Brands
Apollo Tyres Q3 earnings climb, margins remain stable
MUMBAI: Even as the road threw up a few speed bumps, Apollo Tyres Ltd kept its wheels firmly turning in the December quarter, delivering higher profits on the back of steady demand and improved operating efficiency.
Apollo Tyres Ltd reported consolidated revenue from operations of Rs 7,743.1 crore for the quarter ended December 31, 2025, up from Rs 6,831.1 crore in the previous quarter and Rs 6,927.9 crore in the same period last year. Total income for the quarter stood at Rs 7,792.6 crore, aided by other income of Rs 49.6 crore.
Operating performance strengthened during the quarter, with EBITDA margins improving to 15.32 per cent, compared with 14.94 per cent in the preceding quarter and 13.67 per cent a year ago. Profit before tax came in at Rs 723.1 crore, compared with Rs 386.1 crore in the September quarter, though lower than Rs 464.6 crore reported in Q3 FY25, largely due to exceptional items booked earlier in the year.
After accounting for tax expenses of Rs 252.6 crore, Apollo Tyres posted a net profit of Rs 470.5 crore for the quarter, sharply higher than Rs 258.0 crore in Q2, though below Rs 337.2 crore recorded a year earlier. Net profit margin improved sequentially to 6.08 per cent, reflecting tighter cost controls and better operating leverage.
For the nine months ended December 31, 2025, the company reported revenue from operations of Rs 21,134.9 crore, up from Rs 19,699.8 crore in the corresponding period last year. Net profit for the nine-month period stood at Rs 741.4 crore, compared with Rs 936.7 crore a year ago, with profitability impacted by higher finance costs and exceptional items totalling Rs 577.4 crore.
Apollo Tyres’ balance sheet remained steady, with a debt-to-equity ratio of 0.14x, significantly lower than 0.25x a year ago, underscoring improved financial discipline. Interest coverage strengthened to 10.25x, while the current ratio stood at 1.37x, pointing to comfortable liquidity.
Regionally, APMEA continued to be the largest contributor, generating Rs 5,208.3 crore in quarterly revenue, followed by Europe at Rs 2,636.9 crore, while other markets contributed Rs 364.9 crore. The diversified geographic mix helped cushion volatility across markets.
While foreign exchange movements and exceptional charges weighed on year-on-year profit comparisons, the December quarter numbers suggest Apollo Tyres is gaining traction on margins and balance sheet strength. As demand stabilises across domestic and international markets, the company appears well-positioned to keep rolling forward even if the ride remains uneven.
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