APOLLOTYRE
Large CapApollo Tyres Limited
Auto
Apollo Tyres Ltd. is an Indian tire manufacturer with significant operations in India and Europe. The company produces a range of tires for passenger vehicles, trucks, buses, farm, and light commercial vehicles, focusing on both OEM and replacement markets.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 80/100Rev +14% YoY · PAT +241% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,336 Cr | +14.2% | -5.3% |
| EBITDA | ₹1,069 Cr | +27.7% | -9.9% |
| Operating margin | 15.0% | +200 bps | +0 bps |
| PAT | ₹631 Cr | +241.1% | +34.0% |
| PAT margin | 8.6% | +572 bps | +252 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 consolidated revenue grew 14.2% YoY to INR 73,357 Mn, with EBITDA up 27.6% YoY to INR 10,688 Mn, expanding margins by 153 bps to 14.6%. Full-year FY26 revenue grew 9.0% YoY.
Strong Q4 performance, particularly in India, driven by robust demand and premiumization, supported by favorable raw material costs. Europe shows volume growth but revenue decline due to other operating income. Debt reduction is a positive, but consolidated sequential performance softened.
Consolidated Revenue by Channel - FY26
Latest issuer-disclosed distribution across 2 reported categories.
Robust India Demand
Strong high teens growth across Replacement and OE markets in India, driven by robust underlying demand.
Premiumization Strategy
Continuing with our premiumization journey, UHP mix for Europe improved to 50% in Q4 FY26. Premium mix in PCR continues to improve.
Brand Visibility
Enhanced brand equity and visibility due to BCCI sponsorship gave a boost to volumes and premiumization in India.
Future Growth Capex
Strong operational cash flows allow us to invest in future growth capex to drive growth over the next 2-3 years.
Future Capex Investment
Company plans to invest in future growth capex over the next 2-3 years, enabled by strong operational cash flows.
Robust Underlying Demand
Demand remains very strong across categories and channels in India, driving Q4 FY26 growth.
GST Rate Reduction
Q4 FY26 growth in India was boosted by GST rate reduction.
Lower Raw Material Costs
Marginal improvement in Europe EBITDA margins by 27 bps on a YoY basis aided by lower RM cost.
Europe Other Operating Income Decline
Europe registered a 3.3% decline in overall topline YoY, primarily on account of decline in Other Operating Income, despite volume growth.
Raw Material Price Volatility
EBITDA margin improvement was aided by lower RM cost, indicating sensitivity to raw material price movements.
Europe Revenue Realization
Despite volume growth, Europe's topline declined due to 'Other Operating Income', suggesting potential challenges in overall revenue generation.
Sequential Performance Softness
Consolidated revenue declined 5.3% QoQ and EBITDA declined 9.9% QoQ in Q4 FY26, indicating potential sequential slowdown.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and margin expansion, especially given the seasonal nature of some demand. QoQ comparison is important to observe sequential momentum, which showed a consolidated revenue and EBITDA decline in Q4 FY26 from Q3 FY26.
Consolidated Revenue Growth
Q4 FY26 Revenue: INR 73,357 Mn, +14.2% Y-o-Y. FY26 Revenue: INR 284,706 Mn, +9.0% Y-o-Y.
EBITDA Margins
Q4 FY26 Consolidated EBITDA Margins: 14.6% (+153 Bps Y-o-Y). FY26 Consolidated EBITDA Margins: 14.6% (+88 Bps Y-o-Y).
India Volume Growth
Strong high teens growth across Replacement and OE markets in Q4 FY26. TBR replacement delivered the highest ever quarter volumes.
Europe Volume Growth
Volumes witnessed a low single digit growth YoY in Q4 FY26.
Strong Demand Outlook (India)
Looking ahead, demand remains very strong across categories and channels in India.
Growth Momentum (Europe)
Looking ahead, a good growth momentum is expected in Q1 for Europe.
Future Capex Plans
Company will invest in future growth capex to drive growth over the next 2-3 years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Revenue Growth | +14.3% YoY (Q4 FY26 Standalone) | Sustained high teens growth in replacement and OE markets. |
| Consolidated EBITDA Margins | 14.6% (Q4 FY26) | Stability or further expansion, especially with raw material cost trends. |
| Net Debt to EBITDA | 0.4x (FY26) | Prudent capital allocation and maintenance of healthy leverage ratios as capex increases. |
| Europe UHP Mix | 50% (Q4 FY26) | Continued improvement in premiumization and its impact on Europe's overall revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -17.3% / mo · near 52W low
Technical chart
APOLLOTYREdaily · 1Y-24.8%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 falling (~8.7% over last month) — short-term momentum negative.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 9.4%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 45.1%.
Main drags
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Valuation is weaker at 15/30; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 74th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 74th pctile, median 71 · Large: 68th pctile, median 74
142 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.5%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 12.00
- P/B
- 1.49
- EV/EBITDA
- 5.02
- Market Cap
- 24858.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 13.80%
- ROA
- 4.69%
- Dividend Y
- 1.28%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 10.57×
- Altman Z
- 3.64
- Book Value
- 263.00
Cash Flow
- FCF Yield
- 9.36%
- FCF Positive Y
- 8/5
- OCF
- 3667.00 Cr
- EPS TTM
- 21.61
Shareholding
- Promoter Hold
- 36.93%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.