Apcotex Industries LimitedQ1 FY27 Results & Financial Update
Apcotex Industries Limited: Q1 FY27 standalone results and company financials – revenue ₹525.63 Cr, PAT ₹78.94 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Apcotex Industries Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Apcotex Industries reported an exceptionally strong performance for the first quarter of fiscal 2027, delivering the highest-ever quarterly revenue, EBITDA, PBT, and PAT in the company's operational history. According to the company's investor presentation, revenue from operations reached INR 5,256 million, marking a robust 39.9% year-on-year expansion compared to INR 3,758 million in Q1 FY26.
The sharp expansion in revenue was principally propelled by higher price realisations across key product portfolios, effectively offsetting lower physical sales volumes during the period. Management noted that export shipments encountered headwinds during the quarter due to geopolitical tensions in West Asia and associated maritime logistics disruptions.
Profitability expanded at an even faster pace than top-line growth, driven by favorable realization trends and effective operational execution. EBITDA surged by 202.6% year-on-year to INR 1,171 million from INR 387 million in the corresponding quarter of the previous fiscal year, translating to a substantial margin expansion of 1,198 basis points to reach 22.28%.
Net profit after tax (PAT) rose by 310.9% year-on-year to INR 789 million compared to INR 192 million in Q1 FY26. Net profit margin expanded by 990 basis points to stand at 15.01%, reflecting strong earnings conversion and improved cost absorption across manufacturing operations.
Sequentially, the operating momentum also demonstrated significant acceleration. Operational revenue climbed 32.2% compared to INR 3,976 million reported in Q4 FY26, while EBITDA advanced by 114.1% from INR 547 million, underscoring strong sequential recovery and pricing resilience.
Earnings per share (EPS) for the quarter stood at INR 15.23 on a diluted basis, compared with INR 3.70 in Q1 FY26 and INR 6.70 in Q4 FY26. Total comprehensive income for the period reached INR 868 million, bolstered by positive other comprehensive income adjustments of INR 79 million.
Profit after tax was ₹78.94 Cr for the reported quarter. EPS was ₹15.23 for the reported quarter.
01 · Business model
What does Apcotex Industries do?
Apcotex Industries Limited is a leading producer of synthetic rubber and synthetic latex in India, offering one of the broadest ranges of emulsion polymers in the domestic market. The company operates two main product divisions: synthetic latex (including XSB latex, VP latex, styrene acrylics, and nitrile latex) and synthetic rubber (including nitrile rubber, high styrene rubber, nitrile polyblends, and nitrile powder).
Synthetic latex finds wide application across paper and paperboard coating, carpets, dipped goods such as gloves, construction chemicals, tyre cord fabric, speciality items, and textiles. Synthetic rubber is heavily utilized in automotive components, footwear soles, rice husking rollers, and diverse industrial rubber goods.
The company operates state-of-the-art manufacturing facilities strategically located on the western coast of India. These include the Taloja plant in Maharashtra, which houses substantial synthetic latex and high styrene rubber capacities, and the Valia plant in Gujarat, which accommodates nitrile rubber and nitrile latex production lines.
Apcotex caters to a diverse mix of marquee domestic and international customers across various industries, including major firms in paints, adhesives, paper, and footwear manufacturing. The company maintains an active global footprint, exporting its emulsion polymers to multiple continents.
02 · Historical context
What shaped the business before this quarter
The Taloja manufacturing facility was originally established in 1980 as a division of Asian Paints (India) Limited before being spun off into an independent corporate entity in 1991 under the leadership of Mr. Atul Choksey.
Apcotex was recognized as part of the top 10 Indian companies on the list of Forbes Asia Best Under A Billion in 2023.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹525.63 Cr |
| Total income | ₹528.44 Cr |
| Profit before tax | ₹104.65 Cr |
| Profit after tax | ₹78.94 Cr |
| EPS | ₹15.23 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 15.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 19.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹2.81 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove margins
EBITDA margin expanded sharply by 1,198 basis points year-on-year to 22.28%, driven by favorable realizations and disciplined fixed-cost absorption.
Elevated raw material prices influenced working capital requirements and cost structures, with increased input expenses successfully passed through to customer realizations.
05 · Demand, customers & order book
Where demand is coming from
The company serves prominent clients in the synthetic latex segment, including ITC, Asian Paints, Ultratech Cement, Welspun, BILT, JK Paper, Pidilite Industries, MRF, SRF, Century Enka, and Kordsa. Synthetic rubber customers include Paragon Footwear, Jayshree Polymers, Parker Hannifin, Gates India, Armacell, and Supreme Industries.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates entirely within the synthetic emulsion polymers business, and accordingly, segment reporting under Ind-AS 108 is not applicable as per the financial results notes.
Geography and market mix
Apcotex maintains a global presence spanning multiple continents; however, export shipments during the quarter were adversely impacted by shipping and logistics bottlenecks originating from West Asian geopolitical tensions.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Apcotex operates two major manufacturing hubs: the Taloja facility in Maharashtra (featuring 1,03,000 MTPA of synthetic latex capacity and 7,000 MTPA of high styrene rubber capacity) and the Valia facility in Gujarat (housing 21,000 MTPA of nitrile rubber and allied products alongside a 50,000 MTPA nitrile latex plant).
Projects, capex and execution
The company continued executing strategic capital expenditure projects during the quarter with a disciplined focus on supporting future growth, expanding manufacturing capacity, and enhancing long-term operational efficiency.
08 · Reported developments
What changed operationally
Delivered the strongest quarterly financial performance in corporate history with all-time high operational revenue of INR 5,256 million, EBITDA of INR 1,171 million, PBT of INR 1,046 million, and PAT of INR 789 million.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Working capital requirements increased during the quarter due to elevated raw material prices, leading to higher inventory valuations and increased trade receivables following the pass-through of input costs.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Workforce Strength
Apcotex maintains a full-time workforce of over 550 employees across its corporate offices and manufacturing plants.
11 · Previous-quarter changes
What changed since the previous quarter
Operational revenue rose 32.2% sequentially from INR 3,976 million in Q4 FY26 to INR 5,256 million in Q1 FY27.
PAT expanded by 127.4% sequentially from INR 347 million in Q4 FY26 to INR 789 million in Q1 FY27.
12 · Key Q&A
The quarter, answered directly
What does Apcotex Industries do?
Apcotex Industries Limited is a leading producer of synthetic rubber and synthetic latex in India, offering one of the broadest ranges of emulsion polymers in the domestic market. The company operates two main product divisions: synthetic latex (including XSB latex, VP latex, styrene acrylics, and nitrile latex) and synthetic rubber (including nitrile rubber, high styrene rubber, nitrile polyblends, and nitrile powder).
What is the clearest takeaway from Q1 FY27?
Apcotex Industries reported an exceptionally strong performance for the first quarter of fiscal 2027, delivering the highest-ever quarterly revenue, EBITDA, PBT, and PAT in the company's operational history. According to the company's investor presentation, revenue from operations reached INR 5,256 million, marking a robust 39.9% year-on-year expansion compared to INR 3,758 million in Q1 FY26.
What drove revenue or demand?
The company serves prominent clients in the synthetic latex segment, including ITC, Asian Paints, Ultratech Cement, Welspun, BILT, JK Paper, Pidilite Industries, MRF, SRF, Century Enka, and Kordsa. Synthetic rubber customers include Paragon Footwear, Jayshree Polymers, Parker Hannifin, Gates India, Armacell, and Supreme Industries.
What mattered most for margins or profitability?
EBITDA margin expanded sharply by 1,198 basis points year-on-year to 22.28%, driven by favorable realizations and disciplined fixed-cost absorption.
What changed operationally beyond the headline numbers?
Apcotex operates two major manufacturing hubs: the Taloja facility in Maharashtra (featuring 1,03,000 MTPA of synthetic latex capacity and 7,000 MTPA of high styrene rubber capacity) and the Valia facility in Gujarat (housing 21,000 MTPA of nitrile rubber and allied products alongside a 50,000 MTPA nitrile latex plant).
What should the next disclosure help confirm?
Monitor the progress and commissioning milestones of ongoing capital expenditure projects aimed at expanding production capacity.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of Strategic Capex: Monitor the progress and commissioning milestones of ongoing capital expenditure projects aimed at expanding production capacity.
- 02
Export Logistics and Trade Flows: Track normalization of shipping routes and resolution of West Asian geopolitical disruptions affecting export volume recovery.
- 03
Raw Material Price Trends: Observe movements in key raw material costs and their subsequent impact on working capital intensity and operating margins.
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