Slides
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Earnings Presentation Q3/9M-FY26
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2 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. 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 capitalisation of INR 19,382.24 Mn as on 31st December, 2025. OVERVIEW SYNTHETIC LATEX ▷ Paper/ Paper Board, Carpet, Gloves, Construction, Tyre Cord, Speciality, Textile. SYNTHETIC RUBBER ▷ Automobile, Footwear, Rice Rolls, Various Rubber Products. SYNTHETIC LATEX ▷ ITC, Asian Paints, Ultratech Cement, Welspun, BILT, JK PAPER, Pidilite Industries, MRF, SRF, Century Enka, Standard, Mac, Kordsa etc. SYNTHETIC RUBBER ▷ Paragon Footwear, Jayshree Polymers, Parker Hannifin, Gates India, Armacell, Supreme Industries etc. ▷ . Taloja Facility: Maharashtra ▷ 1,03,000 MTPA Synthetic Latex ▷ 7,000 MTPA High Styrene Rubber Valia Facility: Gujarat ▷ 21,000 MTPA Nitrile Rubber and Allied Products. ▷ 50,000 MTPA Nitrile Latex Plant. BUSINESS MIX MARQUEE CLIENTS MANUFACTURING FY25 FINANCIALS Operational Revenue - INR 13,924 Mn EBITDA - INR 1,247 Mn PAT- INR 541 Mn Executive Summary
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3 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 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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4 Q3-FY26 Financial Highlights Q3-FY26 Operational Highlights Q3-FY26 Financial and Operational Highlights INR 3,315 Mn Operational Revenue (6.7)% YoY INR 435 Mn EBITDA 61.1% YoY 13.12% EBITDA Margin 549 Bps YoY INR 222 Mn Net Profit 91.4% YoY 6.70% Net Profit Margin 344 Bps YoY INR 4.28/share EPS 91.9% YoY • Sales volume grew 10% year-on-year. • Operating EBITDA increased from INR 270 million in Q3-FY25 to INR 435 million in Q3-FY26, a growth of 61% year-on-year, driven by higher volumes and improved margins. • Net cash positive as of December 31, 2025. • The New Wage Code was notified on 21 Nov 2025, resulting in an incremental provision of INR 48 million (exceptional item) towards gratuity and leave encashment. • Received the CII Award for being among the Top 100 Most Innovative Companies. • DGTR had issued final findings on the anti dumping duty case in september 2025, not yet notified by finance ministry. • The Board has declared interim dividend of INR 2.50 per equity share.
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5 Particulars (INR Mn) Q3-FY26 Q3-FY25 Y-o-Y Q2-FY26 Q-o-Q Operational Revenue 3,315 3,553 (6.7)% 3,367 (1.5)% Total Expenses 2,880 3,283 (12.3)% 2,961 (2.7)% EBITDA 435 270 61.1% 406 7.1% EBITDA Margins 13.12% 7.63% 549 Bps 12.06% 106 Bps Depreciation 123 106 16.0% 120 2.5% Finance Cost 22 47 (53.2)% 30 (26.7)% Other Income 33 47 (29.8)% 46 (28.3)% Profit Before Exceptional Items and Tax 323 164 97.0% 302 7.0% Exceptional Item (48) - NA 58 NA PBT 275 164 67.7% 360 (23.6)% Tax 53 48 10.4% 107 (50.5)% PAT 222 116 91.4% 253 (12.3)% PAT Margins 6.70% 3.26% 344 Bps 7.51% (81) Bps Other Comprehensive Income 57 (53) NA 6 NA Total Comprehensive Income 279 63 NA 259 7.7% Diluted EPS (INR) 4.28 2.23 91.9% 4.88 (12.3)% Quarterly Financial Performance
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6 9M-FY26 Financial Highlights 9M-FY26 Operational Highlights 9M-FY26 Financial and Operational Highlights INR 10,439 Mn Operational Revenue 0.1% YoY INR 1,227 Mn EBITDA 42.2% YoY 11.75% EBITDA Margin 348 Bps YoY INR 667 Mn Net Profit 78.8% YoY 6.39% Net Profit Margin 281 Bps YoY INR 12.86/share EPS 78.6% YoY • Achieved the highest-ever sales volume, up 15% year- on-year. • Recorded the highest-ever export sales volume, up 21% year-on-year. • Operating EBITDA increased from INR 863 million in 9M-FY25 to INR 1,227 million in 9M-FY26, showing a 42% growth, supported by strong volumes, better margins, and higher capacity utilization. • Reduced debt by around INR 94 crore during 9M-FY26.
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7 Particulars (INR Mn) 9M-FY26 9M-FY25 Y-o-Y Operational Revenue 10,439 10,430 0.1% Total Expenses 9,212 9,567 (3.7)% EBITDA 1,227 863 42.2% EBITDA Margins 11.75% 8.27% 348 Bps Depreciation 355 310 14.5% Finance Cost 88 129 (31.8)% Other Income 105 94 11.7% Profit Before Exceptional Items and Tax 889 518 71.6% Exceptional Item 10 - NA PBT 899 518 73.6% Tax 232 145 60.0% PAT 667 373 78.8% PAT Margins 6.39% 3.58% 281 Bps Other Comprehensive Income 113 91 24.2% Total Comprehensive Income 780 464 68.1% Diluted EPS (INR) 12.86 7.20 78.6% YTD Financial Performance
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8 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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9 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 9 Balance Sheet
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10 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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11 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. For further details, please feel free to contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-49039500 Email: apcotex@valoremadvisors.com Kit Link: https://valoremadvisors.com/apcotex Mr. Drigesh Mittal Apcotex Industries Limited CIN: L99999MH1986PLC039199 Email: drigesh.mittal@apcotex.com Disclaimer
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Thank You