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Motilal Oswal Report
Apollo Tyres Ltd. is poised for growth, with:
a strong competitive positioning and
ready capacities to benefit from strong recovery in the truck and bus radial tyre (TBR) and passenger car radial (PCR) tyre categories in the original equipment manufacturer/replacement segments.
On a fully expanded capacity by FY22-end, its PCR/TBR utilisation is estimated at 71%/65%.
We estimate 10% volume compound annual growth rate over FY21–23E, led by strong growth in the TBR and PCR segments and a 3% CAGR improvement in price realisations.
We estimate a ~15% revenue CAGR over FY21–23E.
Apollo Tyres' India business has several levers to support margins and dilute the impact of the raw material cost inflation.
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