Apcotex Industries Ltd
NSE:APCOTEXIND
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Apcotex Industries Ltd
Apcotex Industries Ltd. engages in the manufacture and sale of synthetic lattices and rubber. The company is headquartered in Mumbai, Maharashtra and currently employs 483 full-time employees. The firm is a producer of synthetic rubber, such as nitrile-butadiene rubber (NBR) and high styrene rubber (HSR) and synthetic latex, such as nitrile, butadiene-vinyl pyridine (VP) latex, XSB and acrylic latex in India. The company has various grades of synthetic rubber having application in products, such as automotive components, hoses, v-belts, conveyor belts, gaskets, rice de-husking rollers, printing and industrial rollers, friction materials, belting and footwear. Its range of latexes are used for paper and paperboard coating, carpet backing, tire cord dipping, construction, gloves examination, surgical and industrial use, among others. Its product range is used, among other applications, for tire cord dipping, concrete modification/water proofing, paint emulsions, textile finishing and hand gloves, among others. Its manufacturing plants are located on the western coast of India.
Apcotex Industries Ltd. engages in the manufacture and sale of synthetic lattices and rubber. The company is headquartered in Mumbai, Maharashtra and currently employs 483 full-time employees. The firm is a producer of synthetic rubber, such as nitrile-butadiene rubber (NBR) and high styrene rubber (HSR) and synthetic latex, such as nitrile, butadiene-vinyl pyridine (VP) latex, XSB and acrylic latex in India. The company has various grades of synthetic rubber having application in products, such as automotive components, hoses, v-belts, conveyor belts, gaskets, rice de-husking rollers, printing and industrial rollers, friction materials, belting and footwear. Its range of latexes are used for paper and paperboard coating, carpet backing, tire cord dipping, construction, gloves examination, surgical and industrial use, among others. Its product range is used, among other applications, for tire cord dipping, concrete modification/water proofing, paint emulsions, textile finishing and hand gloves, among others. Its manufacturing plants are located on the western coast of India.
Volume Growth: The company posted a 10% year-on-year increase in total volumes for Q3 and 15% year-on-year for the 9-month period, reaching record sales and export volumes.
Revenue Decline: Despite higher volumes, Q3 operating revenue fell 7% year-on-year to INR 332 crores due to lower raw material and finished goods prices.
Profitability Surge: Operating EBITDA rose by 61% year-on-year to INR 44 crores with EBITDA margin expanding to 13.12%. PAT for the quarter jumped 91% year-on-year to INR 22 crores.
Capacity Utilization: Most plants are operating at high capacity, with nitrile latex at 70–75% and NBR at full utilization. Management expects further volume and margin improvements as utilization increases.
Expansion Plans: Multiple projects are underway, targeting completion by FY '27, with expectations to add INR 550–600 crores to top line. Expansion is proceeding even without antidumping duty notification.
Antidumping Duty Delay: Government notification of recommended antidumping duties is delayed, but management continues with expansion and sees current margins supporting the planned investments.
Strong Cash Position: The company remains net cash positive, reduced debt by INR 94 crores in 9M, and declared an interim dividend of INR 2.50 per share.
Segmental Drivers: Improved results across nitrile latex, paper, and rubber segments, aided by higher capacity utilization and better product/customer mix.
