Apollo Tyres financials and balance sheet

NSE: APOLLOTYREBSE: 500877Auto ComponentsSmall Cap

₹384.15₹14.65 (3.67%)BSE ₹384.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹398.80.

52-week range of traded prices to 23 Oct 2026

₹365.30Low, 20 May 2026₹540.50High, 14 Nov 2025

Market cap: ₹24,397 Cr281st largest listed
P/E: 14.3
P/E without one-offs: 10.4
P/B: 1.5
Dividend yield: 1.56%
ROE: 10.9%
ROE without one-offs: 14.9%
ROCE: 13.4%
Debt to equity: 0.16
Volume, NSE: 4,89,85349.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Apollo Tyres annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 9.5% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue28,471
Materials and goods−15,554
Employee costs−3,542
Other expenses−5,232
Operating profit4,143
Depreciation−1,543
Other income+133
One-off items−1,034
Finance costs−391
Profit before tax1,309
Tax+63
Joint ventures+0.6
Net profit1,372

What the company owns

Plant, investments and other assets₹19,553 Cr
Inventory₹5,452 Cr
Receivables₹3,191 Cr
Cash and bank₹1,044 Cr

What pays for it: net worth and liabilities

Net worth₹16,715 Cr
Other liabilities₹6,669 Cr
Owed to suppliers₹3,224 Cr
Borrowings₹2,632 Cr

Apollo Tyres business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Apollo Tyres segment results by quarter

Revenue by segment

₹31,970 CrTotal

APMEA₹20,206 Cr63.2% of total
Europe₹8,856 Cr27.7% of total
Others₹2,907 Cr9.1% of total

Profit by segment

APMEA₹2,129 Cr77.9% of total
Europe₹554 Cr20.3% of total
Others₹51 Cr1.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

APMEA
Revenue, ₹ crore
12,527
11,255
11,919
14,827
17,467
17,855
18,541
20,206
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,145
800
1,469
715
1,235
2,386
1,434
2,129
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Europe
Revenue, ₹ crore
5,273
5,251
5,675
6,554
7,297
7,640
7,907
8,856
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
−57
65
448
511
611
524
554
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
3,583
2,578
2,528
4,097
4,878
4,120
5,064
2,907
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
107
81
77
135
190
126
204
51
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	21,383	19,084	20,122	25,478	29,643	29,614	31,512	31,970
Company revenue, as in its results	17,549	16,327	17,397	20,948	24,568	25,378	26,123	28,471
Revenue	12,527	11,255	11,919	14,827	17,467	17,855	18,541	20,206
Revenue growth	–	−10.2%	5.9%	24.4%	17.8%	2.2%	3.8%	9.0%
Profit	1,145	800	1,469	715	1,235	2,386	1,434	2,129
Profit growth	–	−30.1%	83.7%	−51.3%	72.7%	93.2%	−39.9%	48.5%
Margin	9.1%	7.1%	12.3%	4.8%	7.1%	13.4%	7.7%	10.5%
Return on capital	20.9%	15.0%	20.5%	10.0%	16.4%	29.3%	17.1%	22.0%
Assets	11,364	14,210	16,939	17,772	17,868	17,932	18,170	18,424
Liabilities	5,899	8,860	9,786	10,587	10,317	9,782	9,775	8,747
Capital employed	5,466	5,350	7,153	7,184	7,551	8,150	8,395	9,677
Revenue	5,273	5,251	5,675	6,554	7,297	7,640	7,907	8,856
Revenue growth	–	−0.4%	8.1%	15.5%	11.3%	4.7%	3.5%	12.0%
Profit	29	−57	65	448	511	611	524	554
Profit growth	–	–	–	590.1%	14.0%	19.7%	−14.3%	5.7%
Margin	0.5%	−1.1%	1.1%	6.8%	7.0%	8.0%	6.6%	6.3%
Return on capital	0.7%	−1.4%	1.7%	10.7%	10.7%	12.2%	9.4%	8.6%
Assets	8,477	8,672	8,502	8,443	8,696	8,241	8,779	10,453
Liabilities	4,378	4,573	4,751	4,246	3,932	3,225	3,217	3,977
Capital employed	4,098	4,099	3,751	4,197	4,764	5,016	5,561	6,476
Revenue	3,583	2,578	2,528	4,097	4,878	4,120	5,064	2,907
Revenue growth	–	−28.1%	−2.0%	62.1%	19.1%	−15.6%	22.9%	−42.6%
Profit	107	81	77	135	190	126	204	51
Profit growth	–	−23.7%	−4.8%	73.8%	41.2%	−33.6%	61.2%	−74.9%
Margin	3.0%	3.2%	3.1%	3.3%	3.9%	3.1%	4.0%	1.8%
Return on capital	21.7%	16.4%	14.0%	33.6%	31.9%	16.4%	24.1%	8.5%
Assets	1,005	1,101	1,176	1,587	1,554	1,554	1,816	1,113
Liabilities	514	605	623	1,186	957	783	972	509
Capital employed	491	496	553	401	596	771	844	604

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Apollo Tyres quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 20 May	Mar 2021Filed 13 May	Mar 2022Filed 13 May	Mar 2023Filed 11 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue from operations	14,170	15,095	17,549	16,327	17,397	20,948	24,568	25,378	26,123	28,471
	12,324	13,444	15,590	14,411	14,600	18,373	21,254	20,930	22,552	24,327
Materials and goods bought	6,890	8,396	10,126	9,076	9,395	12,386	14,637	13,663	14,695	15,554
Employee costs	–	–	2,456	2,482	2,513	2,574	2,620	2,964	3,130	3,542
Other expenses	–	–	3,008	2,854	2,692	3,414	3,998	4,303	4,728	5,232
Operating profit before depreciation	1,846	1,651	1,959	1,916	2,797	2,574	3,314	4,447	3,572	4,143
Operating margin	13.0%	10.9%	11.2%	11.7%	16.1%	12.3%	13.5%	17.5%	13.7%	14.6%
Materials, % of revenue	–	–	57.7%	55.6%	54.0%	59.1%	59.6%	53.8%	56.3%	54.6%
Employee costs, % of revenue	–	–	14.0%	15.2%	14.4%	12.3%	10.7%	11.7%	12.0%	12.4%
Other expenses, % of revenue	–	–	17.1%	17.5%	15.5%	16.3%	16.3%	17.0%	18.1%	18.4%
Depreciation and amortisation	462	593	813	1,138	1,315	1,400	1,419	1,478	1,498	1,543
Operating profit after depreciation	1,385	1,059	1,146	777	1,483	1,174	1,895	2,970	2,073	2,600
Other income	154	117	123	47	129	123	41	154	88	133
Finance costs	103	163	181	281	443	444	531	506	447	391
Profit before one-off items and tax	1,436	1,012	1,088	543	1,169	853	1,404	2,617	1,715	2,342
One-off items	0	0	−200	0	−608	−6	23	−77	−169	−1,034
Profit before tax	1,436	1,012	888	543	561	848	1,427	2,540	1,546	1,309
	337	288	208	67	211	209	323	818	425	−63
Current tax	254	239	187	127	225	95	251	421	272	424
Deferred tax	83	50	21	−60	−14	114	72	397	154	−487
Share of profit of joint ventures and associates	–	0	0	0	0	0	0	0	1	1
Net profit	1,099	724	680	476	350	639	1,105	1,722	1,121	1,372
Other comprehensive income	–	–	−210	−155	112	−107	227	−112	124	1,213
Total comprehensive income	–	–	470	321	462	531	1,332	1,610	1,245	2,585
Net margin	7.8%	4.8%	3.9%	2.9%	2.0%	3.0%	4.5%	6.8%	4.3%	4.8%
Net margin without joint ventures and associates	–	4.8%	3.9%	2.9%	2.0%	3.0%	4.5%	6.8%	4.3%	4.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 9 May	Mar 2020Filed 20 May	Mar 2021Filed 13 May	Mar 2022Filed 13 May	Mar 2023Filed 11 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	10,040	9,930	11,443	11,752	12,878	13,902	14,766	16,715
Share capital	57	57	64	64	64	64	64	64
Reserves	9,983	9,873	11,380	11,689	12,814	13,839	14,702	16,652
	4,541	6,580	5,112	6,118	5,588	3,942	3,377	2,632
Repayable after a year	4,166	5,148	4,808	4,408	3,790	2,673	1,829	1,502
Repayable within a year	374	1,432	303	1,709	1,798	1,269	1,548	1,130
	4,217	5,713	6,731	7,454	8,010	7,044	7,360	8,084
Trade payables	2,248	2,309	2,807	3,607	3,354	2,979	2,874	3,224
Other financial liabilities	824	1,360	2,736	1,261	660	551	707	1,018
Other liabilities	423	266	503	473	1,879	1,862	1,886	1,798
Provisions	252	274	288	318	214	239	289	854
Tax owed	95	71	94	86	105	144	56	59
	5,787	7,607	7,890	7,499	6,471	6,011	5,180	4,441
Other financial liabilities	2	825	738	640	614	714	788	1,314
Other liabilities	649	718	1,267	1,401	973	835	614	–
Provisions	147	168	156	148	135	137	151	170
Deferred tax	823	748	921	901	959	1,653	1,799	1,455
Total assets	20,044	23,250	26,063	26,705	27,359	26,957	27,306	29,240
	14,315	17,769	18,375	18,855	18,501	17,930	17,491	18,541
Plant in use, after depreciation	10,884	14,496	15,435	16,638	16,685	15,141	14,576	14,547
Plant being built	1,520	1,622	1,107	618	199	283	325	918
Intangible assets	671	739	764	737	739	1,634	1,597	1,662
Goodwill	199	213	220	216	229	231	237	277
Intangible assets being developed	19	20	0	0	53	65	110	159
Investments	6	19	20	40	29	33	39	56
Stakes in joint ventures and associates	0	0	0	0	5	5	6	7
Other financial assets	131	243	379	410	412	378	377	381
Deferred tax	53	45	219	105	72	82	79	206
Other assets	832	371	231	92	77	77	142	328
	5,729	5,481	7,689	7,850	8,859	9,028	9,815	10,698
Inventories	3,484	3,207	3,319	4,155	4,428	4,246	5,131	5,452
Trade receivables	1,155	940	1,381	1,610	2,489	2,665	3,062	3,191
Cash and cash equivalents	555	739	971	871	836	912	886	1,029
Other bank balances	7	11	1,174	210	10	11	11	15
Current investments	0	0	90	451	402	493	0	0
Other financial assets	43	44	324	153	202	233	209	294
Other assets	485	542	429	399	492	469	515	718
Net debt	3,978	5,830	2,876	4,586	4,340	2,526	2,480	1,588

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 13 May	Mar 2022Filed 13 May	Mar 2023Filed 11 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	2,447	2,239	2,134	3,440	1,823	3,667
	2,650	2,361	2,351	3,824	2,216	4,099
	462	−98	−789	−503	−1,266	480
Receivables	−450	−243	−367	−174	−331	21
Inventories	−88	−863	−157	189	−836	39
Payables	496	832	−287	−420	100	168
Other working capital	504	177	22	−98	−198	252
Tax paid	−204	−122	−217	−384	−393	−431
Capital spending	1,190	1,846	775	730	769	1,403
Free cash flow	1,257	393	1,360	2,709	1,055	2,264
	−2,344	−1,181	−476	−711	−202	−1,341
Plant and property sold	34	30	14	57	38	48
Interest received	67	48	33	35	31	23
Dividends received	0	2	0	0	0	0
	152	−1,175	−1,692	−2,659	−1,647	−2,177
Borrowings raised	1,078	1,904	500	0	557	0
Borrowings repaid	−1,400	−2,185	−1,248	−1,611	−1,079	−803
Interest paid	−341	−402	−479	−476	−417	−365
Lease payments	−265	−269	−258	−286	−327	−358
Dividends paid	0	222	206	286	381	539
Shares bought back	0	0	0	0	0	113
Shares issued	1,080	0	0	0	0	0
Net change in cash	255	−118	−34	70	−26	149

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Apollo Tyres dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 20 May	Mar 2021Filed 13 May	Mar 2022Filed 13 May	Mar 2023Filed 11 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Earnings per share	₹21.59	₹13.43	₹11.88	₹8.33	₹5.68	₹10.06	₹17.39	₹27.11	₹17.66	₹21.66
Diluted earnings per share	₹21.59	₹13.43	₹11.88	₹8.33	₹5.68	₹10.06	₹17.39	₹27.11	₹17.66	₹21.65
Dividend per share	₹3.00	₹3.00	₹3.25	₹3.00	₹3.50	₹3.25	₹4.50	₹6.00	₹5.00	₹6.00
Book value per share	–	–	₹175.51	₹173.59	₹180.18	₹185.04	₹202.77	₹218.90	₹232.49	₹263.19
Dividend payout	13.9%	23.7%	27.3%	36.0%	63.5%	32.3%	25.9%	22.1%	28.3%	27.8%
Shareholder yield	–	–	–	–	−7.6%	1.8%	1.0%	1.0%	1.4%	2.5%
Market cap at the year end (₹ crore)	10,623	15,849	12,742	4,542	14,207	12,130	20,317	29,624	27,058	26,185

Ratios

Consolidated, years to March.Apollo Tyres PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 20 May	Mar 2021Filed 13 May	Mar 2022Filed 13 May	Mar 2023Filed 11 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue growth	–	–	–	−7.0%	6.6%	20.4%	17.3%	3.3%	2.9%	9.0%
Operating profit growth	–	−10.6%	18.6%	−2.2%	46.0%	−8.0%	28.7%	34.2%	−19.7%	16.0%
Net profit growth	0.5%	−34.1%	−6.1%	−29.9%	−26.5%	82.3%	73.0%	55.9%	−34.9%	22.4%
Earnings per share growth	–	−37.8%	−11.5%	−29.9%	−31.8%	77.1%	72.9%	55.9%	−34.9%	22.7%
	–	–	6.8%	4.8%	3.3%	5.5%	9.0%	12.9%	7.8%	8.7%
	–	–	–	−2.0 pts	−1.5 pts	2.2 pts	3.5 pts	3.9 pts	−5.0 pts	0.9 pts
From the net margin	–	–	–	−1.7 pts	−1.5 pts	1.7 pts	2.6 pts	4.6 pts	−4.7 pts	1.0 pts
From asset turnover	–	–	–	−0.7 pts	−0.2 pts	0.6 pts	1.2 pts	0.4 pts	0.2 pts	0.4 pts
From borrowing	–	–	–	0.4 pts	0.2 pts	−0.1 pts	−0.3 pts	−1.1 pts	−0.6 pts	−0.5 pts
Return on capital employed	–	–	7.9%	4.7%	9.0%	6.6%	10.3%	16.6%	11.4%	13.4%
Cash conversion	–	–	–	–	698.7%	350.6%	193.2%	199.8%	162.6%	267.2%
Interest cover	13.5	6.5	6.3	2.8	3.3	2.6	3.6	5.9	4.6	6.6
Debt to equity	–	–	0.45	0.66	0.45	0.52	0.43	0.28	0.23	0.16
Receivable days	–	–	24	21	29	28	37	38	43	41
Inventory days	–	–	126	129	129	122	110	113	127	128
Payable days	–	–	81	93	109	106	84	80	71	76
Cash conversion cycle, days	–	–	69	57	49	44	64	72	99	93
Working capital days	–	–	28	10	−20	10	21	26	43	35
Asset turnover	–	–	0.88	0.75	0.71	0.79	0.91	0.93	0.96	1.01
Assets per rupee of net worth	–	–	2.00	2.17	2.31	2.28	2.20	2.03	1.89	1.80
Sales per rupee of plant	–	–	1.61	1.13	1.13	1.26	1.47	1.68	1.79	1.96
Capital spending to depreciation	–	–	–	–	0.91	1.32	0.55	0.49	0.51	0.91
Plant being built, % of plant in use	–	–	14.0%	11.2%	7.2%	3.7%	1.2%	1.9%	2.2%	6.3%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.9%
Cash from operations against operating profit: 88.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.2%	10.4%	5.0%
Profit growth, yearly rate	2.3%	31.4%	7.5%
Return on equity, average	–	8.8%	9.8%
Return on capital employed, average	–	11.7%	13.8%
Operating margin, average	13.4%	14.3%	15.2%
Net margin, average	4.5%	4.7%	5.3%
Asset turnover, average	–	0.92	0.97
Cash conversion cycle, days, average	–	74	88
Interest cover, average	5.6	4.7	5.7
Debt to equity, average	–	0.32	0.22

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	13,303	8,930	3,667
Cash from investing	−3,912	−2,254	−1,341
Cash from financing	−9,350	−6,483	−2,177
Capital spending	5,523	2,902	1,403
Dividends paid	1,634	1,205	539
Shares bought back	113	113	113
Shares issued for cash	0	0	0
Borrowings raised	2,961	557	0
Borrowings repaid	6,927	3,493	803

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	7	8	9	7	8
Altman Z-scorePublished threshold 1.81	–	–	2.60	1.61	2.03	2.06	2.67	3.48	3.35	3.32
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.50	−2.68	−2.27	−2.52	−2.43	−2.70
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.00	−1.59	−2.05	−3.71	−1.84	−3.37
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.26	2.25	1.87	2.12
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−11.64	40.36	−3.78	37.24	3.79	11.97	−4.78
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	2.42	−0.03	−6.62	−11.61	2.53	13.31	0.41
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.35	0.97	−0.96	0.57	0.03	0.09	1.01
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.34	0.49	0.24	0.14	–	0.35	0.61
Effective tax ratePublished threshold 17.16 per cent	23.44	28.49	23.46	12.34	37.60	24.67	22.60	32.22	27.51	−4.83
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	10.25	7.41	17.09	2.12	−37.80

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	WithdrawnReview, Re-affirm		115
14 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		900
14 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Re-affirm	Stable	250
14 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	324
27 Feb 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AA+Review, Re-affirm	Stable	115
27 Feb 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		105
27 Feb 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		900

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.