Slides
Page 1
Earnings Presentation Q2/H1-FY27
Page 2
2 ▶︎ Apcotex Industries Ltd (Apcotex) is a leading producer of Synthetic Rubber (Nitrile Rubber, High Styrene Rubber, Nitrile Polyblendsand Nitrile Powder) and SyntheticLatex (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 30,811 Mn as on 30th September, 2026. 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 FY26 FINANCIALS Operational Revenue - INR 14,415 Mn EBITDA - INR 1,774 Mn PAT- INR 1,014 Mn Executive Summary
Page 3
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 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 (%) 11,246 13,924 14,415 10,246 10.13% 8.96% 12.31% 17.12% - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 FY24 FY25 FY26 H1-FY27 Company Overview
Page 4
4 Q2-FY27 Financial Highlights Q2-FY27 Operational Highlights Q2-FY27 Financial and Operational Highlights INR 4,989 Mn Operational Revenue 48.2% YoY INR 583 Mn EBITDA 43.6% YoY 11.69% EBITDA Margin (37) Bps YoY INR 348 Mn Net Profit 37.5% YoY 6.98% Net Profit Margin (53) Bps YoY INR 6.72/share EPS 37.7% YoY • Sales volume grew 7% year-on-year. • Export volumes recovered in Q2-FY27, reversing the decline witnessed in Q1-FY27. • Operating EBITDA increased from INR 406 million in Q2- FY26 to INR 583 million in Q2-FY27, a growth of 44% year-on-year, driven by higher volumes and improved margins. • Continues to remain Net Cash Positive as of September 30, 2026.
Page 5
5 H1-FY27 Financial Highlights H1-FY27 Operational Highlights H1-FY27 Financial and Operational Highlights INR 10,246 Mn Operational Revenue 43.8% YoY INR 1,754 Mn EBITDA 121.2% YoY 17.12% EBITDA Margin 599 Bps YoY INR 1,138 Mn Net Profit 155.7% YoY 11.11% Net Profit Margin 486 Bps YoY INR 21.95/share EPS 156.1% YoY • Delivered the strongest-ever half-yearly financial performance in the company’s history, with record EBITDA, PBT and PAT. • Operating EBITDA increased from INR 793 million in H1- FY26 to INR 1,754 million in H1-FY27, a growth of 121% year-on-year, driven by higher volumes and improved margins. • Execution of the INR 2,100 million capex projects approved by the Board for expansion at the Valia plant remains largely on track. • Working capital requirements continued at elevated level due to higher input costs.
Page 6
6 Particulars (INR Mn) Q2-FY27 Q2-FY26 Y-o-Y Q1-FY27 Q-o-Q Operational Revenue 4,989 3,367 48.2% 5,256 (5.1)% Total Expenses 4,406 2,961 48.8% 4,085 7.9% EBITDA 583 406 43.6% 1,171 (50.2)% EBITDA Margins 11.69% 12.06% (37) Bps 22.28% NA Depreciation 128 120 6.7% 131 (2.3)% Finance Cost 26 30 (13.3)% 21 23.8% Other Income 46 46 NA 27 70.4% Profit Before Exceptional Items and Tax 475 302 57.3% 1,046 (54.6)% Exceptional Item - 58 NA - NA PBT 475 360 31.9% 1,046 (54.6)% Tax 127 107 18.7% 257 (50.6)% PAT 348 253 37.5% 789 (55.9)% PAT Margins 6.98% 7.51% (53) Bps 15.01% (803) Bps Other Comprehensive Income (9) 6 NA 79 NA Total Comprehensive Income 339 259 30.9% 868 (60.9)% Diluted EPS (INR) 6.72 4.88 37.7% 15.23 (55.9)% Quarterly Financial Performance
Page 7
7 Particulars (INR Mn) H1-FY27 H1-FY26 Y-o-Y Operational Revenue 10,246 7,125 43.8% Total Expenses 8,492 6,332 34.1% EBITDA 1,754 793 121.2% EBITDA Margins 17.12% 11.13% 599 Bps Depreciation 259 233 11.2% Finance Cost 47 66 (28.8)% Other Income 74 72 2.8% Profit Before Exceptional Items and Tax 1,522 566 168.9% Exceptional Item - 57 NA PBT 1,522 623 144.3% Tax 384 178 115.7% PAT 1,138 445 155.7% PAT Margins 11.11% 6.25% 486 Bps Other Comprehensive Income 69 56 23.2% Total Comprehensive Income 1,207 501 140.9% Diluted EPS (INR) 21.95 8.57 156.1% YTD Financial Performance
Page 8
8 Particulars (INR Mn) FY24 FY25 FY26 H1-FY27 Operational Revenue 11,246 13,924 14,415 10,246 Total Expenses 10,107 12,676 12,641 8,492 EBITDA 1,139 1,248 1,774 1,754 EBITDA Margins 10.13% 8.96% 12.31% 17.12% Depreciation 315 416 496 259 Finance Cost 156 173 112 47 Other Income 77 103 173 74 Profit Before Exceptional Items and Tax 745 762 1,339 1,522 Exceptional Item - - 9 - PBT 745 762 1,348 1,522 Tax 206 221 334 384 PAT 539 541 1,014 1,138 PAT Margins 4.79% 3.89% 7.03% 11.11% Other Comprehensive Income 203 59 27 69 Total Comprehensive Income 742 600 1,041 1,207 Diluted EPS (INR) 10.39 10.43 19.56 21.95 Historical Income Statement
Page 9
9 Particulars (INR Mn) FY25 FY26 H1-FY27 Shareholders Fund 5,532 6,210 7,132 Equity Share Capital 104 104 104 Other Equity 5,428 6,106 7,028 Total Non-Current Liabilities 949 675 815 Deferred Tax liabilities 206 175 183 Borrowings 624 317 404 Lease liabilities 34 22 15 Long Term Provision 37 118 168 Other Financial Liabilities 48 43 45 Total Current Liabilities 3,508 2,980 3,680 Short Term Borrowings 1,224 613 976 Lease Liabilities 11 13 14 Trade Payables 1,876 1,844 2,016 Other Financial Liabilities 233 224 316 Short Term Provision 24 100 130 Current Tax Liabilities - - 95 Other Current Liabilities 140 186 133 TOTAL EQUITY & LIABILITIES 9,989 9,865 11,627 Particulars (INR Mn) FY25 FY26 H1-FY27 Total Non-Current Assets 4,905 4,911 5,487 Property, Plant and Equipment 3,842 3,623 3,494 Capital Work in progress 119 113 656 Investment Properties 14 14 14 Financial Assets 834 949 1,096 Intangible Assets 4 2 1 Non Current Tax Assets (net) - - - Other Non-Current Assets 92 210 226 Total Current Assets 5,084 4,954 6,140 Investments 226 225 109 Inventories 1,378 1,282 1,722 Trade Receivables 2,540 2,445 3,214 Cash & Cash Equivalents 265 318 148 Other Bank Balances 125 141 245 Short Term loans & Advances 5 3 3 Other Financial Assets 177 152 85 Current Tax Assets (net) 28 24 - Other Current Asset 340 364 614 TOTAL ASSETS 9,989 9,865 11,627 Balance Sheet
Page 10
10 2.86 3.53 3.75 5.20 FY24 FY25 FY26 H1-FY27* Total Fixed Asset Turnover Ratio (x) 0.31 0.27 0.08 0.14 FY24 FY25 FY26 H1-FY27 Net Debt to Equity (x) 1,139 1,248 1,774 1,754 10.13% 8.96% 12.31% 17.12% FY24 FY25 FY26 H1-FY27 EBITDA (INR Mn) and EBITDA Margin (%) 11,246 13,924 14,415 10,246 FY24 FY25 FY26 H1-FY27 Operational Revenue (INR Mn) 539 541 1014 1,138 4.79% 3.89% 7.03% 11.11% FY24 FY25 FY26 H1-FY27 PAT (INR Mn) and PAT Margin (%) Historical Performance Indicators * Annualised
Page 11
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: +91-22-35075100 Email: apcotex@valoremadvisors.com To access the Investor Kit link and/or request a meeting click here: https://valoremadvisors.com/apcotex Mr. Drigesh Mittal Apcotex Industries Limited CIN: L99999MH1986PLC039199 Email: drigesh.mittal@apcotex.com Disclaimer
Page 12
Thank You