Apollo Tyres Limited (APOLLOTYRE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+237.2%

₹1,333.69

vs ₹395.50 price

Levered DCF

₹1,548.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.04×	23.93×	17.16×	19.42×	18.99×	39.38×	9.53×	19.01×
P/B	1.56×	1.82×	2.13×	1.62×	1.03×	1.21×	0.46×	1.29×
P/S	0.92×	1.04×	1.18×	0.84×	0.59×	0.81×	0.28×	0.75×
EV / EBITDA	8.87×	8.73×	7.43×	7.7×	6.85×	8.71×	5.92×	9.3×
Gross margin	27.5%	42.5%	44.9%	38.7%	39.2%	43.9%	47.9%	47.2%
Operating margin	9.1%	8.1%	12.0%	7.9%	5.8%	8.9%	5.1%	6.7%
Net margin	4.8%	4.3%	6.9%	4.3%	3.1%	2.1%	3.0%	3.9%
Current ratio	1.32×	1.33×	1.28×	1.11×	1.03×	1.14×	0.96×	1.35×
Debt / equity	0.22×	0.3×	0.35×	0.51×	0.6×	0.64×	0.78×	0.51×
Interest coverage	6.64×	4.46×	5.69×	3.65×	2.63×	3.24×	2.74×	5.86×
Dividend yield	2.1%	1.4%	1.0%	1.0%	1.8%	0.0%	9.5%	1.6%
Payout ratio	39.2%	34.0%	16.6%	19.7%	34.8%	0.0%	90.5%	30.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.2%	7.6%	12.4%	8.3%	5.4%	3.1%	4.8%	6.8%
Return on invested capital	11.5%	7.0%	9.5%	6.6%	4.3%	4.4%	3.7%	5.3%
Return on assets	4.7%	4.1%	6.4%	3.8%	2.4%	1.3%	2.0%	3.4%
Free cash flow yield	7.4%	3.9%	9.2%	6.7%	2.5%	9.1%	-7.0%	-9.5%
Earnings yield	5.3%	4.2%	5.8%	5.1%	5.3%	2.5%	10.5%	5.3%
Enterprise value	₹287.7B	₹303.6B	₹335.4B	₹259B	₹183.2B	₹201.6B	₹115.9B	₹174.8B
Net debt / EBITDA	0.82×	1.01×	0.88×	1.66×	2.31×	2.75×	3.6×	2.42×
Cash conversion cycle (days)	80	99	72	63	55	60	70	95