Apollo Tyres Limited — Q2FY27 earnings call summary

• Expect mid to high single digit volume growth in India in H2 FY27; pricing momentum to continue
• Capex of INR 15bn in H1 FY27; net debt/EBITDA at 0.9x; financial position strong
• Working capital expected to stabilize in H2 FY27; cost discipline remains a key focus
• Consolidated Q2 FY27 revenue grew 16% y-y to INR 79.7bn; EBITDA INR 8.6bn, margin 10.7%
• India revenue +26% y-y; EBITDA margin 11.1% vs 15.3% last year; raw material costs up 25% y-y
• Europe operations restructuring ongoing; normalized margins expected next financial year
• Multiple analyst queries on commodity inflation and pricing; management confident on margin recovery
• Europe revenue down 12% y-y due to Enschede plant closure; PCR segment gained market share

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