APCOTEXIND

Apcotex Industries share price & financials

Manufactures synthetic rubber and synthetic latex (emulsion polymers) at plants in Maharashtra and Gujarat.

Price: ₹546.65
Market cap: ₹3.2k Cr
Sector: Capital Goods
Calls analysed: 6

Latest concall · Q1 FY27 · call held 30 Jul 2026

Apcotex Industries Limited Q1 FY27

Revenue ₹526 cr +40%Operating EBITDA ₹117 cr +203%EBITDA Margin 22.3% PAT ₹79 cr +311%

What went well

Revenue reached an all-time high of ₹526 crores, marking a 40% year-on-year growth.
Operating EBITDA surged by 203% year-on-year to ₹117 crores, with EBITDA margins improving significantly to 22.3% from 10.3%.
Profit after tax (PAT) grew by 311% year-on-year to ₹79 crores, with PAT margins at 15.01% compared to 5.11% in the prior year.

What to watch

Export business faced temporary headwinds due to geopolitical developments in West Asia, leading to logistic disruptions and increased ocean freight costs.
Overall sales volumes declined by 10-12% primarily due to the export market challenges.

Read the full call →

What Apcotex Industries Limited does

Apcotex Industries makes emulsion polymers across two product families: Synthetic Rubber (Nitrile Rubber/NBR and its blends and powder, High Styrene Rubber) and Synthetic Latex (XSB Latex, VP Latex, Styrene Acrylics, Nitrile Latex). These go into automotive components, footwear, rice-dehusking rollers, paper and paperboard, carpets, construction, gloves, textiles, coatings and tyre cord, sold to industrial customers such as ITC, Asian Paints, Ultratech Cement, MRF, SRF and Pidilite Industries. The Taloja (Maharashtra) plant traces back to a former Asian Paints division and today produces Synthetic Latex and High Styrene Rubber, while the Valia (Gujarat) plant produces Nitrile Rubber and Nitrile Latex. Apcotex sells both domestically and to overseas customers and distributors, supported by an in-house, DSIR-approved R&D centre with pilot reactors and application labs.

Segments

Synthetic Rubber
Synthetic Latex

Manufacturing plants: 2 (Taloja, Maharashtra; Valia, Gujarat) — both on India's western coast
Taloja plant installed capacity: 1,03,000 MTPA Synthetic Latex + 7,000 MTPA High Styrene Rubber
Valia plant installed capacity: 21,000 MTPA Nitrile Rubber & allied products + 50,000 MTPA Nitrile Latex
Export reach: Customers and distributors in 45+ countries, including Middle East, Asia, Southeast Asia and Africa
R&D infrastructure: DSIR-approved in-house R&D centre with pilot reactors and specialised application labs
Product portfolio breadth: One of the widest ranges of emulsion polymers available in India, spanning Synthetic Rubber and Synthetic Latex

Founded 1986Headquarters Navi Mumbai, Maharashtra, IndiaEmployees 550 (FY26) Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 2 delivered 4 missed 8 open

EBITDA Margin delivered said Q4 FY25 Promised: 14-15% normalized margins Q1 FY27: Achieved 22.3% margin, well above the 12-16% range. Management noted a ~2% inventory gain but reiterated confidence in 15-16% average margins long-term.
Export Contribution % went quiet said Q4 FY25 Promised: >40% over the next couple of years Q1 FY27: No specific update on the percentage. Management noted export volumes were down due to geopolitical headwinds, implying a likely decrease in contribution.
Overall Volume Growth at risk said Q4 FY26 Promised: low double-digits in volume for the whole year. Q1 FY27: Overall sales volumes declined by 10-12% in Q1, putting the full-year target of low double-digit growth at risk.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 39.9%, net profit up 315.8% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	351	355	349	376	337 −4%	331 −7%	398 +14%	526 +40%
Expenses	324	328	311	337	296	288	343	409
EBITDA	27	27	38	39	41 +52%	44 +63%	55 +45%	117 +200%
Margin	8%	8%	11%	10%	12%	13%	14%	22%
Other income	3	5	1	3	10	-2	7	3
Interest	4	5	4	4	3	2	2	2
Depreciation	11	11	11	11	12	12	14	13
Profit before tax	15	16	24	26	36 +140%	28 +75%	45 +88%	105 +304%
Tax rate	28%	30%	32%	27%	30%	19%	23%	25%
Net profit	11	12	17	19	25 +127%	22 +83%	35 +106%	79 +316%
EPS	2.11	2.23	3.23	3.70	4.88	4.29	6.70	15.23

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +46.9% 1Y

1Y: ₹409.35 on 10 Sept 2025 → ₹601.15. High ₹681.6 (29 Jul 2026), low ₹314.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −6.5%; 30 Jul
Q4 FY26: −0.0%; 14 May
Q3 FY26: +4.2%; 3 Feb
Q2 FY26: +10.6%; 6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 10.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.4%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹1.1k Cr	₹1.1k Cr	₹1.4k Cr	₹1.4k Cr
Operating profit	₹159 Cr	₹114 Cr	₹124 Cr	₹179 Cr
Operating margin	14.7%	10.1%	8.9%	12.4%
Interest	₹5 Cr	₹16 Cr	₹17 Cr	₹11 Cr
Depreciation	₹16 Cr	₹31 Cr	₹43 Cr	₹49 Cr
Net profit	₹108 Cr	₹53 Cr	₹55 Cr	₹101 Cr
Net margin	10.0%	4.7%	4.0%	7.0%
Cash from operations	₹121 Cr	₹40 Cr	₹85 Cr	₹203 Cr
Free cash flow	₹-66 Cr	₹12 Cr	₹43 Cr	₹165 Cr
ROCE	28.0%	13.0%	13.0%	20.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹10 Cr	₹10 Cr	₹10 Cr	₹10 Cr	₹10 Cr	₹10 Cr
Reserves	₹295 Cr	₹386 Cr	₹466 Cr	₹511 Cr	₹570 Cr	₹611 Cr
Borrowings	₹15 Cr	₹50 Cr	₹152 Cr	₹188 Cr	₹135 Cr	₹96 Cr
Other liabilities	₹132 Cr	₹158 Cr	₹176 Cr	₹212 Cr	₹226 Cr	₹269 Cr
Total liabilities	₹452 Cr	₹605 Cr	₹803 Cr	₹922 Cr	₹941 Cr	₹986 Cr
Fixed assets	₹145 Cr	₹157 Cr	₹385 Cr	₹386 Cr	₹384 Cr	₹364 Cr
Capital work in progress	₹12 Cr	₹39 Cr	₹12 Cr	₹8 Cr	₹8 Cr	₹11 Cr
Investments	₹82 Cr	₹98 Cr	₹88 Cr	₹111 Cr	₹122 Cr	₹117 Cr
Other assets	₹213 Cr	₹312 Cr	₹318 Cr	₹417 Cr	₹426 Cr	₹494 Cr
Total assets	₹452 Cr	₹605 Cr	₹803 Cr	₹922 Cr	₹941 Cr	₹986 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth trap

To justify its price of ₹601, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹213 — downside of 65%.

Growth the price implies: 12.6% a year; for 7 years, fading to 4%
It has actually compounded at: -6.6% a year; net profit, FY23–FY26 · EPS -6.4%
The gap: 0.2 pp; -65% downside if it only repeats history

Price today ₹601.15 Value at the reference growth ₹213.12

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Apcotex Industries Limited

Guides on how to read this kind of business and the numbers that matter.