Apollo Tyres Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹330.15Overvalued by 17.05%vs CMP ₹398.00

P/E (11.8) × ROE (13.1%) × BV (₹263.00) × DY (1.51%)

₹283.55Overvalued by 28.76%vs CMP ₹398.00

MoS: -40.4% (Negative)Confidence: 58/100 (Moderate)Models: 1 Under, 1 Fair, 7 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹355.58	23%	Over (-10.7%)
Graham Number	Earnings	₹293.73	16%	Over (-26.2%)
Earnings Power	Earnings	₹100.74	11%	Over (-74.7%)
DCF	Cash Flow	₹162.96	14%	Over (-59.1%)
Net Asset Value	Assets	₹263.23	7%	Over (-33.9%)
EV/EBITDA	Enterprise	₹583.74	9%	Under (+46.7%)
Earnings Yield	Earnings	₹145.80	7%	Over (-63.4%)
ROCE Capital	Returns	₹222.90	7%	Over (-44%)
Revenue Multiple	Revenue	₹411.37	5%	Fair (+3.4%)
Consensus (9 models)		₹283.55	100%	Overvalued

Key Drivers: Wide model spread (₹101–₹584) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 7.7%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 25 September 2026, 4:08 am +05:30. Annual results through Mar 2025; quarterly results through Sep 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹26,123.00 Cr, versus ₹25,378.00 Cr in Mar 2024 (2.9% year on year). Net profit for Mar 2025 was ₹1,121.00 Cr, versus ₹1,722.00 Cr in Mar 2024 (-34.9% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹1,823.00 Cr against net profit of ₹1,121.00 Cr. Cash flow covered 1.63 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹3,675.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Apollo Tyres Ltd scores 70/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health85/100 · Strong

ROCE 13.9% GoodROE 13.1% GoodD/E 0.22 Low debtInterest Coverage 8.2x StrongProfitable 5/5 available years Reported history

Smart Money45/100 · Moderate

FII holding down -1.81% (6mo) SellingDII holding up 1.12% MF buyingPromoter holding at 36.9% Stable

Earnings Quality90/100 · Strong

CFO/NP ratio: 1.90x Cash-backed earningsOPM expanding (13% → 16%) Improving

Quarterly Momentum40/100 · Moderate

Revenue (4Q): 4% YoY FlatProfit (4Q): -45% YoY Declining

Industry Rank60/100 · Moderate

P/E 11.8 vs industry 22.7 Lower P/EROCE 13.9% vs industry 14.2% Average3Y sales CAGR: 8% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 25, 2026, 4:08 am

Market Cap	25,274 Cr.
Current Price	398
Intrinsic Value	₹283.55
High / Low	540/365
Stock P/E	11.8
Book Value	263
Dividend Yield	1.51 %
ROCE	13.9 %
ROE	13.1 %
Face Value	1.00
PEG Ratio	1.53

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Apollo Tyres Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Apollo Tyres Ltd	25,274 Cr.	398	540/365	11.8	263	1.51 %	13.9 %	13.1 %	1.00
CEAT Ltd	13,566 Cr.	3,354	4,438/3,061	21.3	1,247	1.04 %	19.2 %	16.1 %	10.0
JK Tyre & Industries Ltd	10,009 Cr.	347	612/339	13.9	210	1.15 %	15.5 %	16.0 %	2.00
Balkrishna Industries Ltd	41,907 Cr.	2,168	2,775/1,970	29.8	567	0.74 %	11.2 %	9.66 %	2.00
TVS Srichakra Ltd	3,380 Cr.	4,412	5,760/3,013	33.0	1,554	0.86 %	7.85 %	5.75 %	10.0
Industry Average	21,193.00 Cr	15,048.94		22.53	5,963.06	1.03%	12.73%	12.24%	7.22

All Competitor Stocks of Apollo Tyres Ltd

Quarterly Result

Metric	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	5,956	6,423	6,247	6,245	6,280	6,595	6,258	6,335	6,437	6,928	6,424	6,561	6,831
Expenses	5,244	5,509	5,249	5,193	5,120	5,387	5,230	5,426	5,559	5,981	5,586	5,693	5,810
Operating Profit	712	913	998	1,051	1,160	1,208	1,028	909	878	947	837	868	1,021
OPM %	12%	14%	16%	17%	18%	18%	16%	14%	14%	14%	13%	13%	15%
Other Income	7	7	40	22	13	3	38	-10	17	4	-91	-351	-150
Interest	132	142	139	135	133	123	115	107	120	111	109	101	101
Depreciation	349	354	372	362	360	368	388	370	376	376	377	378	383
Profit before tax	238	424	527	576	680	721	563	423	399	465	260	38	386
Tax %	25%	31%	22%	31%	30%	31%	37%	29%	25%	27%	29%	66%	33%
Net Profit	179	292	410	397	474	497	354	302	297	337	185	13	258
EPS in Rs	2.82	4.60	6.46	6.25	7.47	7.82	5.58	4.76	4.68	5.31	2.91	0.20	4.06

Last Updated: January 2, 2026, 11:30 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 9:49 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	13,412	12,815	11,849	13,180	14,843	17,549	16,350	17,397	20,948	24,568	25,378	26,123	27,559
Expenses	11,524	10,876	9,840	11,313	13,175	15,573	14,392	14,579	18,353	21,235	20,909	22,528	23,647
Operating Profit	1,888	1,939	2,008	1,867	1,668	1,976	1,958	2,818	2,595	3,333	4,468	3,595	3,912
OPM %	14%	15%	17%	14%	11%	11%	12%	16%	12%	14%	18%	14%	14%
Other Income	48	-31	110	148	114	-77	24	-478	118	64	77	-80	-570
Interest	293	189	101	118	177	199	300	463	465	551	527	470	411
Depreciation	411	388	427	462	593	813	1,138	1,315	1,400	1,419	1,478	1,498	1,523
Profit before tax	1,232	1,331	1,591	1,436	1,012	888	543	561	848	1,427	2,540	1,547	1,407
Tax %	18%	27%	29%	23%	28%	23%	12%	38%	25%	27%	32%	28%
Net Profit	1,005	978	1,123	1,099	724	680	476	350	639	1,046	1,722	1,121	926
EPS in Rs	19.94	19.21	22.06	21.59	12.65	11.88	8.33	5.51	10.06	16.47	27.11	17.66	14.58
Dividend Payout %	4%	10%	9%	14%	24%	27%	36%	63%	32%	27%	22%	28%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-2.69%	14.83%	-2.14%	-34.12%	-6.08%	-30.00%	-26.47%	82.57%	63.69%	64.63%	-34.90%
Change in YoY Net Profit Growth (%)	0.00%	17.51%	-16.96%	-31.98%	28.04%	-23.92%	3.53%	109.04%	-18.88%	0.93%	-99.53%

Apollo Tyres Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	7%
5 Years:	10%
3 Years:	8%
TTM:	3%

Compounded Profit Growth
10 Years:	2%
5 Years:	21%
3 Years:	25%
TTM:	-27%

Stock Price CAGR
10 Years:	11%
5 Years:	32%
3 Years:	24%
1 Year:	-5%

Return on Equity
10 Years:	9%
5 Years:	9%
3 Years:	10%
Last Year:	9%

Last Updated: September 4, 2025, 11:30 pm

Balance Sheet

Last Updated: August 28, 2026, 3:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	51	51	51	57	57	57	64	64	64	64	64	64
Reserves	4,991	6,554	7,239	9,719	9,983	9,873	11,380	11,689	12,515	13,839	14,702	16,652
Borrowings	1,106	1,547	3,437	4,661	5,111	6,764	7,334	7,061	6,421	4,905	4,410	3,675
Other Liabilities	2,451	3,442	4,507	5,620	5,000	6,512	7,040	8,228	8,282	8,068	8,051	8,643
Total Liabilities	8,600	11,594	15,233	20,058	20,151	23,205	25,816	27,041	27,281	26,875	27,227	29,034
Fixed Assets	4,382	5,214	6,692	10,403	11,754	15,448	16,420	17,591	17,653	17,006	16,411	16,487
CWIP	218	994	2,915	2,304	1,539	1,642	1,107	618	253	348	435	1,077
Investments	101	506	396	1,342	6	19	110	481	436	532	45	62
Other Assets	3,899	4,880	5,230	6,008	6,852	6,096	8,181	8,350	8,940	8,989	10,335	11,408
Total Assets	8,600	11,594	15,233	20,058	20,151	23,205	25,816	27,041	27,281	26,875	27,227	29,034

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	1,412	2,122	902	1,720	1,071	2,517	2,447	2,154	2,137	3,440	1,823	3,667
Cash from Investing Activity +	-796	-2,226	-3,368	-3,891	-1,027	-2,817	-2,342	-1,172	-478	-704	-205	-1,344
Cash from Financing Activity +	-684	-255	1,895	2,321	-62	472	152	-1,081	-1,692	-2,659	-1,647	-2,177
Net Cash Flow	-68	-358	-571	150	-18	173	257	-100	-34	76	-28	146
Free Cash Flow	781	507	-2,361	-1,348	-1,203	-288	1,291	337	1,374	2,766	1,093	2,312
CFO/OP	88%	125%	66%	118%	65%	133%	94%	88%	71%	86%	62%	98%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	781.00	507.00	-2,361.00	-1,348.00	-1,203.00	-288.00	1,291.00	337.00	1,374.00	2,766.00	1,093.00	2,312.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	28	27	33	31	35	27	21	29	36	37	38	43
Inventory Days	97	92	119	140	128	125	129	129	122	110	113	127
Days Payable	59	46	95	92	106	74	93	109	104	85	73	71
Cash Conversion Cycle	67	73	58	80	57	78	57	49	54	63	79	99
Working Capital Days	12	14	2	-5	-0	20	-22	-27	-23	-6	8	22
ROCE %	26%	26%	23%	16%	9%	9%	5%	9%	7%	10%	16%	11%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	37.34%	37.34%	37.36%	37.36%	37.36%	37.36%	37.36%	36.95%	36.95%	36.93%	36.93%	36.93%
FIIs	22.10%	17.96%	18.16%	14.46%	14.55%	14.21%	13.43%	12.27%	11.90%	12.26%	12.15%	10.09%
DIIs	17.74%	22.02%	21.99%	25.12%	25.56%	26.12%	26.51%	27.54%	27.93%	27.89%	27.56%	29.05%
Government	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%
Public	21.26%	21.10%	20.93%	21.48%	20.97%	20.73%	21.13%	21.44%	21.38%	21.06%	21.38%	21.97%
Others	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.22%	0.26%	0.28%	0.40%	0.40%
No. of Shareholders	3,33,827	3,36,846	3,72,372	4,24,206	4,29,251	4,17,861	4,27,248	4,21,813	4,24,104	4,01,081	4,08,704	4,26,532

Shareholding Pattern Chart

No. of Shareholders

Apollo Tyres Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Mid Cap Fund	41,892,187	2.24	2061.72	N/A	N/A	N/A
Kotak Midcap Fund	11,102,076	0.93	546.39	N/A	N/A	N/A
Kotak Large & Midcap Fund	9,500,000	1.56	467.54	8,800,000	2025-12-15 01:21:48	7.95%
HDFC Balanced Advantage Fund	9,000,000	0.41	442.94	N/A	N/A	N/A
DSP Mid Cap Fund	6,148,780	1.59	302.61	N/A	N/A	N/A
Kotak Flexicap Fund	5,600,000	0.49	275.6	N/A	N/A	N/A
Sundaram Mid Cap Fund	3,107,607	1.18	152.94	3,193,313	2026-02-23 01:38:46	-2.68%
HDFC Large and Mid Cap Fund	2,839,000	0.49	139.72	N/A	N/A	N/A
ICICI Prudential India Opportunities Fund	2,798,719	0.39	137.74	2,464,562	2026-02-23 01:21:59	13.56%
HDFC Multi Cap Fund	2,631,100	0.68	129.49	2,381,100	2026-02-23 01:38:46	10.5%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	17.66	27.11	17.39	10.06	5.68
Diluted EPS (Rs.)	17.66	27.11	17.39	10.06	5.68
Cash EPS (Rs.)	41.24	50.38	39.73	32.09	26.22
Book Value[Excl.RevalReserv]/Share (Rs.)	232.49	218.90	202.77	185.04	180.18
Book Value[Incl.RevalReserv]/Share (Rs.)	232.49	218.90	202.77	185.04	180.18
Revenue From Operations / Share (Rs.)	411.33	399.59	386.84	329.83	273.93
PBDIT / Share (Rs.)	57.62	72.44	52.82	42.47	46.08
PBIT / Share (Rs.)	34.03	49.17	30.48	20.44	25.38
PBT / Share (Rs.)	24.34	39.99	22.47	13.35	8.84
Net Profit / Share (Rs.)	17.65	27.11	17.39	10.05	5.51
NP After MI And SOA / Share (Rs.)	17.66	27.11	17.39	10.06	5.51
PBDIT Margin (%)	14.00	18.12	13.65	12.87	16.82
PBIT Margin (%)	8.27	12.30	7.87	6.19	9.26
PBT Margin (%)	5.91	10.00	5.80	4.04	3.22
Net Profit Margin (%)	4.28	6.78	4.49	3.04	2.01
NP After MI And SOA Margin (%)	4.29	6.78	4.49	3.04	2.01
Return on Networth / Equity (%)	7.59	12.38	8.57	5.43	3.06
Return on Capital Employeed (%)	10.83	15.68	10.00	6.74	8.33
Return On Assets (%)	4.10	6.38	4.03	2.39	1.34
Long Term Debt / Equity (X)	0.12	0.19	0.29	0.37	0.42
Total Debt / Equity (X)	0.22	0.28	0.43	0.52	0.44
Asset Turnover Ratio (%)	0.96	0.93	0.73	0.63	0.55
Current Ratio (X)	1.33	1.28	1.11	1.05	1.14
Quick Ratio (X)	0.63	0.67	0.55	0.49	0.64
Inventory Turnover Ratio (X)	5.57	2.55	3.33	3.28	2.36
Dividend Payout Ratio (NP) (%)	33.98	16.59	18.68	34.80	0.00
Dividend Payout Ratio (CP) (%)	14.54	8.93	8.17	10.90	0.00
Earning Retention Ratio (%)	66.02	83.41	81.32	65.20	0.00
Cash Earning Retention Ratio (%)	85.46	91.07	91.83	89.10	0.00
Interest Coverage Ratio (X)	8.19	9.09	6.31	6.07	6.61
Interest Coverage Ratio (Post Tax) (X)	3.89	4.56	3.04	2.45	3.16
Enterprise Value (Cr.)	29452.29	32628.10	25055.09	17173.84	17176.10
EV / Net Operating Revenue (X)	1.13	1.29	1.02	0.81	0.98
EV / EBITDA (X)	8.05	7.09	7.47	6.37	5.87
MarketCap / Net Operating Revenue (X)	1.03	1.17	0.82	0.57	0.81
Retention Ratios (%)	66.01	83.40	81.31	65.19	0.00
Price / BV (X)	1.83	2.13	1.58	1.03	1.24
Price / Net Operating Revenue (X)	1.03	1.17	0.82	0.57	0.81
EarningsYield	0.04	0.05	0.05	0.05	0.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Apollo Tyres Ltd and is it undervalued?

Apollo Tyres Ltd: the stored intrinsic value estimate is ₹283.55, compared with a stored share price of ₹398.00. The model value is 28.8% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Apollo Tyres Ltd?

The stored share price is ₹398.00. Price-data record updated: 25 September 2026, 4:08 am +05:30. This is not a live quote. The stored 52-week high / low is 540/365; this is a rolling range, not a financial-year range.

How have Apollo Tyres Ltd's revenue and profit changed?

Does Apollo Tyres Ltd's profit convert into cash?

What should I check in Apollo Tyres Ltd's balance sheet?

Reported borrowings were ₹3,675.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Apollo Tyres Ltd's P/E with other stocks?

The stored P/E is 11.80. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Apollo Tyres Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.