Apcotex Industries (APCOTEXIND) Q4 25/26 earnings summary

Executive summary

• Q4 FY 2026 operating revenue reached INR 398 crores, up 14% year-on-year, with operating EBITDA at INR 55 crores, up 42% year-on-year, and PAT at INR 35 crores, a 107% increase; margins improved significantly.

• FY 2026 saw record sales volumes and highest ever export volumes, both up 14% year-on-year, with operating revenue at INR 1,442 crores (up 4% YoY), EBITDA INR 177 crores (up 42% YoY), and PAT INR 101 crores (up 88% YoY).

• Leading Indian producer of synthetic rubber and latex, with broad emulsion polymer offerings, major facilities in Maharashtra and Gujarat, and a global presence.

• Market capitalization of INR 16,276.73 Mn as of March 31, 2026; recognized among Forbes Asia's Best Under A Billion 2023.

• Audited financial results for FY2025-26 were approved, with a final dividend of Rs.5.50 per share recommended and board approval for directorship continuation and solar project entity change.

Financial highlights

• FY26 operational revenue reached INR 14,415 Mn, up 3.5% year-over-year, with EBITDA at INR 1,774 Mn (up 42.1% YoY), and net profit at INR 1,014 Mn (up 87.5% YoY); Q4 FY26 revenue grew 13.8% YoY to INR 3,976 Mn, net profit rose 106.5% to INR 347 Mn.

• EBITDA margin for FY 2026 expanded to 12.31%, supported by volume growth and higher capacity utilization.

• Net profit margin rose to 7.03% in FY26 from 3.89% in FY25; net debt to equity improved to 0.08.

• Company remained net cash positive, with cash and investments exceeding borrowings by INR 70 crores (INR 700 Mn) as of March 31.

• Final dividend of INR 5.5 per share announced, total FY 2026 dividend at INR 8 per share.

Outlook and guidance

• Management expects margins to be better than last year, but notes business volatility and uncertainty due to geopolitical factors.

• Capacity utilization is at or near 100% for key products; growth in FY 2027 will be driven by debottlenecking, with major new capacity coming in FY 2028.

• Double-digit volume growth is possible in FY 2027, but realization growth will depend on raw material prices.

• Continued focus on capital expenditure and capacity expansion to support strategic growth.

• Dividend payout of Rs. 5.50 per share recommended, reflecting confidence in future cash flows.