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

FY'26 Capex outlook is INR 1,500 crore, reduced from the earlier estimate of INR 2,000 crore due to cautious approach amid volatility. Capex includes growth and maintenance, split almost equally. Key projects under this capex: - 4,000 tyres per day PCR expansion in Hungary (already underway). - 4,000 tyres per day PCR expansion in Andhra Pradesh plant. Capex pace may be adjusted during the year based on market conditions, but overall quantum remains consistent. Capex aimed at expanding capacity to capture growth, particularly to cater to European market demand missed in the non-UHP categor

Future growth expectations in sales/revenue/volumes?

Growth momentum expected to recover in Q1 FY26, with better results already visible as of mid-May 2025. India domestic replacement segment is driving the growth, though OE segment remains flattish or negative. European operations anticipate top-line momentum to pick up, supported by market growth and new product launches. Export channels and OE business are focus areas for improvement after underperformance. Truck replacement segment grew 9% in the quarter, PCR replacement mid-single digits, but OEM segments are facing declines. Capacity expansions in PCR segments underway in Hungary

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

The company expects demand momentum to recover in Q1 FY26, particularly in India’s replacement segment and Europe due to market growth and new product launches. Focus on growth in India will be driven primarily by the replacement segment; OEM and export segments are targeted for improvement. European operations are undergoing capacity expansion (e.g., Hungary plant) to cater to missed market demand and improve margins. Cost optimization initiatives and restructuring (e.g., closure of Enschede plant) are expected to expand margins sustainably by improving conversion costs. Capex for FY26 is est

Apollo Tyres LtdQ4 FY25Auto Components

Apollo Tyres Ltd Q4 FY25 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 4

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 4

Growth momentum expected to recover in Q1 FY26, with better results already visible as of mid-May 2025.
India domestic replacement segment is driving the growth, though OE segment remains flattish or negative.
European operations anticipate top-line momentum to pick up, supported by market growth and new product launches.
Export channels and OE business are focus areas for improvement after underperformance.
Truck replacement segment grew 9% in the quarter, PCR replacement mid-single digits, but OEM segments are facing declines.
Capacity expansions in PCR segments underway in Hungary and Andhra Pradesh to meet future demand.
Management expects double-digit growth in Q1 FY26 and beyond.
European plant restructuring (closure of Enschede plant) aims to improve margin and capacity efficiency, supporting sustainable growth.

Margin guidance

Category 3

The company expects demand momentum to recover in Q1 FY26, particularly in India’s replacement segment and Europe due to market growth and new product launches.
Focus on growth in India will be driven primarily by the replacement segment; OEM and export segments are targeted for improvement.
European operations are undergoing capacity expansion (e.g., Hungary plant) to cater to missed market demand and improve margins.
Cost optimization initiatives and restructuring (e.g., closure of Enschede plant) are expected to expand margins sustainably by improving conversion costs.
Capex for FY26 is estimated at INR 1,500 crores to support growth and maintenance, ensuring capacity readiness.
Operating performance recovery is anticipated with sustained focus on profitability, free cash flow generation, and return ratios improvement.
Management signals confidence that after initial challenges and restructuring, earnings and operating profits will show exceptional outcomes as initiatives stabilize and scale.

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

Fundraise plans

- There is no explicit mention of any current or future fundraising through debt or equity in the provided content. - The company continues to monitor Capex outflow closely with a planned Capex of INR 1,500 crores for fiscal year '26, split between growth and maintenance, but no mention of raising additional funds. - The net debt to EBITDA ratios were shared (0.8x consolidated, 1.2x India operations), indicating manageable leverage without stating any new borrowing plans. - Gaurav Kumar mentioned being judicious on Capex and adjusting plans based on market conditions, but no direct reference to raising capital via debt or equity. - Tax regime changes are under yearly evaluation, but no related fundraising was noted. In summary, the transcript does not indicate any current or planned fundraising activities through debt or equity.

Order book

The transcript on page 17 and surrounding pages does not provide specific details regarding the current or expected order book or pending orders for Apollo Tyres. Key operational insights include: - Flat volume growth in India for the quarter and mid-single digit volume decline in Europe. - Underperformance in OE (Original Equipment) segment volumes, partly due to strategic decisions to exit certain low-quality product segments. - Replacement segments, particularly Truck and Bus Radial (TBR), showed positive growth (9% in replacement for trucks, mid-single digits for PCR). - Capacity constraints in Europe affected non-UHP (Ultra High Performance) summer tyre sales; capacity expansion underway in Hungary. - No explicit mention of order backlog or pending orders was made in the discussion. Hence, no specific quantitative data on current or expected order books or pending orders is disclosed in the transcript.

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

Capex plans

Yes

FY'26 Capex outlook is INR 1,500 crore, reduced from the earlier estimate of INR 2,000 crore due to cautious approach amid volatility.
Capex includes growth and maintenance, split almost equally.
Key projects under this capex:
- 4,000 tyres per day PCR expansion in Hungary (already underway).
- 4,000 tyres per day PCR expansion in Andhra Pradesh plant.
Capex pace may be adjusted during the year based on market conditions, but overall quantum remains consistent.
Capex aimed at expanding capacity to capture growth, particularly to cater to European market demand missed in the non-UHP category.
No immediate brownfield TBR capacity additions expected; next such expansion projected about three years away.
Strategic restructuring underway in European operations, including closure of Enschede plant in 2026, expected to improve profitability.

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