Announcement • Aug 01
Apollo Tyres Limited to Report Q1, 2027 Results on Aug 06, 2026 Apollo Tyres Limited announced that they will report Q1, 2027 results on Aug 06, 2026 Announcement • Jul 30
Apollo Tyres Limited Approves Final Dividend for the Financial Year Ended March 31, 2026 Apollo Tyres Limited at the AGM held on July 29, 2026, approved to declare the final dividend of INR 2.50 per equity share for the financial year ended March 31, 2026. Reported Earnings • Jul 07
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹21.66 (up from ₹17.66 in FY 2025). Revenue: ₹286.0b (up 9.5% from FY 2025). Net income: ₹13.7b (up 22% from FY 2025). Profit margin: 4.8% (up from 4.3% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 05
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 10 July 2026. Payment date: 28 August 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.6%). Declared Dividend • Jun 20
Final dividend of ₹2.50 announced Shareholders will receive a dividend of ₹2.50. Ex-date: 10th July 2026 Payment date: 28th August 2026 Dividend yield will be 1.4%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 19
Apollo Tyres Limited, Annual General Meeting, Jul 29, 2026 Apollo Tyres Limited, Annual General Meeting, Jul 29, 2026, at 15:00 Indian Standard Time. New Risk • May 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Price Target Changed • May 18
Price target decreased by 9.9% to ₹481 Down from ₹534, the current price target is an average from 23 analysts. New target price is 28% above last closing price of ₹375. Stock is down 23% over the past year. The company is forecast to post earnings per share of ₹25.99 for next year compared to ₹21.66 last year. Reported Earnings • May 15
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹21.66 (up from ₹17.66 in FY 2025). Revenue: ₹286.0b (up 9.5% from FY 2025). Net income: ₹13.7b (up 22% from FY 2025). Profit margin: 4.8% (up from 4.3% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 05
Apollo Tyres Limited to Report Q4, 2026 Results on May 14, 2026 Apollo Tyres Limited announced that they will report Q4, 2026 results on May 14, 2026 Buy Or Sell Opportunity • Mar 23
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ₹400. The fair value is estimated to be ₹523, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 9.2%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Reported Earnings • Feb 05
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: ₹7.43 (up from ₹5.31 in 3Q 2025). Revenue: ₹77.9b (up 13% from 3Q 2025). Net income: ₹4.71b (up 40% from 3Q 2025). Profit margin: 6.0% (up from 4.9% in 3Q 2025). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.4%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Jan 23
Apollo Tyres Limited to Report Q3, 2026 Results on Feb 04, 2026 Apollo Tyres Limited announced that they will report Q3, 2026 results at 12:08 PM, Indian Standard Time on Feb 04, 2026 Price Target Changed • Nov 17
Price target increased by 7.3% to ₹559 Up from ₹521, the current price target is an average from 23 analysts. New target price is 8.8% above last closing price of ₹514. Stock is up 8.9% over the past year. The company is forecast to post earnings per share of ₹24.77 for next year compared to ₹17.66 last year. Reported Earnings • Nov 15
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: ₹4.07 (down from ₹4.68 in 2Q 2025). Revenue: ₹68.6b (up 6.6% from 2Q 2025). Net income: ₹2.58b (down 13% from 2Q 2025). Profit margin: 3.8% (down from 4.6% in 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 45%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Nov 08
Apollo Tyres Limited to Report Q2, 2026 Results on Nov 13, 2025 Apollo Tyres Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Announcement • Aug 02
Apollo Tyres Limited to Report Q1, 2026 Results on Aug 07, 2025 Apollo Tyres Limited announced that they will report Q1, 2026 results on Aug 07, 2025 Announcement • Jul 18
Apollo Tyres Limited Appoints R Mahalakshmi as Chief Human Resources Officer, Effective 18 July 2025 Apollo Tyres Limited has named R Mahalakshmi as its new chief human resources officer, effective 18 July 2025. Mahalakshmi has around three decades of experience across India, Africa, the UK and Southeast Asia. Mahalakshmi has served in senior HR leadership positions at Big 5 consulting firms and leadership roles across telecom, pharmaceutical and FMCG multinational corporations. She has served as head of HR for Southeast Asia at Mondelez International and earlier served as CHRO India, where she led the function across six countries and 10 manufacturing units. Mahalakshmi will be based at the company's headquarters in Gurugram, India, and will report to vice chairman and MD Neeraj Kanwar. Reported Earnings • Jul 12
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹17.66 (down from ₹27.11 in FY 2024). Revenue: ₹261.2b (up 2.9% from FY 2024). Net income: ₹11.2b (down 35% from FY 2024). Profit margin: 4.3% (down from 6.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 11 July 2025. Payment date: 30 August 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.6%). Declared Dividend • Jun 22
Dividend reduced to ₹5.00 Dividend of ₹5.00 is 17% lower than last year. Ex-date: 11th July 2025 Payment date: 30th August 2025 Dividend yield will be 1.1%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 81% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 22
Apollo Tyres Limited announces Annual dividend, payable on August 30, 2025 Apollo Tyres Limited announced Annual dividend of INR 5.0000 per share payable on August 30, 2025, ex-date on July 11, 2025 and record date on July 11, 2025. Announcement • Jun 20
Apollo Tyres Limited, Annual General Meeting, Jul 31, 2025 Apollo Tyres Limited, Annual General Meeting, Jul 31, 2025, at 15:00 Indian Standard Time. Reported Earnings • May 15
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹17.66 (down from ₹27.11 in FY 2024). Revenue: ₹262.1b (up 4.8% from FY 2024). Net income: ₹11.2b (down 35% from FY 2024). Profit margin: 4.3% (down from 6.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 10
Apollo Tyres Limited to Report Fiscal Year 2025 Results on May 14, 2025 Apollo Tyres Limited announced that they will report fiscal year 2025 results on May 14, 2025 Announcement • Apr 02
Apollo Tyres Limited Appoints Rajeev Kumar Sinha as Chief Manufacturing Officer, Effective April 2, 2025 Apollo Tyres Limited announced the Board of Directors through Circular Resolution passed on April 2, 2025, approved the Appointment of Mr. Rajeev Kumar Sinha as Chief Manufacturing Officer (CMO), a Senior Management Personnel of the Company, with effect from April 2, 2025. Further, consequent to the change in reporting structure pursuant to the aforesaid appointment, the Unit Heads of Plants in India will not form part of the senior management, as defined under Regulation 16 (1) (d) of SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015, with effect from April 2, 2025. However, they will continue as Unit Head of their respective plants reporting to CMO. Mr. Rajeev Kumar Sinha Is A Senior Business Leader with More Than 35 Years of Experience Including Leading Large, Geographically Dispersed and Functionally Diverse Teams, Across Multiple Geographies/Cultures /Industries, Having Worked with Organisation Like Cipla, Glenmark, Pepsico, Cadbury, Amongst Others. in Cipla, He Was in the Role of the Global Chief Manufacturing Operations, Responsible to Provide Global Manufacturing Operations Strategic Framework and Support the Development/Execution of Enterprise Strategy, Responsible for the Manufacturing Capital, Natural Capital Custodian of the Global Manufacturing Operations Resources, Talent & Capabilities. Prior to Cipla, Rajeev Has Worked in the Capacity of Executive Vice President & Global Head Formulations Operations and Executive Vice President & Global Head Manufacturing Formulations At Glenmark and Senior Director Sc Operations Productivity & Performance, Director Operations Productivity & Sustainability and Director Operations North Market Unit for Pepsico. He Has Done His Mechanical Engineering from Iit Kanpur. Reported Earnings • Feb 07
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: ₹5.31 (down from ₹7.82 in 3Q 2024). Revenue: ₹69.4b (up 5.2% from 3Q 2024). Net income: ₹3.37b (down 32% from 3Q 2024). Profit margin: 4.9% (down from 7.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 8.8%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 25% per year. Announcement • Feb 06
Apollo Tyres Limited Appoints Parmeshwaran Iyer as Chief Supply Chain Officer Apollo Tyres Limited at its Board of Directors meeting held on February 6, 2025, approved the appointment of Mr. Parmeshwaran Iyer as Chief Supply Chain Officer, a Senior Management Personnel of the Company, with immediate effect based on the recommendation of the Nomination and Remuneration Committee. Date of Appointment: February 6, 2025 and Term: Full-time employment. Mr. Parmeshwaran Iyer is an astute Supply Chain Professional with 30 years of experience in the FMCG, Healthcare, Oil and White goods space with proven expertise in End-to-End planning, Procurement, Logistics and Customer Management. He was previously working with Beiersdorf AG for over 18 years with the group across Germany, UAE, Russia and India. In his last role, he was the Global Vice President - Digital Supply Chain, responsible for defining and implementing Digitalization initiatives in Supply Chain, across the group. Prior to leading the Digital Transformation role, he was the Global Vice President - Supply Chain Management, where he led the Global Competency team responsible for building capabilities in Planning, Logistics, Customer Service areas including S&OP, Cost to Serve, Logistics Excellence. He has also led the Regional Supply Chain within the group, including end-to-end Supply Chain Management in the Region comprising of 88 countries in Sub-Saharan Africa, Russia/CIS, and Southwest Asia (incl. India). Prior to Beiersdorf, he worked with Johnson & Johnson, TOTAL Energies India and Daikin Airconditioning. He has done his PGDBM in Material Management and has a Bachelor's degree in Physics from the University of Mumbai. Announcement • Jan 30
Apollo Tyres Limited to Report Q3, 2025 Results on Feb 06, 2025 Apollo Tyres Limited announced that they will report Q3, 2025 results on Feb 06, 2025 Buy Or Sell Opportunity • Jan 14
Now 21% overvalued Over the last 90 days, the stock has fallen 13% to ₹453. The fair value is estimated to be ₹373, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Buy Or Sell Opportunity • Nov 15
Now 23% overvalued Over the last 90 days, the stock has fallen 2.0% to ₹475. The fair value is estimated to be ₹387, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Reported Earnings • Nov 14
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ₹4.68 (down from ₹7.47 in 2Q 2024). Revenue: ₹64.6b (up 2.9% from 2Q 2024). Net income: ₹2.97b (down 37% from 2Q 2024). Profit margin: 4.6% (down from 7.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 29% per year. Announcement • Nov 09
Apollo Tyres Limited to Report Q2, 2025 Results on Nov 13, 2024 Apollo Tyres Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Buy Or Sell Opportunity • Oct 29
Now 21% overvalued Over the last 90 days, the stock has fallen 10% to ₹499. The fair value is estimated to be ₹412, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Aug 08
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ₹4.76 (down from ₹6.25 in 1Q 2024). Revenue: ₹63.3b (up 1.4% from 1Q 2024). Net income: ₹3.02b (down 24% from 1Q 2024). Profit margin: 4.8% (down from 6.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 32% per year. Announcement • Aug 02
Apollo Tyres Limited to Report Q1, 2025 Results on Aug 07, 2024 Apollo Tyres Limited announced that they will report Q1, 2025 results on Aug 07, 2024 Reported Earnings • Jul 07
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹27.11 (up from ₹16.47 in FY 2023). Revenue: ₹250.2b (up 3.7% from FY 2023). Net income: ₹17.2b (up 65% from FY 2023). Profit margin: 6.9% (up from 4.3% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.2%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 01
Upcoming dividend of ₹6.00 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 24 August 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.1%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.5%). Declared Dividend • Jun 17
Dividend of ₹6.00 announced Shareholders will receive a dividend of ₹6.00. Ex-date: 5th July 2024 Payment date: 24th August 2024 Dividend yield will be 1.3%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 15
Apollo Tyres Limited, Annual General Meeting, Jul 25, 2024 Apollo Tyres Limited, Annual General Meeting, Jul 25, 2024, at 15:00 Indian Standard Time. Reported Earnings • May 15
Full year 2024 earnings released: EPS: ₹27.11 (vs ₹17.39 in FY 2023) Full year 2024 results: EPS: ₹27.11 (up from ₹17.39 in FY 2023). Revenue: ₹255.3b (up 5.8% from FY 2023). Net income: ₹17.2b (up 56% from FY 2023). Profit margin: 6.7% (up from 4.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Mar 27
Apollo Tyres Limited Announces Resignation of Vikram Garga as Group Head, Marketing (APMEA), Effective March 31, 2024 Apollo Tyres Limited announced that Mr. Vikram Garga, Group Head, Marketing (APMEA), a Senior Management Personnel of the Company has tendered his resignation from the services of the Company to be effective from the close of business hours on March 31, 2024 due to personal reasons. Announcement • Mar 22
Apollo Tyres Limited Announces Resignation of Robert Steinmetz as Non-Executive Non-Independent Director, Member of Audit Committee and Risk Management Committee of the Board Apollo Tyres Limited informed that Mr. Robert Steinmetz (DIN: 00178792) has tendered his resignation as a Non-Executive Non-Independent Director of the Company with effect from the close of business hours on March 21, 2024, due to personal reasons. Consequently, Mr. Robert Steinmetz shall also cease to be a Member of Audit Committee and Risk Management Committee of the Board with effect from the close of business hours on March 21, 2024. Price Target Changed • Feb 10
Price target increased by 9.5% to ₹518 Up from ₹473, the current price target is an average from 25 analysts. New target price is approximately in line with last closing price of ₹510. Stock is up 54% over the past year. The company is forecast to post earnings per share of ₹29.30 for next year compared to ₹17.39 last year. Reported Earnings • Feb 08
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: ₹7.82 (up from ₹4.60 in 3Q 2023). Revenue: ₹66.1b (up 3.0% from 3Q 2023). Net income: ₹4.97b (up 70% from 3Q 2023). Profit margin: 7.5% (up from 4.5% in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.5%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 14
Price target increased by 7.1% to ₹449 Up from ₹419, the current price target is an average from 27 analysts. New target price is 8.0% above last closing price of ₹415. Stock is up 39% over the past year. The company is forecast to post earnings per share of ₹28.32 for next year compared to ₹17.39 last year. Reported Earnings • Nov 08
Second quarter 2024 earnings: EPS in line with expectations, revenues disappoint Second quarter 2024 results: EPS: ₹7.47 (up from ₹3.06 in 2Q 2023). Revenue: ₹63.0b (up 5.9% from 2Q 2023). Net income: ₹4.74b (up 144% from 2Q 2023). Profit margin: 7.5% (up from 3.3% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. New Risk • Aug 13
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 40% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ₹17.39 (up from ₹10.06 in FY 2022). Revenue: ₹241.2b (up 17% from FY 2022). Net income: ₹11.0b (up 73% from FY 2022). Profit margin: 4.6% (up from 3.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of ₹4.50 per share at 1.0% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.8%). Announcement • Jun 23
Apollo Tyres Limited, Annual General Meeting, Aug 02, 2023 Apollo Tyres Limited, Annual General Meeting, Aug 02, 2023, at 15:00 Indian Standard Time. Reported Earnings • May 10
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ₹17.39 (up from ₹10.06 in FY 2022). Revenue: ₹246.1b (up 20% from FY 2022). Net income: ₹11.0b (up 73% from FY 2022). Profit margin: 4.5% (up from 3.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 07
Price target increased by 7.5% to ₹355 Up from ₹330, the current price target is an average from 26 analysts. New target price is 8.3% above last closing price of ₹328. Stock is up 46% over the past year. The company is forecast to post earnings per share of ₹15.54 for next year compared to ₹10.06 last year. Reported Earnings • Feb 05
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: ₹4.60 (up from ₹3.52 in 3Q 2022). Revenue: ₹64.2b (up 13% from 3Q 2022). Net income: ₹2.92b (up 31% from 3Q 2022). Profit margin: 4.5% (up from 3.9% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ₹3.06 (up from ₹2.74 in 2Q 2022). Revenue: ₹59.6b (up 17% from 2Q 2022). Net income: ₹1.94b (up 12% from 2Q 2022). Profit margin: 3.3% (down from 3.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 18% per year. Price Target Changed • Aug 17
Price target increased to ₹256 Up from ₹238, the current price target is an average from 24 analysts. New target price is approximately in line with last closing price of ₹250. Stock is up 14% over the past year. The company is forecast to post earnings per share of ₹13.77 for next year compared to ₹10.06 last year. Reported Earnings • Aug 14
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: ₹3.00 (up from ₹2.01 in 1Q 2022). Revenue: ₹59.5b (up 30% from 1Q 2022). Net income: ₹1.91b (up 49% from 1Q 2022). Profit margin: 3.2% (up from 2.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 94%. Over the next year, revenue is forecast to grow 9.3%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Announcement • Jul 15
Apollo Tyres Has Appoints Vikram Garga as Group Head, Marketing for the Asia Pacific, Middle East & Africa Region Apollo Tyres has appointed Vikram Garga as Group Head, Marketing for the Asia Pacific, Middle East & Africa (APMEA) region. He would spearhead the regional marketing team and would be responsible for marketing and product strategy for all product categories, dealer programmes, brand positioning and monitoring performance in conjunction with sales. Prior to joining Apollo Tyres, Garga was the VP and Head of Strategy, Insights and Analytics, and Innovation at Mahindra & Mahindra - Automotive and Farm Equipment Business. Earlier he was the Head of Marketing for Passenger Vehicles and Pick-Ups; he was part of the re-launch of the iconic brand, Thar in 2020, where he led digital marketing transformation, as well as the new Mahindra SUV strategy. Garga has also spent a large part of his career with Castrol, where he has held roles such as VP, Sales for Industrial and Heavy Duty and Global Brand Director for the Commercial Vehicle category, amongst other country and global roles. The company says Garga comes with a rich experience in developing and executing Sales and Marketing Strategy and delivering profitable growth across multiple consumer focused categories. He has led innovation in category creating, developed products, integrated marketing communications and activation programmes including go-to-market strategy at a global level. He has extensive experience in building global and local brands across their life stages. Garga comes with experience of working in multi-culture, multi-competitive environments across Australia, South-east Asia, China, Europe and American markets, managing global brands and implementing category strategy across B2C and B2B segments. In his new role, Garga will be based out of Apollo Tyres' corporate headquarters in Gurugram, India and will report to Satish Sharma, President, Asia Pacific, Middle East & Africa (APMEA). Announcement • Jul 12
Apollo Tyres Limited Approves Dividend for the Financial Year 2021-2022 Apollo Tyres Limited approved the declaration of dividend @325% (INR 3.25 per share) for the financial year 2021-2022 to be paid to the Members holding shares as on the record date i.e. June, 17, 2022, at its AGM held on July 11, 2022. Reported Earnings • Jun 19
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₹10.06 (up from ₹5.68 in FY 2021). Revenue: ₹205.8b (up 21% from FY 2021). Net income: ₹6.39b (up 82% from FY 2021). Profit margin: 3.1% (up from 2.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 14%, compared to a 22% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹176, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 23x in the Auto Components industry in India. Total loss to shareholders of 2.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹164 per share. Upcoming Dividend • Jun 09
Upcoming dividend of ₹3.25 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 11 July 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Indian dividend payers (1.8%). Higher than average of industry peers (0.7%). Announcement • Jun 04
Apollo Tyres Limited, Annual General Meeting, Jul 11, 2022 Apollo Tyres Limited, Annual General Meeting, Jul 11, 2022, at 15:00 Indian Standard Time. Agenda: To recommended the payment of Dividend on Equity Shares for the year ended March 31, 2022. Reported Earnings • May 16
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₹10.06 (up from ₹5.68 in FY 2021). Revenue: ₹209.5b (up 24% from FY 2021). Net income: ₹6.39b (up 82% from FY 2021). Profit margin: 3.0% (up from 2.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 11%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Announcement • May 14
Apollo Tyres Limited Recommends the Final Dividend for 2022 Apollo Tyres Limited, at its board meeting, held on May 12, 2022, recommended the Final dividend of INR 3.25 per Equity Share of face value of INR 1 each (i.e. 325%) for 2022, subject to the approval of the shareholders at the upcoming Annual General Meeting (AGM) of the Company, which shall be paid/dispatched on or before 30 days from the conclusion of AGM. Announcement • May 07
Apollo Tyres Limited to Report Fiscal Year 2022 Results on May 12, 2022 Apollo Tyres Limited announced that they will report fiscal year 2022 results on May 12, 2022 Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹179, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 23x in the Auto Components industry in India. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹98.29 per share. Reported Earnings • Feb 03
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ₹3.52 (down from ₹7.01 in 3Q 2021). Revenue: ₹57.2b (up 15% from 3Q 2021). Net income: ₹2.24b (down 50% from 3Q 2021). Profit margin: 3.9% (down from 8.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Over the next year, revenue is forecast to grow 11%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 03
Second quarter 2022 earnings released: EPS ₹2.74 (vs ₹3.31 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹50.8b (up 20% from 2Q 2021). Net income: ₹1.74b (down 13% from 2Q 2021). Profit margin: 3.4% (down from 4.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Executive Departure • Sep 15
Non-Executive Independent Director Anjali Bansal has left the company On the 13th of September, Anjali Bansal's tenure as Non-Executive Independent Director ended after 3.9 years in the role. We don't have any record of a personal shareholding under Anjali's name. Anjali is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.54 years. Announcement • May 21
Apollo Tyres Limited Announces Resumption of Operations At Perambra (Kerala) Plant Apollo Tyres Limited announced that the Local Authority has now permitted the Company to operate the Plant with effect from May 21, 2021. Accordingly, the operations of plant situated at Perambra (Kerala) shall be resumed from
tomorrow, May 21, 2021 by adhering to the Standard Operating Procedures/Guidelines for Industrial Units as prescribed by the Authorities. Reported Earnings • May 13
Full year 2021 earnings released: EPS ₹5.68 (vs ₹8.33 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹175.3b (up 8.9% from FY 2020). Net income: ₹3.50b (down 27% from FY 2020). Profit margin: 2.0% (down from 3.0% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • May 13
Apollo Tyres Limited Recommends Final Dividend for Financial Year of 2021 Apollo Tyres Limited Recommended the Final dividend of INR 3.50 per Equity Share of face value of INR 1 each (i.e. 350%) for financial year of 2021 subject to the approval of the shareholders at the upcoming Annual General Meeting (AGM) of the Company, which shall be paid/dispatched on or before 30 days from the conclusion of AGM. Price Target Changed • Mar 04
Price target raised to ₹264 Up from ₹247, the current price target is an average from 15 analysts. The new target price is close to the current share price of ₹259. As of last close, the stock is up 86% over the past year. Is New 90 Day High Low • Mar 04
New 90-day high: ₹259 The company is up 38% from its price of ₹188 on 04 December 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹143 per share. Price Target Changed • Feb 06
Price target raised to ₹190 Up from ₹166, the current price target is an average from 14 analysts. The new target price is 21% below the current share price of ₹241. As of last close, the stock is up 47% over the past year. Reported Earnings • Feb 04
Third quarter 2021 earnings released: EPS ₹7.01 (vs ₹3.04 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹52.2b (up 20% from 3Q 2020). Net income: ₹4.44b (up 155% from 3Q 2020). Profit margin: 8.5% (up from 4.0% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 04
New 90-day high: ₹244 The company is up 59% from its price of ₹154 on 06 November 2020. The Indian market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹154 per share. Analyst Estimate Surprise Post Earnings • Feb 04
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Over the next year, revenue is forecast to grow 13%, compared to a 19% growth forecast for the Auto Components industry in India. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹197, the stock is trading at a trailing P/E ratio of 37.4x, down from the previous P/E ratio of 44.1x. This compares to an average P/E of 35x in the Auto Components industry in India. Total return to shareholders over the past three years is a loss of 17%. Announcement • Jan 26
Apollo Tyres Limited to Report Q3, 2021 Results on Feb 03, 2021 Apollo Tyres Limited announced that they will report Q3, 2021 results on Feb 03, 2021 Is New 90 Day High Low • Jan 20
New 90-day high: ₹202 The company is up 43% from its price of ₹141 on 22 October 2020. The Indian market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹154 per share. 
