Apcotex Industries (APCOTEXIND) Q3 25/26 earnings summary

Executive summary

• Achieved 10% year-on-year volume growth in Q3, with operating revenue declining 7% due to lower prices, but operating EBITDA rose 61% year-on-year to INR 44 crore and PAT increased 91% to INR 22 crore, with a PAT margin of 6.7%.

• For the nine months, highest ever sales and export volumes, up 15% and 21% year-on-year, respectively.

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

• Recognized among Forbes Asia's Best Under A Billion 2023 and received CII award for innovation.

• Audited financial results for the quarter and nine months ended December 31, 2025, show continued profitability and operational stability.

Financial highlights

• Q3 FY26 operating revenue: INR 332 crore (down 7% year-on-year); EBITDA: INR 44 crore (up 61% year-on-year); PAT: INR 22 crore (up 91% year-on-year); EBITDA margin: 13.12%; PAT margin: 6.7%.

• 9M FY26 operating revenue: INR 1,044 crore (broadly stable year-on-year); EBITDA: INR 123 crore (up 42% year-on-year); PAT: INR 67 crore (up 79% year-on-year); EBITDA margin: 11.75%; PAT margin: 6.39%.

• Net profit margin improved to 6.39% for 9M FY26, up 281 bps YoY.

• Debt reduced by INR 94 crore during the nine months.

• EPS for Q3 was INR 4.28 (not annualised).

Outlook and guidance

• Management expects further margin improvement as capacity utilization increases and product/customer mix optimizes.

• EBITDA margins are expected to remain in the 12%-16% range, with potential for further improvement.

• Expansion projects are on track, with commissioning expected between late FY26 and early FY27, adding INR 550-600 crore to top line.

• Full capacity utilization in nitrile latex and NBR expected within the next year.

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