quarterly results, compared side-by-side.
Apollo Tyres drives higher capacity utilization and commercial vehicle sales, but margin compression and rising input costs temper profitability.
Capacity Utilization [India] rose from 82% to 91% from Q1 FY26 to Q1 FY27 — domestic plants are running at peak efficiency.
EBIT Margin contracted from 9.0% to 8.4% from Q1 FY26 to Q1 FY27 — pricing pressure is squeezing operating profits.
Capacity Utilization [Europe] climbed from 88% to 94% from Q1 FY26 to Q1 FY27 — European demand recovery is driving higher output.
EBITDA Margin [Europe] fell from 10.8% to 8.9% from Q1 FY26 to Q1 FY27 — regional profitability is under strain despite higher utilization.
Net Debt to EBITDA improved from 0.7x to 0.4x from Q1 FY26 to Q1 FY27 — the balance sheet is leaner and less leveraged.
Raw Material Cost rose from 29,925 to 35,973 from Q1 FY26 to Q1 FY27 — input inflation is weighing on gross margins.
Revenue Mix [Truck & Bus] expanded from 42% to 53% from Q1 FY26 to Q1 FY27 — heavy commercial vehicle sales are gaining share.
Revenue Mix [Passenger Vehicle] dropped from 35% to 22% from Q1 FY26 to Q1 FY27 — consumer tire sales are losing ground to commercial segments.
ROCE increased from 10.5% to 13.3% from Q1 FY26 to Q1 FY27 — capital is being deployed more efficiently across operations.
EBITDA Margin slipped from 13.6% to 12.0% from Q1 FY26 to Q1 FY27 — overall cost headwinds are compressing operational returns.
Company insights, generated from the most recent coverage.
India capacity utilization at 91% (up from 81%) leaves almost no headroom, so incremental sales need capex — this makes the FY28 India capacity ramp a gating factor on growth, not just an upside option.
Hungary car tyre capacity going from 17,000 to 21,000 units/day in H2 FY27 plus multiple EV platform OEM nominations gives Europe a volume growth engine for the first time in years.
Raising ₹500 Cr via bonds against net debt/EBITDA of just 0.4x shows balance sheet capacity is still unused — Apollo can fund the Hungary and India expansions without diluting equity.