Apcotex Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Apcotex Industries Ltd trades at ₹529, in a confirmed uptrend and 10 weeks into that stage. That is +23.1% against its own 200-day average. It sits at 92% of a 52-week range of ₹331 to ₹547. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹529 it trades +23.1% versus its 200-day average and sits at 92% of its 52-week range (₹331–₹547).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +560% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 96th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Apcotex Industries Ltd trades at 77.6× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 43.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 77.6× is at the pricey end of its own range (96th percentile), against a long-run median of 43.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +56.3% against a +34.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +10.6%/yr price move, ~+0.0%/yr came from earnings growth and ~+10.6 pp from the multiple (expanding); over 10y, of the +13.9%/yr price move, ~−0.5%/yr came from earnings growth and ~+14.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Apcotex Industries Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

72.2/100 — rank 1 of 4 in Rubber Processing/Rubber Products · 80% evidence confidence

Apcotex Industries Ltd scores 72.2 out of 100 against the 4 companies it is compared with in Rubber Processing/Rubber Products, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 26.9 + 20.9 + 7 + 17.4 = 72.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Apcotex Industries Ltd reported ₹92.5 Cr of revenue in the Sep 16 quarter, +36.3% year on year. That is the 3rd straight quarter of year-on-year growth. Over 1 years it has compounded at −16.8% a year. The last full year, FY16, came in at ₹293 Cr. The last four reported quarters add to ₹361 Cr.

Apcotex Industries Ltd reported ₹92.5 Cr of revenue in the Sep 16 quarter, +36.3% year on year. That is the 3rd straight quarter of year-on-year growth. Over 1 years it has compounded at −16.8% a year. The last full year, FY16, came in at ₹293 Cr. The last four reported quarters add to ₹361 Cr.

FY16 revenue came in at ₹293 Cr (−16.8% on the year), capping 1 years at −16.8% compound. The latest quarter (Sep 16) printed ₹92.5 Cr, +36.3% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +40.0% growth against the decade's −16.8% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 5.0% this quarter (−9.1 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Apcotex Industries Ltd's operating margin is 5.0% in the Sep 16 quarter, −9.1 percentage points against the same quarter a year ago.

Apcotex Industries Ltd's operating margin is 5.0% in the Sep 16 quarter, −9.1 percentage points against the same quarter a year ago.

The latest quarter's operating margin is 5.0%, −9.1 pp against the same quarter a year ago. Across 2 fiscal years the operating margin has ranged 12.0%–14.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

→ Margins slipped — did that reach the bottom line? Next: profit −33.2% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Apcotex Industries Ltd earned ₹3.6 Cr of net profit in the Sep 16 quarter, −33.2% year on year. Full-year FY16 profit was ₹39.0 Cr. The 1-year compound rate is 56.0%. That is 3.9% of the quarter's revenue. The same quarter a year earlier earned ₹5.3 Cr.

Apcotex Industries Ltd earned ₹3.6 Cr of net profit in the Sep 16 quarter, −33.2% year on year. Full-year FY16 profit was ₹39.0 Cr. The 1-year compound rate is 56.0%. That is 3.9% of the quarter's revenue. The same quarter a year earlier earned ₹5.3 Cr.

Sep 16 profit was ₹3.6 Cr, −33.2% year on year. On the full year, FY16 printed ₹39.0 Cr (+56.0%), and the 1-year compound rate is 56.0%.

🚨 Why profit moved: revenue contributed +36.3% and the margin −9.1 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +89.2% vs revenue +40.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 22% of the last 2 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years 22% of Apcotex Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY16 that was ₹−18.0 Cr of operating cash against ₹39.0 Cr of profit. After ₹39.0 Cr of capital spending, ₹−57.0 Cr was left as free cash.

FY16: operating cash of ₹−18.0 Cr against reported profit of ₹39.0 Cr, leaving free cash of ₹−57.0 Cr after ₹39.0 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 22% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 22%: the cash cycle stretched 80 days between FY15 and FY16 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 80 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 123-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Apcotex Industries Ltd's cash conversion cycle runs 123 days in FY16, up from 43 days in FY15. Capital spending ran ₹39.0 Cr over the last 1 years. At FY16 sales of ₹293 Cr each day of that cycle holds about ₹0.8 Cr, so roughly ₹99.0 Cr sits inside the business at any moment.

FY16: debtors at 105 days, inventory at 85 days — roughly 2.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 123 days, looser than FY15's 43.

The full loop: cash goes out to suppliers and production on day 0; stock waits 85 days to sell; customers pay about 105 days after that; and suppliers themselves are paid at 67 days — netting out to the 123-day cycle.

In money terms: at FY16 sales of ₹293 Cr, each day of the cycle holds about ₹0.8 Cr — so the 123-day loop keeps roughly ₹99.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹39.0 Cr over the last 1 fiscal years against ₹9.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹5.0 Cr (FY16) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 20% and the ROIC − WACC spread is +3.0 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Apcotex Industries Ltd earns a ROCE of 20% in FY16. Return on invested capital clears the cost of that capital by +3.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 13.3% net margin on 1.02× asset turns.

FY16 ROCE is 20%.

Why the return is what it is — the wiring (FY16): 13.3% net margin × 1.02× asset turns × 1.54× balance-sheet leverage ≈ 20.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 15.0% − 12.0% = a +3.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.13.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Apcotex Industries Ltd carries total debt of ₹96.0 Cr against shareholder equity of ₹621 Cr as of Mar 26, a debt-to-equity of 0.15 — effectively unlevered. On the annual view that ratio went from 0.13 in FY22 to 0.15 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹96.0 Cr against shareholder equity of ₹621 Cr — a debt-to-equity of 0.15. On the annual view, debt-to-equity went from 0.13 (FY22) to 0.15 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 1.3 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 1.3 points of Apcotex Industries Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 1.9% of the company. Foreign institutions moved +0.2 points over the same window, to 0.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.3 points over 8 quarters to 1.9%; Foreign institutions: +0.2 points over 8 quarters to 0.7%; Promoters: +0.0 points over 8 quarters to 58.2%.

Why the register moved: domestic institutions drove it (+1.3 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Apcotex Industries Ltd: the Z-score reads 6.06. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 6.06 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 6.06.

Frequently asked questions