APOLLO TYRES LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 492.6 INR | +0.67% |
|
+3.09% | +8.49% |
| May. 16 | Nomura Adjusts Apollo Tyres’ Price Target to INR512 From INR478, Keeps at Neutral | MT |
| May. 14 | India's Apollo Tyres Q4 profit falls on higher tax expenses | RE |
Valuation
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 127,424 | 45,421 | 142,072 | 121,304 | 203,169 | 310,755 | - | - |
| Enterprise Value (EV) 1 | 166,777 | 111,537 | 168,487 | 175,842 | 254,895 | 296,243 | 326,301 | 307,441 |
| P/E ratio | 18.8 x | 9.53 x | 39.4 x | 19 x | 18.4 x | 17.2 x | 15.7 x | 13.8 x |
| Yield | 1.46% | 3.78% | 1.56% | 1.7% | 1.41% | 1.38% | 1.38% | 1.67% |
| Capitalization / Revenue | 0.73 x | 0.28 x | 0.82 x | 0.58 x | 0.83 x | 1.17 x | 1.13 x | 1.06 x |
| EV / Revenue | 0.95 x | 0.68 x | 0.97 x | 0.84 x | 1.04 x | 1.17 x | 1.19 x | 1.05 x |
| EV / EBITDA | 8.51 x | 5.82 x | 6.02 x | 6.83 x | 7.69 x | 6.66 x | 7.14 x | 6.33 x |
| EV / FCF | -15.6 x | -35 x | 13.4 x | 44.8 x | 18.7 x | 13.3 x | 12.2 x | 12.9 x |
| FCF Yield | -6.39% | -2.86% | 7.46% | 2.23% | 5.33% | 7.52% | 8.19% | 7.77% |
| Price to Book | 1.27 x | 0.46 x | 1.24 x | 1.03 x | 1.58 x | 2.18 x | 1.96 x | 1.77 x |
| Nbr of stocks (in thousands) | 572,050 | 572,050 | 635,101 | 635,101 | 635,101 | 635,101 | - | - |
| Reference price 2 | 222.8 | 79.40 | 223.7 | 191.0 | 319.9 | 489.3 | 489.3 | 489.3 |
| Announcement Date | 5/9/19 | 5/19/20 | 5/12/21 | 5/12/22 | 5/9/23 | 5/14/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 175,488 | 163,270 | 173,970 | 209,476 | 245,681 | 253,777 | 274,122 | 294,047 |
| EBITDA 1 | 19,586 | 19,155 | 27,975 | 25,741 | 33,139 | 44,473 | 45,676 | 48,584 |
| EBIT 1 | 11,460 | 7,774 | 14,825 | 11,744 | 18,948 | 29,695 | 30,060 | 32,484 |
| Operating Margin | 6.53% | 4.76% | 8.52% | 5.61% | 7.71% | 11.7% | 10.97% | 11.05% |
| Earnings before Tax (EBT) 1 | 8,881 | 5,434 | 5,612 | 8,477 | 14,272 | 25,402 | 27,396 | 31,149 |
| Net income 1 | 6,798 | 4,764 | 3,502 | 6,386 | 11,046 | 17,219 | 19,869 | 22,614 |
| Net margin | 3.87% | 2.92% | 2.01% | 3.05% | 4.5% | 6.78% | 7.25% | 7.69% |
| EPS 2 | 11.88 | 8.330 | 5.680 | 10.06 | 17.39 | 27.11 | 31.12 | 35.41 |
| Free Cash Flow 1 | -10,660 | -3,188 | 12,567 | 3,925 | 13,598 | 26,106 | 26,720 | 23,875 |
| FCF margin | -6.07% | -1.95% | 7.22% | 1.87% | 5.53% | 10.22% | 9.75% | 8.12% |
| FCF Conversion (EBITDA) | - | - | 44.92% | 15.25% | 41.03% | 57.83% | 58.5% | 49.14% |
| FCF Conversion (Net income) | - | - | 358.82% | 61.47% | 123.1% | 140.35% | 134.48% | 105.57% |
| Dividend per Share 2 | 3.250 | 3.000 | 3.500 | 3.250 | 4.500 | 6.761 | 6.754 | 8.160 |
| Announcement Date | 5/9/19 | 5/19/20 | 5/12/21 | 5/12/22 | 5/9/23 | 5/14/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 51,538 | 50,257 | 45,845 | 50,773 | 57,075 | 55,783 | 59,420 | 59,560 | 64,228 | 62,473 | 62,446 | 63,852 | 66,475 | 64,440 | - |
| EBITDA 1 | 9,894 | 8,147 | 5,668 | 6,380 | 7,429 | 6,264 | 6,898 | 7,120 | 9,134 | 9,985 | 10,515 | 10,658 | 11,665 | 11,299 | - |
| EBIT 1 | 6,621 | 4,670 | 2,264 | 2,983 | 3,987 | 2,510 | 3,461 | 3,635 | 5,589 | 6,261 | 6,895 | 7,056 | 7,879 | 7,537 | - |
| Operating Margin | 12.85% | 9.29% | 4.94% | 5.88% | 6.98% | 4.5% | 5.82% | 6.1% | 8.7% | 10.02% | 11.04% | 11.05% | 11.85% | 11.7% | - |
| Earnings before Tax (EBT) 1 | 6,153 | 4,234 | 1,614 | 2,193 | 3,069 | 1,602 | 2,385 | 2,384 | 4,237 | 5,266 | 5,764 | 6,275 | 6,851 | 6,540 | - |
| Net income 1 | 4,438 | 2,873 | 1,278 | 1,738 | 2,235 | 1,134 | 1,907 | 1,945 | 2,921 | 4,274 | 3,969 | 4,483 | 4,824 | 4,770 | - |
| Net margin | 8.61% | 5.72% | 2.79% | 3.42% | 3.92% | 2.03% | 3.21% | 3.26% | 4.55% | 6.84% | 6.36% | 7.02% | 7.26% | 7.4% | - |
| EPS | 7.010 | 4.520 | 2.010 | 2.740 | 3.520 | 1.790 | 3.000 | 3.060 | 4.600 | 6.730 | - | 7.400 | 7.207 | 7.367 | 6.000 |
| Dividend per Share 2 | - | 3.500 | - | - | - | 3.250 | - | - | - | 4.500 | - | - | - | 5.000 | - |
| Announcement Date | 2/3/21 | 5/12/21 | 8/4/21 | 10/29/21 | 2/2/22 | 5/12/22 | 8/12/22 | 11/14/22 | 2/2/23 | 5/9/23 | 8/10/23 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 39,353 | 66,117 | 26,415 | 54,537 | 51,726 | 36,264 | 15,546 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | 3,314 |
| Leverage (Debt/EBITDA) | 2.009 x | 3.452 x | 0.9442 x | 2.119 x | 1.561 x | 0.8033 x | 0.3404 x | - |
| Free Cash Flow 1 | -10,660 | -3,188 | 12,567 | 3,925 | 13,598 | 26,106 | 26,720 | 23,875 |
| ROE (net income / shareholders' equity) | 9.01% | 4.77% | 3.28% | 5.51% | 8.97% | 13.6% | 13.2% | 13.5% |
| ROA (Net income/ Total Assets) | 4.44% | 2.19% | 1.42% | 2.42% | 4.05% | 6.75% | 7.68% | 8.81% |
| Assets 1 | 153,021 | 217,267 | 246,566 | 263,699 | 272,525 | 275,615 | 258,714 | 256,569 |
| Book Value Per Share 2 | 176.0 | 174.0 | 180.0 | 185.0 | 203.0 | 225.0 | 250.0 | 277.0 |
| Cash Flow per Share 2 | 18.70 | - | 39.70 | 35.30 | 33.60 | 79.00 | 82.70 | 70.60 |
| Capex 1 | 21,370 | 28,361 | 11,902 | 18,462 | 7,746 | 10,601 | 10,940 | 14,324 |
| Capex / Sales | 12.18% | 17.37% | 6.84% | 8.81% | 3.15% | 4.15% | 3.99% | 4.87% |
| Announcement Date | 5/9/19 | 5/19/20 | 5/12/21 | 5/12/22 | 5/9/23 | 5/14/24 | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
27
Last Close Price
489.3
INR
Average target price
529.3
INR
Spread / Average Target
+8.18%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +8.49% | 3.73B | |
| +24.86% | 6.69B | |
| -0.38% | 6.58B | |
| +8.99% | 6.19B | |
| +18.93% | 5.38B | |
| +14.77% | 4.47B | |
| -2.64% | 3.98B | |
| +23.45% | 3.62B | |
| +42.39% | 3.12B | |
| +17.49% | 1.88B |
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