Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹25706 Cr.
Stock P/E
18.7
P/B
1.5
Current Price
₹404.8
Book Value
₹ 268.4
Face Value
1
52W High
₹540.3
52W Low
₹ 365.4
Dividend Yield
1.48%

Apollo Tyres Overview

Business

Apollo Tyres Ltd. is an Indian multinational tyre manufacturing company. Its core business involves the design, manufacture, and sale of a wide range of tyres for various vehicle segments, including passenger cars, commercial vehicles (trucks and buses), two-wheelers, and off-highway vehicles (agricultural and industrial). The company operates through two primary markets: the Original Equipment Manufacturer (OEM) segment, supplying tyres directly to vehicle manufacturers, and the aftermarket (replacement market), catering to existing vehicle owners. Apollo Tyres generates revenue by selling its products through an extensive distribution network comprising dealers, distributors, and retail outlets, both domestically and internationally.

Revenue Mix

Apollo Tyres primarily operates across two major geographies: India and Europe. In terms of product mix, the company has a strong presence in:

Commercial Vehicle Tyres (Truck & Bus Radials): A significant contributor, especially in the Indian market.

Passenger Car Tyres: A growing segment, particularly with the Vredestein brand in Europe and the Apollo brand in India.

Off-Highway Tyres (Agricultural & Industrial): Catering to specialized equipment.

Two-Wheeler Tyres: A smaller but growing segment within India.

Revenue is generated from both OEM sales and the more dominant replacement market sales.

Industry

The global tyre industry is capital-intensive, cyclical, and largely oligopolistic, with high barriers to entry due to scale, technology, and distribution requirements. It is also significantly impacted by raw material price volatility (rubber, crude oil derivatives). Apollo Tyres is one of India's largest tyre manufacturers and a significant global player, particularly with its strong presence in Europe through the Vredestein brand. In India, it competes with other domestic majors like MRF, CEAT, and JK Tyre, as well as global giants such as Michelin, Bridgestone, and Goodyear. The company is well-positioned in the Indian replacement market and has been expanding its premium segment offerings.

MOAT

Apollo Tyres benefits from several competitive advantages:

Brand Equity: Strong brand recognition in India (Apollo) built over decades and a premium positioning in Europe (Vredestein).

Extensive Distribution Network: A vast and deep network of dealers and distributors in its core markets, ensuring wide product availability.

Manufacturing Scale: Significant production capacities in India and Europe, enabling cost efficiencies and meeting diverse demand.

R&D Capabilities: Continuous investment in research and development to offer technologically advanced and application-specific tyres, including those for premium vehicles and specialized segments.

Growth Drivers

Automotive Sector Growth in India: Increasing vehicle sales across passenger, commercial, and two-wheeler segments drive both OEM and replacement demand.

Growing Vehicle Parc: A rising number of vehicles on the road in India ensures sustained replacement demand for tyres.

Infrastructure Development: Government spending on roads and logistics boosts demand for commercial vehicle and off-highway tyres.

Premiumisation Trend: Shift towards radial tyres, larger rim sizes, and high-performance tyres provides opportunities for higher-value sales.

Export Market Expansion: Leveraging its European base and exploring new international markets to diversify revenue streams.

Off-Highway Tyre Demand: Growth in the agricultural and construction sectors supports demand for specialized tyres.

Risks

Raw Material Price Volatility: Fluctuations in prices of natural rubber, synthetic rubber, carbon black, and other crude oil derivatives significantly impact profitability.

Intense Competition and Pricing Pressure: From both domestic and international players, which can lead to margin erosion.

Economic Slowdowns: A slowdown in the automotive sector or general economic activity can reduce vehicle sales and freight movement, impacting tyre demand.

Currency Fluctuations: Exposure to foreign exchange rate volatility due to imported raw materials and international sales.

Regulatory Changes: Changes in trade policies, import duties, or environmental regulations could affect operations and costs.

Technological Shifts: The long-term impact of electric vehicles, autonomous driving, and new mobility solutions on tyre technology and demand.

Management & Ownership

Apollo Tyres is a professionally managed company with significant promoter involvement. The company is led by the Kanwar family, with Mr. Onkar S. Kanwar as Chairman & MD and Mr. Neeraj Kanwar as Vice Chairman & MD. The management team has a long track record in the industry, demonstrating strategic vision for global expansion and brand building. The promoter group holds a significant stake, alongside a diversified base of institutional investors, mutual funds, and public shareholders.

Outlook

Apollo Tyres is well-positioned to capitalize on the long-term growth trends in the Indian automotive market, driven by increasing disposable incomes and infrastructure development, which fuels both OEM and replacement demand. Its established brand equity, extensive distribution network, and diversified product portfolio in India provide a stable foundation. The company's significant presence in the premium European market through Vredestein offers geographical diversification and access to higher-margin segments. However, the business remains inherently susceptible to the volatility of raw material prices and intense competition, which can impact profitability. Managing cost efficiencies and further strengthening its R&D capabilities will be crucial for sustained growth amidst an evolving global automotive landscape.

Apollo Tyres Share Price

Live · BSE / NSE · Inception: 1972
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Apollo Tyres Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 6258 6335 6437 6928 6424 6561 6831 7743 7336 7398
Other Income 74 31 22 8 28 19 30 50 35 58
Total Income 6333 6366 6459 6936 6451 6580 6861 7793 7371 7456
Total Expenditure 5230 5426 5559 5981 5586 5693 5810 6557 6267 6530
Operating Profit 1102 940 900 955 865 887 1050 1235 1104 926
Interest 115 107 120 111 109 101 101 100 90 91
Depreciation 388 370 376 376 377 378 383 385 397 391
Exceptional Income / Expenses -37 -40 -5 -4 -119 -370 -180 -27 -456 24
Profit Before Tax 563 423 399 464 260 38 386 723 161 468
Provision for Tax 209 121 101 127 75 25 128 253 -469 119
Profit After Tax 354 302 297 337 184 13 258 470 631 349
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 354 302 297 337 185 13 258 471 631 349
Adjusted Earnings Per Share 5.6 4.8 4.7 5.3 2.9 0.2 4.1 7.4 9.9 5.5

Apollo Tyres Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 11849 13180 14843 17549 16350 17397 20948 24568 25378 26123 28471 29308
Other Income 68 152 114 123 24 129 123 41 154 88 133 173
Total Income 11917 13332 14957 17672 16374 17526 21071 24609 25531 26212 28604 29481
Total Expenditure 9843 11317 13175 15573 14392 14579 18353 21235 20909 22528 24300 25164
Operating Profit 2074 2015 1782 2099 1982 2947 2718 3374 4622 3683 4304 4315
Interest 101 118 177 199 300 463 465 551 527 470 419 382
Depreciation 427 462 593 813 1138 1315 1400 1419 1478 1498 1543 1556
Exceptional Income / Expenses 48 0 0 -200 0 -608 -6 23 -77 -169 -1034 -639
Profit Before Tax 1591 1436 1012 888 543 561 848 1427 2540 1547 1309 1738
Provision for Tax 468 337 288 208 67 211 209 381 818 425 -63 31
Profit After Tax 1123 1099 724 680 476 350 639 1046 1722 1121 1372 1708
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 1123 1099 724 680 476 350 639 1046 1722 1121 1372 1709
Adjusted Earnings Per Share 22.1 21.6 12.7 11.9 8.3 5.5 10.1 16.5 27.1 17.7 21.6 26.9

Apollo Tyres Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 6605 7290 9777 10040 9930 11443 11752 12578 13902 14766 16715
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 649 2156 3700 4166 5148 4786 4408 3790 2673 1829 1502
Other Non-Current Liabilities 892 1330 1619 1570 2414 2863 2776 2909 3256 3271 2733
Total Current Liabilities 4848 6019 6720 6327 7945 9140 10449 8004 7044 7360 8084
Total Liabilities 12994 16795 21816 22104 25437 28232 29386 27281 26875 27227 29034
Fixed Assets 5214 6692 10403 11754 15448 16420 17591 17653 17006 16411 16487
Other Non-Current Assets 1778 3523 2756 2508 2276 1736 1139 781 841 1000 1848
Total Current Assets 5955 6580 8657 7841 7713 10076 10656 8848 9028 9815 10698
Total Assets 12994 16795 21816 22104 25437 28232 29386 27281 26875 27227 29034

Apollo Tyres Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 586 228 19 481 461 633 971 870 835 911 886
Cash Flow from Operating Activities 2122 902 1720 1071 2517 2447 2154 2137 3440 1823 3667
Cash Flow from Investing Activities -2283 -2952 -3863 -996 -2796 -2344 -1172 -478 -711 -202 -1341
Cash Flow from Financing Activities -255 1895 2321 -62 472 152 -1081 -1692 -2659 -1647 -2177
Net Cash Inflow / Outflow -415 -155 178 13 194 255 -100 -34 70 -26 149
Closing Cash & Cash Equivalent 228 19 481 462 633 890 870 835 911 886 1029

Apollo Tyres Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 22.06 21.59 12.65 11.88 8.33 5.51 10.06 16.47 27.11 17.66 21.61
CEPS(Rs) 30.45 30.66 23.01 26.09 28.22 26.22 32.09 38.81 50.38 41.25 45.91
DPS(Rs) 2 3 3 3.25 3 3.5 3.25 4.5 6 5 6
Book NAV/Share(Rs) 129.69 143.15 170.85 175.45 173.53 180.13 184.99 198 218.85 232.44 262.88
Core EBITDA Margin(%) 15.61 13.15 11.05 11.26 11.98 16.2 12.39 13.57 17.61 13.76 14.65
EBIT Margin(%) 13.16 10.96 7.88 6.19 5.16 5.89 6.27 8.05 12.09 7.72 6.07
Pre Tax Margin(%) 12.38 10.13 6.71 5.06 3.32 3.23 4.05 5.81 10.01 5.92 4.6
PAT Margin (%) 8.74 7.76 4.79 3.87 2.91 2.01 3.05 4.26 6.79 4.29 4.82
Cash Profit Margin (%) 12.06 11.01 8.72 8.5 9.87 9.57 9.73 10.03 12.61 10.03 10.24
ROA(%) 9.91 7.38 3.75 3.1 2 1.31 2.22 3.69 6.36 4.15 4.88
ROE(%) 19.29 15.83 8.49 6.86 4.77 3.28 5.51 8.6 13.01 7.82 8.73
ROCE(%) 23.67 16.46 9.46 7.35 5.3 5.93 7.34 10.96 17.04 11.21 9.22
Receivable days 29.02 28.49 30.98 28.59 25.16 24.34 29.9 33.72 37.06 40.01 40.08
Inventory Days 52.79 59.05 67.58 66.86 74.68 68.45 65.11 63.76 62.38 65.51 67.84
Payable days 69.25 75.58 76.45 74.08 87.99 99.38 93.39 86.36 81.76 69.55 71.56
PER(x) 7.93 9.66 21.76 18.66 9.53 40.58 19.01 19.42 17.2 24.05 19.07
Price/Book(x) 1.35 1.46 1.61 1.26 0.46 1.24 1.03 1.62 2.13 1.83 1.57
Dividend Yield(%) 1.14 1.44 1.09 1.47 3.78 1.56 1.7 1.41 1.29 1.18 1.46
EV/Net Sales(x) 0.83 1.04 1.34 0.98 0.65 1.06 0.82 1.02 1.29 1.13 0.97
EV/Core EBITDA(x) 4.75 6.81 11.12 8.21 5.33 6.27 6.35 7.43 7.06 8 6.45
Net Sales Growth(%) -7.54 11.24 12.62 18.23 -6.83 6.4 20.41 17.28 3.3 2.94 8.99
EBIT Growth(%) 11.32 -8.19 -23.42 -8.65 -22.37 21.42 28.17 50.65 55.08 -34.24 -14.34
PAT Growth(%) 14.87 -2.13 -34.15 -6.08 -29.93 -26.49 82.36 63.77 64.64 -34.88 22.39
EPS Growth(%) 14.87 -2.13 -41.39 -6.08 -29.93 -33.79 82.35 63.77 64.64 -34.88 22.39
Debt/Equity(x) 0.23 0.47 0.48 0.51 0.68 0.56 0.53 0.44 0.28 0.23 0.16
Current Ratio(x) 1.23 1.09 1.29 1.24 0.97 1.1 1.02 1.11 1.28 1.33 1.32
Quick Ratio(x) 0.83 0.65 0.85 0.69 0.57 0.74 0.62 0.55 0.68 0.64 0.65
Interest Cover(x) 16.74 13.21 6.71 5.47 2.81 2.21 2.82 3.59 5.82 4.29 4.13
Total Debt/Mcap(x) 0.17 0.32 0.3 0.4 1.49 0.45 0.51 0.28 0.13 0.13 0.1

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +9% +5% +10% +9%
Operating Profit CAGR +17% +8% +8% +8%
PAT CAGR +22% +9% +31% +2%
Share Price CAGR -13% +3% +13% +6%
ROE Average +9% +10% +9% +9%
ROCE Average +9% +12% +11% +11%

Apollo Tyres Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 36.93 %
FII 10 %
DII (MF + Insurance) 30.69 %
Public (retail) 22.37 %
Others 0.01 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 37.3637.3637.3637.3637.3636.9536.9536.9336.9336.93
FII 18.0714.3814.4714.1313.3512.1911.8212.1812.0710
DII 23.6426.7827.2127.7828.1729.1929.5829.5529.2130.69
Public 20.9321.4820.9620.7321.1321.6621.6521.3421.7822.37
Others 0000000000
Total 100100100100100100100100100100

Apollo Tyres Peer Comparison

Tyres & Allied Edit Columns

Apollo Tyres Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Apollo Tyres Pros & Cons

Pros

  • Company has delivered good profit growth of 31% CAGR over last 5 years
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 36.93%.
  • Company has a low return on equity of 10% over the last 3 years.
  • Debtor days have increased from 69.55 to 71.56days.
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