Apcotex Industries Limited — Investor Meet, 03-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Apcotex Q3 & 9M FY26 earnings call highlights:

**Financial Performance:** Q3 volumes grew 10% YoY, but operating revenue declined 7% to INR 332 Cr due to falling raw material prices. Operating EBITDA surged 61% to INR 44 Cr, achieving a 13.12% margin. Profit after tax rose 91% to INR 22 Cr. For 9M, the Company achieved its highest ever sales (+15% YoY) and export (+21% YoY) volumes. 9M operating revenue was stable at INR 1,044 Cr, with EBITDA up 42% to INR 123 Cr (11.75% margin) and PAT up 79% to INR 67 Cr. The Company remains net cash positive and reduced debt by INR 94 Cr. An interim dividend of INR 2.50 per share was approved.

**Management Commentary & Outlook:** Q3's strong profitability stemmed from higher volumes, improved margins, and operational efficiency. Management aims for sustainable EBITDA margins of 12-16% and expects working capital utilization to increase with rising raw material prices.

**Operational Updates:** NBR capacity is 100% utilized. Nitrile latex utilization is at 70-75% YTD, with full run-rate anticipated next year, supported by US duties on Chinese gloves. NBR expansion, targeting 80-90% volume growth at a reduced CAPEX of INR 130-140 Cr, continues independently of the pending anti-dumping duty notification. Overall expansion plans are on track to add INR 550-600 Cr to the top line by FY27. ApcoBuild is a small, margin-focused segment.

**Key Themes & Sentiment:** The Company is focused on volume-led growth, margin expansion, and operational efficiency. Management expresses confidence in strategic execution despite market volatility.