Financials Apollo Tyres Limited

Equities

APOLLOTYRE

INE438A01022

Tires & Rubber Products

Market Closed - NSE India S.E. Other stock markets 07:43:46 2024-04-26 am EDT			5-day change	1st Jan Change
492.4 ^INR	-1.38%		+4.01%	+8.45%

Apr. 16	Apollo Tyres Limited Receives Order from Deputy Commissioner, Tamil Nadu Under Central Goods and Services Tax Act, 2017	CI
Apr. 09	Apollo Tyres Limited Submits Order Received by the Company Under Central Goods and Services Tax Act, 2017	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	127,424	45,421	142,072	121,304	203,169	312,724	-	-
Enterprise Value (EV) ¹	166,777	111,537	168,487	175,842	254,895	348,988	332,343	315,762
P/E ratio	18.8 x	9.53 x	39.4 x	19 x	18.4 x	16.7 x	15 x	13.4 x
Yield	1.46%	3.78%	1.56%	1.7%	1.41%	1.36%	1.54%	1.74%
Capitalization / Revenue	0.73 x	0.28 x	0.82 x	0.58 x	0.83 x	1.22 x	1.14 x	1.07 x
EV / Revenue	0.95 x	0.68 x	0.97 x	0.84 x	1.04 x	1.37 x	1.21 x	1.08 x
EV / EBITDA	8.51 x	5.82 x	6.02 x	6.83 x	7.69 x	7.73 x	7.13 x	6.38 x
EV / FCF	-15.6 x	-35 x	13.4 x	44.8 x	18.7 x	13.4 x	12.9 x	13.3 x
FCF Yield	-6.39%	-2.86%	7.46%	2.23%	5.33%	7.48%	7.76%	7.5%
Price to Book	1.27 x	0.46 x	1.24 x	1.03 x	1.58 x	2.19 x	1.98 x	1.78 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	492.4	492.4	492.4
Announcement Date	5/9/19	5/19/20	5/12/21	5/12/22	5/9/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	175,488	163,270	173,970	209,476	245,681	255,538	273,877	293,022
EBITDA ¹	19,586	19,155	27,975	25,741	33,139	45,146	46,600	49,500
EBIT ¹	11,460	7,774	14,825	11,744	18,948	30,278	30,980	33,268
Operating Margin	6.53%	4.76%	8.52%	5.61%	7.71%	11.85%	11.31%	11.35%
Earnings before Tax (EBT) ¹	8,881	5,434	5,612	8,477	14,272	26,354	28,412	31,906
Net income ¹	6,798	4,764	3,502	6,386	11,046	18,600	20,966	23,523
Net margin	3.87%	2.92%	2.01%	3.05%	4.5%	7.28%	7.66%	8.03%
EPS ²	11.88	8.330	5.680	10.06	17.39	29.54	32.80	36.75
Free Cash Flow ¹	-10,660	-3,188	12,567	3,925	13,598	26,106	25,780	23,673
FCF margin	-6.07%	-1.95%	7.22%	1.87%	5.53%	10.22%	9.41%	8.08%
FCF Conversion (EBITDA)	-	-	44.92%	15.25%	41.03%	57.83%	55.32%	47.82%
FCF Conversion (Net income)	-	-	358.82%	61.47%	123.1%	140.35%	122.96%	100.64%
Dividend per Share ²	3.250	3.000	3.500	3.250	4.500	6.684	7.596	8.545
Announcement Date	5/9/19	5/19/20	5/12/21	5/12/22	5/9/23	-	-	-

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	64,505	-
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	11,289	-
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%	11.68%	-
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%	7.39%	-
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	6.270
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	19,619	3,038
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.009 x	3.452 x	0.9442 x	2.119 x	1.561 x	0.8033 x	0.421 x	0.0614 x
Free Cash Flow ¹	-10,660	-3,188	12,567	3,925	13,598	26,106	25,780	23,673
ROE (net income / shareholders' equity)	9.01%	4.77%	3.28%	5.51%	8.97%	13.6%	13.7%	13.7%
ROA (Net income/ Total Assets)	4.44%	2.19%	1.42%	2.42%	4.05%	6.75%	7.65%	9.17%
Assets ¹	153,021	217,267	246,566	263,699	272,525	275,615	273,943	256,511
Book Value Per Share ²	176.0	174.0	180.0	185.0	203.0	225.0	249.0	277.0
Cash Flow per Share ²	18.70	-	39.70	35.30	33.60	79.00	63.90	75.80
Capex ¹	21,370	28,361	11,902	18,462	7,746	10,616	12,710	15,648
Capex / Sales	12.18%	17.37%	6.84%	8.81%	3.15%	4.15%	4.64%	5.34%
Announcement Date	5/9/19	5/19/20	5/12/21	5/12/22	5/9/23	-	-	-

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

Ratings for Apollo Tyres Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

492.4 INR

Average target price

545.8 INR

Spread / Average Target

+10.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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