Apollo Tyres Ltd (APOLLOTYRE) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Apollo Tyres Ltd Q2 Results Date and Time

The Board of Directors meets on November 4, 2026, to consider the Q2/H1 FY27 un-audited financial results (standalone & consolidated) and NCD fundraising via private placement under Section 180(1)(c), subject to postal ballot approval.

The Q2 FY27 analyst conference call is scheduled for November 5, 2026, at 3:30 PM IST, and the transcript is to be filed with the exchanges.

What to expect from Apollo Tyres Ltd's Q2 FY27 results

The Q2 FY27 print will test whether Apollo Tyres' calibrated price increases can keep pace with an escalating raw-material cycle: natural rubber moved from ~Rs. 275/kg in June 2026 to record levels near Rs. 290/kg by late October, while Brent monthly averages climbed from ~$84/b in July to $114/b in September and the rupee slid to ~95.82 against the dollar by September 22.

Demand, by contrast, is not the constraint — FADA retail printed record months (July +25.89% YoY, August +17.51%, September +31.82%), feeding the replacement channel that is 79% of Apollo's mix, while India utilization at 90–91% means revenue is gated by capacity, with management having guided that India stays capacity-constrained throughout FY27.

Management had already called its Q1 price hike of 6–8% 'insufficient' if commodity prices persist, anticipating 'at least two additional rounds'; the Q2 India tranche (guided ~9% in TBR and ~11% in other categories, within the 15–16% cumulative Q1–Q2 program) only partially offsets the guided ~8% sequential RM-basket increase, and the company entered Q2 holding higher-cost inventory after a Rs. 419 Cr Q1 inventory build.

In Europe, the Enschede-to-Hungary capacity shift completes by September–October 2026 with P&L benefits expected from H2 FY'27, and only 3–4% of the needed 10% Europe price increase was done as of the Q1 call. The upcoming call will also be watched for the margin bridge versus Q1's 11.7% EBITDA margin, the capex step-up against the Rs. 35 billion FY27 plan, and who presents the numbers after CFO Gaurav Kumar's October 6, 2026 exit with no successor disclosed.

Key Things To Watch

Performance vs Guidance Tracking

• Europe EBITDA — 'high teens on a full-year basis' post Hungary move, benefits H2 FY'27 — Q1 FY27 Europe margin was 8.9%; ask for the bridge to high teens
• FY27 capex — INR 35 billion (~80% growth/capacity) — Q1 India spend was INR 500 Cr, with capex rising in Q2/Q3
• AP plant capex — INR 5,800 crores over FY'27–FY'29 — phasing update pending
• ROCE — 15% medium-term target (current cycle 12%+) — running at 13.5%, below target
• Net debt/EBITDA — expected to increase slightly; company 'anticipates being a net borrower' in FY27 — post the Rs. 500 Cr NCD at 7.81% allotted Sep 30, 2026
• India price increases — 15–16% cumulative in Q1–Q2 FY27 — execution versus the expected ~8% sequential RM increase in Q2
• Europe price increase — 10% needed, 3–4% done as of the Q1 FY27 call — balance implementation to probe
• Enschede benefits — P&L benefits from H2 FY'27 — Netherlands 750,000-tyre capacity shift to Hungary/India complete by September–October 2026
• Hungary PCR expansion — production start in FY'27 — milestone check
• A&P spend — normalize to ~2.5% of sales — post Q4 FY26's 4%-of-sales sponsorship-elevated level

Q2 margin bridge and raw-material pass-through: The central swing factor of the quarter is the price/cost catch-up lag.

• Consolidated EBITDA margin versus Q1's 11.7% — how much of the guided ~8% sequential RM-basket inflation the Q2 India price tranche recovers
• Whether the October natural-rubber record (~Rs. 290–297/kg) forces the 'at least two additional rounds' of hikes management flagged
• Whether the expected Q3 cooling in natural rubber and the Brent-driven benefit (with a quarter's lag) begin to show in Q2 gross margins

CFO transition and governance

• Gaurav Kumar resigned as CFO effective Oct 6, 2026, with no successor disclosed as of the latest retrieved filing — who presents the numbers and whether an interim CFO is named is a live governance question

India capacity and demand supply-gating

• India running at 90–91% utilization and capacity-constrained through FY27 — any update on replacement volumes being supply-gated
• Quantification of anti-dumping duties on Chinese tyres, expected to benefit domestic players and potentially Europe