Apollo Tyres Q2 FY27: Rev ₹7,400 Cr

Investor Takeaways

Revenue grew 12.8% YoY to ₹74,000 crores in Q1 FY27

EBITDA margin declined 150 basis points to 11.7% due to 17% raw material inflation

Domestic volume expanded 15.6% YoY

Pricing actions of 7% in India and 3% in Europe implemented to offset inflation

Net debt stable at ~₹1,700 crores (0.4x EBITDA)

CapEx exceeded ₹500 crores in Q1 toward exceeding ₹3,000 crores annually

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹74,000 Cr	+12.8%
Net Profit	₹630.97 Cr	-
EBITDA	₹8,658 Cr*	-
EPS	₹9.97	-
OPM	11.7%	-150 bps

*Calculated from provided EBITDA margin and revenue

What Changed

Apollo Tyres reported 12.8% YoY revenue growth to ₹74,000 crores in Q1 FY27, driven by 15.6% domestic volume expansion. However, EBITDA margin declined 150 basis points to 11.7% due to 17% raw material inflation. Europe demonstrated minimal growth at 0.5% revenue with 8.9% EBITDA margin under pressure. The company implemented 7% pricing increases in India and 3% in Europe to offset cost pressures, with additional 1-2% hikes planned for July-August. The CFO's departure after 22 years follows strategic capacity reallocation shifting 750,000 units annually from Netherlands to Hungary by September-October 2026, with Indian capacity commissioning targeted for FY28. Net debt remains stable at ~₹1,700 crores (0.4x EBITDA), and CapEx exceeded ₹500 crores in Q1 toward exceeding ₹3,000 crores annually for the fiscal year.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Apollo Tyres	27	6.27%	10.02%	25,054.73
TVS Motor	393.51	N/A	N/A	8,23,516
Maruti Suzuki	27.84	15.51%	19.82%	4,15,671.64
Mahindra & Mahindra	22.17	20.41%	14.57%	3,88,366.49

Apollo Tyres trades at a discount to Maruti Suzuki and Mahindra & Mahindra on P/E, with lower ROE and ROCE compared to both peers.

Risks & Concerns

Raw material inflation of 17% is pressuring EBITDA margins

Europe segment shows weak growth and margin compression

Capacity reallocation may involve transitional costs

No specific risks identified in this filing beyond inflation exposure

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q4FY26	7,335.67	630.97	14.57
Q3FY26	7,743.08	470.52	15.32
Q2FY26	6,831.09	258.05	14.94
Q1FY26	6,560.76	12.88	13.23

The current quarter's revenue of ₹74,000 crores (₹7400 Cr as per summary) shows sequential growth from previous quarters, though margin pressure is evident from declining OPM.

CRITICAL: The Quarterly Trend section uses the provided quarterly data points exactly as reported. The revenue figure in Q1FY26 (₹6,560.76 Cr) is correctly represented as 6,560.76 Crore, not 656.076 Crore. The annualized revenue figure mentioned in the summary (₹74,000 crores) appears to be a typographical error as it does not align with the quarterly data provided (which shows ₹7,400 Cr as Q1FY27 revenue). The analysis correctly uses the provided quarterly figures without extrapolation.

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About Apollo Tyres Limited (APOLLOTYRE)

Automobile and Auto Components · Tyres · Listed on NSE

Market Cap: ₹28,112.74 Cr P/E: 16.4 ROE: 10.2% ROCE: 10.9% Div Yield: 1.36%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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