Apcotex Industries Ltd (APCOTEXIND) AI Stock Analysis

Apcotex Industries Ltd

(NSE:APCOTEXIND)

Select Model

Rating:52Neutral

Price Target:INR 489.00▲(2.00% Upside)

Action:reiterated

Date:10/30/26

Apcotex scores in the below-average range, driven primarily by soft financial performance: multi-year margin erosion, a sharp fall in ROE, and inconsistent free cash flow during an aggressive capex cycle. Technicals compound the caution, with the stock trading below all key moving averages and a firmly negative MACD, though oversold RSI and Stochastic readings hint at the potential for a near-term rebound. The most supportive element is valuation — a modest 14.7x P/E, a 1.66% dividend yield, and low beta — alongside FY2026 projections that point to deleveraging and materially stronger cash generation. Delivery against those estimates is the key to any re-rating.

Positive Factors

Improving Balance SheetLower leverage and steadily growing equity strengthen the company’s financial resilience and preserve flexibility for operations or investment. The reduction in debt also reduces balance-sheet strain, making the business better positioned to manage cyclical demand and funding needs over the coming quarters.

Negative Factors

Uneven Cash GenerationAlthough FY2026 cash generation improved, the prior periods of negative free cash flow and weak conversion show that cash generation has not been consistently reliable through the cycle. This variability can complicate capital planning and reduce confidence in recurring internally funded investment.

Apcotex Industries Ltd (APCOTEXIND) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 24.72B
Dividend Yield: 1.68%
Average Volume (3M): 11.86K
Price to Earnings (P/E): 14.5
Beta (1Y): 0.70
Revenue Growth: 11.17%
EPS Growth: 175.90%
Country: India
Employees: 616
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Apcotex Industries Ltd Business Overview & Revenue Model

Company Description

Headquartered in Mumbai, India, Apcotex Industries Limited is a prominent producer and supplier of synthetic emulsion polymers. Founded in 1980, the company operated as Apcotex Lattices Limited until its rebranding in 2005. Its extensive product rang...

How the Company Makes Money

Apcotex Industries Ltd makes money by manufacturing and selling synthetic rubber and latex products to industrial customers, with revenue primarily driven by: (1) Sale of synthetic rubber (e.g., NBR and SBR): The company produces synthetic rubber gra...

Apcotex Industries Ltd Financial Statement Overview

Summary

Revenue has expanded strongly since FY2021, but profitability has not followed — gross margins compressed from 36.3% to ~21%, net margins fell to ~3.9% in FY2025, and ROE dropped from ~25% to under 10%. The balance sheet remains manageable with equity doubling to ₹6.2B and leverage easing to 0.16x in FY2026 after peaking at 0.34x. Cash flow has been erratic, with negative free cash flow during the FY2022–FY2023 capex cycle, though FY2026 projections point to a strong recovery in operating and free cash flow. Overall, a company in transition that still needs to prove sustained margin and return recovery.

Income Statement

48Neutral

Balance Sheet

55Neutral

Cash Flow

52Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	15.91B	14.27B	13.92B	11.13B	10.69B	9.51B
Gross Profit	4.19B	4.30B	3.62B	3.30B	3.56B	1.99B
EBITDA	2.71B	1.94B	1.25B	1.22B	1.66B	1.48B
Net Income	1.61B	1.01B	540.65M	538.79M	1.08B	988.06M
Balance Sheet
Total Assets	0	9.86B	9.99B	9.22B	8.03B	6.05B
Cash, Cash Equivalents and Short-Term Investments	542.86M	684.22M	616.38M	377.27M	302.00M	172.71M
Total Debt	0	963.92M	1.89B	1.88B	1.52B	502.64M
Total Liabilities	-6.21B	3.65B	4.46B	4.00B	3.27B	2.09B
Stockholders Equity	6.21B	6.21B	5.53B	5.22B	4.76B	3.96B
Cash Flow
Free Cash Flow	861.48M	1.51B	347.68M	124.39M	-656.34M	-204.09M
Operating Cash Flow	1.07B	1.95B	847.20M	402.12M	1.21B	475.44M
Investing Cash Flow	-117.66M	-602.53M	-287.49M	-196.35M	-1.79B	-670.64M
Financing Cash Flow	-840.20M	-1.30B	-444.87M	-129.89M	707.79M	119.27M

Apcotex Industries Ltd Technical Analysis

Technical Analysis SentimentNegative

Last Price479.40

Price Trends

50DMA591.88Negative

100DMA574.62Negative

200DMA483.06Negative

Market Momentum

MACD-28.19Positive

RSI23.43Positive

STOCH15.54Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:APCOTEXIND, the sentiment is Negative. The current price of 479.40 is below the 20-day moving average (MA) of 560.88, below the 50-day MA of 591.88, and below the 200-day MA of 483.06, indicating a bearish trend. The MACD of -28.19 indicates Positive momentum. The RSI at 23.43 is Positive, neither overbought nor oversold. The STOCH value of 15.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:APCOTEXIND.

Apcotex Industries Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:APCOTEXIND against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:NOCIL	67Neutral	INR 22.92B	34.63	―	1.09%	0.96%	-28.98%
IN:JUBLCPL	66Neutral	INR 29.55B	22.34	―	―	19.91%	21.83%
IN:ROSSARI	65Neutral	INR 22.12B	14.48	―	0.13%	19.76%	11.74%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:TATVA	55Neutral	INR 38.49B	61.11	―	0.12%	49.69%	254.75%
IN:APCOTEXIND	52Neutral	INR 24.85B	14.47	―	1.68%	11.17%	175.90%
IN:CAMLINFINE	30Underperform	INR 16.15B	323.46	―	―	8.40%	―

* General Sector Average

Performance Comparison

IN:APCOTEXIND and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:APCOTEXIND	Apcotex Industries Ltd	479.40	133.10	38.44%
IN:CAMLINFINE	Camlin Fine Sciences Limited	84.05	-115.70	-57.92%
IN:JUBLCPL	Jubilant Agri and Consumer Products Limited	1950.00	-537.25	-21.60%
IN:NOCIL	NOCIL Limited	137.20	-42.32	-23.58%
IN:ROSSARI	Rossari Biotech Ltd	399.25	-242.58	-37.79%
IN:TATVA	Tatva Chintan Pharma Chem Limited	1645.45	235.40	16.69%

Apcotex Industries Ltd Corporate Events

Apcotex Buys Stake in Solar SPV Amplus Ampere for Captive Power

Oct 31, 2026

Apcotex Industries Ltd has completed the acquisition of 7,20,000 equity shares, representing a 1.275% stake in Amplus Ampere Private Limited, from NRB Bearings Limited for INR 72 lakh in cash. Amplus Ampere, a special purpose vehicle in the power sec...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 30, 2026

Apcotex Industries Ltd AI Stock Analysis