APOLLOTYRE · Automobile and Auto Components · filed 4 Nov 2026
Apollo Tyres Ltd. reported revenue of ₹5,922 cr for July to September 2026, +25.6% on the year and +8.4% on the quarter.
Operating profit (EBITDA) was ₹655 cr, a margin of 11.1%, −423 bps on the year and −93 bps on the quarter. Operating costs grew +31.9%, faster than revenue at +25.6%, so operating profit grew less than sales.
Net profit was ₹276 cr, −0.5% on the year and −9.4% on the quarter, with earnings per share of ₹4.36. Profit before other income, one-offs and tax fell 16.0%, so 15 points of the headline growth came from outside the core business.
Of the 23 companies in Automobiles and components that have reported Q2 FY27 so far, Apollo Tyres Ltd. ranks 15th on revenue growth; the sector median is +30.1%. Its margin moved −423 bps on the year against a sector median of −89 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Borrowing rose while cash also rose. Why borrow while holding the cash?
Source: Balance sheet
Could not run on this quarter: Cash behind the profit, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹2,855 cr | ₹2,310 cr | ▲ 23.6% |
| Inventory | ₹3,728 cr | ₹3,116 cr | ▲ 19.6% |
| Cash | ₹628 cr | ₹433 cr | ▲ 45.0% |
| Bank balances | ₹14.6 cr | ₹14.8 cr | ▼ 1.6% |
| Long-term borrowings | ₹1,623 cr | ₹1,481 cr | ▲ 9.6% |
| Short-term borrowings | ₹2,265 cr | ₹845 cr | ▲ 168.1% |
| Trade payables | ₹2,695 cr | ₹2,097 cr | ▲ 28.5% |
| Net block | ₹9,736 cr | ₹10,004 cr | ▼ 2.7% |
| Capital work in progress | ₹1,728 cr | ₹479 cr | ▲ 260.9% |
| Equity | ₹12,320 cr | ₹11,897 cr | ▲ 3.6% |
| Total assets | ₹23,581 cr | ₹20,532 cr | ▲ 14.8% |
Receivables at 46 days of sales (+3 days against the last year end). Inventory at 60 days of sales (+2 days).
Other matter: “We did not review the interim financial information of 6 subsidiaries included in the unaudited consolidated financial results, whose interim financial results reflect total assets of Rs. 155,889 million as at September 30, 2026, total revenue of Rs. 25,232 million… Read in full
We did not review the interim financial information of 6 subsidiaries included in the unaudited consolidated financial results, whose interim financial results reflect total assets of Rs. 155,889 million as at September 30, 2026, total revenue of Rs. 25,232 million and Rs. 52,884 million, total net profit after tax of Rs. 550 million and Rs. 1,022 million, total comprehensive income of Rs. 550 million and Rs. 1,022 million for the quarter ended September 30, 2026 and the period ended on that date respectively and net cash inflows of Rs. 2,100 million for the period April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors.
Filing p. limited review report
₹0.0 cr still unused. “Approved raising of funds by issue of Non-Convertible Debentures (NCDs) aggregating up to ₹1,000.00 crore through Private Placement, subject to approval of shareholders via postal ballot; 125%+ security cover maintained on existing NCDs.”
Appointed Mr. Ravi Kumar Shingari as Chief Financial Officer (Key Managerial Personnel / Senior Management) of the Company with effect from November 4, 2026. (p. outcome letter p.1, Annexure A)
Apollo Tyres Europe B.V. recognised an additional expense of ₹26.18 crore (Rs. 261.79 Million) towards employee restructuring costs following discontinuation of tyre production at Enschede plant. (p. note 4d of consolidated results)
Tax: Consolidated tax expense of ₹103.89 crore (current tax ₹71.30 crore, deferred tax ₹32.59 crore) on Profit before tax of ₹396.18 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| APMEA Segment Revenue (₹ crore) | 5,973 | 5,529 | 4,823 |
| Europe Segment Revenue (₹ crore) | 2,156 | 2,039 | 2,191 |
| Operating Margin (EBITDA / Revenue) | 10.73% | 11.73% | 14.94% |
| Net Profit Margin | 3.67% | 4.72% | 3.78% |
| Inventory Turnover Ratio (x) | 5.29 | 5.08 | 5.07 |
| Debtors Turnover Ratio (x) | 8.47 | 10.05 | 8.67 |
Worked out from filed numbers. APMEA Segment Revenue: Consolidated APMEA segment revenue (Rs. 59,732.34 million converted to ₹ crore) · Europe Segment Revenue: Consolidated Europe segment revenue (Rs. 21,555.68 million converted to ₹ crore)
not disclosed
Dealer-level inventory days are not quantitatively stated in the financial results filing.
Cost of materials consumed for 6M consolidated increased to ₹8,331.02 crore from ₹6,451.25 crore in 6M FY26 (+29.1% YoY), putting pressure on operating margins (11.22% in 6M FY27 vs 14.10% in 6M FY26).
Raw material cost inflation compressed operating profit margins year-on-year.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| APMEA | ₹5,973 cr | ▲ 23.9% | ₹462 cr | ▼ 12.4% |
| Europe | ₹2,156 cr | ▼ 1.6% | ₹52.1 cr | ▼ 46.1% |
| Others | ₹268 cr | ▼ 77.2% | ₹3.3 cr | ▼ 92.3% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹4,715 cr | ₹5,462 cr | ₹5,922 cr |
| YoY | — | — | +26% |
| EBITDA margin | 15.3% | 12.0% | 11.1% |
| Other income, % of PBT | 7% | 8% | 10% |
| Exceptional items | −₹3.6 cr | ₹23.5 cr | −₹0.7 cr |
| Tax rate | 36% | 25% | 27% |
| Net profit | ₹277 cr | ₹304 cr | ₹276 cr |
| YoY | — | — | −1% |
| Core profit YoY | — | — | −16% |
| EPS | ₹4.37 | ₹4.81 | ₹4.36 |
| Flags | · | · | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Apollo Tyres Ltd. reported revenue of ₹5,922 cr (+25.6% on the year) and net profit of ₹276 cr (−0.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −16.0% on the year, against −0.5% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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