Apollo Tyres Ltd (NSE: APOLLOTYRE | BSE: 500877)
Source: Apollo Tyres Ltd Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Apollo Tyres Ltd |
| Corporate Identity Number (CIN) | L25111KL1972PLC002449 |
| ISIN (Indian Equity ISIN) | INE438A01022 |
| NSE Symbol & BSE Scrip Code | APOLLOTYRE | 500877 |
| Date of Incorporation / Founding Year | September 28, 1972 |
| Registered Office Address | 3rd Floor, Areekal Mansion, Panampilly Nagar, Kochi – 682036, Kerala, India |
| Corporate Headquarters | Apollo House, 7, Institutional Area, Sector-32, Gurugram – 122001, India |
| Telephone & Investor Relations Contact | Tel: +91 484 4012046, +91 124 2383002 | Email: investors@apollotyres.com |
| Chairman | Onkar Kanwar |
| Vice Chairman & Managing Director | Neeraj Kanwar |
| Chief Financial Officer (CFO) | Gaurav Kumar (Chief Financial Officer & Whole-time Director) |
| Company Secretary (CS) | Seema Thapar (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Sunrays Properties and Investment Company Private Limited, Onkar Kanwar, and Promoter Group |
| Industry / Sector Classification | Manufacturing / Auto Components / Tyre Manufacturing & Sales |
| Total Employees / Permanent & Contractual Workforce (BRSR) | 17,118 Total employees and workers (6,841 permanent employees on the rolls of the Company in India) |
| Manufacturing Plants / Branches / Offices Count | 6 Manufacturing Facilities (5 in India: Chennai, Perambra, Kalamassery, Limda, Chinnapandur; 1 in Hungary: Gyöngyöshalász), 205 National Offices, 80 International Offices |
| Countries / States Served | 100+ Countries worldwide |
| Statutory Auditors | M/s. S.R. Batliboi & Co. LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Limited |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Apollo Tyres Ltd stands as one of the world’s premier tyre manufacturing and sales enterprises, ranking among the top-tier global manufacturers. With a legacy spanning over five decades, the company designs, develops, manufactures, and distributes a comprehensive portfolio of high-performance tyres for commercial vehicles, passenger cars, two-wheelers, light trucks, and off-highway applications. Grounded in a commitment to operational excellence, environmental stewardship, and advanced technology, Apollo Tyres serves customers across more than 100 countries through its robust global network.
The company’s overarching vision is Driving Progress, Together, reflecting a corporate philosophy that combines global vision with deep local knowledge to foster an inclusive culture and power innovation. Its core purpose, Enabling Excellence, drives the organisation to make excellence universally accessible by connecting society to the tyres, tools, and support needed to reach individual and collective potential. These guiding principles are anchored by three fundamental core values: Following Our Passion, One Family, and Taking Responsibility.
The Founders, Promoters & Their Legacy
Apollo Tyres has grown under visionary leadership, spearheaded by Chairman Onkar Kanwar and Vice Chairman & Managing Director Neeraj Kanwar. The promoter group, anchored by entities such as Sunrays Properties and Investment Company Private Limited along with members of the promoter family, holds a strategic equity stake of 36.93% in the company as of March 31, 2026. The executive management team benefits from extensive industry expertise, combining multi-cultural governance with robust execution capabilities across international geographies.
The Board of Directors comprises an optimum mix of executive, non-executive, and independent directors, including distinguished global leaders, diplomats, and financial experts such as Dr. Jaimini Bhagwati, Francesco Crispino, Francesco Gori, Gaurav Kumar, Lakshmi Puri, Rajendra Chitale, Sumit Dayal, Sunam Sarkar, Tapan Mitra, and Vishal Mahadevia. This governance structure ensures rigorous oversight, financial prudence, and adherence to top-tier international corporate governance standards.
The Journey: History & Evolution
Founded on September 28, 1972, Apollo Tyres laid its foundation with its maiden manufacturing plant at Perambra in Kerala. Over the decades, the company has undergone a continuous transformation to stay at the forefront of the global tyre industry, embracing cutting-edge technologies, sustainable manufacturing frameworks, and globally acclaimed management practices.
Key milestones in the company’s evolution include the establishment and scaling of advanced manufacturing hubs across India—including facilities in Vadodara (Limda), Chennai, Chinnapandur, and Kalamassery—alongside major strategic international expansion. The acquisition and integration of European operations, highlighted by the state-of-the-art greenfield plant in Gyöngyöshalász, Hungary, transformed Apollo Tyres into a truly multinational enterprise with deep-rooted manufacturing and R&D capabilities in both Asia and Europe.
The Corporate Umbrella
Apollo Tyres operates through a diversified corporate structure comprising numerous domestic and international subsidiaries, joint ventures, and associate entities. The company’s overseas holdings are managed via intermediate holding structures such as Apollo Tyres Cooperatief U.A. and Apollo Tyres (Europe) B.V. in the Netherlands. Key international operating subsidiaries include Reifencom GmbH in Germany, Apollo Tyres (Hungary) Kft., Apollo Tyres (UK) Holdings Ltd., and Apollo Tires (US) Inc.
To streamline operational efficiencies and adapt to shifting global trade dynamics, the company consolidated core functions such as human resources, raw material procurement, and logistics into India through Apollo Tyres Global Business Services Ltd (Apollo GBS). Additionally, the company maintains strategic investments and joint ventures, including KT Telematic Solutions Private Limited and CSE Deccan Solar Private Limited, supporting its integrated energy and technological requirements.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Apollo Tyres operates a highly integrated global manufacturing and research ecosystem designed to serve both Original Equipment Manufacturers (OEMs) and vast replacement markets. The company’s manufacturing footprint comprises six advanced production facilities—five in India (Perambra and Kalamassery in Kerala, Limda in Gujarat, Chennai in Tamil Nadu, and Chinnapandur in Andhra Pradesh) and one major facility in Europe (Gyöngyöshalász, Hungary). These plants are supported by two dedicated Global R&D Centres located in India and the Netherlands.
The company’s R&D prowess is underscored by significant intellectual property generation, featuring over 270+ active patents granted across geographies, 18 patent applications filed in FY26, 400+ design registrations granted, and 43 design registrations filed in FY26. Through rigorous testing facilities, including outdoor testing tracks at NATRAX and winter testing grounds in Ivalo, Finland, Apollo Tyres consistently innovates across compound engineering, tread design, and structural durability.
The Product & Service Catalog
Apollo Tyres delivers a comprehensive portfolio of automotive tyres, tubes, and flaps catering to diverse consumer and commercial segments. The product lineup spans:
- Trucks and Buses: High-performance Truck and Bus Radial (TBR) and bias tyres designed for long-haul, regional, and mixed-use applications.
- Passenger Vehicles: Ultra High Performance (UHP), Ultra-Ultra High Performance (UUHP), all-season, summer, winter, and all-weather tyres for cars, sedans, hatchbacks, and luxury SUVs.
- Light Trucks: Tyres engineered for last-mile connectivity, e-commerce delivery fleets, and commercial utility vehicles.
- Two-Wheelers: High-grip radial and bias tyres for motorcycles (including 400cc+ premium segments) and scooters.
- Off-Highway Vehicles (OHV): Agricultural, industrial, mining, and grader tyres engineered to withstand extreme load and terrain conditions.
The Names You Know
The company markets its products primarily under two powerful global brand banners:
- Apollo Tyres: The flagship brand preferred by global and Indian original equipment manufacturers, renowned for durability, robust performance, and extensive market penetration across commercial and passenger segments.
- Vredestein Tyres: A century-old premier first-class European brand specializing in ultra-luxury car tyres, high-performance agricultural and industrial application tyres, and premium bicycle tyres, celebrated for top rankings in independent European tyre tests.
Mapping the Domestic & Global Reach
Apollo Tyres supplies its high-quality products to over 100 countries worldwide. Revenue segmentation across geographies demonstrates a well-diversified operational footprint, with APMEA (Asia-Pacific, Middle East, and Africa) contributing 79.3% and Europe contributing 20.7% of consolidated revenues. Across customer channels, the replacement market accounts for 39.9%, OEMs represent a significant share, and other channels make up the balance. Product-wise segmentation reflects a strong balance across Passenger Vehicles and Truck & Bus categories, complemented by Light Trucks, Off-Highway, and other segments.
The Brick & Mortar Footprint
The company’s physical infrastructure is anchored by its state-of-the-art manufacturing plants in India and Europe, which feature high levels of automation, Zero Liquid Discharge (ZLD) systems, and extensive rooftop solar and wind energy integration. These production assets are reinforced by more than 200 domestic offices and 78 international corporate and sales offices, ensuring seamless coordination between global R&D, supply chain logistics, and local distribution networks.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
During the fiscal year ended March 31, 2026 (FY26), the Group demonstrated financial resilience amidst a dynamic global environment, delivering robust top-line growth and improved operating profitability. Consolidated revenue from operations reached ₹28,470.60 Crores, supported by steady demand across domestic replacement and OEM channels. Operating profit (EBITDA excluding other income) expanded to ₹4,143.23 Crores, reflecting disciplined cost management, raw material cost moderation, and an enhanced product mix. Profit after tax (PAT) for the year stood at ₹1,372.42 Crores, bolstered by operational efficiency and tax optimizations.
| Consolidated Statement of Profit and Loss (Ind AS Schedule III) | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Sale of Products | 28,214.47 | 25,780.26 | +9.44% |
| Sale of Services | – | 0.72 | – |
| Other Operating Income | 256.13 | 342.44 | -25.20% |
| Revenue from Operations | 28,470.60 | 26,123.42 | +8.98% |
| Other Income | 133.41 | 88.10 | +51.43% |
| Total Income | 28,604.01 | 26,211.52 | +9.13% |
| Expenses | |||
| Cost of materials consumed | 13,222.00 | 12,864.55 | +2.78% |
| Purchase of stock-in-trade | 2,478.65 | 2,468.99 | +0.39% |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | (147.03) | (639.00) | -76.99% |
| Employee benefits expense | 3,541.56 | 3,129.74 | +13.16% |
| Finance costs | 391.50 | 446.62 | -12.34% |
| Depreciation and amortisation expense | 1,543.02 | 1,498.37 | +2.98% |
| Other expenses | 5,232.19 | 4,727.60 | +10.67% |
| Total Expenses | 26,261.88 | 24,496.88 | +7.20% |
| Profit before share of profit in associate / joint venture, exceptional items and tax | 2,342.12 | 1,714.64 | +36.60% |
| Share of profit in associate / joint venture | 0.59 | 0.67 | -11.94% |
| Profit before exceptional items and tax | 2,342.72 | 1,715.32 | +36.58% |
| Exceptional items (Expense / [Income]) | 1,033.51 | 168.67 | +512.74% |
| Profit before tax | 1,309.20 | 1,546.64 | -15.35% |
| Tax Expense | |||
| Current tax | 423.69 | 271.74 | +55.92% |
| Deferred tax | (486.91) | 153.59 | N/M |
| Total Tax Expense | (63.21) | 425.32 | N/M |
| Profit for the Year | 1,372.42 | 1,121.32 | +22.39% |
Assets, Borrowings, & Net Worth
The consolidated balance sheet underscores a strengthened capital structure, characterized by disciplined debt reduction, healthy liquidity reserves, and robust asset backing. Total equity stood at ₹16,715.17 Crores as of March 31, 2026, up from ₹14,765.70 Crores in the previous fiscal year, driven by retained earnings and favorable foreign currency translation reserves. Non-current borrowings reduced to ₹1,501.76 Crores, while current borrowings stood at ₹1,129.95 Crores, reflecting prudent leverage management and a low net debt-to-equity ratio of 0.09.
| Consolidated Balance Sheet (Ind AS Schedule III) | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| A. ASSETS | |||
| 1. Non-current assets | |||
| Property, plant and equipment | 14,547.26 | 14,576.42 | -0.20% |
| Capital work-in-progress | 917.90 | 325.11 | +182.34% |
| Right of use assets | 975.01 | 974.72 | +0.03% |
| Goodwill | 277.39 | 237.42 | +16.84% |
| Other intangible assets | 687.37 | 622.48 | +10.42% |
| Intangible assets under development | 158.94 | 110.33 | +44.06% |
| Investments accounted for using equity method | 6.61 | 6.02 | +9.80% |
| Non-current financial investments | 55.60 | 39.14 | +42.05% |
| Other non-current financial assets | 381.32 | 377.30 | +1.07% |
| Deferred tax assets (net) | 205.98 | 79.34 | +159.62% |
| Other non-current assets | 328.02 | 142.43 | +130.30% |
| Total Non-Current Assets | 18,541.39 | 17,490.69 | +6.01% |
| 2. Current assets | |||
| Inventories | 5,452.28 | 5,131.16 | +6.26% |
| Trade receivables | 3,190.84 | 3,062.10 | +4.20% |
| Cash and cash equivalents | 1,029.25 | 886.10 | +16.16% |
| Bank balances other than cash and cash equivalents | 14.78 | 11.40 | +29.65% |
| Other current financial assets | 293.55 | 209.13 | +40.37% |
| Other current assets | 717.63 | 515.45 | +39.22% |
| Total Current Assets | 10,698.33 | 9,815.33 | +9.00% |
| TOTAL ASSETS | 29,239.72 | 27,306.02 | +7.08% |
| B. EQUITY AND LIABILITIES | |||
| 1. Equity | |||
| Equity share capital | 63.51 | 63.51 | 0.00% |
| Other equity | 16,651.66 | 14,702.19 | +13.26% |
| Total Equity | 16,715.17 | 14,765.70 | +13.20% |
| 2. Non-current liabilities | |||
| Non-current borrowings | 1,501.76 | 1,829.19 | -17.90% |
| Non-current lease liabilities | 770.01 | 787.64 | -2.24% |
| Non-current provisions | 169.72 | 150.62 | +12.68% |
| Deferred tax liabilities (net) | 1,455.32 | 1,798.81 | -19.10% |
| Other non-current liabilities | 543.99 | 613.75 | -11.37% |
| Total Non-Current Liabilities | 4,440.80 | 5,180.02 | -14.27% |
| 3. Current liabilities | |||
| Current borrowings | 1,129.95 | 1,547.89 | -27.00% |
| Current lease liabilities | 273.51 | 245.71 | +11.31% |
| Trade payables (MSME dues & other payables) | 3,224.29 | 2,874.44 | +12.17% |
| Other current financial liabilities | 744.69 | 461.46 | +61.38% |
| Other current liabilities | 1,798.21 | 1,885.68 | -4.64% |
| Current provisions | 854.36 | 289.23 | +195.39% |
| Current tax liabilities (net) | 58.74 | 55.89 | +5.10% |
| Total Current Liabilities | 8,083.75 | 7,360.31 | +9.83% |
| TOTAL EQUITY AND LIABILITIES | 29,239.72 | 27,306.02 | +7.08% |
Cash Flow: Tracking the Money Movement
The consolidated statement of cash flows highlights strong operating cash generation, enabling the company to comfortably fund capital expenditures, service debt obligations, and return value to shareholders through dividends.
| Consolidated Statement of Cash Flows (Ind AS Schedule III) | For the year ended March 31, 2026 (₹ in Crores) | For the year ended March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net cash generated from operating activities | 3,667.37 | 1,823.14 | +101.16% |
| Purchase of Property, Plant and Equipment and Intangible Assets (CapEx / CWIP) | 1,403.30 | 768.61 | +82.58% |
| Net cash used in investing activities | (1,340.96) | (202.24) | +563.05% |
| Net cash used in financing activities | (2,177.08) | (1,646.57) | +32.22% |
| Net increase / (decrease) in cash and cash equivalents | 149.33 | (25.67) | N/M |
| Cash and cash equivalents at beginning of the year (adjusted) | 883.02 | 908.69 | -2.82% |
| Cash and cash equivalents at end of the year (adjusted) | 1,032.35 | 883.02 | +16.91% |
Funding the Future: CapEx, CWIP & R&D Spending
Capital expenditure outflows remained robust during FY26, totaling ₹1,403.30 Crores compared to ₹769.00 Crores in FY25, directed toward capacity expansion in passenger car radials, manufacturing modernization, and digital execution systems. Capital Work-in-Progress (CWIP) stood at ₹917.90 Crores at year-end. Simultaneously, research and development investments remained a core strategic pillar, with total R&D expenditure reaching ₹1.82 Crores in standalone operations (representing approximately 1% of turnover), alongside comprehensive global R&D spending of ₹45.51 Crores.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Apollo Tyres maintains a robust global network of direct and indirect subsidiaries supporting its commercial operations across international markets. Key overseas and domestic subsidiaries include Apollo Tyres Global Business Services Limited, Trusted Mobility Services Limited, Apollo Tyres Cooperatief U.A., Apollo Tyres (Europe) B.V., Apollo Tyres (NL) B.V., Apollo Tyres (Hungary) Kft., Reifencom GmbH, and Apollo Tires (US) Inc. Additionally, the company holds strategic associate stakes in entities such as KT Telematic Solutions Private Limited (25% equity interest) and CSE Deccan Solar Private Limited (27.27% equity interest).
Strategic Investments & Treasury Holdings
The company holds quoted and unquoted non-current investments measured at fair value through profit and loss (FVTPL) totaling ₹55.60 Crores as of March 31, 2026. These include equity instruments in renewable energy and infrastructure funds, venture investments such as Visby Medical, Inc., and specialized capital partnership holdings.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The leadership team guiding Apollo Tyres comprises highly accomplished professionals possessing extensive expertise in corporate strategy, finance, manufacturing, and governance. The executive leadership includes Onkar Kanwar (Chairman), Neeraj Kanwar (Vice Chairman & Managing Director), and Gaurav Kumar (Chief Financial Officer & Whole-time Director). Key management personnel driving functional excellence include Benoit Rivallant (Chief Commercial Officer), Daniele Lorenzetti (Chief Technology Officer), Hizmy Hassen (Chief Digital Officer), Parmeshwaran Iyer (Chief Supply Chain Officer), R. Mahalakshmi (Chief Human Resources Officer), Rajeev Kumar Sinha (Chief Manufacturing & Sustainability Officer), Sunam Sarkar (President & Chief Operating Officer), and Seema Thapar (Company Secretary & Compliance Officer).
Who Owns the Stock? Shareholding Pattern
As of March 31, 2026, the total issued, subscribed, and paid-up equity share capital of the company stood at 635,100,946 equity shares of ₹1/- each. The shareholding distribution is structured as follows:
| Disclosed Major Shareholder / Category | Number of Shares | % of Total Shares |
|---|---|---|
| Promoter / Promoter Group | 23,45,67,487 | 36.93% |
| Mutual Funds / Banks / FIs / AIF / QIBs | 17,50,22,265 | 27.56% |
| Foreign Institutional Investors (FII) / NRIs | 7,99,64,575 | 12.59% |
| Foreign Body Corporates | 6,30,50,966 | 9.93% |
| Public Shareholders | 6,99,74,541 | 11.02% |
| Government of Kerala / KSIDC | 1,00,01,500 | 1.57% |
| Non-Promoter Non-Public (ESOP Trust) | 25,19,612 | 0.40% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
- Dual-Brand Strategy: Strong market positioning anchored by the Apollo brand in mass-premium segments and the Vredestein brand in ultra-luxury and high-performance categories.
- Manufacturing Excellence: State-of-the-art, highly automated production facilities in India and Hungary equipped with advanced execution systems (AMES) and Zero Liquid Discharge capabilities.
- Brand Equity & Partnerships: High-visibility sports marketing initiatives, including serving as the Lead Sponsor and official jersey partner for Team India (BCCI) alongside long-standing global partnerships such as Manchester United F.C.
- Robust ESG Integration: Science Based Targets initiative (SBTi) validation for emission reduction targets, EcoVadis Gold rating (98th percentile), and leadership ratings from CDP in Climate Change and Water Security.
What Could Go Wrong? Key Challenges & Business Risks
- Raw Material Price Volatility: Sensitivity to price fluctuations in natural rubber, crude-derived synthetics, carbon black, and fabric, which can exert margin pressure if cost increases cannot be fully passed on.
- Geopolitical & Macroeconomic Uncertainties: Evolving trade dynamics, energy price volatility, and economic softness across key international markets like Europe and North America.
- Foreign Exchange Fluctuations: Exposure to currency depreciation (particularly the Indian Rupee against the US Dollar and Euro) impacting import costs and overseas debt servicing.
- Intense Industry Competition: Heightened competitive intensity from global and domestic tyre manufacturers requiring continuous innovation and cost competitiveness.
The Next Chapter: Growth & CapEx Initiatives
Under the banner of ‘Momentum 2.0’, the company is placing renewed emphasis on financial stewardship, product premiumisation, digital transformation, and sustainable growth. Strategic priorities include expanding passenger car radial capacities, deepening rural penetration through targeted distribution initiatives (‘One District, One ARD’), scaling AI-driven manufacturing efficiencies, and advancing toward long-term sustainability goals, including 40% sustainable material usage and RE50 renewable electricity adoption by 2030.
The Verdict: Strategic Outlook & Conclusion
Apollo Tyres enters the future on a solid foundation of robust financial performance, disciplined capital allocation, and strong brand equity. By successfully aligning operational excellence with rigorous environmental, social, and governance standards, the company is well-positioned to navigate macroeconomic headwinds, capture emerging mobility trends, and deliver sustainable, long-term value to its shareholders and stakeholders.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://corporate.apollotyres.com/