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Apcotex Industries Ltd (APCOTEXIND)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523694 NSE: APCOTEXIND Rubber Products | Small Cap | Apcotex Industries Share Price

₹530.85 -3.85 (-0.72%)

As on 24-Jun'26 16:59

Apcotex Industries Ltd (APCOTEXIND)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523694 NSE: APCOTEXIND Rubber Products | Small Cap | Apcotex Industries Share Price

₹530.85 -3.85 (-0.72%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,772 Cr.
Current Price
₹530.9
52-Week Low / High
₹310 / 579
TTM EPS
₹19.6
TTM Sales
₹1,442 Cr.
Book Value per Share
₹119.8
P/E Ratio
27.34
Lower than its 5-year historical median
Industry PE
26.8
Price to Book (P/B)
4.46
Lower than its 5-year historical median
Price to Sales (P/S)
1.92
Lower than its 5-year historical median
EV/EBITDA
14.48
Lower than its 5-year historical median
Dividend Yield
1.51%
Profitability Efficiency
Return on Equity (ROE)
17.27%
Outperforms industry median
Return on Capital Employed (ROCE)
20.12%
Outperforms industry median
Return on Assets (ROA)
10.22%
Operating Profit Margin
12.3%
Net Profit Margin
7.04%
Gross Profit Margin
12.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
3.53%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
42.2%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
87.59%
Asset Quality
Promoter Holding
58.23%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹611 Cr.
Equity
₹10.4 Cr.
Face Value
₹2
All Time Low / High
₹0.95 / 678.00

Apcotex Industries stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Apcotex Industries Ltd a good quality company?
Apcotex Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Apcotex Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Apcotex Industries Ltd vs industry peers?
Apcotex Industries Ltd revenue CAGR is 22.93%, compared to the industry median CAGR of 8.96%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Apcotex Industries Ltd?
Promoters hold 58.23% of the Apcotex Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Apcotex Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 16% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Apcotex Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 20.6%23%23.9%9.3%19.5%34.9%28%13.5%13%20.1%-
Value Creation
Index
0.50.60.7-0.30.41.51.00.0-0.10.4-

Growth Parameters

Sales 3885266264965419571,0801,1251,3921,4421,442
Sales YoY Gr.-35.6%18.9%-20.7%9%77%12.9%4.1%23.8%3.5%-
Adj EPS 3.47.88.72.88.318.320.19.79.41819.6
YoY Gr.-130.3%12.4%-68.5%200.4%121.8%9.7%-51.9%-2.6%91.6%-
BVPS (₹) 4347.553.648.558.976.491.8100.6106.7119.8119.8
Adj Net
Profit
17.540.245.214.342.89510450.148.893.5101
Cash Flow from Ops. 22.253.238.836.375.247.512140.284.7203-
Debt/CF from Ops. 10.30.11.40.21.11.34.62.20.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 15.7%21.7%10.1%3.5%
Adj EPS 20.5%16.9%-3.5%91.6%
BVPS12.1%15.3%9.3%12.3%
Share Price 14.3% 12% -0.4% 36.5%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
8.517.117.35.415.427.123.9109.115.916.3
Op. Profit
Mgn %
7.412.411.1712.914.614.710.1912.312.3
Net Profit
Mgn %
4.57.67.22.97.99.99.64.53.56.57
Debt to
Equity
0.10.100.20.10.10.30.40.30.20.1
Working Cap
Days
1331121091411289610111111111358
Cash Conv.
Cycle
7663567453374349474223

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales3885266264965419571,0801,1251,3921,441
Operating Expenses + 3594625574614718179211,0111,2681,264
Manufacturing Costs4758646272123141143143149
Material Costs2603484293353256016817491,001958
Employee Cost 29343839435156657596
Other Costs 24232525304342544960
Operating Profit 2964693470140159114125177
Operating Profit Margin (%) 7.4%12.1%11.0%7.0%12.9%14.6%14.7%10.1%9.0%12.3%
Other Income + 3188658781017
Exceptional Items -1-100000001
Interest 4332435161711
Depreciation 12121213151415324250
Profit Before Tax 43566225571301467576135
Tax 817158133238212233
Profit After Tax 3539471744991085454101
PAT Margin (%) 9.0%7.3%7.5%3.4%8.2%10.3%10.0%4.8%3.9%7.0%
Adjusted EPS (₹)6.87.59.03.28.519.120.810.410.419.6
Dividend Payout Ratio (%)26.70%32.20%33.40%93.50%41.10%26.20%26.40%52.90%62.30%40.90%

Valuation of Apcotex Industries - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 223246278251305396476522553621
Share Capital 10101010101010101010
Reserves 213236267241295386466511543611
Debt +2217442114715215215462
Long Term Debt00123626125946232
Short Term Debt221731952027589130
Minority Interest0000000000
Trade Payables2248534681100102135188184
Others Liabilities 30324358546274114104119
Total Liabilities 297344377397452605803922999986

Fixed Assets

Net Fixed Assets +887976125145157384384385366
Gross Block99100110171205228468499532560
Accumulated Depreciation11223446607284115147193
CWIP 69211912391281211
Investments 40756954829888111106117
Inventories454948605687105125138128
Trade Receivables789811189105162137203254244
Cash Equivalents 67101615922243946
Others Assets 34264133375455666573
Total Assets 297344377397452605803922999986

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 2253393675481214085203
PBT 43566225571301467576135
Adjustment -116710151719455856
Changes in Working Capital -35-17715-70-8-63-3147
Tax Paid -7-14-12-5-12-30-35-16-19-34
Cash Flow From Investing Activity + -8-10-8-42-37-67-179-20-29-57
Capex -11-7-22-49-24-68-187-28-41-38
Net Investments 1-5115-15-07711-22
Others 1232111113
Cash Flow From Financing Activity + -17-18-307-461271-13-44-141
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -80129-2120950-31-31
Interest Paid -3-2-2-1-4-3-5-15-17-11
Dividend Paid -9-9-12-31-8-21-26-28-28-36
Others 3-7-1710-141573132-62
Net Cash Flow -32511-8-8138115

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)17.0616.4717.786.2915.8728.1724.7510.810.0617.27
ROCE (%)20.622323.899.2819.5334.8828.0413.5312.9720.12
Asset Turnover Ratio1.51.681.741.281.271.811.541.311.461.46
PAT to CFO Conversion(x)0.631.360.832.121.70.481.120.741.572.01
Working Capital Days
Receivable Days68.4059.7061.1073.6065.5050.9050.4054.8059.5062.70
Inventory Days37.1031.8028.4039.703927.3032.4037.1034.2033.50
Payable Days39.6036.9042.8053.7071.205554.1057.7058.8070.90

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Apcotex Industries Ltd FAQs

The current trading price of Apcotex Industries on 24-Jun-2026 16:59 is ₹530.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jun-2026 the market cap of Apcotex Industries stood at ₹2,772.2 Cr

The latest P/E ratio of Apcotex Industries as of 23-Jun-2026 is 27.34.

The latest P/B ratio of Apcotex Industries as of 23-Jun-2026 is 4.46.

The 52-week high of Apcotex Industries is ₹579.2 and the 52-week low is ₹310.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Apcotex Industries is ₹1,442 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Apcotex Industries Ltd is a good quality company.

The key valuation ratios of Apcotex Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Apcotex Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Apcotex Industries Ltd

Apcotex Industries was established in the year 1980 as a division of Asian Paints (India). Apcotex spun-off as a separate company in 1991 and is now part of the 'APCO' group of companies headed by Atul Choksey, Chairman of Apcotex Industries and former Managing Director of Asian Paints. Apcotex Industries is one of the leading producers of VP latex, SB and carboxylated sb latexes , acrylic latexes , nitrile latex , SBR Latex , Carboxylated SBR , High Styrene Resin and Synthetic Rubber in India. It has one of the broadest ranges of products based on Styrene Butadiene chemistry.

Apcotex is an ISO 9001: 2000 certified company. Its segments include Paper & paper Products, Tyre Cord  dipping, carpet, Paints, Oil  resistant Gasket, Construction, Textiles, Footwear & Micro sheet, Conveyer belts, hoses & automotive components.

Its manufacturing plant is located at Taloja, 50 kms outside of Mumbai. The manufacturing facilities incorporate state-of-the-art emulsion polymerization technology as well as adequate monomer and finished goods storage facilities and efficient utility support. Additionally, sophisticated DCS control systems ensure fine control over operating parameters.

Products of the Company:-With basic engineering and process know-how from Chemische Werke Huls (CWH) Germany, Apcotex pioneered the production of Vinyl Pyridine Latex, an important raw material for the tyre industry, in India. The Company has following products such as:-

  • Carboxylated Styrene Butadiene Latices
  • Nitrile Latices
  • Styrene Butadiene Rubbers
  • Acrylic latexes,etc.

Awards/ Achievements

2011 - Apcotex Industries Ltd. - Taloja achieved a 'EXCELLENT' grade in Telos Safety Rating System which is an improvement over that achieved in the year May 2010

2012 -Apcotex was awarded the Total Productive Maintenance (TPM) Excellence Award Category A in March'2012 by the Japan Institute of Plant Maintenance (JIPM).

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