Apollo Tyres
Apollo Tyres
AutomobilesKey Fundamentals
SmallcapTyresAutomobilesTapetide Score
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Key Insights
Strengths
2- Company has delivered good profit growth of 23.6% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 26.1%
Weaknesses
3- The company has delivered a poor sales growth of 10.4% over past five years.
- Tax rate seems low
- Company has a low return on equity of 11.6% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Apollo Tyres has a market capitalisation of about ₹25,239 crore and trades at 14.8x earnings and 1.5x book value, with a dividend yield of 1.51%. Profit has grown faster than sales: 24% vs 10% CAGR over 5 years, and 73% vs 11% on a TTM basis. Return on equity is modest at 12% over 3 years and 13% last year. The stock has returned -17% over the past year and 2% CAGR over 3 years.
- Net profit has compounded at 24% over 5 years and 26% over 3 years. Sales grew about 10% and 5% over the same periods, which suggests margins have expanded structurally.
- TTM profit growth of 73% on 11% TTM sales growth points to strong recent operating leverage and possibly softer raw material costs.
- A P/E of 14.8x and P/B of 1.5x are modest valuation multiples for a company whose profits grew 24% a year over 5 years.
- ROE has risen steadily: 9% over 10 years, 10% over 5 years, 12% over 3 years and 13% last year. That shows capital efficiency improving.
- A dividend payout of about 26.1% and a 1.51% yield give some cash return while most earnings are kept for reinvestment.
- TTM sales growth of 11% is roughly double the 3-year sales CAGR of 5%, which may signal demand is recovering.
- The stock has fallen 17% over the past year while TTM profit rose 73%. The share price and earnings trend have moved in opposite directions, which has brought valuation multiples down.
- The 3-year sales CAGR of only 5% is weak for a tyre maker exposed to replacement and OEM demand. Topline expansion has been limited.
- ROE of 11.6% over 3 years and 10% over 5 years is low. It may barely exceed the cost of equity in a capital-intensive business.
- The 10-year profit CAGR is only 7% and the 10-year sales CAGR 9%. The strong 5-year profit growth of 24% partly reflects recovery from a low base rather than a lasting compounding record.
- The low tax rate flagged in the data may be inflating reported profits, including the 73% TTM profit growth. Earnings could normalise if the effective tax rate rises.
- The stock's 10-year CAGR is only 6% and its 3-year CAGR 2%, both weak long-term returns for shareholders despite profit growth.
- Profit growth has far outpaced sales growth (24% vs 10% over 5 years). This margin-driven gain is vulnerable if natural rubber and crude-linked input costs turn back up.
- P/B of 1.5x against ROE of about 12-13% implies the market is not assigning a premium, which reflects doubts about how long returns can last.
- The -17% one-year return shows negative market sentiment toward the stock, even with strong reported earnings.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Rajeev Kumar Sinha named Whole-Time Director Sep 7
Apollo Tyres sent a postal ballot notice asking shareholders to approve Rajeev Kumar Sinha as Whole-Time Director for 5 years from August 13, 2026. His salary is ₹31.25 lakh per month, about ₹3.75 crore a year.
- ₹500 crore NCDs at 7.81% Sep 30
Apollo Tyres allotted ₹500 crore of secured NCDs through private placement. The 3-year debentures pay a 7.81% annual coupon and mature in September 2029. The issue adds to debt, and the articles don't say what the money is for.
- ESG ratings of 68 and 71 Sep 18
NSE Sustainability Ratings and Analytics gave the company an ESG rating of 68 for FY26, disclosed on Sep 3. Niche Ninety Nine gave a rating of 71 for FY25 and FY26, disclosed under SEBI Regulation 30 on Sep 18, 2026.
TL;DR: September news for Apollo Tyres was mostly routine: a board appointment, two mid-to-high ESG ratings and a ₹500 crore debt raise. The 7.81% coupon shows the company can still borrow at reasonable rates, but it also adds to interest costs and leverage. None of the articles cover demand, margins or raw material costs, so the trend looks steady but unclear from this news alone. The next quarterly results and any update on how the NCD money is used will matter more.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,245 | 6,280 | 6,595 | 6,258 | 6,335 | 6,437 | 6,928 | 6,424 | 6,561 | 6,831 | 7,743 | 7,336 | 7,398 |
| Expenses | 5,193 | 5,120 | 5,387 | 5,230 | 5,426 | 5,559 | 5,981 | 5,586 | 5,693 | 5,810 | 6,557 | 6,267 | 6,530 |
| Operating Profit | 1,051 | 1,160 | 1,208 | 1,028 | 909 | 878 | 947 | 837 | 868 | 1,021 | 1,186 | 1,069 | 868 |
| OPM % | 17% | 18% | 18% | 16% | 14% | 14% | 14% | 13% | 13% | 15% | 15% | 15% | 12% |
| Other Income | 22 | 13 | 3 | 38 | -10 | 17 | 4 | -91 | -351 | -150 | 23 | -421 | 82 |
| Interest | 135 | 133 | 123 | 115 | 107 | 120 | 111 | 109 | 101 | 101 | 100 | 90 | 91 |
| Depreciation | 362 | 360 | 368 | 388 | 370 | 376 | 376 | 377 | 378 | 383 | 385 | 397 | 391 |
| PBT | 576 | 680 | 721 | 563 | 423 | 399 | 465 | 260 | 38 | 386 | 723 | 162 | 468 |
| Tax % | 31% | 30% | 31% | 37% | 29% | 25% | 27% | 29% | 66% | 33% | 35% | -290% | 25% |
| Net Profit | 397 | 474 | 497 | 354 | 302 | 297 | 337 | 185 | 13 | 258 | 471 | 631 | 349 |
| EPS in Rs | 6.25 | 7.47 | 7.82 | 5.58 | 4.76 | 4.68 | 5.31 | 2.91 | 0.2 | 4.06 | 7.41 | 9.93 | 5.49 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12,815 | 11,849 | 13,180 | 14,843 | 17,549 | 16,350 | 17,397 | 20,948 | 24,568 | 25,378 | 26,123 | 28,471 | 29,308 |
| Expenses | 10,876 | 9,840 | 11,313 | 13,175 | 15,573 | 14,392 | 14,579 | 18,353 | 21,235 | 20,909 | 22,528 | 24,300 | 25,164 |
| Operating Profit | 1,939 | 2,008 | 1,867 | 1,668 | 1,976 | 1,958 | 2,818 | 2,595 | 3,333 | 4,468 | 3,595 | 4,170 | 4,143 |
| OPM % | 15% | 17% | 14% | 11% | 11% | 12% | 16% | 12% | 14% | 18% | 14% | 15% | 14% |
| Other Income | -31 | 110 | 148 | 114 | -77 | 24 | -478 | 118 | 64 | 77 | -80 | -900 | -466 |
| Interest | 189 | 101 | 118 | 177 | 199 | 300 | 463 | 465 | 551 | 527 | 470 | 419 | 382 |
| Depreciation | 388 | 427 | 462 | 593 | 813 | 1,138 | 1,315 | 1,400 | 1,419 | 1,478 | 1,498 | 1,543 | 1,556 |
| PBT | 1,331 | 1,591 | 1,436 | 1,012 | 888 | 543 | 561 | 848 | 1,427 | 2,540 | 1,547 | 1,309 | 1,739 |
| Tax % | 27% | 29% | 23% | 28% | 23% | 12% | 38% | 25% | 27% | 32% | 28% | -5% | — |
| Net Profit | 978 | 1,123 | 1,099 | 724 | 680 | 476 | 350 | 639 | 1,046 | 1,722 | 1,121 | 1,372 | 1,708 |
| EPS in Rs | 19.21 | 22.06 | 21.59 | 12.65 | 11.88 | 8.33 | 5.51 | 10.06 | 16.47 | 27.11 | 17.66 | 21.61 | 26.89 |
| Div. Payout % | 10% | 9% | 14% | 24% | 27% | 36% | 63% | 32% | 27% | 22% | 28% | 28% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 51 | 51 | 51 | 57 | 57 | 57 | 64 | 64 | 64 | 64 | 64 | 64 |
| Reserves | 4,991 | 6,554 | 7,239 | 9,719 | 9,983 | 9,873 | 11,380 | 11,689 | 12,515 | 13,839 | 14,702 | 16,652 |
| Borrowings | 1,106 | 1,547 | 3,437 | 4,661 | 5,111 | 6,764 | 7,334 | 7,061 | 6,421 | 4,905 | 4,410 | 3,675 |
| Other Liabilities | 2,451 | 3,442 | 4,507 | 5,620 | 5,000 | 6,512 | 7,040 | 8,228 | 8,282 | 8,068 | 8,051 | 8,643 |
| Total Liabilities | 8,600 | 11,594 | 15,233 | 20,058 | 20,151 | 23,205 | 25,816 | 27,041 | 27,281 | 26,875 | 27,227 | 29,034 |
| Fixed Assets | 4,382 | 5,214 | 6,692 | 10,403 | 11,754 | 15,448 | 16,420 | 17,591 | 17,653 | 17,006 | 16,411 | 16,487 |
| CWIP | 218 | 994 | 2,915 | 2,304 | 1,539 | 1,642 | 1,107 | 618 | 253 | 348 | 435 | 1,077 |
| Investments | 101 | 506 | 396 | 1,342 | 6 | 19 | 110 | 481 | 436 | 532 | 45 | 62 |
| Other Assets | 3,899 | 4,880 | 5,230 | 6,008 | 6,852 | 6,096 | 8,181 | 8,350 | 8,940 | 8,989 | 10,335 | 11,408 |
| Total Assets | 8,600 | 11,594 | 15,233 | 20,058 | 20,151 | 23,205 | 25,816 | 27,041 | 27,281 | 26,875 | 27,227 | 29,034 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,412 | 2,122 | 902 | 1,720 | 1,071 | 2,517 | 2,447 | 2,154 | 2,137 | 3,440 | 1,823 | 3,667 |
| Investing | -796 | -2,226 | -3,368 | -3,891 | -1,027 | -2,817 | -2,342 | -1,172 | -478 | -704 | -205 | -1,344 |
| Financing | -684 | -255 | 1,895 | 2,321 | -62 | 472 | 152 | -1,081 | -1,692 | -2,659 | -1,647 | -2,177 |
| Net Cash Flow | -68 | -358 | -571 | 150 | -18 | 173 | 257 | -100 | -34 | 76 | -28 | 146 |
| Free Cash Flow | 781 | 507 | -2,361 | -1,348 | -1,203 | -288 | 1,291 | 337 | 1,374 | 2,766 | 1,093 | 2,312 |
| CFO/OP | 88 | 125 | 66 | 118 | 65 | 133 | 94 | 88 | 71 | 86 | 62 | 98 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 27 | 33 | 31 | 35 | 27 | 21 | 29 | 36 | 37 | 38 | 43 | 41 |
| Inventory Days | 92 | 119 | 140 | 128 | 125 | 129 | 129 | 122 | 110 | 113 | 127 | 128 |
| Days Payable | 46 | 95 | 92 | 106 | 74 | 93 | 109 | 104 | 85 | 73 | 71 | 76 |
| Cash Conversion Cycle | 73 | 58 | 80 | 57 | 78 | 57 | 49 | 54 | 63 | 79 | 99 | 93 |
| Working Capital Days | 14 | 2 | -5 | 0 | 20 | -22 | -27 | -23 | -6 | 8 | 22 | 20 |
| ROCE % | 26% | 23% | 16% | 9% | 9% | 5% | 9% | 7% | 10% | 16% | 11% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY11–FY27.
Documents
Frequently Asked Questions about Apollo Tyres
What does Apollo Tyres Ltd do?
Where is Apollo Tyres Ltd (APOLLOTYRE) listed?
Which sector does Apollo Tyres Ltd belong to?
What is the market capitalisation of Apollo Tyres Ltd?
What is the PE ratio of Apollo Tyres Ltd?
What is the 52-week high and low of Apollo Tyres Ltd?
Does Apollo Tyres Ltd pay dividends?
What is the Return on Equity (ROE) of Apollo Tyres Ltd?
Company Information
Apollo, established in 1972, manufactures automatic bias and radial tyres, and tubes. It has plants in Kochi, Vadodara, Pune, and Chennai. The product profile includes prominent tyre brands in the T&B, light truck, passenger car, and farm vehicle segments in India, catering to both original equipment manufacturers, and the replacement market. [1]
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