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Nirmal Bang Report
We upgrade Apollo Tyres Ltd. to 'Buy' and Sept'26E target price of Rs 571, valuing it at 17 times Sept'26 earnings per share owing to improving margin outlook with raw material basket bottoming out, gaining traction in exports, expected recovery in EU and moderate capex intensity which should support the multiples.
We have cut our EPS estimate by ~4.5%/4% for FY25/26 largely due to the revision of the volume outlook.
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