🔍

APOLLOTYRE - Apollo Tyres

📊 NSE: APOLLOTYRE 🏢 Tyres 📅 Last Updated: 12/13/2025 18:26

📢 Recent Corporate Announcements

Apollo Tyres Reports Nil Physical Share Transfer Re-lodgment Requests for Feb 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Mar 2026, 05:44 PM

Apollo Tyres Limited has filed a status report regarding the re-lodgment of transfer requests for physical shares as of February 28, 2026. This disclosure is in compliance with SEBI circulars from 2025 and 2026 that provided a special window for such administrative requests. The report, issued by registrar KFin Technologies, indicates that zero requests were received, processed, or rejected during the month. This is a routine regulatory filing with no impact on the company's financial health or operations.

Zero requests received for re-lodgment of physical share transfers during February 2026
Compliance report submitted as per SEBI circulars dated July 2, 2025, and January 30, 2026
KFin Technologies Limited confirmed NIL status for all processing categories including approvals and rejections
The report covers the status of the special window provided for physical share transfers as of February 28, 2026

💡 No action is required from investors as this is a routine administrative filing. Focus remains on the company's upcoming quarterly earnings and industry demand trends.

Apollo Tyres ESG Rating Revised Upwards to 75.1 for FY 2025

🟢 POSITIVE ⭐ 4/10

OTHER 📅 25 Feb 2026, 11:22 AM

Apollo Tyres has reported a marginal upward revision in its ESG rating assigned by SES ESG Research Private Limited. The rating for the financial year 2025 has been adjusted from 74.9 to 75.1. This update follows a previous disclosure made on February 21, 2026, and aligns with SEBI's regulatory requirements for ESG reporting. Such improvements reflect the company's ongoing commitment to environmental, social, and governance standards, which is increasingly relevant for institutional investors.

SES ESG Research Private Limited revised the ESG rating for FY 2025.
The rating score increased from 74.9 to 75.1.
The update is in compliance with Regulation 30 of SEBI (LODR) Regulations.
The revision follows a very recent previous rating intimation dated February 21, 2026.

💡 Investors should note the incremental improvement in ESG metrics, which enhances the company's profile for sustainability-focused funds. No immediate portfolio action is required based solely on this minor rating adjustment.

Apollo Tyres Assigned ESG Rating of 74.9 for FY 2025 by SES ESG Research

🟢 POSITIVE ⭐ 4/10

OTHER 📅 21 Feb 2026, 12:55 PM

Apollo Tyres has announced that SES ESG Research Private Limited has voluntarily assigned the company an ESG rating of 74.9 for the financial year 2025. This disclosure is in compliance with the updated SEBI Master Circular regarding ESG ratings and transparency. The score reflects the company's commitment to Environmental, Social, and Governance standards, which is increasingly critical for institutional investor mandates. This rating provides a benchmark for the company's non-financial performance and sustainability initiatives.

SES ESG Research Private Limited assigned a voluntary ESG rating of 74.9 for FY 2025.
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The rating follows the guidelines of the SEBI Master Circular dated January 30, 2026.
The information has been officially recorded and published on the company's website.

💡 Investors should monitor this score as a measure of the company's long-term sustainability and its ability to attract ESG-focused institutional capital. No immediate portfolio changes are necessary based on this rating alone.

Apollo Tyres Assigned ESG Rating of '69' for FY 2025 by NSE Sustainability Ratings

🟢 POSITIVE ⭐ 5/10

REGULATORY 📅 18 Feb 2026, 11:12 AM

Apollo Tyres Limited has been assigned a voluntary ESG rating of '69' for the financial year 2025 by NSE Sustainability Ratings & Analytics. This disclosure is made in compliance with SEBI's updated master circular on sustainability reporting and transparency. The score provides a benchmark for the company's environmental, social, and governance performance. Such ratings are increasingly used by institutional investors to assess long-term risk and sustainability-led investment potential.

NSE Sustainability Ratings & Analytics assigned an ESG score of 69 for FY 2025.
The rating was assigned voluntarily by the agency and disclosed under SEBI Regulation 30.
The disclosure follows the SEBI Master Circular dated January 30, 2026, regarding sustainability ratings.
This rating serves as a baseline for the company's future ESG performance tracking and institutional reporting.

💡 Investors should view this as a positive step toward transparency that may attract ESG-focused institutional funds. Compare this score with industry peers to gauge Apollo Tyres' relative sustainability standing within the tyre sector.

Apollo Tyres to Participate in Investor Conferences in Mumbai on Feb 23-24, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Feb 2026, 03:08 PM

Apollo Tyres Limited has scheduled participation in two prominent investor conferences in Mumbai. The company will attend the Kotak Chasing Growth 2026 conference on February 23, 2026, followed by IIFL's 17th Enterprising India Global Investors' Conference on February 24, 2026. These meetings allow management to interact with institutional investors and discuss business strategy. Such disclosures are mandatory under SEBI Listing Obligations and Disclosure Requirements.

Participation in Kotak Chasing Growth 2026 conference on February 23, 2026
Attendance at IIFL's 17th Enterprising India Global Investors' Conference on February 24, 2026
Both events are scheduled to take place in Mumbai
Compliance with SEBI Regulation 30(6) and 46(2) regarding investor interactions

💡 Investors should watch for any investor presentations or transcripts that may be released following these conferences for insights into management's growth outlook. No immediate trading action is required based on this routine disclosure.

Apollo Tyres Q3 FY26: Record Revenue of ₹77.4B and ₹5,800 Cr Capex Plan Announced

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 10 Feb 2026, 04:26 PM

Apollo Tyres reported its highest-ever quarterly consolidated revenue of INR 77.4 billion, marking a 12% YoY growth driven by robust double-digit volume growth in India. The company achieved significant deleveraging, with net debt falling to INR 13 billion from INR 26 billion in the previous quarter, resulting in a Net Debt/EBITDA of 0.4x. A major expansion plan of INR 5,800 crore was approved for the Andhra Pradesh plant to be spent over FY27-29 to address high capacity utilization. While India margins were slightly impacted by BCCI sponsorship costs, European margins remained resilient at 17.9%.

Consolidated revenue reached a record INR 77.4 billion, up 12% YoY with consolidated EBITDA margins at 15.3%.
Net debt reduced by 50% in one quarter to INR 13 billion, driven by strong operational cash flows.
Approved INR 5,800 crore capex for AP plant expansion (PCR and TBR) to be executed over the next three financial years.
India volume growth was in mid-teens for OEM and replacement segments, while exports grew nearly 20%.
European operations saw premiumization gains with the Ultra High Performance (UHP) mix rising to 52%.

💡 Investors should focus on the company's aggressive debt reduction and the start of a new growth capex cycle which signals management's confidence in long-term demand. The temporary margin pressure from branding spends is expected to normalize by FY27, making this a strong pick for long-term growth.

Apollo Tyres: Independent Director Vinod Rai Completes Tenure, Effective Feb 9, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 09 Feb 2026, 11:17 AM

Apollo Tyres has announced that Mr. Vinod Rai has completed his second term as a Non-Executive Independent Director on February 8, 2026. Consequently, he has ceased to be a Director of the company with effect from February 9, 2026. This transition is a routine matter following the completion of the maximum permissible tenure for an independent director under Indian law. The company has filed the necessary disclosures with the NSE and BSE regarding this board change.

Mr. Vinod Rai (DIN: 00041867) completed his second term as Independent Director on February 8, 2026
Cessation of directorship is effective from February 9, 2026
The change is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
This was a planned exit due to tenure completion rather than a resignation

💡 No immediate action is required as this is a routine board transition due to regulatory term limits. Investors should monitor future filings for the appointment of a successor to the board.

Apollo Tyres Q3 FY26: Revenue up 12%, EBITDA Jumps 25% with Record India Sales

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:58 PM

Apollo Tyres reported a strong Q3 FY26 with consolidated revenue growing 11.8% YoY to ₹77,431 Mn and EBITDA rising 25.2% to ₹11,859 Mn. The India business achieved its highest-ever quarterly revenue, crossing the ₹5,000 Cr mark, driven by pent-up demand and GST rate reductions. While European demand remained muted, margins improved slightly to 17.9% due to a higher mix of Ultra High Performance (UHP) tyres. Notably, the company significantly reduced its net debt by ₹13 Bn during the quarter, bringing the Net Debt/EBITDA ratio down to 0.4x.

Consolidated revenue grew 11.8% YoY to ₹77,431 Mn, while EBITDA margins expanded by 165 bps to 15.3%.
India operations saw record quarterly revenue of ₹51,390 Mn, marking the highest YoY growth in 12 quarters.
Net debt decreased by ₹13 Bn in Q3, resulting in a healthy Net Debt/EBITDA ratio of 0.4x.
European operations maintained margins at 17.9% despite flattish revenue, supported by a 52% UHP tyre mix.
YTD Free Cash Flow surged to ₹16 Bn compared to ₹3 Bn in the previous full year.

💡 Investors should view the significant debt reduction and record India performance as strong indicators of financial health and operational efficiency. The stock remains a key play in the tyre sector given its improving premium mix and robust cash flow generation.

Apollo Tyres Q3 FY26: EBITDA Jumps 25% YoY; India Revenue Hits Record High of ₹51,390 Mn

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 11:45 AM

Apollo Tyres reported a robust Q3 FY26 performance with consolidated revenue growing 11.8% YoY to ₹77,431 Mn and EBITDA surging 25.2% to ₹11,859 Mn. The India business achieved its highest-ever quarterly revenue, crossing the ₹5,000 Cr mark, driven by pent-up demand and GST rate reductions. Profitability improved significantly with consolidated EBITDA margins expanding by 165 bps to 15.3%. Furthermore, the company successfully reduced its net debt by ₹13 Bn during the quarter, resulting in a strong Net Debt/EBITDA ratio of 0.4x.

Consolidated Revenue increased 11.8% YoY to ₹77,431 Mn, while EBITDA grew 25.2% to ₹11,859 Mn.
India operations reached record quarterly revenue of ₹51,390 Mn, supported by double-digit growth in replacement and OE segments.
Consolidated EBITDA margins expanded by 165 bps YoY to 15.3% due to improved product mix and premiumization.
Net debt decreased by ₹13 Bn in Q3 FY26, bringing the Net Debt/EBITDA ratio down to a healthy 0.4x.
European operations maintained stable EBITDA margins at 17.9% despite a muted demand environment.

💡 Investors should take note of the significant margin expansion and the substantial reduction in debt, which strengthens the balance sheet for future growth. The record performance in the domestic market and the success of the premium Vredestein brand suggest a positive outlook for long-term value creation.

Apollo Tyres Updates Code for Fair Disclosure of Unpublished Price Sensitive Information

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 04 Feb 2026, 06:54 PM

Apollo Tyres has amended its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) to align with SEBI (Prohibition of Insider Trading) Regulations. The updated code outlines strict protocols for the timely and uniform dissemination of price-sensitive information to prevent selective disclosure. It identifies specific authorized spokespersons, including the Chairman and CFO, and establishes a 'need-to-know' framework for internal data handling. Additionally, the policy defines 'Legitimate Purpose' for sharing information with external entities like auditors and lenders.

Amended code approved by the Board of Directors on February 4, 2026, to ensure regulatory compliance.
Identifies 8 authorized spokesperson roles, including the Chairman, Vice Chairman, and CFO, for external communication.
Mandates the publication of transcripts or records of analyst and investor meetings on the company website.
Includes a formal policy for determining 'Legitimate Purpose' when sharing UPSI with partners, lenders, and advisors.
Requires confidentiality agreements and non-disclosure obligations for any external party receiving UPSI.

💡 This is a routine regulatory update regarding corporate governance and insider trading policies. No immediate action is required as it does not impact the company's financial fundamentals.

Apollo Tyres to Invest ₹5,810 Cr for Capacity Expansion; Declares ₹3.50 Interim Dividend

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 04 Feb 2026, 06:48 PM

Apollo Tyres has announced a major capacity expansion at its Andhra Pradesh plant with a total investment of ₹5,810 crore, aimed at adding 3.7 million PCR and 1.3 million TBR tyres per annum by FY29. The company reported strong Q3 FY26 results with consolidated revenue reaching ₹77,430.77 million and a profit of ₹4,705.18 million. Additionally, the board has declared an interim dividend of ₹3.50 per share, rewarding shareholders amid growth plans. The expansion is driven by high current utilization levels of 82% in PCR and 89% in TBR segments.

Investment of ₹5,810 crore planned for capacity expansion in Andhra Pradesh by the end of FY2029.
Proposed addition of 3.7 million Passenger Car Radial (PCR) and 1.3 million Truck Bus Radial (TBR) tyres per annum.
Q3 FY26 consolidated revenue grew to ₹77,430.77 million compared to ₹69,279.54 million in the previous year.
Interim dividend of ₹3.50 per equity share declared with a record date of February 10, 2026.
Expansion to be funded through a mix of internal accruals and debt to meet healthy medium-term demand.

💡 The significant capex indicates strong demand visibility and long-term growth prospects; investors should hold for the expansion cycle while monitoring the impact of new debt on the balance sheet.

Apollo Tyres Q3 PAT Surges 39.5% to ₹470 Cr; Declares ₹3.50 Dividend & ₹5,810 Cr Capex

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 04 Feb 2026, 06:46 PM

Apollo Tyres reported a robust performance for Q3 FY26, with consolidated revenue rising 11.8% YoY to ₹77,431 million and Net Profit surging 39.5% to ₹4,705 million. The company declared an interim dividend of ₹3.50 per share with a record date of February 10, 2026. A major capacity expansion at the Andhra Pradesh plant was also announced, involving an investment of ₹5,810 crore to be completed by FY29. This expansion targets significant volume growth in both Passenger Car Radial (PCR) and Truck Bus Radial (TBR) segments.

Consolidated Net Profit grew 39.5% YoY to ₹4,705 million in Q3 FY26.
Interim dividend of ₹3.50 per equity share (350% on FV of ₹1) declared.
Announced ₹5,810 crore investment for capacity expansion in Andhra Pradesh plant by FY29.
Debt-to-equity ratio significantly improved to 0.14x from 0.25x in the previous year.
Proposed capacity addition of 3.7 million PCR and 1.3 million TBR tyres per annum.

💡 The combination of strong earnings growth, debt reduction, and a clear long-term growth roadmap through massive capex makes this a positive outlook. Investors may consider holding or accumulating on dips given the improved balance sheet and dividend yield.

Apollo Tyres Q3 Profit Rises 39% to ₹470 Cr; Declares ₹3.50 Dividend & ₹5,810 Cr Capex

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 04 Feb 2026, 06:41 PM

Apollo Tyres reported a robust Q3 FY26 with consolidated net profit jumping 39.5% YoY to ₹4,705 million. Revenue grew 11.8% YoY to ₹77,431 million, driven by steady performance across APMEA and Europe segments. The company declared an interim dividend of ₹3.50 per share and announced a massive ₹5,810 crore expansion plan for its Andhra Pradesh plant. This expansion, targeting completion by FY29, will significantly boost PCR and TBR capacities to meet anticipated market demand.

Net Profit increased 39.5% YoY to ₹4,705 million for the quarter ended December 31, 2025.
Revenue from operations stood at ₹77,431 million, up from ₹69,280 million in the same quarter last year.
Interim dividend of ₹3.50 per share (350% of face value) announced with a record date of February 10, 2026.
Approved a ₹5,810 crore capex to add 3.7 million PCR and 1.3 million TBR tyres annually by FY29.
Financial health improved significantly with the debt-equity ratio declining to 0.14x from 0.25x YoY.

💡 The combination of strong earnings growth, a healthy dividend, and a clear long-term growth roadmap through large-scale capex is highly positive. Investors should consider holding or accumulating the stock as the company scales its high-margin radial segments while maintaining a lean balance sheet.

Apollo Tyres Q3 PAT Jumps 39.5% to ₹470 Cr; Declares ₹3.50 Dividend & ₹5,810 Cr Expansion

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 04 Feb 2026, 06:38 PM

Apollo Tyres reported a robust Q3 FY26 with consolidated revenue growing 11.7% YoY to ₹7,743 crore and net profit surging 39.5% YoY to ₹470.5 crore. The company declared an interim dividend of ₹3.50 per share, with the record date set for February 10, 2026. A major highlight is the approval of a ₹5,810 crore capacity expansion at the Andhra Pradesh plant, aimed at significantly increasing PCR and TBR production by FY29. This expansion will be funded through a mix of internal accruals and debt, signaling strong confidence in future demand.

Consolidated Revenue from operations increased 11.7% YoY to ₹77,430.77 million in Q3 FY26.
Net Profit (PAT) grew by 39.5% YoY to ₹4,705.18 million, with EPS improving to ₹7.43 from ₹5.31.
Declared an interim dividend of ₹3.50 per equity share (350% of face value) for FY26.
Approved ₹5,810 crore expansion to add 3.7 Mn PCR and 1.3 Mn TBR tyres per annum capacity by FY2029.
Debt-to-equity ratio remains healthy at 0.14 times as of December 31, 2025.

💡 Investors should consider this a strong performance update characterized by double-digit revenue growth and significant margin expansion. The aggressive ₹5,810 crore capex plan and consistent dividend payout make it a compelling long-term growth and income play in the auto-ancillary space.

Apollo Tyres to Consider Interim Dividend for FY26; Record Date Set for Feb 10, 2026

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 27 Jan 2026, 04:36 PM

Apollo Tyres has scheduled a board meeting on February 4, 2026, to consider the declaration of an interim dividend for the financial year 2025-26. The company has established February 10, 2026, as the record date to determine eligible shareholders for the payout. Tax Deduction at Source (TDS) will be applied at 10% for resident shareholders with a valid PAN, while a 20% rate applies to those without. Notably, no TDS will be deducted for resident individuals if the total dividend for the fiscal year does not exceed ₹10,000.

Board meeting to consider FY26 interim dividend scheduled for February 4, 2026
Record date for dividend eligibility fixed as February 10, 2026
Standard TDS rate of 10% for residents with PAN and 20% for those without/invalid PAN
TDS exemption for resident individuals if total FY26 dividend is ₹10,000 or less
Deadline for submitting tax exemption documents (Form 15G/15H) is February 11, 2026

💡 Investors should ensure their PAN and bank account details are updated with their DP or RTA to avoid higher tax deductions. Eligible shareholders should submit tax exemption forms like 15G or 15H by the February 11 deadline.

View All APOLLOTYRE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 6.1% YoY in Q2 FY26 to INR 6,831.1 Cr. Standalone India revenue grew 6% YoY to INR 4,710 Cr, while European operations grew 4% YoY in Euro terms to EUR 177 Mn. Growth was primarily driven by the replacement market and a recovery in exports.

Geographic Revenue Split

As of H1 FY25, the APMEA (Asia Pacific, Middle East, and Africa) region accounts for 69% of consolidated revenue, Europe contributes 27%, and other regions including the US make up the remaining 4%.

Profitability Margins

Operating margins stood at 17.7% in FY24 but moderated to approximately 14% in H1 FY25 due to a sharp rise in natural rubber prices. Net profit (PAT) for Q2 FY26 was INR 499.3 Cr with a PAT margin of 5.3%, compared to 3.9% in the previous year, reflecting improved operational efficiency despite raw material headwinds.

EBITDA Margin

Consolidated EBITDA margin was 14.9% in Q2 FY26, an improvement of 130 bps YoY from 13.6%. This was supported by a 16.3% YoY increase in absolute EBITDA to INR 1,020.7 Cr, driven by premiumization and cost optimization.

Capital Expenditure

The company maintains moderate capex plans, with annual cash accruals of INR 2,200-2,700 Cr expected to comfortably cover debt obligations of INR 1,000-1,300 Cr and incremental working capital. Specific planned capex includes the ongoing PCR capacity expansion in Hungary.

Credit Rating & Borrowing

CRISIL has reaffirmed 'CRISIL AA+/Stable/CRISIL A1+' ratings. Borrowing costs are managed through a strong financial risk profile with a Net Debt to EBITDA ratio of 0.8x as of September 2025, down from higher levels in previous years.

⚙️ Operational Drivers

Raw Materials

Natural rubber is the primary raw material, supplemented by synthetic rubber, carbon black, and steel cord. Natural rubber price volatility is a major cost driver, recently causing a margin compression from 17.7% to 14% in early FY25.

Import Sources

Sourced globally with significant exposure to Southeast Asian markets for natural rubber and domestic suppliers for synthetic components. Specific countries include India, Thailand, and Malaysia.

Capacity Expansion

Current manufacturing footprint includes five plants in India (Kochi, Vadodara, Pune, Chittoor, Chennai) and one in Hungary. Planned expansion is focused on ramping up Passenger Car Radial (PCR) capacity in the Hungary plant to meet European demand.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; a recent spike in natural rubber prices led to a 370 bps moderation in operating margins. The company has limited pricing power to fully pass on these costs due to intense competition.

Manufacturing Efficiency

The company is shifting production to low-cost locations like Hungary and India to improve margins. Capacity utilization is being optimized through a 'transformation initiative' focused on process efficiency.

Logistics & Distribution

Distribution is handled through a pan-India network of 7,500 dealerships. Logistics costs are sensitive to global fuel prices and maritime stability in the Middle East.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved through premiumization (increasing the Ultra High Performance tyre mix, currently at 49% in Europe), expanding the Vredestein brand in India, ramping up the Hungary plant's PCR capacity, and leveraging the 80% revenue contribution from the stable replacement market.

Products & Services

Automotive bias and radial tyres, and tubes for Truck & Bus (T&B), light trucks, passenger cars, and farm vehicles.

Brand Portfolio

Apollo, Vredestein.

New Products/Services

Expansion of the Vredestein premium brand in India and new product launches in the European PCR market are expected to drive higher ASPs and margin expansion.

Market Expansion

Targeting growth in North America and strengthening the premium PCR position in Europe. In India, the focus is on rural market penetration and digital engagement.

Market Share & Ranking

Apollo is the market leader in the domestic Truck & Bus (T&B) radial segment and holds a substantial share in the Indian passenger car radial (PCR) market.

🌍 External Factors

Industry Trends

The industry is shifting toward radialization in the T&B segment and premiumization in PCR. Regulatory shifts toward carbon neutrality and ESG compliance are forcing manufacturers to invest in renewable energy and sustainable sourcing.

Competitive Landscape

Intense competition from domestic incumbents (MRF, CEAT) and a new financially strong entrant (Grasim/Birla) which may trigger price wars.

Competitive Moat

Moat is built on a massive distribution network (7,500 dealers) and strong brand equity in the T&B segment. This is sustainable due to high entry barriers in manufacturing and the critical nature of tyre safety/performance for commercial operators.

Macro Economic Sensitivity

Highly sensitive to GDP growth as it drives commercial vehicle movement and tyre replacement cycles. GST rationalization in India recently provided a significant fillip to revenue growth.

Consumer Behavior

Increasing preference for premium, high-performance tyres (UHP) in the passenger car segment, particularly in Europe and urban India.

Geopolitical Risks

US tariffs on global trade flows and the Russia-Ukraine conflict disrupt supply chains and impact the cost of energy and raw materials in the European theatre.

⚖️ Regulatory & Governance

Industry Regulations

Subject to stringent environmental norms regarding waste generation and greenhouse gas emissions. GST rationalization has been a key recent regulatory benefit for the Indian operations.

Environmental Compliance

Committed to carbon neutrality by 2050. ESG initiatives include reaching 15 million beneficiaries by 2026 and improving the LTIFR ratio to 0.38.

Taxation Policy Impact

Effective tax rate is approximately 35% based on Q2 FY26 figures (INR 268.3 Cr tax on INR 767.6 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Volatility in natural rubber prices (potential 3-5% margin impact), cyclicality in the automotive industry, and the impact of new competitive entrants on pricing strategy.