Apcotex Industries Limited (APCOTEXIND) share price
₹635.50 on NSE as of 2026-09-04. -2.29% on the day. market cap ₹3,295 Cr. P/E 20.4. 52-week range ₹314.10 to ₹681.60. Capital Goods.
Apcotex Industries Q1 FY27: A ₹526 Cr Quarter Built on Prices, Not Volumes
At a glance
Apcotex Industries reported revenue of ₹526 Cr for the quarter ended 30 June 2026, up 39.9% year-on-year and 32.2% over the March quarter. Operating profit came in at ₹117 Cr against ₹39 Cr a year earlier, taking operating margin to 22% from 10%. PAT was ₹79 Cr versus ₹19 Cr, and EPS ₹15.23 versus ₹3.70.
The company describes it as its highest-ever quarterly revenue, EBITDA, PBT and PAT. Management attributes the revenue growth to higher price realisations rather than volumes — total volumes fell roughly 10–12%, which management says was entirely down to exports, with domestic volumes up about 10%. The stated cause of the export shortfall is geopolitical disruption in West Asia, logistics blockages and higher ocean freight, including the closure of Hormuz.
Management also quantified a timing effect: inventory gains added roughly 2 percentage points to the EBITDA margin in the quarter, and it stated that this level of benefit should not be annualised, reiterating confidence in an average EBITDA margin of 15–16% over time.
Elsewhere: a ₹210 Cr Valia expansion approved in November 2025 for 51,600 MTPA of added capacity; management put total capex across two projects at about ₹220 Cr, of which only 15–20% has been spent. Full-year FY26 revenue was ₹1,442 Cr with PAT of ₹101 Cr. The market pays 19.7x.
One quarter, two very different stories inside it — and the volume line is the one that doesn't match the headline.
Introduction
Apcotex is a producer of synthetic latex and synthetic rubber, a business that began in 1980 as a division of Asian Paints and was spun off as a separate entity in 1991 under Mr. Atul Choksey, the former MD of Asian Paints. It is now led by Mr. Abhiraj Choksey, Vice Chairman and Managing Director. The company employs over 550 full-time staff and was one of ten Indian companies on the Forbes Asia "Best Under A Billion 2023" list — a distinction it has mentioned often enough that it now functions as a corporate surname.
Two plants do the work. Taloja in Maharashtra carries 1,03,000 MTPA of synthetic latex and 7,000 MTPA of high styrene rubber. Valia in Gujarat carries 21,000 MTPA of nitrile rubber and allied products plus a 50,000 MTPA nitrile latex plant. Capacity utilisation has run above 80% overall, with NBR and allied products at roughly 95%.
The recent corporate calendar is dominated by expansion. In November 2025 the board approved a ₹210 Cr capex at Valia adding 37,000 MTPA of synthetic latex and 14,600 MTPA of nitrile capacity, phased through Q1 FY27–28, with revenue potential put at ₹550–600 Cr. Management said the NBR piece is now being achieved as a debottlenecking-plus-expansion at roughly ₹130–135 Cr against an earlier estimate of ₹200–250 Cr, and cited the lower capex and resulting return on capital as the main trigger for going ahead. A stage-2 nitrile expansion plan is described as ready but uncommitted, pending three to four months of margin data and clarity on Malaysian capacity additions.
Before that, March 2025 brought the resignation of CFO Mr. Sachin Karwa, and a board approval for the acquisition of a 26% stake in Opera Vayu. In March 2026 an NFAC order raised a tax and penalty demand of ₹1.02 Cr for AY2017-18. ICRA reaffirmed the long-term rating at AA- (Stable) in May 2025.
Business model
Apcotex makes the sticky stuff that holds other people's products together, and then sells it to companies whose names you actually recognise.
The larger half is synthetic latex — styrene butadiene latex, VP latex, styrene acrylic latex and nitrile latex, made from downstream petrochemicals rather than from a rubber tree. It ends up in paper and paperboard, carpets, gloves, construction, tyre cord, speciality applications and textiles. At H1 FY26, latex was about 70% of the product mix. Within latex at Q2 FY26, paper and construction ran 16–18%, carpet and textiles 11–12%, nitrile latex 15–16% and tyres/tyre cord about 10%. That is a business with no single customer segment large enough to ruin the year, which is either diversification or indecision depending on who's describing it.
The other 30% is synthetic rubber: nitrile butadiene rubber, nitrile polyblends, high styrene rubber and NBR powder, going into automobiles, footwear, rice rolls and assorted rubber products. Apcotex is the only NBR manufacturer in India — a monopoly with an asterisk the size of a shipping container, since roughly 65% of domestic NBR demand is met by imports. Being the sole domestic producer of a product two-thirds of which arrives by boat is a peculiar kind of market leadership.
There is also ApcoBuild, a B2C construction chemicals brand covering waterproofing, tiling, repair, exterior coating and concrete admixtures. Management describes it as continuing to do reasonably well and still small — corporate for "it exists, please stop asking."
The customer list reads like an index of Indian manufacturing: ITC, Asian Paints, Ultratech, Welspun, BILT, JK Paper, Pidilite, MRF, SRF, Century Enka and Kordsa on the latex side; Paragon Footwear, Parker Hannifin, Gates India, Armacell and Supreme Industries on rubber. The top ten customers contributed 20–30% of revenues over FY24-25.
Exports go to 45-plus countries and were 33% of revenue, against 67% domestic, with a stated ambition of 42–45% exports in the next few years. Raw material consumption — styrene, butadiene, acrylonitrile — runs about 70% of sales. Which means this is a chemicals company that spends most of its life watching three commodity prices and hoping they move in a helpful direction.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Apcotex Industries Limited.
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