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Swing Capital

Apcotex Industries Ltd

NSE: APCOTEXIND BSE: 523694

Apcotex Industries Ltd is a leading producer of Synthetic Rubber (Nitrile Rubber, High Styrene Rubber, Nitrile Polyblends and Nitrile Powder) and Synthetic Latex (XSB Latex, VP Latex, Styrene Acrylics, and Nitrile Latex) in India.[1]

₹485
52W: ₹310 — ₹560
PE 25 · Book ₹120 · +304% vs book
Market Cap₹2,514 Cr
Stock P/E25Price to Earnings
ROCE19.9%Return on Capital
ROE17.2%Return on Equity
Div. Yield1.34%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company's median sales growth is 15.9% of last 10 years

Weaknesses

  • −Company has a low return on equity of 12.8% over last 3 years.

Shareholding Pattern

Promoters58.23%
FIIs0.64%
DIIs2.23%
Public38.93%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.23%58.23%58.23%58.23%58.23%58.23%58.23%58.23%
FIIs0.49%0.48%▼0.00.47%▼0.00.52%▲0.10.5%▼0.00.59%▲0.10.62%▲0.00.64%▲0.0
DIIs0.63%0.59%▼0.00.68%▲0.10.69%▲0.01%▲0.32.19%▲1.22.23%▲0.02.23%
Public40.64%40.69%▲0.040.63%▼0.140.57%▼0.140.29%▼0.339%▼1.338.92%▼0.138.93%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales257311337351355349376337331398
Expenses232279305324328311337296288343
Operating Profit25313227273839414455
OPM %10%10%9%8%8%11%10%12%13%14%
Net Profit11151511121719252235
EPS ₹2.152.952.852.112.233.233.74.884.296.7

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,442Cr, up 3.6% YoY. OPM at 12%.

Debt Position

Borrowings at ₹96Cr. Debt-to-equity ratio: 0.16x. Healthy balance sheet.

Capex Cycle

CWIP at ₹11Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.23% (+2.18pp change). FIIs: 0.64% (+0.15pp change). Promoters hold 58.23%.

Margin & Efficiency

ROCE declining from 26% (Mar 2015) to 20% (Mar 2026). Working capital days: 38.

Valuation

PE 25x with 19.9% ROCE. Price is 304% above book value of ₹120. Dividend yield: 1.34%.

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