Apcotex Industries Limited announced its financial results for the third quarter and nine months ended December 31, 2025. For the quarter, total volumes grew 10% year-on-year, while operating revenue stood at ₹332 crore, a 7% decline year-on-year due to falling raw material and finished goods prices. However, Operating EBITDA saw a significant increase of 61% year-on-year to ₹44 crore, with EBITDA margin expanding to 13.12%. Profit After Tax (PAT) for the quarter surged by 91% year-on-year to ₹22 crore, resulting in a PAT margin of 6.7%. The company also reported an exceptional item of ₹4.8 crore provision due to a new wage code notification. The company remains net cash positive as of December 31, 2025. The Board approved an interim dividend of ₹2.50 per equity share. For the nine-month period, Apcotex achieved its highest ever sales volumes, up 15% year-on-year, and highest ever export volumes, up 21% year-on-year. Operating revenue was ₹1,044 crore, broadly stable year-on-year, while operating EBITDA grew 42% year-on-year to ₹123 crore, with an EBITDA margin of 11.75%. PAT for the nine months increased by 79% year-on-year to ₹67 crore. During this period, the company reduced debt by approximately ₹94 crore. The company is awaiting notification from the Finance Ministry regarding anti-dumping duty, which was recommended by the Director General of Trade Remedies. Despite the delay, Apcotex's expansion plans for NBR continue, with a revised CAPEX plan of ₹130-140 crore, down from the earlier estimate of ₹200-250 crore. The company expects to complete its expansion projects by the end of FY'27, with an expected top-line addition of ₹550-600 crore. Regarding capacity utilization, NBR is at 100%, Nitrile Latex at approximately 70-75%, and other products (construction, carpet, paper, textiles) are at 85-87%. Tire cord is also operating at 85-90% utilization. The company anticipates one year of growth left in the latex side before new capacity comes on stream. The effective tax rate for the year is expected to be around 27-28%. The company is also planning to raise long-term debt for new projects.
