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Swing Capital

Apollo Tyres Ltd

NSE: APOLLOTYRE BSE: 500877Auto

Apollo, established in 1972, manufactures automatic bias and radial tyres, and tubes. It has plants in Kochi, Vadodara, Pune, and Chennai. The product profile includes prominent tyre brands in the T&B, light truck, passenger car, and farm vehicle segments in India, catering to both original equipment manufacturers, and the replacement market. [1]

₹379
52W: ₹374 — ₹540
PE 12.9 · Book ₹187 · +103% vs book
Market Cap₹24,067 Cr
Stock P/E12.9Price to Earnings
ROCE15.6%Return on Capital
ROE16.6%Return on Equity
Div. Yield1.32%Face Value ₹1

Strengths

  • +Company has delivered good profit growth of 20.8% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 34.7%

Weaknesses

  • −The company has delivered a poor sales growth of 11.0% over past five years.
  • −Tax rate seems low
  • −Company has a low return on equity of 11.7% over last 3 years.

Shareholding Pattern

Promoters36.93%
FIIs12.15%
DIIs27.56%
Public21.38%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters37.36%37.36%37.36%37.36%36.95%▼0.436.95%36.93%▼0.036.93%
FIIs14.46%14.55%▲0.114.21%▼0.313.43%▼0.812.27%▼1.211.9%▼0.412.26%▲0.412.15%▼0.1
DIIs25.12%25.56%▲0.426.12%▲0.626.51%▲0.427.54%▲1.027.93%▲0.427.89%▼0.027.56%▼0.3
Public21.48%20.97%▼0.520.73%▼0.221.13%▲0.421.44%▲0.321.38%▼0.121.06%▼0.321.38%▲0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,3324,3874,5924,4624,5404,5814,7254,7155,1395,237
Expenses3,5483,7033,9583,9234,0364,0654,0813,9944,3924,473
Operating Profit784684633539504515645721747764
OPM %18%16%14%12%11%11%14%15%15%15%
Net Profit296212192165124149222277449903
EPS ₹4.653.333.022.591.942.353.54.367.0714.22

AI Insights

Revenue Trend

Mar 2026 revenue at ₹19,816Cr, up 9% YoY. OPM at 15%.

Debt Position

Borrowings at ₹2,784Cr. Debt-to-equity ratio: 0.24x. Healthy balance sheet.

Capex Cycle

CWIP at ₹479Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 27.56% (+10.34pp change). FIIs: 12.15% (-11.26pp change). Promoters hold 36.93%.

Margin & Efficiency

ROCE declining from 26% (Mar 2015) to 16% (Mar 2026). Working capital days: 15.

Valuation

PE 12.9x with 15.6% ROCE. Price is 103% above book value of ₹187. Dividend yield: 1.32%.

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