Buy Apollo Tyres; target of Rs 390: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Apollo Tyres

Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India & Europe with installed capacity of ~7.9 lakh MT per annum. In India, it 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%.

Outlook

Introducing FY25E and rolling over our valuations, we now value ATL at a revised target price of Rs 390 i.e. 6x FY25E EV/EBITDA.

For all recommendations report, click here

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Apollo Tyres - 08 -02 - 2023 - ic