Apcotex Industries Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,474 Cr
- P/E
- 15.37
- ROE
- 17.09%
- PEG
- -6.48
- Price to sales
- 1.55
- Debt to equity
- 0.16
- 52W high / low
- ₹682 / ₹314
- Sales growth (5Y)
- 21.67%
- EBITDA margin
- 16.08%
- Net profit margin
- 6.96%
- Promoter holding
- 58.23%
- Sales (last year)
- ₹1,591 Cr
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]
Guidance scorecard · Q2 FY27 call
What Apcotex Industries Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
10–20%- The company expects to add about ₹600 crores to its topline from announced CAPEX projects coming on stream by 2027, representing around a 40% increase in revenue.
- Further volume growth depends on market support and opportunities; doubling throughput in five years is possible with favorable market conditions.
- Domestic volumes grew by 10% despite export volumes dropping by 10-12% due to geopolitical disruptions; exports are expected to recover once the situation stabilizes.
- The company is exploring adjacencies and expansion within current product segments but no new product launches announced yet.
2 more points from Apcotex Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Apcotex Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Ongoing CAPEX of approximately ₹220 crores, covering both NBR capacity expansion and synthetic latex expansion.
- NBR capacity expansion to be operational by Q1 FY 2027, likely April.
- Synthetic latex (SB latex and others) CAPEX expected to come online shortly after NBR expansion, around end of Q1 FY 2027.
- Potential third phase of nitrile latex capacity expansion is on the cards, with project plans ready; decision expected in 3-4 months based on margin outlook and market conditions.
- Expansion plans focus on existing segments with synergies, no immediate plans for unrelated business lines.
2 more points from Apcotex Industries Ltd's call on capex
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FundraisingQ1 FY27 call
See what Apcotex Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company continues to grow its Apco Build segment, though it remains a small part of the business.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Apcotex Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Apcotex Industries Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 58.23% | 58.23% | 58.23% | 58.23% | 58.23% | 58.23% | 58.23% | 58.23% | 58.23% | 58.23% | 58.23% | 58.23% |
| FIIs + | 0.51% | 0.48% | 0.49% | 0.48% | 0.47% | 0.52% | 0.50% | 0.59% | 0.62% | 0.64% | 0.69% | 1.56% |
| DIIs + | 0.44% | 0.56% | 0.63% | 0.59% | 0.68% | 0.69% | 1.00% | 2.19% | 2.23% | 2.23% | 1.91% | 0.51% |
| Public + | 40.82% | 40.71% | 40.64% | 40.69% | 40.63% | 40.57% | 40.29% | 39.00% | 38.92% | 38.93% | 39.18% | 39.71% |
| No. of Shareholders | 35,644 | 35,225 | 34,479 | 33,882 | 34,199 | 33,583 | 32,692 | 31,471 | 30,693 | 30,391 | 30,918 | 34,598 |
Financials of Apcotex Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 279 | 257 | 311 | 337 | 351 | 355 | 349 | 376 | 337 | 331 | 398 | 526 | 499 |
| Expenses + | 248 | 232 | 279 | 305 | 324 | 328 | 311 | 337 | 296 | 288 | 343 | 409 | 441 |
| Operating Profit | 32 | 25 | 31 | 32 | 27 | 27 | 38 | 39 | 41 | 44 | 55 | 117 | 58 |
| OPM % | 11% | 10% | 10% | 9% | 8% | 8% | 11% | 10% | 12% | 13% | 14% | 22% | 12% |
| Other Income + | 2 | 2 | 2 | 2 | 3 | 5 | 1 | 3 | 10 | -2 | 7 | 3 | 5 |
| Interest | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 3 | 2 | 2 | 2 | 3 |
| Depreciation | 8 | 8 | 8 | 10 | 11 | 11 | 11 | 11 | 12 | 12 | 14 | 13 | 13 |
| Profit before tax | 21 | 15 | 21 | 20 | 15 | 16 | 24 | 26 | 36 | 28 | 45 | 105 | 48 |
| Tax % | 28% | 28% | 28% | 26% | 28% | 30% | 32% | 27% | 30% | 19% | 23% | 25% | 27% |
| Net Profit + | 15 | 11 | 15 | 15 | 11 | 12 | 17 | 19 | 25 | 22 | 35 | 79 | 35 |
| EPS in Rs | 2.95 | 2.15 | 2.95 | 2.85 | 2.11 | 2.23 | 3.23 | 3.70 | 4.88 | 4.29 | 6.70 | 15.23 | 6.72 |
Financials of Apcotex Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 352 | 265 | 388 | 526 | 626 | 496 | 541 | 957 | 1,080 | 1,125 | 1,392 | 1,442 | 1,754 |
| Expenses + | 309 | 227 | 358 | 461 | 556 | 461 | 471 | 817 | 921 | 1,011 | 1,268 | 1,264 | 1,480 |
| Operating Profit | 42 | 38 | 30 | 66 | 69 | 34 | 70 | 140 | 159 | 114 | 125 | 177 | 274 |
| OPM % | 12% | 14% | 8% | 12% | 11% | 7% | 13% | 15% | 15% | 10% | 9% | 12% | 16% |
| Other Income + | 6 | 7 | 29 | 5 | 8 | 6 | 5 | 8 | 7 | 8 | 10 | 18 | 13 |
| Interest | 4 | 3 | 4 | 3 | 4 | 2 | 4 | 3 | 5 | 16 | 17 | 11 | 9 |
| Depreciation | 9 | 9 | 12 | 12 | 12 | 13 | 15 | 14 | 15 | 32 | 42 | 50 | 52 |
| Profit before tax | 35 | 33 | 43 | 56 | 62 | 25 | 57 | 130 | 146 | 75 | 76 | 135 | 225 |
| Tax % | 29% | 26% | 19% | 31% | 24% | 32% | 22% | 24% | 26% | 28% | 29% | 25% | |
| Net Profit + | 25 | 25 | 35 | 39 | 47 | 17 | 44 | 99 | 108 | 54 | 54 | 101 | 171 |
| EPS in Rs | 4.76 | 4.76 | 6.75 | 7.46 | 9.00 | 3.21 | 8.52 | 19.06 | 20.82 | 10.39 | 10.43 | 19.56 | 32.94 |
| Dividend Payout % | 30% | 38% | 27% | 32% | 33% | 94% | 41% | 26% | 26% | 53% | 62% | 41% |
Financials of Apcotex Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 95 | 177 | 213 | 236 | 267 | 241 | 295 | 386 | 466 | 511 | 543 | 611 | 703 |
| Borrowings + | 31 | 25 | 22 | 17 | 4 | 49 | 15 | 50 | 152 | 188 | 189 | 96 | 141 |
| Other Liabilities + | 50 | 75 | 52 | 80 | 95 | 97 | 132 | 158 | 176 | 212 | 256 | 269 | 309 |
| Total Liabilities | 181 | 288 | 297 | 344 | 377 | 397 | 452 | 605 | 803 | 922 | 999 | 986 | 1,163 |
| Fixed Assets + | 63 | 90 | 88 | 79 | 76 | 125 | 145 | 157 | 385 | 386 | 386 | 364 | 351 |
| CWIP | 2 | 5 | 6 | 9 | 21 | 19 | 12 | 39 | 12 | 8 | 12 | 11 | 66 |
| Investments | 31 | 18 | 40 | 75 | 69 | 54 | 82 | 98 | 88 | 111 | 106 | 117 | 120 |
| Other Assets + | 85 | 176 | 163 | 181 | 210 | 198 | 213 | 312 | 318 | 417 | 495 | 494 | 626 |
| Total Assets | 181 | 288 | 297 | 344 | 377 | 397 | 452 | 605 | 803 | 922 | 999 | 986 | 1,163 |
Financials of Apcotex Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 32 | -64 | 22 | 53 | 39 | 36 | 75 | 48 | 121 | 40 | 85 | 203 |
| Cash from Investing Activity + | -8 | 86 | -8 | -10 | -8 | -42 | -37 | -67 | -179 | -20 | -29 | -57 |
| Cash from Financing Activity + | -26 | -17 | -17 | -18 | -30 | 7 | -46 | 12 | 71 | -13 | -44 | -141 |
| Net Cash Flow | -2 | 5 | -3 | 25 | 1 | 1 | -8 | -8 | 13 | 8 | 11 | 5 |
| Free Cash Flow | 24 | -71 | 22 | 46 | 17 | -13 | 52 | -20 | -66 | 12 | 43 | 165 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 99% | -151% | 97% | 102% | 74% | 121% | 124% | 56% | 99% | 50% | 83% | 134% |
Financials of Apcotex Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 51 | 115 | 73 | 68 | 65 | 66 | 71 | 62 | 46 | 66 | 67 | 62 |
| Inventory Days | 23 | 90 | 63 | 52 | 41 | 65 | 63 | 53 | 56 | 61 | 50 | 49 |
| Days Payable | 31 | 71 | 31 | 50 | 45 | 50 | 91 | 61 | 55 | 66 | 68 | 70 |
| Cash Conversion Cycle | 43 | 135 | 105 | 69 | 61 | 81 | 43 | 54 | 48 | 61 | 48 | 40 |
| Working Capital Days | 10 | 63 | 62 | 47 | 51 | 42 | 42 | 44 | 36 | 35 | 25 | 33 |
| ROCE % | 26% | 18% | 10% | 24% | 24% | 9% | 19% | 35% | 28% | 13% | 13% | 20% |
Guidance history
How Apcotex Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | None planned | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | None planned | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
33 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +36.6% | 81% |
| Last 6 months | +18.5% | 75% |
| Last 3 months | −22.0% | 17% |
The price is 30.1% below its all-time high of ₹681.6 (29 Jul 2026). Stocks more than 20% below their peak have their score halved, so 66 became 33.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Apcotex Industries Ltd: 0.4 × 81 + 0.4 × 75 + 0.2 × 17 = 66, halved to 33 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Apcotex Industries Ltd's management said in earlier quarters
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