External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Apollo Tyres (APTY) posted a weak 3QFY25, with EBITDA margin down 460bp YoY to 13.7% (vs. est. 14.6%), driven by pressure in the standalone business, although Europe margins improved QoQ.</li><li>While OEM demand continues to be weak, demand is likely to be driven by healthy replacement demand, both in India and Europe.</li><li>Given the under-recovery in commodity prices and higher other expenses, we cut our FY25E/FY26E consol. EPS by 4%/9%. APTY offers the best blend of earnings growth, balance sheet deleveraging, improving capital efficiencies, and cheap valuations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres (APTY) posted a weak 3QFY25, with EBITDA margin down 460bp YoY to 13.7% (vs. est. 14.6%), driven by pressure in the standalone business, although Europe margins improved QoQ.While OEM demand continues to be weak, demand is likely to be driven by healthy replacement demand, both in India and Europe.Given the under-recovery in commodity prices and higher other expenses, we cut our FY25E/FY26E consol. EPS by 4%/9%. APTY offers the best blend of earnings growth, balance sheet deleveraging, improving capital efficiencies, and cheap valuations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres - Input Costs Likely to Stabilize from Q4

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>APTY delivered a steady Q3, with revenue growth accelerating to 5% YoY, surpassing our estimate (by 3%), and driven by strong replacement demand; offset by flattish exports and weak OEM demand.</li><li>Consolidated EBITDAM expanded marginally by ~10bps QoQ to 13.7% with EBITDA improving 8% QoQ to Rs9.5bn, despite a 15% YoY rise in RM costs, supported by operational efficiencies/improved margins in the European business.</li><li>Management anticipates a gradual margin recovery going into Q4 as RM prices stabilize.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APTY delivered a steady Q3, with revenue growth accelerating to 5% YoY, surpassing our estimate (by 3%), and driven by strong replacement demand; offset by flattish exports and weak OEM demand.Consolidated EBITDAM expanded marginally by ~10bps QoQ to 13.7% with EBITDA improving 8% QoQ to Rs9.5bn, despite a 15% YoY rise in RM costs, supported by operational efficiencies/improved margins in the European business.Management anticipates a gradual margin recovery going into Q4 as RM prices stabilize.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres - Steady Q3; Margin Recovery to Be a Gradual Process

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Apollo Tyres’ (APTY) Q3FY25 standalone EBITDAM was down 100bps QoQ at 11.1% on RM cost increase.</li><li>EU EBITDA margin increased ~290bps QoQ despite RM price increase, led by higher mix of UHP tires and cost-reduction initiatives.</li><li>APTY expects RM prices to remain stable in Q4. In terms of demand, replacement segment continues to do well and the company expects this segment to drive growth going forward. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres’ (APTY) Q3FY25 standalone EBITDAM was down 100bps QoQ at 11.1% on RM cost increase.EU EBITDA margin increased ~290bps QoQ despite RM price increase, led by higher mix of UHP tires and cost-reduction initiatives.APTY expects RM prices to remain stable in Q4. In terms of demand, replacement segment continues to do well and the company expects this segment to drive growth going forward. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres - RM Costs Impact Profitability; Early Signs of Recovery Visible in PV and CV Segments

CEO, Helixtap

Farah Miller

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul>
<li>The tire majors losing volume   </li>
<li>Smaller tire makers gaining prominence   </li>
<li>Most tire majors saw flat or drop in profits</li>
</ul>


The tire majors losing volume   
Smaller tire makers gaining prominence   
Most tire majors saw flat or drop in profits


Annual Tire Company Results Show Pace Of Change

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Brent crude prices have fallen below $70 per barrel, driven by rising non-OPEC supply, weak global demand, and geopolitical shifts, easing inflationary pressures in oil-importing economies like India.</li>
<li>Lower crude prices benefit OMCs, paints, tyres, and aviation, boosting margins, while upstream oil producers and government revenue face pressure, creating a mixed impact on India's economy.</li>
<li>Oil prices may remain range-bound in the mid-$60s to $70s, with OPEC+ production strategies, global demand trends, and geopolitical risks shaping future market movements.</li>
</ul>


Brent crude prices have fallen below $70 per barrel, driven by rising non-OPEC supply, weak global demand, and geopolitical shifts, easing inflationary pressures in oil-importing economies like India.
Lower crude prices benefit OMCs, paints, tyres, and aviation, boosting margins, while upstream oil producers and government revenue face pressure, creating a mixed impact on India's economy.
Oil prices may remain range-bound in the mid-$60s to $70s, with OPEC+ production strategies, global demand trends, and geopolitical risks shaping future market movements.


How Is the Decline in Oil Prices Reshaping India’s Economy?

India

Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment and light commercial vehicles. The Company also manufactures automobile flaps and retreading materials.

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Apollo Tyres (APTY IN)

Apollo Tyres - Input Costs Likely to Stabilize from Q4

Apollo Tyres (APTY) posted a weak 3QFY25, with EBITDA margin down 460bp YoY to 13.7% (vs. est. 14.6%), driven by pressure in the standalone...

Motilal Oswal

Apollo Tyres - Steady Q3; Margin Recovery to Be a Gradual Process

APTY delivered a steady Q3, with revenue growth accelerating to 5% YoY, surpassing our estimate (by 3%), and driven by strong replacement demand

Emkay

Apollo Tyres - RM Costs Impact Profitability; Early Signs of Recovery Visible in PV and CV Segments

Apollo Tyres’ (APTY) Q3FY25 standalone EBITDAM was down 100bps QoQ at 11.1% on RM cost increase. EU EBITDA margin increased ~290bps QoQ despite RM...

ICICI Securities Limited

Annual Tire Company Results Show Pace Of Change

All of the top tire makers have now released their results for the full year 2024, and the data confirms the trends in discussion throughout the...

Helixtap

How Is the Decline in Oil Prices Reshaping India’s Economy?

Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Apollo Tyres - Input Costs Likely to Stabilize from Q4

Apollo Tyres (APTY) posted a weak 3QFY25, with EBITDA margin down 460bp YoY to 13.7% (vs. est. 14.6%), driven by pressure in the standalone...

Motilal Oswal

Apollo Tyres - Steady Q3; Margin Recovery to Be a Gradual Process

APTY delivered a steady Q3, with revenue growth accelerating to 5% YoY, surpassing our estimate (by 3%), and driven by strong replacement demand

Emkay

Apollo Tyres - RM Costs Impact Profitability; Early Signs of Recovery Visible in PV and CV Segments

Apollo Tyres’ (APTY) Q3FY25 standalone EBITDAM was down 100bps QoQ at 11.1% on RM cost increase. EU EBITDA margin increased ~290bps QoQ despite RM...

ICICI Securities Limited

Annual Tire Company Results Show Pace Of Change

All of the top tire makers have now released their results for the full year 2024, and the data confirms the trends in discussion throughout the...

Helixtap

How Is the Decline in Oil Prices Reshaping India’s Economy?

​Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...

Nimish Maheshwari

Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...