Apcotex Industries (APCOTEXIND) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 operating revenue reached INR 3,758 million (₹37,576.41 lakhs), up 12% year-over-year, with operating EBITDA at INR 387 million, a 22% increase year-over-year.

• PAT for the quarter was INR 192 million (₹1,915.94 lakhs), with a PAT margin of 5.11%.

• Export revenue grew 37% year-over-year, now contributing 37% of total revenue, the highest ever.

• Sales volumes grew 25% year-over-year, marking six consecutive quarters of volume growth.

• Audited financial results for Q1 FY26 were approved by the Board, and a new CFO, Mr. Vivek Thakur, was appointed effective July 30, 2025.

Financial highlights

• Q1 FY26 EBITDA margin at 10.3%, PAT margin at 5.11%, and EPS at INR 3.70, all showing YoY improvement.

• Operating EBITDA margin improved to 10.3% from 9.45% in Q1 FY25.

• Capacity utilization: Taloja latex plant at 85%, Valia Mysore latex plant at 90%, NBR and other products near 100%.

• Export incentives contributed up to 2.5% of export sales.

• Total comprehensive income for Q1 FY26 was ₹2,420.28 lakhs, up from ₹2,311.28 lakhs in Q1 FY25.

Outlook and guidance

• Targeting INR 1,600–1,700 crore revenue within three years of recent expansions, with exports expected to reach 40–43% of revenue by next year.

• Margins in nitrile latex expected to remain under pressure due to industry overcapacity and global tariff uncertainties; improvement anticipated only after consistent market recovery.

• Expansion and de-bottlenecking projects are planned, with details to be announced soon.

• Financial statements prepared on a going concern basis, with no material uncertainties disclosed.

• Profit growth trajectory: +100% in Y2022, +150% in Y2023, +175% in Y2024, and projected +200% in Y2025.