Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>Probe targets imports from China, EU, S Kora and Russia</li><li>Probe initaied on application filed by Apcotex Industries Ltd </li><li>Halobutyl Rubber ADD probe extended until December end</li></ul>

Probe targets imports from China, EU, S Kora and RussiaProbe initaied on application filed by Apcotex Industries Ltd Halobutyl Rubber ADD probe extended until December end

India Launches ADD Probe Into NBR Imports

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.</li><li>Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.</li><li>Growth prospects remain uncertain as a clear upward trend has yet to emerge.</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.

Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.Growth prospects remain uncertain as a clear upward trend has yet to emerge.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.

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

Equity Bottom-Up

<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>Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.</li><li>However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.</li><li>Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. </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.

Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. 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.

Chemicals and Midcaps Q1FY25 Result Preview

<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)

India Launches ADD Probe Into NBR Imports

The Directorate General of Trade Remedies (DGTR), under the Indian Commerce Ministry, has initiated an anti-dumping investigation concerning...

Helixtap

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

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

Chemicals and Midcaps Q1FY25 Result Preview

Chemicals& Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to...

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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