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]
Market PositionThe company isone of India’s largest tyre manufacturersin terms of revenue. It is a prominent player in the domestic truck and bus radial (TBR), truck and bus bias, and passenger car radial (PCR) tyre segments. It had a28%-29% market share in the truck and bus segment and around 20% in the PCR segmentin FY24.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | MRF | 142840.00 | 32.66 | 60580.58 | 0.16 | 525.64 | 11.67 | 7378.72 | 7.23 | 13.62 | 29130.05 | 14.11 | 1853.67 | 525.64 | 3.19 | 6.62 | 0.19 |
| 2. | Balkrishna Inds | 2447.90 | 34.29 | 47322.11 | 0.66 | 273.19 | -21.26 | 2393.45 | -1.09 | 16.67 | 10466.18 | 21.32 | 1379.52 | 273.19 | 4.53 | 10.36 | 0.35 |
| 3. | Apollo Tyres | 509.00 | 41.80 | 32326.61 | 0.95 | 277.19 | 66.77 | 4714.91 | 5.67 | 9.80 | 18560.54 | 12.84 | 771.79 | 279.49 | 2.97 | 3.29 | 0.31 |
| 4. | CEAT | 3799.75 | 29.27 | 15370.02 | 0.77 | 185.71 | 52.54 | 3772.65 | 14.17 | 15.40 | 14022.58 | 11.55 | 524.21 | 185.95 | 3.35 | 4.66 | 0.68 |
| 5. | JK Tyre & Indust | 502.55 | 26.52 | 14487.97 | 0.59 | 226.86 | 58.99 | 4011.31 | 10.76 | 12.78 | 15312.53 | 10.45 | 545.66 | 226.74 | 2.66 | 3.74 | 0.92 |
| 6. | TVS Srichakra | 4020.10 | 126.33 | 3079.39 | 0.42 | 10.96 | 22.70 | 926.49 | 10.07 | 5.36 | 3367.01 | 6.69 | 24.37 | 12.65 | 2.67 | 0.95 | 0.69 |
| 7. | Goodyear India | 826.30 | 45.87 | 1906.29 | 2.89 | 13.07 | -16.96 | 596.46 | -12.57 | 13.01 | 2487.10 | 3.87 | 41.53 | 13.07 | 3.34 | 4.55 | 0.05 |
| – | Median: 13 Co. | 502.55 | 33.47 | 1906.29 | 0.59 | 10.96 | -8.5 | 596.46 | 8.25 | 13.03 | 2487.1 | 11.0 | 36.42 | 12.65 | 2.82 | 4.55 | 0.33 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 4,252 | 4,247 | 4,366 | 4,413 | 4,407 | 4,332 | 4,387 | 4,592 | 4,462 | 4,540 | 4,581 | 4,725 | 4,715 |
Expenses | 3,815 | 3,698 | 3,670 | 3,627 | 3,565 | 3,548 | 3,703 | 3,958 | 3,923 | 4,036 | 4,065 | 4,081 | 3,994 |
Operating Profit | 437 | 548 | 696 | 787 | 841 | 784 | 684 | 633 | 539 | 504 | 515 | 645 | 721 |
Other Income | 19 | 10 | 17 | 15 | 22 | -2 | 25 | -22 | 21 | 19 | 46 | 13 | 27 |
Profit before tax | 113 | 209 | 353 | 466 | 530 | 454 | 386 | 295 | 240 | 193 | 232 | 338 | 430 |
Tax % | 42% | 34% | 32% | 35% | 35% | 35% | 45% | 35% | 31% | 36% | 36% | 34% | 36% |
Net Profit | 66 | 138 | 239 | 303 | 344 | 296 | 212 | 192 | 165 | 124 | 149 | 222 | 277 |
EPS in Rs | 1.04 | 2.17 | 3.76 | 4.77 | 5.42 | 4.65 | 3.33 | 3.02 | 2.59 | 1.94 | 2.35 | 3.50 | 4.36 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 8,712 | 8,967 | 8,757 | 8,934 | 10,302 | 12,354 | 11,068 | 11,733 | 14,649 | 17,301 | 17,539 | 18,174 | 18,561 |
Expenses | 7,605 | 7,646 | 7,185 | 7,600 | 9,050 | 10,871 | 9,665 | 9,696 | 13,215 | 15,188 | 14,440 | 15,971 | 16,177 |
Operating Profit | 1,107 | 1,322 | 1,572 | 1,334 | 1,252 | 1,483 | 1,403 | 2,038 | 1,435 | 2,113 | 3,100 | 2,203 | 2,384 |
Other Income | 6 | 35 | 202 | 132 | 120 | -89 | 29 | 111 | 126 | 75 | 60 | 54 | 105 |
Interest | 250 | 176 | 94 | 92 | 140 | 142 | 229 | 383 | 386 | 469 | 407 | 368 | 360 |
Depreciation | 248 | 247 | 265 | 288 | 364 | 446 | 621 | 713 | 824 | 907 | 916 | 929 | 936 |
Profit before tax | 614 | 934 | 1,415 | 1,086 | 867 | 806 | 581 | 1,052 | 350 | 812 | 1,837 | 960 | 1,193 |
Net Profit | 443 | 645 | 1,002 | 803 | 622 | 592 | 509 | 723 | 261 | 520 | 1,154 | 629 | 772 |
EPS in Rs | 8.78 | 12.67 | 19.69 | 15.77 | 10.88 | 10.35 | 8.89 | 11.38 | 4.11 | 8.19 | 18.17 | 9.91 | 12.15 |
Dividend Payout % | 9% | 16% | 10% | 19% | 28% | 31% | 34% | 31% | 79% | 55% | 33% | 50% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 50 | 51 | 51 | 51 | 57 | 57 | 57 | 64 | 64 | 64 | 64 | 64 | 64 |
Reserves | 2,689 | 3,220 | 4,607 | 5,280 | 7,203 | 7,584 | 7,635 | 9,409 | 9,455 | 9,537 | 10,376 | 10,609 | 10,723 |
Borrowings | 1,519 | 1,102 | 783 | 1,806 | 2,545 | 2,750 | 4,394 | 4,882 | 4,938 | 4,569 | 3,663 | 3,374 | 3,394 |
Other Liabilities | 1,853 | 1,748 | 2,079 | 2,739 | 3,337 | 3,257 | 4,396 | 4,809 | 6,112 | 5,939 | 5,942 | 6,264 | 6,300 |
Total Liabilities | 6,112 | 6,121 | 7,520 | 9,876 | 13,143 | 13,649 | 16,482 | 19,163 | 20,569 | 20,108 | 20,044 | 20,310 | 20,481 |
Fixed Assets | 3,254 | 3,107 | 3,300 | 4,795 | 5,714 | 6,400 | 9,285 | 10,234 | 11,829 | 11,814 | 11,296 | 10,911 | 10,705 |
Gross Block | 4,798 | 4,924 | 5,489 | 7,223 | 8,472 | 9,579 | 13,041 | 14,660 | 17,025 | 17,832 | 18,082 | 18,396 | – |
Accumulated Depreciation | 1,545 | 1,817 | 2,189 | 2,428 | 2,758 | 3,179 | 3,756 | 4,425 | 5,196 | 6,018 | 6,785 | 7,485 | – |
CWIP | 35 | 130 | 416 | 621 | 672 | 655 | 1,272 | 1,030 | 548 | 134 | 190 | 210 | 245 |
Investments | 651 | 752 | 1,506 | 1,399 | 2,978 | 2,233 | 2,410 | 2,500 | 2,865 | 2,823 | 2,919 | 2,429 | 2,436 |
Other Assets | 2,172 | 2,133 | 2,297 | 3,060 | 3,778 | 4,362 | 3,515 | 5,400 | 5,326 | 5,337 | 5,638 | 6,760 | 7,094 |
Total Assets | 6,112 | 6,121 | 7,520 | 9,876 | 13,143 | 13,649 | 16,482 | 19,163 | 20,569 | 20,108 | 20,044 | 20,310 | 20,481 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 1,127 | 962 | 1,785 | 330 | 933 | 593 | 1,895 | 1,494 | 1,615 | 1,534 | 2,085 | 1,153 |
Cash from Investing Activity | -203 | -367 | -1,078 | -1,395 | -2,754 | -457 | -2,675 | -2,161 | -868 | -234 | -435 | -134 |
Cash from Financing Activity | -857 | -607 | -641 | 906 | 1,934 | -178 | 807 | 667 | -658 | -1,115 | -1,656 | -1,115 |
Net Cash Flow | 67 | -12 | 66 | -159 | 113 | -42 | 27 | -0 | 90 | 184 | -5 | -96 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 10 | 13 | 12 | 16 | 19 | 23 | 15 | 23 | 38 | 34 | 39 | 46 |
Inventory Days | 80 | 76 | 75 | 121 | 96 | 93 | 97 | 109 | 90 | 71 | 81 | 94 |
Days Payable | 56 | 42 | 63 | 73 | 84 | 62 | 86 | 101 | 102 | 77 | 68 | 69 |
Cash Conversion Cycle | 34 | 46 | 24 | 64 | 31 | 54 | 25 | 31 | 27 | 27 | 51 | 70 |
Working Capital Days | -19 | -15 | -19 | -9 | 7 | 19 | -47 | -29 | -38 | -25 | -7 | 7 |
ROCE % | 22% | 26% | 31% | 19% | 12% | 11% | 7% | 11% | 5% | 9% | 16% | 10% |
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Stock Analysis
Apollo Tyres Ltd. is an Indian automotive tyre manufacturing company.
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