Buy Apollo Tyres; target of Rs 563: Sharekhan

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Sharekhan's research report on Apollo Tyres

Missed EBITDA margin estimates by 160 bps and hence reported below estimated bottom-line.It needs an aggregate price hike of up to 5% to cover under recoveries due to rise in RM costs so far. Stock trades at a P/E multiple of 15.5x and EV/EBITDA multiple of 7.4x its FY26 estimates.

Outlook

We maintain a Buy on the stock with an unchanged PT of Rs. 563 in expectation of continuation of premiumisation trend in its model mix, rise in replacement demand and healthy market share gain in the European business.

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