India · Delayed Price · Currency is INR Apollo Tyres Earnings Call Transcripts
Fiscal Year 2026
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Q4 saw 14% YoY revenue growth and 14.6% EBITDA margin, with strong Indian performance and muted Europe. Raw material inflation and geopolitical risks are pressuring margins, prompting price hikes and disciplined cost control. Net debt to EBITDA improved to 0.4x.
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Q3 FY26 saw record revenue and strong double-digit growth in India, while Europe remained flat. EBITDA margin improved, net debt halved, and major CapEx was announced for capacity expansion. Demand outlook is robust, with stable pricing and raw material costs expected.
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Revenue grew 6% year-over-year with improved EBITDA margins, driven by strong replacement, OEM, and export demand, especially in India. European operations saw sequential recovery, while GST reforms and brand initiatives are expected to sustain growth momentum.
Fiscal Year 2025
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Revenue grew 8% sequentially and 5% year-over-year, with steady margins despite raw material cost pressures. Replacement demand in India and Europe drove growth, while OEM and exports lagged. CapEx for FY25 is expected to moderate, with higher investments planned for FY26.
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Q2 FY25 saw modest revenue growth and margin pressure from higher raw material costs, but market share gains in key segments and strong European performance. Replacement demand is expected to accelerate, with margin recovery anticipated as RM costs ease in H2.