Any current/future new fundraising through debt or equity?

There is no indication of new long-term borrowing or fundraising through debt, as management mentioned there has been no long-term borrowing recently. Interest costs remain somewhat sticky due to higher short-term borrowing rates and market interest rate increases. The company expects interest costs to continue declining as debt reduces and market conditions normalize. The management is focused on deleveraging and expects to be a net cash company within the next 12 to 18 months. No mention of equity fundraising; instead, excess cash generated is likely to be paid out as dividends rather than r

Any current/future capex/capital investment/strategic investment?

Capex for FY25 is guided at approximately INR 1,000 crores, lower than earlier expectations. Recent years witnessed significantly tightened control on Capex, with FY24 spend around INR 700 crores against a guidance of INR 1,100 crores. Passenger car tyre capacity utilisation is in the 80s; a small capacity expansion on passenger car tyres may start in the second half of FY25 (budgeted but not yet committed). The planned expansion will lay the foundation for capacity needed in FY27. Focus on capex-light growth via investments in technology and digital enhancements, including AI and machine lear

Future growth expectations in sales/revenue/volumes?

Expectation of high single-digit growth for Commercial Vehicles (CV) and double-digit growth for Passenger Car Radial (PCR) in India for FY25. April 2024 showed strong double-digit growth in both PV and CV segments. Recovery observed in the Agriculture segment as well. Exports from India showing strong double-digit growth recently, with positive outlook continuing. Europe markets showed double-digit volume growth in April 2024; cautious outlook due to uncertainties but optimistic on Vredestein growth, especially in UUHP segment. Replacement segment growth: TBR replacement up 7%, PCR replacemen

Future growth expectations in earnings/operating earnings/profits/EPS?

Europe operations projected to maintain steady-state EBITDA margin around 16-17%, with potential for higher earnings when market conditions are favorable (Page 11). India operations expect high single-digit growth for commercial vehicles (CV) and double-digit growth for passenger car replacement (PCR) segments in FY25, driven by infrastructure spending and consumer demand post-elections (Page 5). Replacement segments in India show 7% TBR and 10% PCR volume growth in Q4, supporting ongoing profitability (Page 3). Exports from India and Europe are seeing strong double-digit growth, expected to c

Apollo Tyres LtdQ4 FY24Auto Components

Apollo Tyres Ltd Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹386.35P/E: 11.5Market Cap: ₹24.5K CrSector: Auto Components

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Expectation of high single-digit growth for Commercial Vehicles (CV) and double-digit growth for Passenger Car Radial (PCR) in India for FY25.
April 2024 showed strong double-digit growth in both PV and CV segments.
Recovery observed in the Agriculture segment as well.
Exports from India showing strong double-digit growth recently, with positive outlook continuing.
Europe markets showed double-digit volume growth in April 2024; cautious outlook due to uncertainties but optimistic on Vredestein growth, especially in UUHP segment.
Replacement segment growth: TBR replacement up 7%, PCR replacement up 10% in Q4.
Expectation of mid-single-digit growth for TBR replacement and high single-digit growth for PCR replacement.
Overall Q4 replacement volume growth at 4%; OEM flat to negative due to select segment declines.
Small capacity expansions planned for PCR to meet growing demand expected in FY27.

Margin guidance

Category 3

Europe operations projected to maintain steady-state EBITDA margin around 16-17%, with potential for higher earnings when market conditions are favorable (Page 11).
India operations expect high single-digit growth for commercial vehicles (CV) and double-digit growth for passenger car replacement (PCR) segments in FY25, driven by infrastructure spending and consumer demand post-elections (Page 5).
Replacement segments in India show 7% TBR and 10% PCR volume growth in Q4, supporting ongoing profitability (Page 3).
Exports from India and Europe are seeing strong double-digit growth, expected to continue in FY25 (Page 5).
Capex to remain judicious (~INR 1,000 crores for FY25), with focus on AI and productivity enhancements rather than heavy expansions, ensuring efficient margin improvement (Pages 6-7).
EBITDA margins expected to stay healthy through product mix enrichment, pricing actions, and cost control despite raw material cost pressures (Page 4).
Net-debt-to-EBITDA ratios improving, supporting better financial health and potential shareholder returns (Page 3).

See what Apollo Tyres Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no indication of new long-term borrowing or fundraising through debt, as management mentioned there has been no long-term borrowing recently.
Interest costs remain somewhat sticky due to higher short-term borrowing rates and market interest rate increases.
The company expects interest costs to continue declining as debt reduces and market conditions normalize.
The management is focused on deleveraging and expects to be a net cash company within the next 12 to 18 months.
No mention of equity fundraising; instead, excess cash generated is likely to be paid out as dividends rather than raising new equity.
Capex is being kept judicious and controlled, with a focus on technology investments rather than large expansions.
Overall, no explicit plans for new fundraising through debt or equity have been announced.

Order book

The transcript provided does not contain specific information regarding the current or expected order book or pending orders for Apollo Tyres Ltd. The discussion primarily revolves around financial performance, commodity price movements, volumes, margins, pricing strategies, Capex, market share, and raw material cost expectations. No explicit details on order books or pending orders were mentioned during the Q&A or management commentary. If you need information on order book status, it may be available in other sections of the earnings report or investor presentations not included in this transcript.

See what Apollo Tyres Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Capex for FY25 is guided at approximately INR 1,000 crores, lower than earlier expectations.
Recent years witnessed significantly tightened control on Capex, with FY24 spend around INR 700 crores against a guidance of INR 1,100 crores.
Passenger car tyre capacity utilisation is in the 80s; a small capacity expansion on passenger car tyres may start in the second half of FY25 (budgeted but not yet committed).
The planned expansion will lay the foundation for capacity needed in FY27.
Focus on capex-light growth via investments in technology and digital enhancements, including AI and machine learning to increase productivity by 10-15% in PCR plants.
Continued investments in technology, brand building, product mix enrichment, and factory/infrastructure upgrades in Europe and India.

Track Apollo Tyres Ltd — get its next earnings analysis in your feed

How does Apollo Tyres Ltd rank vs peers in Auto Components?

Pro feature

ThisApollo Tyres Ltd

Rev 3Mar 3

See where Apollo Tyres Ltd sits in Auto ComponentsSee which companies these are, and every other name in the sector.Open rankings

How does Apollo Tyres Ltd rank in Auto Components?

Compare Apollo Tyres Ltd against every Auto Components company (Q4 FY24) on revenue, margins and earnings-call signals.

View Auto Components leaderboard →

What Apollo Tyres Ltd's management said in earlier quarters

Others in Auto Components this season

Kheria Autocomp (Q2 FY27)
5,500.63 Lakhs for the half year ended 30th September 2025, indicating a year-on-year increase of approximately 31.4%. Key results statement takeaways from Kher
Menon Bearings Ltd (Q2 FY27)
10,202.87 lakh, up 57.22% from Rs. Key results statement takeaways from Menon Bearings Ltd's Q2 FY27 results statement — and how it ranks against sector peers.
India Motor Parts & Accessories Ltd (Q2 FY27)
221.70 Crores, compared to Rs. Key results statement takeaways from India Motor Parts & Accessories Ltd's Q2 FY27 results statement — and how it ranks against s
Wheels India Ltd (Q2 FY27)
Q2 FY27 consolidated revenue from operations: INR 1,711 Cr, up 35% YoY (Page 19) . Key investor presentation takeaways from Wheels India Ltd's Q2 FY27 investor

Compare:vs Samvardhana Motherson International Ltd vs Bosch vs Bharat Forge Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Apollo Tyres Ltd Q4 FY24 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

How does Apollo Tyres Ltd rank in Auto Components?

Continue your research

What Apollo Tyres Ltd's management said in earlier quarters

Others in Auto Components this season