Slides
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INVESTOR PRESENTATION FEBRUARY 2026
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Index Executive Summary 03 Company Overview 05 Business Overview 14 Strategic Overview 18 Financial Overview 20 02
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EXECUTIVE SUMMARY 01
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The company has one of the broadest range of Emulsion Polymers available in the market today. Apcotex is listed on both the BSE and NSE and has an approximate market capitalization of INR 19,382.24 Mn as on 31st December 2025. BUSINESS MIX MARQUEE CLIENTS MANUFACTURING Valia Facility: Gujarat 21,000 MTPA Nitrile Rubber and Allied Products 50,000 MTPA Nitrile Latex Plant. SYNTHETIC RUBBER Automobile, Footwear, Rice Rolls, Various Rubber Products. SYNTHETIC RUBBER Paragon Footwear, Jayshree Polymers, Parker Hannifin, Gates India, Armacell, Supreme Industries etc. INR 13,924 Mn INR 1,247 Mn INR 541 Mn OPERATIONAL REVENUE EBITDA PAT 04 Executive Summary Apcotex Industries Ltd (Apcotex) is a leading producer of Synthetic Rubber (Nitrile Rubber, High Styrene Rubber, Nitrile Polyblends and Nitrile Powder) and Synthetic Latex (XSB Latex, VP Latex, Styrene Acrylics and Nitrile Latex) in India. OVERVIEW SYNTHETIC LATEX Paper/ Paper Board, Carpet, Gloves, Construction, Tyre Cord, Speciality, Textile. SYNTHETIC LATEX ITC, Asian Paints, Ultratech Cement, Welspun, BILT, JK PAPER, Pidilite Industries, MRF, SRF, Century Enka, Standard, Mac, Kordsa etc. Taloja Facility: Maharashtra 1,03,000 MTPA Synthetic Latex 7,000 MTPA High Styrene Rubber FY25 FINANCIALS
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COMPANY OVERVIEW 02
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6 The company’s Taloja plant was established in 1980 as a division of Asian Paints (India) Ltd. In 1991, the division was spun off as a separate company, which was headed by Mr. Atul Choksey, former MD of Asian Paints. The company is currently headed by Abhiraj Choksey who is the Vice Chairman and Managing Director. Apcotex has a significant global presence and for last few years has done business in all continents and several countries. It is one of the leading producers of Synthetic Rubber and Synthetic Latex in India. Its state-of-the-art manufacturing plants are strategically located on the western coast of India. Over the past several years, the company has developed a strong Research & Development base, which has enabled them to develop, manufacture and export products and compete effectively against global players. Apcotex Industries has a workforce strength of over 550 fulltime employees. Apcotex Industries is also a part of the Top 10 Indian companies on the list of “Forbes Asia Best Under A Billion 2023”. Operational Revenue (INR Mn) and EBITDA Margin (%) 10,799 11,246 13,924 10,439 14.70% 10.13% 8.96% 11.75% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 FY23 FY24 FY25 9M-FY26 Company Overview
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7 Board of Directors MR. ATUL C. CHOKSEY (CHAIRMAN) He is a Chemical Engineer from the Illinois Institute of Technology, Chicago, USA. He joined Asian Paints (India) Limited as Junior Executive in 1973 and was subsequently appointed as Whole- time Director with effect from May 1979. He served as the Managing Director of Asian Paints Limited from April 1984 to August 1997. Over the years he has served on the Boards of Marico Limited, Finolex Cables Limited, Blue Star India Ltd., CEAT Limited and the Asian Board of the Wharton Business School. He has served as the President of the Indian Paint Association and Bombay Chamber of Commerce and Industry (BCCI) as well as Deputy President of the Associated Chamber of Commerce and Industry of India. He is a member of Young Presidents Organization (YPO). He is currently a Trustee of Shree Mahalakshmi Temple Trust located in Mumbai. MR. UDAYAN D. CHOKSI (INDEPENDENT DIRECTOR) He is a chartered accountant and lawyer and has been in practice for nearly 25 years. He is a senior indirect tax professional and practising counsel, and his areas of specialization include GST, pre-GST taxes, and customs and international trade. He is also actively involved in tax policy initiatives and advocacy and is a member of prominent business and professional chambers. He is a Partner at Veritas Legal. DR. ACHALA DANAIT (INDEPENDENT DIRECTOR) Dr. Achala Danait is a strategic and visionary leader with 33 years of enriching experience across diverse industry segments and academia. Formerly Managing Director of Clariant India, a Swiss specialty chemical company and a Board member of Süd-Chemie India, she is presently the Dean & Director, Center for Strategic Industry Partnerships at Somaiya Vidyavihar University, Mumbai, as well as a Board Member and Technical Advisor to chemical companies and startups in India. She leads programs in Green and Sustainable Chemistry as well as initiatives to enable and equip women from financially disadvantaged backgrounds to join the industry. Dr Achala obtained a Master’s and Ph.D. in Polymer Chemistry from the Indian Institute of Technology (IIT) Bombay in 1992 followed by Business and Organizational Leadership Development programs from esteemed institutions such as London Business School, U.K. and Texas A&M University, USA. She is a certified Six Sigma Black Belt with experience in process efficiency and cost optimization. Dr Achala has filed several US patents and co-authored numerous research publications. Dr. Achala is the Chairperson of the R&D Expert Committee of the Indian Chemical Council (ICC). She is a mentor at Aspire For Her, an organization committed to changing the diversity equation in India.
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8 Board of Directors MS. PRITI SAVLA (INDEPENDENT DIRECTOR) Ms. Priti Savla is a fellow member of the Institute of Chartered Accountants of India (ICAI) and partner in K P B & Associates. She’s practising since more than 24 years in the areas of strategic planning, business advisory, corporate governance, ESG advisory, CSR & impact assessment, internal audit & risk mitigation. She is Chairperson of Sustainability Reporting Standard Board, ICAI. She is member of Sustainability Standards Advisory Forum of International Sustainability Standards Board (ISSB) of IFRS Foundation. She is Director in Institute of Social Auditors of India, Governing Council Member of Social Stock Exchange - BSE. She is Public Interest Director in NSE Clearing Limited. Independent Director in Sun Pharma Laboratories Limited, IRB Infrastructure Development Limited, Aarti Drugs Limited, ITI Mutual Funds Trustees Pvt. Ltd; Si creva Capital Services Pvt. Ltd. She has successfully completed 2 tenures of Independent Director at Aarti Industries Limited. She is the first Social Auditor India, ISAI, Insolvency Professional - IBBI, holds a certificate in Entrepreneurs’ Development Programme - ISB, Diploma in Information System Audit - ICAI, Certificate Course in Forensic Accounting & Fraud Detection - ICAI. MR. DINANATH KHOLKAR (INDEPENDENT DIRECTOR) He has done his BE (Hons) Electrical Engineering from VJTI Mumbai in 1989 and his Executive MBA from Stephen M Ross School of Business, University of Michigan. Over a career spanning 34 years at Tata Consultancy Services (TCS), he held diverse leadership roles to grow strategic businesses and guide clients in their digital transformation journeys. He is a senior member of IEEE and has served as IEEE Pune Section chair for 2018-2019. Currently he Chairs the IT/ITES committee at Mahratta Chamber of Commerce, Industries & Agriculture (MCCIA) and is the research track lead for Science, Technology and Innovation Ecosystem at Pune International Centre. He has been recognised as Distinguished alumnus by VJTI. MR. RAJENDRA MARIWALA (INDEPENDENT DIRECTOR) Mr. Rajendra Mariwala has done his undergraduate in A. C. College of Technology, Chennai and his Master’s in Chemical Engineering from Cornell University, USA. He is currently the Managing Director of Eternis Fine Chemicals Limited, a leading exporter of specialty chemicals. Under his leadership the Company started manufacturing of aroma chemical for fragrance industry in 1993 and over a period of time the Company has established itself as one of the largest aroma chemical players in the world with a manufacturing footprint in India & UK. Recently, the Company has diversified into Cosmetics Ingredients Segment by acquiring Sharon Personal Care Limited a company headquartered in Tel -Aviv, Israel and Italy. Mr. Rajendra Mariwala has been an active Executive Committee member and President of Indian Chemical Council for the last year. He brings with him a rich experience of over 30 years in fragrances and 18 years in leading a competitive business in specialty chemicals. He is on the Boards of Marico Limited, Kaya Limited and Westlife Foodworld Limited, Sudarshan Chemical Industries Limited and Astral Limited.
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9 Board of Directors MR. RAVISHANKAR SHARMA (EXECUTIVE DIRECTOR) He is a Chemical Engineer from Laxminarayan Institute of Technology, Nagpur, passed out in 1988 and PGDBM from Goa Institute of Management, Goa (Executive MBA) in 2009 and has more than 30 years of rich experience in the areas of Production and Projects. MR. ABHIRAJ A. CHOKSEY (VICE-CHAIRMAN AND MANAGING DIRECTOR) He graduated from the University of Pennsylvania with degrees in Engineering and Business from Wharton. He worked in strategy consulting and IT in the United States for a few years before joining Apcotex in 2005. He is associated with the Company since 2005 in various capacities and has been the Managing Director since May 2010. He is on the Executive Committee of the Indian Chemical Council (ICC), Executive Committee of Young Presidents Organization (YPO) Bombay Chapter and is an active member of Entrepreneurs' Organization (EO). MR. AMIT C. CHOKSEY (DIRECTOR) He is a Commerce Graduate from Bombay University and currently Chairman & Managing Director of Mazda Colours Limited in Mumbai, India. Mazda Colours is one of the leading manufacturers of Phthalocyanine Pigments and leading exporters of its products all over the world. He has over four decades of rich experience in managing the Manufacturing Plants of Inorganic Pigments and Intermediates, Construction Chemicals, Specialty Water Proofing compounds. He hails from a family which promoted Asian Paints (I) Limited, the largest manufacturers of Paints in India. He is a member of the prestigious Young Presidents’ Organisation (YPO is the Global Leadership Community of Extraordinary CEOs). He also holds the Diplomatic position as ‘Honorary Consul of the Slovak Republic’ in Mumbai.
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10 apcotex.com Key Milestones Started as a division of Asian Paints. Pioneered the manufacturing of Vinyl Pyridine latex and Carboxylated Styrene Butadiene latex in India. 1980 Started High Styrene Rubber production. 1998 Entered into Nitrile Latex business for Gloves application. 2019 Moved to a new registered office at Navi Mumbai, this relocation marks an exciting new chapter for us, with upgraded facilities, better accessibility, and a more collaborative environment to serve our clients and partners more effectively. 2025 Completed acquisition of Omnova Solutions India Pvt. Ltd. 2016 10 New Nitrile Latex capacity of 50,000 MT p.a. (wet) at Valia will be further expanded to 80,000 MT p.a. (wet) in the next phase. Taloja Latex plant swing capacity increased to 1,03,000 MT p.a. (wet). 2023
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11 apcotex.com Industry Clients ITC Ltd JK PAPER BILT NR Group Obeetee Industries ABC Industries Standard Mac Paragon Footwear Lunars Footwear Josco Distributors all over India MRF SRF Kordsa Rajshree Polyfill (Century Enka) Madura Pidilite Industries Sika Fosroc Asian Paints Ultratech Shaktiman Hindustan Rubber Industries (RR) Golden Rolls Pvt Ltd/Cable CorpCements Vansh Industries Super Hoze Jugaltara Parker Hannifin India Unique Auto Rub Udyog Pvt Ltd Varroc Elast G.B. Rubber Jayashree Polymers Top Glove Brightway SRI Trang PT Shamrock GLOVESAUTO & INDUSTRIALHOSES & LPG RICE ROLLSCONSTRUCTION TYRE/CORD DIPPERRUBBER CARPETPAPER Taloja Plant Valia Plant Taloja plant in Maharashtra 50 km from Mumbai airport 36 km from JNPT ports Valia plant in Gujarat 120 km from Baroda Airport 40 km from Hajira & Dahej ports
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12 The Company has been continuously upgrading their technology through in house research & development efforts to meet the changing needs of customers Currently 38 employees are dedicated for R&D and technical support. PRODUCT DEVELOPMENT LAB QUALITY ASSURANCE LAB DCS PROCESS CONTROL PRODUCT APPLICATION LAB apcotex.com R&D and Quality Control
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13 ISO 14001:2004, OHSAS 18001:2007 Certified Integration of Quality, Environment and OHSAS Systems TPM Excellence Award for Valia Plant ISO 9001 Certified Responsible Care Certified TPM Journey starts TPM Excellence Category A TPM Consistency Award Valia plant RC certified apcotex.com Quality Certifications 2000 2006 2009 2011 2012 2013 2015 2018 2022
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14 apcotex.com Key Strengths Marquee list of clients Strategic location of manufacturing units in India and lean business operations Experienced Promoters along with professional management team High entry barriers due to proprietary product and process technology, large capex, long sales lead times and difficult-to-handle RMs Advanced technological knowhow, in house R&D and customisation capability Only Manufacturer of NBR, HSR and Nitrile Latex in India Apcotex is a Globally Reputed Brand
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BUSINESS OVERVIEW 03
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16 Sources of Raw Materials Raw Materials Final Products PaperButadiene Natural Gas Synthetic Latex Tyre Cord Styrene Nitrile Rubber Acrylonitrile Crude Oil Rubber High Styrene Rubber apcotex.com NBR Powder NBR Polyblend Gloves Specialty Carpet Process VALUE CHAIN Construction
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17 Provides high wet and dry binding strength, high sheet gloss; Provides excellent wet and dry binding strengths; Provides excellent coverage and coating holdout; Provides excellent gloss. Soft secondary backing of tufted carpets, needle felt coating and impregnation, Textile Finishing / Softener, produces chemical additives for Textile Flooring, Synthetic turf, Mattresses etc. Bonding agent, cementitious waterproofing 2 component repair mortar, Hydraulic cement admixture, damp proof coatings, bonding agent for cement sand plaster on concrete and Gypsum. Binder for Nonwoven Fabric, Paper saturation, Binder for cork sheets, Jointing sheets, Textile finishing, Adhersives. Tyre cord / belting fabric dipping. For Medical and Industrial Purpose. CLIENTS CLIENTS CLIENTS CLIENTS CLIENTS CLIENTS PAPER CARPET CONSTRUCTION SPECIALTY TYRE CORD GLOVES Synthetic Latex Products The company caters to a large customer base for synthetic latex across industries and commands high market share across industries like Paper, Carpets, Tyres and Construction.
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18 Low viscosity grade with excellent processibility, good tack and east flow suitable for moulded & extruded rubber goods. Cost effective medium ACN blend for general purpose automotive and industrial moulded and extruded products, footwea products ets. Low hardness rubber grade with very good processibility for Hawaii and Micro-cellular sheets, Medium hardness grade for general purpose footwear products, Banwar and Neolite Applications. Linear powder grade suitable for jointing sheets, PVC modifications, medium ACN grade suitable for footwear. moulded and extruded goods, joining sheets, adhesives and Friction materials. Suitable for brake pads. CLIENTS CLIENTS CLIENTS CLIENTS apcotex.com NITRILE RUBBER (NBR) NBR POLYBLEND HIGH STYRENE RUBBER NBR POWDER Synthetic Rubber Products Apcotex is the only manufacturer of Nitrile Rubber and High Styrene Rubber in India. It has a high market share in HSR but a low market share in NBR due to capacity constraints.
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STRATEGIC OVERVIEW 04
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20 Apcotex has a strong global presence, especially in South East Asia, Middle East & Africa. This expansion will help us consolidate our position in Carpet, Construction, Textile, Paper and Rubber Products to meet growing demand in domestic and international market The Company’s presence in growth industries like Paper, Construction, Carpet, Tyre and Rubber provides stable growth & a strong base. . apcotex.com Future Strategy Apart from the existing product portfolio, the next generation product pipeline is strong to propel future growth. Capacity addition project initiated worth INR 210 Crores towards Nitrile Rubber and Synthetic Latex .
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FINANCIAL OVERVIEW 05
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22 Particulars (INR Mn) FY23 FY24 FY25 9M-FY26 Operational Revenue 10,799 11,246 13,924 10,439 Total Expenses 9,214 10,107 12,676 9,212 EBITDA 1,585 1,139 1,248 1,227 EBITDA Margins 14.68% 10.13% 8.96% 11.75% Depreciation 152 315 416 355 Finance Cost 51 156 173 88 Other Income 73 77 103 105 Profit Before Exceptional Items and Tax 1,455 745 762 889 Exceptional Item - - - 10 PBT 1,455 745 762 899 Tax 376 206 221 232 PAT 1,079 539 541 667 PAT Margins 10.00% 4.79% 3.89% 6.39% Other Comprehensive Income (21) 203 59 113 Total Comprehensive Income 1,058 742 600 780 Diluted EPS (INR) 20.82 10.39 10.43 12.86 Historical Income Statement
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23 Particulars (INR Mn) FY24 FY25 H1-FY26 Shareholders Fund 5,217 5,532 5,799 Equity Share Capital 104 104 104 Other Equity 5,113 5,428 5,695 Total Non-Current Liabilities 1,281 949 818 Deferred Tax liabilities 199 206 236 Borrowings 936 624 468 Lease liabilities 45 34 28 Long Term Provision 31 37 36 Other Financial Liabilities 70 48 50 Total Current Liabilities 2,722 3,508 2,790 Short Term Borrowings 892 1,224 843 Lease Liabilities 10 11 12 Trade Payables 1,348 1,876 1,539 Other Financial Liabilities 341 233 235 Short Term Provision 15 24 36 Current Tax Liabilities - - 13 Other Current Liabilities 116 140 112 TOTAL EQUITY & LIABILITIES 9,220 9,989 9,407 Particulars (INR Mn) FY24 FY25 H1-FY26 Total Non-Current Assets 4,958 4,905 4,902 Property, Plant and Equipment 3,838 3,842 3,827 Capital Work in progress 79 119 77 Investment Properties 15 14 14 Financial Assets 886 834 883 Intangible Assets 5 4 3 Non Current Tax Assets (net) 68 - - Other Non-Current Assets 67 92 98 Total Current Assets 4,262 5,084 4,505 Investments 225 226 339 Inventories 1,250 1,378 1,331 Trade Receivables 2,030 2,540 2,056 Cash & Cash Equivalents 152 265 267 Other Bank Balances 90 125 135 Short Term loans & Advances 5 5 4 Other Financial Assets 162 177 69 Current Tax Assets (net) - 28 - Other Current Asset 348 340 304 TOTAL ASSETS 9,220 9,989 9,407 23 Balance Sheet
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24 3.65 2.86 3.53 3.62 FY23 FY24 FY25 H1-FY26 Total Fixed Asset Turnover Ratio (x) 0.27 0.31 0.27 0.16 FY23 FY24 FY25 H1-FY26 Net Debt to Equity (x) 1,585 1,139 1,247 1,227 14.70% 10.13% 8.96% 11.75% FY23 FY24 FY25 9M-FY26 EBITDA (INR Mn) and EBITDA Margin (%) 10,799 11,246 13,924 10,439 FY23 FY24 FY25 9M-FY26 Operational Revenue (INR Mn) 1,079 539 541 667 10.00% 4.79% 3.89% 6.39% FY23 FY24 FY25 9M-FY26 PAT (INR Mn) and PAT Margin (%) Historical Performance Indicators
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25 Disclaimer Apcotex Industries Ltd Disclaimer: This presentation and the accompanying slides (the “Presentation”), which have been prepared by Apcotex Industries Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review. apcotex.com
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For further details, please feel free to contact our INVESTOR RELATIONS REPRESENTATIVES: Mr. Drigesh Mittal Apcotex Industries Limited CIN: L99999MH1986PLC039199 Email: drigesh.mittal@apcotex.com Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-49039500 Email: apcotex@valoremadvisors.com Kit Link: https://valoremadvisors.com/apcotex