Budget 2023Budget 2023


  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023

Buy Apollo Tyres; target of Rs 350: ICICI Direct

ICICI Direct is bullish on Apollo Tyres recommended buy rating on the stock with a target price of Rs 350 in its research report dated November 16, 2022.

November 30, 2022 / 03:46 PM IST
  • bselive
  • nselive
Todays L/H

ICICI Direct's research report on Apollo Tyres

Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India & Europe and an installed capacity of ~7.9 lakh MT per annum. In India, ATL has substantial presence in TBR (31% market share) & PCR space (21% market share) • Derives ~67% revenues from APMEA (largely India), ~32% from Europe • FY22 segment mix: Truck/bus ~43%, PV ~35%, OHT ~10%, others ~12%.


We retain BUY on ATL amid focus on increasing profitability, sweating of assets, calibrated capex spends and gross margin expansion on the anvil. Upgrading our estimates, we now value ATL at a target price of Rs 350 i.e., 6x FY24E EV/EBITDA (earlier target price: Rs 335).