In , Apcotex Industries Ltd (Rubber Processing/Rubber Products) is outperforming Nifty 500 with +43.2% relative strength. Fundamentals: Weak. On a 5-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: EBITDA Margin: 13.12%
Impact: 549 bps expansion
“All these levers come into play when capacity utilization is at a high level... looking reasonably good this quarter where we have had EBITDA margins of about 13%.”
What: Anti-dumping duty: Pending notification
“We are the only manufacturers of NBR. If we cannot sustain this plant, India will have no manufacturing of NBR”
What: Export volume growth: 21% YoY
“Recorded the highest-ever export sales volume, up 21% year-on-year... imposition of Chinese duty has definitely helped some of our customers in Southeast Asia”
What: EBITDA growth of 61.1% YoY to INR 435 Mn
“Operating EBITDA for the quarter increased significantly to INR 44 crores... growth of 61%. This growth is driven by higher volumes, improved margins and operational efficiency.”
Earnings deceleration risks from management commentary
Trigger: Driven by oil price increases and rupee depreciation.
Management view: Focusing on EBITDA per tonne and passing on costs where possible.
Monitor: commodity
Trigger: Finance Ministry has not notified 80-90% of DGTR recommendations in the last three months.
Management view: Continuing expansion plans regardless, as ROCE remains supportive even without the duty.
Monitor: regulatory
Trigger: Notification of the New Wage Code on 21 Nov 2025.
Impact: PAT impact: INR 48 million
Management view: One-time exceptional item provisioned in Q3.
Monitor: labor
Key quotes from recent conference calls
“The duty notification from Finance Ministry was expected in December 2025. This, however, is not yet notified. [Previous Anti-dumping duty notification guidance]”
“We have found an innovative way to expand our product, our volumes by almost 80%, 90% in a much lower CAPEX cycle [Initiative: NBR Expansion]”
“December-January onwards, because of the oil price increases and the rupee depreciation, again, prices have sort of started moving up quite sharply. [Risk (commodity): MEDIUM]”
“We do not know whether that means an outright rejection. We do not know if it is a delay. We do not have communication yet from the finance ministry [Risk (regulatory): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
INR 3,315 Mn
Why: The decline in revenue is because of the overall fall in raw material and consequently finished goods prices.
Revenue fell despite 10% volume growth due to lower realizations.
EBITDA
INR 435 Mn
Why: Growth was driven by higher volumes, improved margins, and operational efficiency.
EBITDA margins expanded significantly by 549 bps YoY.
PAT
INR 222 Mn
Why: Profitability improved due to higher capacity utilization and better product mix despite a one-time wage code provision.
PAT growth was robust YoY but saw a sequential decline.
Other Highlights
• Sales volume grew 10% year-on-year.
• Interim dividend of INR 2.50 per equity share declared.
• One-time provision of INR 4.8 crores for new wage code.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
NBR Capacity Utilization
100%
Why: Running at full capacity for the whole year.
Nitrile Latex Capacity Utilization
70-75%
Why: Improving due to US duties on Chinese gloves benefiting regional customers.
Other Synthetic Latex Utilization
85-87%
Why: Includes construction, carpet, paper, and textiles segments.
Export Volume Growth
21%
Why: Highest-ever export volumes achieved in 9M FY26.
Total Sales Volume Growth
10%
Why: Driven by domestic and international market success.
Debt Reduction (9M)
INR 94 Cr
Why: Strong cash generation and financial discipline.
Nitrile Latex Plant Capacity
50,000 MTPA
Why: Current installed capacity at Valia facility.
Total Fixed Asset Turnover Ratio
3.62x
Why: Improved from 3.53x in FY25.
Forward-looking targets from management for FY27
OPM Guidance
12–16%
Capex Plan
₹210 Cr
INR 550-600 Cr
Sustainable EBITDA margins targeted between 12% to 16%
INR 210 Cr
Previously sanctioned projects
Nitrile latex expected to hit full utilization run rate next year
Guidance Changes
NBR Expansion Capex: INR 200-250 Cr → INR 130-140 Cr
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +36% | -17% | Stable |
| PAT (Net Profit) | -33% | +56% | Inflection Down |
| OPM | 5.0% | -905 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Apcotex Industries Ltd's latest quarterly results (Sep 2016) show
Apcotex Industries Ltd's profit is declining with an inflecting downward trend.
Apcotex Industries Ltd's revenue growth trend is stable.
Apcotex Industries Ltd's operating margin is volatile.
Apcotex Industries Ltd's long-term compounding rates
Apcotex Industries Ltd's earnings growth is inflecting downward with mixed signals on a sequential basis.
Apcotex Industries Ltd appears significantly overvalued based on our fair value analysis.
Apcotex Industries Ltd's current PE ratio is 55.6x.
Apcotex Industries Ltd's current PE is 55.6x.
Apcotex Industries Ltd's price-to-book ratio is 10.5x.
Apcotex Industries Ltd is rated Weak with a fundamental score of 27/100. This score is calculated from objective financial metrics
Apcotex Industries Ltd has a debt-to-equity ratio of N/A.
Apcotex Industries Ltd's return ratios over recent years
Apcotex Industries Ltd's operating cash flow is negative (FY2016).
Apcotex Industries Ltd's current dividend yield is 1.62%.
Apcotex Industries Ltd's shareholding pattern (Mar 2026)
Apcotex Industries Ltd's promoter holding has remained stable recently.
Apcotex Industries Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Apcotex Industries Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
Apcotex Industries Ltd has 4 key growth catalysts identified from recent earnings analysis
Apcotex Industries Ltd has 3 key risks worth monitoring
In Q3 FY26, Apcotex Industries Ltd's management highlighted
Apcotex Industries Ltd's management has provided the following forward guidance for FY27
Apcotex Industries Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Apcotex Industries Ltd may be worth studying
Apcotex Industries Ltd investment thesis summary:
Apcotex Industries Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
