APOLLOTYRE
Apollo Tyres share price & financials
- Price
- ₹425.5
- Market cap
- ₹28.1k Cr
- Calls analysed
- 7
Apollo Tyres Limited Q1 FY27
What went well
- Consolidated top line growth of 12.8% Y-o-Y to INR 74 billion, despite a challenging macro environment.
- India Operations delivered its strongest year-on-year quarterly growth in the last 14 quarters, with revenue reaching INR 54.6 billion, a 15.6% Y-o-Y increase.
- India operations achieved double-digit growth across all segments (replacement 13%, OEM 10%, exports 15%).
What to watch
- EBITDA margin declined by 150 basis points year-on-year to 11.7% primarily due to RM cost pressures.
- Raw material costs escalated sharply during Q1 by nearly 17%.
What Apollo Tyres Limited does
Apollo Tyres manufactures and sells tyres for trucks and buses, passenger vehicles, two-wheelers, light trucks and off-highway/farm equipment, earning revenue from original-equipment (OEM) fitment and the replacement aftermarket across both domestic (India) and international markets. It operates under two brands: Apollo, aimed at mass and commercial-vehicle segments and sold mainly through OEM and replacement channels in India and other regions, and Vredestein, a century-old premium European brand covering car, agricultural, industrial and bicycle tyres. Manufacturing is spread across India and Europe, supported by in-house R&D centres that develop and patent tyre technology, and products reach customers through a distribution network of branded and exclusive outlets alongside the ReifenCom online distribution business in Europe.
Segments
- India (Standalone) operations
- Europe operations
- Manufacturing facilities
- 7
- Countries served
- 100+
- Global R&D centres
- 2
- Active patents granted across geographies
- 250+
- Design registrations granted across geographies
- 350+
- Manufacturing locations
- Chennai (Tamil Nadu), Chinnapandur (Andhra Pradesh), Limda (Gujarat), Perambra (Kerala), Kalamassery (Kerala, leased-operated) in India; Enschede (Netherlands) and Gyöngyöshalász (Hungary) in Europe
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 5 delivered 1 missed 14 open- FY26 Consolidated Capex delivered said Q3 FY25 Promised: ₹1,500-1,550 crores Q1 FY27: FY26 is complete. This promise is considered closed and achieved.
- Volume Growth Q1 FY26 missed said Q4 FY25 Promised: Double digit Q1 FY27: Q1 FY26 is complete. This promise is considered closed and missed.
- ROCE at risk said Q1 FY26 Promised: 15% Q1 FY27: No update on ROCE provided in Q1 FY27. The target remains at 15% for the medium-term, while the last reported figure was 13.4% for FY26.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 15.6%, net profit up 36.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,462 | 4,540 | 4,581 | 4,725 | 4,715 +6% | 5,139 +13% | 5,237 +14% | 5,462 +16% |
| EBITDA | 539 | 504 | 515 | 645 | 721 +34% | 747 +48% | 764 +48% | 655 +2% |
| Net profit | 165 | 124 | 149 | 222 | 277 +68% | 449 +262% | 903 +506% | 304 +37% |
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 −12.9% 1Y
1Y: ₹479.55 on 10 Sept 2025 → ₹417.65. High ₹536.9 (13 Nov 2025), low ₹371.8 (22 May 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.0%
- 7 Aug
- Q4 FY26
- −1.8%
- 15 May
- Q3 FY26
- −0.9%
- 5 Feb
- Q2 FY26
- −3.4%
- 14 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 fell 4.4% a year over 3 years, FY23 to FY26. Operating margin widened to 14.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹22.7k Cr | ₹17.5k Cr | ₹18.2k Cr | ₹19.8k Cr |
| Operating profit | ₹3.0k Cr | ₹3.1k Cr | ₹2.2k Cr | ₹2.9k Cr |
| Operating margin | 13.3% | 17.7% | 12.1% | 14.5% |
| Interest | ₹510 Cr | ₹404 Cr | ₹365 Cr | ₹329 Cr |
| Depreciation | ₹1.3k Cr | ₹917 Cr | ₹929 Cr | ₹943 Cr |
| Net profit | ₹901 Cr | ₹1.2k Cr | ₹630 Cr | ₹1.9k Cr |
| Net margin | 4.0% | 6.6% | 3.5% | 9.3% |
| Cash from operations | ₹1.5k Cr | ₹2.1k Cr | ₹1.2k Cr | ₹2.2k Cr |
| Free cash flow | ₹1.0k Cr | ₹1.7k Cr | ₹717 Cr | ₹1.3k Cr |
| ROCE | 9.0% | 16.0% | 10.0% | 16.0% |
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 | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr |
| Reserves | ₹9.4k Cr | ₹9.5k Cr | ₹9.5k Cr | ₹10.4k Cr | ₹15.5k Cr | ₹11.8k Cr |
| Borrowings | ₹4.9k Cr | ₹4.9k Cr | ₹4.6k Cr | ₹3.7k Cr | ₹4.5k Cr | ₹2.8k Cr |
| Other liabilities | ₹4.8k Cr | ₹6.1k Cr | ₹5.9k Cr | ₹5.9k Cr | ₹9.0k Cr | ₹5.9k Cr |
| Total liabilities | ₹19.2k Cr | ₹20.6k Cr | ₹20.1k Cr | ₹20.0k Cr | ₹29.0k Cr | ₹20.5k Cr |
| Fixed assets | ₹10.2k Cr | ₹11.8k Cr | ₹11.8k Cr | ₹11.3k Cr | ₹16.9k Cr | ₹10.5k Cr |
| Capital work in progress | ₹1.0k Cr | ₹548 Cr | ₹134 Cr | ₹190 Cr | ₹647 Cr | ₹530 Cr |
| Investments | ₹2.5k Cr | ₹2.9k Cr | ₹2.8k Cr | ₹2.9k Cr | ₹52 Cr | ₹2.4k Cr |
| Other assets | ₹5.4k Cr | ₹5.3k Cr | ₹5.3k Cr | ₹5.6k Cr | ₹11.4k Cr | ₹7.1k Cr |
| Total assets | ₹19.2k Cr | ₹20.6k Cr | ₹20.1k Cr | ₹20.0k Cr | ₹29.0k Cr | ₹20.5k 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.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −2.18 pp while DIIs added +1.51 pp. The shareholder count grew 1% to 4,26,532.
- Promoters
- 36.9%
- FIIs
- 10.1%
- DIIs
- 29.1%
- Government
- 1.6%
- Public
- 22.0%
- Others
- 0.4%
Since Jun 2025
- FIIs −2.18 pp
- DIIs +1.51 pp
- Public +0.53 pp
How it drifted, 12 quarters
Over this window FIIs fell from 22.1% to 10.1% — −12.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 37.3%, FIIs 22.1%, DIIs 17.7%, Government 1.6%, Public 21.3%.Dec '23: Promoters 37.3%, FIIs 18.0%, DIIs 22.0%, Government 1.6%, Public 21.1%.Mar '24: Promoters 37.4%, FIIs 18.2%, DIIs 22.0%, Government 1.6%, Public 20.9%.Jun '24: Promoters 37.4%, FIIs 14.5%, DIIs 25.1%, Government 1.6%, Public 21.5%.Sep '24: Promoters 37.4%, FIIs 14.6%, DIIs 25.6%, Government 1.6%, Public 21.0%.Dec '24: Promoters 37.4%, FIIs 14.2%, DIIs 26.1%, Government 1.6%, Public 20.7%.Mar '25: Promoters 37.4%, FIIs 13.4%, DIIs 26.5%, Government 1.6%, Public 21.1%.Jun '25: Promoters 37.0%, FIIs 12.3%, DIIs 27.5%, Government 1.6%, Public 21.4%, Others 0.2%.Sep '25: Promoters 37.0%, FIIs 11.9%, DIIs 27.9%, Government 1.6%, Public 21.4%, Others 0.3%.Dec '25: Promoters 36.9%, FIIs 12.3%, DIIs 27.9%, Government 1.6%, Public 21.1%, Others 0.3%.Mar '26: Promoters 36.9%, FIIs 12.2%, DIIs 27.6%, Government 1.6%, Public 21.4%, Others 0.4%.Jun '26: Promoters 36.9%, FIIs 10.1%, DIIs 29.1%, Government 1.6%, Public 22.0%, Others 0.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Fund - HDFC Transportation And Logistics Mutual fund newly disclosed 9.19% held
- LICI New Pension Plus Balanced Fund Insurer newly disclosed 6.57% held
- Tata Aia Life Insurance Compamy Limited A/C Flexi Insurer newly disclosed 1.39% held
- DSP Multi Asset Allocation Fund Mutual fund newly disclosed 1.31% held
- ICICI Prudential India Opportunities Fund Mutual fund newly disclosed 1.12% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Apollo Tyres Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sunrays Properties And Investment Co. Pvt. Ltd. | 31.85% | unchanged |
| Emerald Sage Investment Ltd | 9.93% | unchanged |
| HDFC Mutual Fund - HDFC Transportation And Logistics Mutual fund | 9.19% | newly disclosed |
| LICI New Pension Plus Balanced Fund Insurer | 6.57% | newly disclosed |
| Kotak Large Cap Fund Mutual fund | 4.95% | unchanged |
| Classic Industries And Exports Limited | 2.94% | unchanged |
| Custodian A/C - Ashwin Shantilal Mehta | 2.13% | unchanged |
| Ptl Enterprises | 1.69% | unchanged |
| Tata Aia Life Insurance Compamy Limited A/C Flexi Insurer | 1.39% | newly disclosed |
| DSP Multi Asset Allocation Fund Mutual fund | 1.31% | newly disclosed |
| ICICI Prudential India Opportunities Fund Mutual fund | 1.12% | newly disclosed |
| Kotak Funds - India Midcap Fund Global fund house | 1.04% | −0.21 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in APOLLOTYRE
Filings to Aug 2026
0 new, 6 added, 1 trimmed, 0 sold out — net +1.26 L shares (+0.7%).
- Held by funds
- ₹783 Cr
- 12 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹385 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹385 Cr | held | Dec '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹122 Cr | held | Dec '22 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹113 Cr | held | Dec '22 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹53 Cr | +1.00 L | Jun '26 |
| HDFC Transportation and Logistics Fund HDFC Mutual Fund | ₹47 Cr | held | Nov '23 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹34 Cr | held | Dec '22 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹14 Cr | +0.18 L | Mar '23 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹9 Cr | +0.04 L | Mar '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 1 trimmed — net +1.26 L shares (+0.7%)
- Funds are sitting on
- +22%
- vs est. average cost
- Held by funds
- ₹783 Cr
- 12 schemes · ≈ 2.8% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹385 Cr · 0.4% of that fund
Shares held by these funds −65%
Aug '23 1.81 cr shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹418, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~23%. At that growth it is worth ₹917 — upside of 119%.
- Growth the price implies
- 7.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 22.7% a year
- net profit, FY23–FY26 · EPS 22.7%
- The gap
- -0.1 pp
- 119% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Apollo Tyres Limited
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