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Indian tire maker for cars, trucks and two-wheelers, also owning the European Vredestein premium tire brand.
Indian tire maker for cars, trucks and two-wheelers, also owning the European Vredestein premium tire brand.
Sells most of its tires through the replacement market, meaning dealer purchases when tires wear out, with fewer sales to new-vehicle makers; natural rubber and oil-derived inputs are a big cost. The Kanwar family controls the company. It bought Vredestein in 2009 to enter Europe.
Moat: narrow (brand, distribution, scale). Strong domestic brand and OEM relationships, plus a premium European brand, but MRF and global majors compete hard.
Headquarters: Gurugram, India · Founded: 1972 · Employees: 15,027
Size Apollo Tyres (APOLLOTYRE.NS) is an India Consumer Discretionary company (Automotive Aftermarket) with a market value of $2.80B, the 303rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹415.95 on 6 Nov 2026.
Performance Over six months the shares gained 1.4%, against -3.1% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 13.8% over the last twelve months (peer median +4.7%); the operating margin is 8.0% (peer median 8.4%).
Valuation It trades at 16.6× forward earnings against a peer median of 17.4× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.4 points below its cost of capital (14.7% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹304B | ₹283B | ₹259B | ₹251B | ₹242B |
| Revenue growth | — | +9% | +3% | +4% | — |
| Gross profit | ₹80.3B | ₹68.7B | ₹54.5B | ₹59.2B | ₹43.7B |
| EBITDA | ₹39.8B | ₹43.9B | ₹35.5B | ₹43.8B | ₹29.7B |
| Net income | ₹17.4B | ₹13.7B | ₹11.2B | ₹17.2B | ₹10.5B |
| Free cash flow | n/a | ₹19.2B | ₹6.68B | ₹22.7B | ₹9.14B |
| Capital expenditure | n/a | ₹14.0B | ₹7.69B | ₹7.30B | ₹7.77B |
| Total debt | ₹55.1B | ₹36.8B | ₹44.1B | ₹49.1B | ₹64.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Apollo Tyres APOLLOTYRE.NS | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% |
| MRF MRF.NS | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% |
| CEAT CEATLTD.NS | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% |
| JK Tyre & Industries JKTYRE.NS | $1.10B | -12% | +13% | 7% | 20.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APOLLOTYRE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | -0.1% | 7th highest of 21 |
| 6-month return | +1.4% | -3.1% | 9th highest of 21 |
| Distance from 52-week high | -23.0% | -24.3% | 11th highest of 21 |
| Revenue growth (TTM) | +13.8% | +4.7% | 6th highest of 21 |
| Operating margin | 8.0% | 8.4% | 9th lowest of 21 |
| Forward P/E | 16.6× | 17.4× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 15.6% | 0.0% | 4th most demanding of 16 |
| Growth delivered (Del g) | +10.7% | +8.8% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | +4.8 pp | -8.1 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | -6.4 pp | -0.4 pp | 2nd lowest of 21 |
| EV / EBITDA | 7.8× | 6.1× | 6th most expensive of 14 |
| Net debt / EBITDA | 1.1× | 1.3× | 7th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Dorman Products DORM | United States | $4.03B | +10% | +2% | 16% | 15.8× | 4.3% | +14.3% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| Balkrishna Industries BALKRISIND.NS | India | $4.93B | +7% | +20% | 15% | 30.5× | n/a | n/a |
| LKQ LKQ | United States | $5.06B | -31% | -3% | 7% | 9.3× | 0.0% | +3.3% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |
| Hankook Tire & Technology 161390.KS | South Korea | $5.56B | +5% | +43% | 10% | 6.1× | -13.2% | +26.9% |
| MRF MRF.NS | India | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% | +14.0% |
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |
| Sailun 601058.SS | China | $5.92B | -10% | +12% | 12% | 10.4× | n/a | n/a |
| Goodyear Tire & Rubber GT | United States | $1.26B | -33% | -4% | 3% | n/a | 5.9% | +8.2% |
| TS Tech 7313.T | Japan | $1.25B | -3% | 0% | 2% | 23.3× | n/a | n/a |
| Yokohama Rubber 5101.T | Japan | $6.78B | +8% | +13% | 15% | 8.1× | n/a | n/a |