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Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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<a href="https://www.smartkarma.com/entities/apcotex-industries-ltd" target="_blank" data-smartkarma-citation="entities:13310:1" rel="noopener">Apcotex Industries (APCO IN)</a> operational revenue rose 38.2% YoY to INR 3,553 million in Q3 FY25, driven by strong volume gains and a 30% YoY increase in export volumes.</li>
<li>Robust volume and export growth, alongside management’s capacity and anti-dumping initiatives, position Apcotex for margin recovery and long-term revenue expansion.</li>
<li>The company expects margins to improve in Q4, driven by better capacity utilisation and an improving situation in the XNB (Nitrile Latex) business due to duties imposed by the US.</li>
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Apcotex Industries (APCO IN) operational revenue rose 38.2% YoY to INR 3,553 million in Q3 FY25, driven by strong volume gains and a 30% YoY increase in export volumes.
Robust volume and export growth, alongside management’s capacity and anti-dumping initiatives, position Apcotex for margin recovery and long-term revenue expansion.
The company expects margins to improve in Q4, driven by better capacity utilisation and an improving situation in the XNB (Nitrile Latex) business due to duties imposed by the US.


Apcotex Industries Ltd Q3FY25 Update: Capacity Utilisation and Industry Dynamics Driving Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Anticipate margin revival in the coming quarter: While the company reported strong volume lead growth (YoY), the profitability remained subdued owing to pricing pressures.</li><li>The management noted that the Nitrile Latex business is being operated at negligible margins, and EBITDA margins for the first nine months could have been higher by 2-2.5%, excluding the same.</li><li>The management mentioned that the prices are close to the bottom, and margins will likely improve in Q4.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anticipate margin revival in the coming quarter: While the company reported strong volume lead growth (YoY), the profitability remained subdued owing to pricing pressures.The management noted that the Nitrile Latex business is being operated at negligible margins, and EBITDA margins for the first nine months could have been higher by 2-2.5%, excluding the same.The management mentioned that the prices are close to the bottom, and margins will likely improve in Q4.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apcotex Industries Ltd - Margins Expected to Improve as Prices Bottom Out

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apcotex-industries-ltd" target="_blank" data-smartkarma-citation="entities:13310:1" rel="noopener">Apcotex Industries (APCO IN) </a> promoted by Ex-Asian Paints MD Mr. Atul Choksey, is a leading manufacturer of synthetic rubber and latex in India. </li>
<li>Despite achieving record sales volume in H1 FY25, Apcotex experienced a decline in EBITDA margins due to RM pricing and Chinese competition.</li>
<li>
<a href="https://www.smartkarma.com/entities/apcotex-industries-ltd" target="_blank" data-smartkarma-citation="entities:13310:1" rel="noopener">Apcotex Industries (APCO IN)</a>  is at its worst possible margins and applied for anti-dumping duty for its product.</li>
</ul>



Apcotex Industries (APCO IN)  promoted by Ex-Asian Paints MD Mr. Atul Choksey, is a leading manufacturer of synthetic rubber and latex in India. 
Despite achieving record sales volume in H1 FY25, Apcotex experienced a decline in EBITDA margins due to RM pricing and Chinese competition.

Apcotex Industries (APCO IN)  is at its worst possible margins and applied for anti-dumping duty for its product.


The Beat Ideas: Apcotex Industries Ltd, Beaten Down Value Pick

<ul><li>The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate.</li><li>However, gross margins declined to 26.7%, down by 359 bps compared to the previous quarter.</li><li>Apcotex reported an EBITDA of Rs 32 Cr, representing a 25% increase YoY and a 1% increase QoQ, missing our estimate of Rs 36 Cr. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate.However, gross margins declined to 26.7%, down by 359 bps compared to the previous quarter.Apcotex reported an EBITDA of Rs 32 Cr, representing a 25% increase YoY and a 1% increase QoQ, missing our estimate of Rs 36 Cr. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apcotex Industries Ltd - Nitrile Latex Continues to Weigh on Margins; Maintain HOLD

<ul><li>Despite being an import substitute in approximately 45% of its product offering, Apcotex Industries Ltd faces the challenge of remaining price competitive against imports, resulting in lower realizations.</li><li>However, with changing demand-supply dynamics globally, we anticipate the company’s margin profile to rebound to historical levels in the coming quarters.</li><li>This rebound is expected as Nitrile Latex prices normalize and other segments scale up, potentially improving the company's competitive position and profitability.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite being an import substitute in approximately 45% of its product offering, Apcotex Industries Ltd faces the challenge of remaining price competitive against imports, resulting in lower realizations.However, with changing demand-supply dynamics globally, we anticipate the company’s margin profile to rebound to historical levels in the coming quarters.This rebound is expected as Nitrile Latex prices normalize and other segments scale up, potentially improving the company's competitive position and profitability.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apcotex Industries Ltd - Realizations Remains Nimble, Volume Growth at Discretion

India

Apcotex Industries Limited, manufactures synthetic rubber, lattices, and associated items.  The Company's products include styrene butadiene lattices, nitrile lattices, vinyl pyridine latex, and styrene butadiene rubber.

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Apcotex Industries (APCO IN)

Apcotex Industries Ltd Q3FY25 Update: Capacity Utilisation and Industry Dynamics Driving Growth

Apcotex Industries (APCO IN) sees 38.2% YoY revenue growth in Q3 FY25, driven by volume gains and export increase. Expecting margin recovery in Q4...

Sudarshan Bhandari

Apcotex Industries Ltd - Margins Expected to Improve as Prices Bottom Out

Anticipate margin revival in the coming quarter: While the company reported strong volume lead growth (YoY), the profitability remained subdued...

Axis Direct

The Beat Ideas: Apcotex Industries Ltd, Beaten Down Value Pick

Apcotex Industries, a leading synthetic rubber manufacturer in India, faces challenges with declining EBITDA margins due to raw material pricing...

Sudarshan Bhandari

Apcotex Industries Ltd - Nitrile Latex Continues to Weigh on Margins; Maintain HOLD

The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate. However, gross margins...

Axis Direct

Apcotex Industries Ltd - Realizations Remains Nimble, Volume Growth at Discretion

This rebound is expected as Nitrile Latex prices normalize and other segments scale up, potentially improving the company's competitive position...

Axis Direct

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52-week Range

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Apcotex Industries Ltd Q3FY25 Update: Capacity Utilisation and Industry Dynamics Driving Growth

​Apcotex Industries (APCO IN) sees 38.2% YoY revenue growth in Q3 FY25, driven by volume gains and export increase. Expecting margin recovery in Q4...

Sudarshan Bhandari

Apcotex Industries Ltd - Margins Expected to Improve as Prices Bottom Out

Anticipate margin revival in the coming quarter: While the company reported strong volume lead growth (YoY), the profitability remained subdued...

Axis Direct

The Beat Ideas: Apcotex Industries Ltd, Beaten Down Value Pick

​Apcotex Industries, a leading synthetic rubber manufacturer in India, faces challenges with declining EBITDA margins due to raw material pricing...

Sudarshan Bhandari

Apcotex Industries Ltd - Nitrile Latex Continues to Weigh on Margins; Maintain HOLD

The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate. However, gross margins...

Axis Direct

Apcotex Industries Ltd - Realizations Remains Nimble, Volume Growth at Discretion

This rebound is expected as Nitrile Latex prices normalize and other segments scale up, potentially improving the company's competitive position...

Axis Direct

Apcotex Industries (APCO IN) sees 38.2% YoY revenue growth in Q3 FY25, driven by volume gains and export increase. Expecting margin recovery in Q4...

Apcotex Industries, a leading synthetic rubber manufacturer in India, faces challenges with declining EBITDA margins due to raw material pricing...