Apcotex Industries (APCOTEXIND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 volumes grew 10% YoY, but operating revenue declined 7% due to lower raw material and finished goods prices.

• Operating EBITDA rose 61% YoY to INR 44 crore, with margin expansion to 13.12%.

• Profit after tax for Q3 increased 91% YoY to INR 22 crore, with a PAT margin of 6.7%.

• Nine-month sales volumes reached record highs, up 15% YoY, and export volumes up 21%.

• Interim dividend of INR 2.50 per share declared for FY 2025-26.

Financial highlights

• Q3 FY26 operating revenue: INR 332 crore (down 7% YoY); EBITDA: INR 44 crore (up 61% YoY); EBITDA margin: 13.12%.

• Q3 FY26 profit after tax: INR 22 crore (up 91% YoY); PAT margin: 6.7%; EPS: INR 4.28.

• 9M FY26 operating revenue: INR 1,044 crore (flat YoY); EBITDA: INR 123 crore (up 42% YoY); PAT: INR 67 crore (up 79% YoY).

• Net profit margin improved to 6.39% for 9M FY26.

• Total comprehensive income for Q3 FY26 was Rs. 2,789.87 lakhs.

Outlook and guidance

• Management expects further margin improvement as capacity utilization increases, targeting EBITDA margins in the 12%-16% range.

• Expansion projects are on track, with new capacities expected to add INR 550-600 crore to the top line by FY27.

• Full utilization in nitrile latex and NBR expected within the next year; further expansion contingent on market conditions.

• The company continues to monitor the impact of new labour codes and will account for any future changes as required.