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Apcotex Industries Limited (APCOTEXIND)

₹597.45 +1.62% last close, 16 Oct

📊 NSE: APCOTEXIND 🏢 Rubber 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Apcotex Industries' revenue was ₹526 Cr, and net profit ₹78.9 Cr; the operating margin was 22.3%.

Q1 FY27 (₹ Cr)	Value	YoY	QoQ
Revenue	₹526	—	—
Operating profit	₹117	—	—
Net profit	₹78.9	—	—
EPS (₹)	15.23	—	—
Operating margin	22.3%	—	—

Full quarterly financials → Results calendar →

APCOTEXIND delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 55.58% of the APCOTEXIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.91%. That is close to its usual level.

55.58%Delivery, 16 Oct

51.91%Own 20-session average

0.5×Volume vs its average

₹597.45NSE close · +1.62%

Delivery in the last 5 sessions: 46.0% · 53.4% · 46.7% · 50.6% · 55.6%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Apcotex Industries Submits Reg 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 02:40 PM

Apcotex Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that all share certificates received for dematerialisation during the quarter were processed, confirmed or rejected, and mutilated in accordance with regulatory timelines. This is a standard quarterly administrative filing with no impact on business operations.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018.
Covers the quarter ended 30th September 2026.
Issued by RTA MUFG Intime India Private Limited on 06-10-2026.

💡 No action is required as this is a recurring regulatory compliance filing. Investors should look out for the upcoming Q2 FY27 earnings announcement for material updates.

ICRA Reaffirms Apcotex Industries' Rating at [ICRA]AA- (Stable) for Rs 588.89 Cr Limits

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 05:49 PM

ICRA Limited has reaffirmed the credit ratings for Apcotex Industries Limited's bank facilities totaling Rs 588.89 crore. The long-term facilities, including enhanced cash credit of Rs 168.00 crore and term loans of Rs 196.89 crore, were reaffirmed at [ICRA]AA- with a Stable outlook. Short-term facilities of Rs 54.00 crore and interchangeable limits were reaffirmed at the highest short-term grade of [ICRA]A1+. The rating reaffirmation reflects the company's strong financial profile, supported by low leverage (D/E of 0.15) and solid debt servicing capability.

Total bank limits rated by ICRA stand at Rs 588.89 crore.
Long-term rating reaffirmed at [ICRA]AA- with a Stable outlook.
Short-term rating reaffirmed at [ICRA]A1+.
Assigned enhanced amounts for Fund Based Term Loans (Rs 196.89 crore) and Cash Credit (Rs 168.00 crore).

💡 Track the commissioning and ramp-up of capacity expansions alongside quarterly debt levels to observe if enhanced credit limits are being drawn down.

₹526 Cr Record Revenue: Apcotex Q1 FY27 PAT Jumps 311% Despite Export Headwinds

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Aug 2026, 12:31 PM

Apcotex Industries reported its highest-ever quarterly performance in Q1 FY27, with revenue reaching ₹526 Cr, a 40% YoY increase driven by improved price realizations. EBITDA margins expanded significantly to 22.3% from 10.3% YoY, supported by ~2% inventory gains and operational efficiencies. While export volumes declined 10-12% due to geopolitical disruptions in West Asia, domestic volumes grew by 10%. Management maintains a sustainable margin outlook of 15-16% and expects new capacity to add ₹600 Cr to the top line starting FY28.

Achieved record quarterly revenue of ₹526 Cr, a 40% increase over the previous year.
PAT surged 311% YoY to ₹79 Cr, with PAT margins improving from 5.11% to 15.01%.
Operating EBITDA grew 203% YoY to ₹117 Cr, hitting a record margin of 22.3%.
Domestic volumes grew 10%, partially offsetting a 10-12% drop in export volumes caused by MENA region disruptions.
Ongoing CAPEX for NBR and synthetic latex expected to add ₹600 Cr to revenue potential by 2027.

💡 Watch for the stabilization of EBITDA margins toward the 15-16% target as one-time inventory gains normalize, and track the commissioning timeline of the NBR expansion in Q1 FY28.

Apcotex Industries releases audio recording of Q1 FY27 earnings conference call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jul 2026, 06:05 PM

Apcotex Industries has published the audio recording of its earnings conference call held on July 30, 2026, for the quarter ended June 30, 2026. This is a standard regulatory disclosure under SEBI (LODR) Regulations. The recording provides management's perspective on the company's performance and its ongoing 37,000-tonne capacity expansion. This expansion is critical as it holds a revenue potential of Rs 550 Cr to Rs 600 Cr, nearly matching the current TTM revenue of Rs 687 Cr.

Earnings conference call held on July 30, 2026, for the quarter ended June 30, 2026
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Management commentary typically addresses the 37,000-tonne capacity expansion project
Expansion project estimated to unlock revenue potential of INR 550 Cr to INR 600 Cr

💡 Investors should review the recording for updates on the utilization levels of the new 37,000-tonne capacity and management's strategy to counter raw material price volatility.

311% PAT Growth: Apcotex Hits Record Q1 FY27 Revenue of ₹525.6 Cr with 22.3% EBITDA Margin

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jul 2026, 11:30 AM

Apcotex Industries reported its strongest-ever quarterly performance in Q1 FY27, with revenue growing 39.9% YoY to ₹525.6 crore. Profitability saw a massive surge, with PAT increasing 310.9% YoY to ₹78.9 crore, driven by higher price realizations despite lower sales volumes. EBITDA margins expanded significantly by 1,198 bps to 22.28%, reflecting strong operating leverage and pricing power. However, export volumes were hindered by geopolitical tensions in West Asia and logistics disruptions.

Revenue reached an all-time quarterly high of ₹525.6 crore, a 39.9% YoY increase from ₹375.8 crore.
EBITDA grew by 202.6% YoY to ₹117.1 crore, with margins expanding to 22.28% from 10.30%.
Net Profit (PAT) surged 310.9% YoY to ₹78.9 crore, which is approximately 78% of the total PAT earned in FY26.
Diluted EPS for the quarter stood at ₹15.23, a significant jump from ₹3.70 in Q1 FY26.
Total manufacturing capacity across Taloja and Valia plants stands at 181,000 MTPA.

💡 Monitor the sustainability of the 22.3% EBITDA margin, as management noted it was driven by price realizations rather than volume growth. Watch for the resolution of West Asia logistics issues which are currently impacting export shipments.

Apcotex Q1 FY27 PAT Jumps 312% YoY to ₹78.94 Cr; Revenue Up 40%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jul 2026, 02:12 PM

Apcotex Industries reported a robust Q1 FY27 with revenue from operations rising 39.9% YoY to ₹525.63 Cr. Net profit surged 312% to ₹78.94 Cr, compared to ₹19.16 Cr in the same quarter last year, driven by strong operational performance. The quarterly EPS reached ₹15.23, a significant jump from ₹3.70 YoY. This performance indicates high utilization of the recently added 37,000-tonne capacity and improved operating leverage.

Revenue from operations increased 39.9% YoY to ₹525.63 Cr from ₹375.76 Cr.
Net Profit after Tax (PAT) grew by 312% YoY to ₹78.94 Cr.
Earnings Per Share (EPS) for the quarter stood at ₹15.23 vs ₹3.70 in Q1 FY26.
Profit Before Tax (PBT) rose to ₹104.65 Cr, a 297% increase over the previous year's ₹26.33 Cr.
Total Comprehensive Income for the period reached ₹86.81 Cr.

💡 Investors should monitor the sustainability of these margins and the utilization levels of the 37,000-tonne expansion. Key factors to watch include raw material price trends for Styrene and Butadiene and the company's success in the Southeast Asian glove market.

July 30, 2026: Apcotex Industries Schedules Q1-FY27 Earnings Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Jul 2026, 05:23 PM

Apcotex Industries has scheduled its Q1-FY27 earnings conference call for July 30, 2026, at 2:00 PM IST. Management will discuss the financial performance for the quarter ended June 30, 2026, providing updates on the company's operations. This comes as the company works toward a 37,000-tonne capacity expansion intended to unlock ₹550-600 Cr in additional revenue. With a TTM revenue of ₹687 Cr and a high P/E of 86.6, investors will be looking for signs of volume growth and margin stability.

Earnings conference call scheduled for July 30, 2026, at 2:00 PM IST
Management representation includes Vice Chairman & Managing Director and the CFO
Discussion to focus on financial performance for the quarter ended June 30, 2026
Company is targeting a peak revenue potential of ₹1,600 Cr to ₹1,700 Cr with existing and new capacities

💡 Monitor the Q1-FY27 financial results and the subsequent management commentary for updates on the utilization levels of the new 37,000-tonne capacity.

Apcotex Industries confirms Q1 FY27 compliance for share dematerialization

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 05:35 PM

Apcotex Industries Limited has submitted its quarterly compliance certificate for the period ended June 30, 2026, as required under SEBI (Depositories and Participants) Regulations. The document, provided by Registrar MUFG Intime India Private Limited, confirms that all physical share certificates received for dematerialization were processed, cancelled, and the register of members updated. This is a standard administrative filing ensuring the integrity of the shareholding records. There is no impact on the company's financial health or business strategy.

Compliance report submitted for the quarter ended 30th June 2026
Registrar MUFG Intime India Private Limited confirmed processing within prescribed timelines
Physical certificates were mutilated and cancelled after due verification by depository participants

💡 This is a routine administrative filing. Investors should focus on upcoming quarterly earnings for operational updates rather than this procedural document.

Apcotex Industries Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 05:03 PM

Apcotex Industries Limited has informed the exchanges that its trading window will be closed starting July 1, 2026, for designated persons and their relatives. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the audited financial results are declared. The specific date for the board meeting to approve these results will be announced separately.

Trading window closure begins on July 1, 2026, for the quarter ending June 30, 2026.
Closure applies to all designated persons and their immediate relatives as per SEBI regulations.
The window will reopen 48 hours after the official declaration of the audited financial results.
The board meeting date for result approval is yet to be intimated to the stock exchanges.

💡 This is a routine regulatory announcement with no direct impact on the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the Q1 financial performance.

Apcotex Re-appoints Ravishankar Sharma as ED for 2 Years; Atul Choksey Continues as Chairman

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 25 Jun 2026, 08:51 PM

Apcotex Industries has received shareholder approval for the re-appointment of Mr. Ravishankar Sharma as Executive Director for a two-year term effective from May 1, 2026. Shareholders also approved the continuation of Mr. Atul Choksey as Chairman beyond the age of 75, ensuring the retention of his extensive industry experience. Mr. Sharma has over 35 years of expertise in specialty chemicals and manufacturing. Mr. Choksey, a former MD of Asian Paints, provides significant strategic oversight to the board, maintaining leadership stability.

Re-appointment of Mr. Ravishankar Sharma as Executive Director for a 2-year term until April 30, 2028.
Shareholder approval for Mr. Atul Choksey to continue as Chairman after attaining 75 years of age.
Mr. Sharma brings 35+ years of experience in Production, Projects, and Specialty Chemicals.
Mr. Choksey previously served as Managing Director of Asian Paints for 13 years (1984-1997).

💡 The move ensures management continuity and retains experienced leadership at the helm. Investors should remain focused on the company's operational performance as the leadership structure remains stable.

Apcotex Industries Shareholders Approve Final Dividend and Management Re-appointments at 40th AGM

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 25 Jun 2026, 08:36 PM

Apcotex Industries Limited held its 40th Annual General Meeting on June 25, 2026, where shareholders approved all seven proposed resolutions. Key approvals include the adoption of FY2025-26 financial statements and the declaration of a final dividend. Shareholders also supported the re-appointment of Mr. Amit Choksey and Mr. Ravishankar Sharma to the board. The resolution for the continuation of Mr. Atul Choksey as Chairman was successfully passed as a special resolution.

All 7 resolutions passed with significant majorities, including the declaration of a final dividend for FY26.
Total voter turnout was 60.53%, with 31,383,502 votes polled out of 51,844,960 total shares.
Resolution 6 regarding remuneration for a single Non-Executive Director saw 22.8% institutional dissent but passed overall.
Special resolutions for the re-appointment of Executive Director Ravishankar Sharma and Chairman Atul Choksey were approved.
The dividend resolution (Resolution 2) passed with 99.9991% of votes in favor.

💡 Investors can remain confident in the management continuity and the confirmed dividend payout. No immediate portfolio changes are required as the meeting outcomes align with standard corporate expectations.

Apcotex Industries Shareholders Approve Final Dividend and Key Re-appointments at 40th AGM

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 25 Jun 2026, 07:54 PM

Apcotex Industries Limited held its 40th Annual General Meeting on June 25, 2026, where shareholders approved all seven proposed resolutions with significant majorities. Key approvals included the adoption of financial statements for FY 2025-26 and the declaration of a final dividend for the same period. Management continuity was reinforced through the re-appointment of Mr. Amit Choksey and Executive Director Mr. Ravishankar Sharma. Additionally, the continuation of Mr. Atul Choksey as Chairman was ratified with 99.99% of the total votes cast in favor.

Shareholders approved the declaration of a final dividend for the financial year ended March 31, 2026.
A total of 7 resolutions were passed, with approximately 60.53% of total shares (31.38 million votes) polled.
The resolution for the continuation of Mr. Atul Choksey as Chairman passed with 99.99% favor.
Approval of annual remuneration for a single Non-Executive Director passed with 99.35% overall favor, despite 22.8% institutional votes against.
Re-appointment of Mr. Ravishankar Sharma as Executive Director was approved via a Special Resolution.

💡 Investors should note the approval of the final dividend and the stability in leadership as positive indicators. No immediate action is required as these are standard corporate governance proceedings.

Apcotex Industries Issues KYC Update Reminder to Physical Shareholders

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Jun 2026, 05:27 PM

Apcotex Industries has dispatched reminder letters to shareholders holding shares in physical mode to update their KYC details as per SEBI's Master Circular dated February 6, 2026. The update requires mandatory submission of PAN, bank account details, mobile numbers, and specimen signatures to the Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited. Failure to comply will restrict shareholders from lodging grievances or receiving dividends, which will only be paid via electronic mode. The company is also encouraging the conversion of physical shares into dematerialized form to enhance market liquidity.

Compliance with SEBI Master Circular dated February 6, 2026, for physical share folios
Mandatory submission of PAN, Bank Account, Mobile Number, and Specimen Signature required
Dividends will only be processed through electronic mode after successful KYC updation
Shareholders urged to dematerialize physical shares to improve market liquidity and ease of trading

💡 Shareholders holding physical certificates should immediately submit the required KYC forms to the RTA to ensure uninterrupted dividend credits. General investors in demat form are unaffected by this administrative update.

Apcotex Industries to Hold 40th AGM on June 25, 2026; Releases FY 2025-26 Annual Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Jun 2026, 04:15 PM

Apcotex Industries Limited has scheduled its 40th Annual General Meeting (AGM) for June 25, 2026, at 11:00 AM IST via video conferencing. The company has dispatched letters to shareholders whose email addresses are not registered, providing a direct web link to the Annual Report for the Financial Year 2025-26. This communication ensures compliance with SEBI (LODR) Regulations and facilitates access to the company's financial performance data for all members. Shareholders are also encouraged to update their contact details to support digital communication initiatives.

The 40th Annual General Meeting is scheduled for June 25, 2026, via Video Conferencing (VC).
Annual Report for FY 2025-26 is now accessible through a dedicated web link and QR code provided by the company.
Letters were specifically sent to shareholders without registered email addresses to ensure they can access the report.
Shareholders have the option to request a physical copy of the Annual Report by contacting the company's registrar.

💡 Investors should download and review the FY 2025-26 Annual Report from the company's website to evaluate financial performance ahead of the AGM on June 25.

Apcotex Industries Announces ₹5.50 Final Dividend and Issues TDS Guidelines

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 30 May 2026, 06:28 PM

Apcotex Industries Limited has recommended a final dividend of ₹5.50 per equity share (face value ₹2.00) for FY 2025-26. The record date for determining eligibility is June 12, 2026, and the dividend is subject to shareholder approval at the upcoming 40th AGM. The company has issued a detailed communication regarding Tax Deducted at Source (TDS), outlining a 10% deduction for resident shareholders with valid PAN and higher rates for those without. Resident individuals are exempt from TDS if their total dividend for the year does not exceed ₹10,000.

Recommended final dividend of ₹5.50 per equity share for the financial year 2025-26.
Record date for dividend entitlement is fixed as June 12, 2026.
TDS of 10% will be applied for resident shareholders with a valid PAN; 20% if PAN is missing or invalid.
No TDS for resident individuals if the aggregate dividend paid during FY 2026-27 is ₹10,000 or less.
Deadline for submitting tax-related documents and exemption forms is June 12, 2026, by 5:00 PM IST.

💡 Shareholders should ensure their PAN and bank account details are updated with their DP or RTA and submit relevant tax exemption forms by June 12, 2026, to ensure appropriate tax treatment.

View All APCOTEXIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 23.8% in FY25 to INR 1,392.35 Cr from INR 1,124.55 Cr in FY24. In H1 FY26, revenue reached INR 712.5 Cr, a 3.6% YoY increase, despite a 4% revenue decline in Q2 FY26 (INR 337 Cr) caused by lower realizations from falling raw material prices.

Geographic Revenue Split

The company achieved its highest-ever export volumes in H1 FY26, contributing to an 18% overall volume growth. While specific regional percentages are not disclosed, the company maintains a strong regional position in South and Southeast Asia to leverage freight advantages.

Profitability Margins

Net Profit After Tax (PAT) for H1 FY26 was INR 44.5 Cr, a 72.5% increase YoY. PAT margins improved from 3.75% in H1 FY25 to 6.25% in H1 FY26. FY25 Profit Before Tax stood at INR 76.24 Cr, up 2.3% from INR 74.51 Cr in FY24.

EBITDA Margin

Operating EBITDA margin for H1 FY26 was 11.13%, up 251 bps from 8.62% in H1 FY25. Q2 FY26 EBITDA margin reached 12.06% (INR 41 Cr), driven by volume growth and margin expansion despite lower top-line revenue.

Capital Expenditure

The company invested INR 49.95 Cr in Property, Plant, and Equipment and Intangibles during FY25, an 80% increase from the INR 27.77 Cr spent in FY24. A major 37,000-tonne capacity expansion is underway to unlock future revenue.

Credit Rating & Borrowing

ICRA reaffirmed ratings with a comfortable liquidity profile supported by cash and investments of INR 132 Cr as of March 31, 2025. Finance costs decreased 20.5% YoY in H1 FY26 to INR 6.6 Cr as the company turned net cash positive by September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Styrene, Butadiene, and Acrylonitrile, which collectively represent approximately 70% of the total revenue cost.

Import Sources

Not specifically disclosed, but the company faces competition and pricing pressure from global suppliers in Korea, Russia, and China.

Capacity Expansion

Current capacity expansion of 37,000 tonnes is expected to unlock revenue potential of INR 550 Cr to INR 600 Cr. The company estimates a peak revenue potential of INR 1,600 Cr to INR 1,700 Cr with existing and newly commissioned capacities.

Raw Material Costs

Raw material costs in FY25 were INR 1,022.10 Cr, representing 73.4% of operating revenue. Profitability is highly vulnerable to volatility in Styrene and Butadiene prices, as the company typically benefits when prices rise and faces stock losses when they fall.

Manufacturing Efficiency

Volume growth of 18% in H1 FY26 indicates high utilization. Management notes that increasing utilization from 80% to 90%+ provides the operating leverage to reject low-margin orders and improve absolute margins.

Logistics & Distribution

The company benefits from regional proximity in South and Southeast Asia, making it highly competitive in freight-sensitive products like synthetic latex compared to global peers.

📈 Strategic Growth

Expected Growth Rate

18%

Growth Strategy

Growth is driven by a 37,000-tonne capacity expansion, increasing export volumes, and diversifying the customer mix. The company is also pursuing anti-dumping duties to protect domestic market share from unfair foreign competition.

Products & Services

Synthetic rubber (NBR) and synthetic latex (Nitrile latex) used in industries like paper, carpets, construction, and gloves.

Brand Portfolio

Apcotex.

New Products/Services

The company is focusing on specialized, margin-accretive segments within the 37,000-tonne expansion to improve overall profitability.

Market Expansion

Targeting increased market share in Southeast Asian glove manufacturing, which is growing due to US tariffs on Chinese-made nitrile gloves.

Market Share & Ranking

Strong market position in the synthetic rubber and synthetic latex segments in India; recognized as a leading regional player in South and Southeast Asia.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward regional supply chains to manage freight costs. Apcotex is positioning itself to capture this by expanding capacity and seeking regulatory protection via anti-dumping duties.

Competitive Landscape

Faces intense competition from large global players in Korea, Russia, and China who often have larger scales of operation.

Competitive Moat

The moat is built on logistical advantages in freight-sensitive latex and a 30-year promoter experience. This is sustainable as long as the company maintains regional proximity and cost-efficient manufacturing.

Macro Economic Sensitivity

Highly sensitive to global petrochemical cycles and economic growth in India and Southeast Asia, which drive demand for rubber and latex products.

Consumer Behavior

Increased demand for nitrile gloves and specialized synthetic rubbers in industrial applications is driving volume growth.

Geopolitical Risks

US-China trade tensions (tariffs on Chinese gloves) have shifted demand to Southeast Asian manufacturers, benefiting Apcotex as a regional supplier of nitrile latex.

⚖️ Regulatory & Governance

Industry Regulations

The Director General of Trade Remedies (DGTR) issued positive final findings on anti-dumping duties for the company's products, which is expected to provide a level playing field against imports.