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HDFC Securities Institutional Equities
Over the last few years, Apollo Tyres Ltd. has invested in research and development, brand building, and expanding its distribution network. This has in turn led to market share improvement in both India and Europe.
In India, while its share in truck-bus radial improved to 31% from 27% in FY18, its passenger car radial share improved to 21% from 17% in FY18.
It has also increased share in TBR and off-highway tyres segments in Europe in FY22. It has recently restructured its European business, leading to a sharp increase in Ebitda margin from 8% in FY20 to 18% in FY22.
We expect Apollo Tyres to emerge as a major beneficiary of the favorable industry dynamics in India and continue to outperform Europe, given its lean cost structure.
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