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Tyres Historical case study · data as of 23 Jul 2026 · published 26 Oct 2026 (95 days later)

Apollo Tyres — 100-point case study

How Apollo Tyres looked on 50 technical and 50 fundamental measures on 23 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: APOLLOTYRE
Close on 23 Jul 2026	₹424.35
Market cap then	₹26,961 crore
Valuation	P/E 19.6× · P/B 1.61×
Momentum	RSI (14) 47 · 1-year return -7.3%
Next 3 months	-9.5% vs Nifty 50 -5.3% (to 23 Oct 2026)

Scorecard

Technical — 50 points

9 bullish · 28 neutral · 2 caution · 10 bearish — the picture was mixed.

Fundamental — 50 points

13 bullish · 30 neutral · 4 caution · 2 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: The Jan–Mar 2026 quarter includes a one-off tax reversal (Screener shows a −290% tax rate), which inflates that quarter's net profit.

Technical analysis — 50 points

Calculated by code from daily prices up to 23 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.15%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.15% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -2.2%	Neutral	The 100-session trend line was down (-0.02%/day) and the stock was -2.2% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -7.3%	Neutral	Compared with a year earlier the price was -7.3%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 415.91 / 30W 438.88	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 443.90→461.60; lows 418.40→421.75	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	18.2	Neutral	ADX at 18.2 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 19.8 / –DI 21.0	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	435.58 (-2.6%)	Bearish	Close of 424.35 was 2.6% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	412.67 (+2.8%)	Bullish	Close of 424.35 was 2.8% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	461.50 (-8.1%)	Bearish	Close of 424.35 was 8.1% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 429.66 / 21E 429.48	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 15 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 10.6% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+1.2% in 20 sessions	Bullish	The 50-day average rose 1.2% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	436 / 413 / 419 / 462	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	440.77 (-3.7%)	Bearish	Anchored to the start of July, the volume-weighted average price was 440.77; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	47.3	Neutral	RSI at 47.3 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 2.42 / signal 5.38	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-2.67 → -2.96	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	2.42	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 11.9 / %D 15.4	Caution	Slow stochastic at 11.9 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-93.5	Caution	%R of -93.5 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-75	Neutral	CCI at -75 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-3.5%	Bearish	Price changed -3.5% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.24 (bands 413.91–457.25)	Neutral	%B of 0.24 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 10.0% (19th pct of 6M)	Neutral	Band width was at the 19th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹10.82 (2.5% of price)	Neutral	A typical day's range was about ₹10.82, or 2.5% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	33.0% vs 1Y 28.3%	Neutral	Annualised 30-day volatility was 33.0%, close to the one-year level of 28.3%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	409.20–450.28	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.14	Neutral	A beta of 1.14 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.50× / 5-day 0.42×	Neutral	The final session traded 0.50× its 20-day average volume and the last five sessions averaged 0.42× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.85	Bullish	Average volume on up days was 1.85× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.03	Neutral	CMF at +0.03 indicated roughly balanced money flow. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	51.7	Neutral	MFI, a volume-weighted RSI, was 51.7. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹42 cr/day	Neutral	About ₹42 crore changed hands per day on average over 20 sessions — moderately liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	420.76 / 397.75 / 378.93	Neutral	Nearest support (prior swing lows) sat at 420.76, 0.9% below the close, then 397.75, 378.93. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	428.38 / 443.60 / 465.41	Neutral	Nearest resistance (prior swing highs) sat at 428.38, 0.9% above the close, then 443.60, 465.41. How to read: Information only.
40	Monthly pivot points (for next month)	P 435.90 \| R1 450.05 \| S1 410.20	Neutral	Classic pivots from July's high/low/close gave a pivot of 435.90; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 405 \| 38.2% 429 \| 50.0% 449 \| 61.8% 468	Neutral	Measuring the 6-month fall from 532.00 to 365.30, the close was nearest the 38.2% retracement at 428.98. How to read: Information only.
42	52-week high / low	H 540.50 / L 365.30	Neutral	The close was 21.5% below the 52-week high and 16.2% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	3 open; latest gap-up 15 Jun at 397.35	Neutral	There were 3 unfilled gap(s). The latest, a gap-up on 15 Jun 2026, left an open level at 397.35 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 418.40–461.60	Neutral	The close was inside the prior 20-day range of 418.40–461.60. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Doji	Neutral	On 23 Jul the candle opened 424.00, ranged 422.50–431.45 and closed 424.35: Doji — indecision. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 398.12–407.27; Tenkan 432.75 / Kijun 440.00	Bullish	Price was above the cloud and the Tenkan line was below the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +0.0% / 3M -0.1%	Neutral	The stock underperformed the Nifty 50 by 0.1 points over three months and outperformed by 0.0 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -12.6%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 12.6 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	9 bullish · 10 bearish · 28 neutral · 2 caution	Neutral	Across the 49 readings the technical picture was mixed. Levels that mattered: support 420.76, resistance 428.38. This is a description of the chart on 23 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 23 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 23 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	19.6×	Neutral	At ₹424.35 the market valued the company at about ₹26,961 crore, or 19.6× the ₹1,373 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	1.61×	Neutral	Market cap was 1.61× the Mar 2026 book value (equity + reserves) of ₹16,716 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	0.95×	Neutral	The company was valued at 0.95× its trailing-12-month sales of ₹28,471 crore. How to read: Information only.
4	EV / EBITDA (approx.)	7.4×	Neutral	Enterprise value (market cap + ₹3,675 cr borrowings; cash not netted) was 7.4× trailing operating profit of ₹4,144 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	5.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹5.1 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	2.07	Caution	P/E of 19.6 divided by 3-year profit growth of 9.5% a year gives a PEG of 2.07. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: the Jun 2025 quarter carried unusual other income of ₹-351 crore; the Mar 2026 quarter carried unusual other income of ₹-421 crore — a one-off that distorts year-on-year profit comparisons. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	1.41%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹6 a share, a 1.41% yield on the ₹424.35 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹26,961 cr	Neutral	At about ₹0.27 lakh crore the company was a small-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹357.67 vs ₹424.35	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹357.67; the price was 19% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+9.0%	Neutral	Revenue for FY26 was ₹28,471 crore, +9.0% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+14.2%	Bullish	The Jan–Mar 2026 quarter brought ₹7,336 crore of revenue, +14.2% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+22.4%	Caution	FY26 net profit was ₹1,372 crore, +22.4% on FY25's ₹1,121 crore. Note: the Jun 2025 quarter carried unusual other income of ₹-351 crore; the Mar 2026 quarter carried unusual other income of ₹-421 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+241.1%	Caution	Quarterly profit was ₹631 crore versus ₹185 crore a year earlier (+241.1%). Note: the Jun 2025 quarter carried unusual other income of ₹-351 crore; the Mar 2026 quarter carried unusual other income of ₹-421 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	5.0%	Neutral	Revenue compounded at 5.0% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	9.5%	Neutral	Net profit compounded at 9.5% a year from FY23 to FY26. Note: the Jun 2025 quarter carried unusual other income of ₹-351 crore; the Mar 2026 quarter carried unusual other income of ₹-421 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	10.4%	Neutral	Over five years (FY21–FY26) revenue compounded at 10.4% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+22.4%	Caution	Reported EPS went from ₹17.66 to ₹21.61 (+22.4%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Jun 2025 quarter carried unusual other income of ₹-351 crore; the Mar 2026 quarter carried unusual other income of ₹-421 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	15%	Neutral	Operating profit (EBITDA) was 15% of sales in FY26 versus 14% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	13% → 15% → 15% → 15%	Bullish	Quarterly margins moved from 13% to 15% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	4.8%	Neutral	₹4.8 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	8.7%	Bearish	FY26 profit was 8.7% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	14%	Neutral	Return on capital employed (debt + equity) was 14% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	4.73%	Neutral	Net profit was 4.73% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	-5%	Neutral	The company paid about -5% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	-69%	Neutral	Non-operating 'other income' of ₹-900 crore made up -69% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.22	Bullish	Borrowings of ₹3,675 crore were 0.22× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.88×	Bullish	Debt equalled 0.88 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	4.1×	Neutral	Earnings before interest and tax covered interest cost 4.1 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+13.2%	Bullish	Shareholders' equity grew +13.2% from ₹14,766 crore to ₹16,716 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹1,077 cr (7% of fixed assets)	Neutral	Projects under construction (CWIP) were 7% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	20 days	Neutral	Working capital tied up equalled 20 days of sales (FY25: 22). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	93 days	Neutral	It took 93 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	41 (FY25 43)	Neutral	Customers took 41 days on average to pay, versus 43 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹3,667 cr	Bullish	The business generated ₹3,667 crore of operating cash in FY26 versus ₹1,823 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹2,312 cr	Bullish	After capital spending, free cash flow was ₹2,312 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	2.67×	Bullish	Operating cash flow was 2.67× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	8.6%	Bullish	FY26 free cash flow was 8.6% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹6,171 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹6,171 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹1,355 cr	Neutral	Implied capital expenditure was about ₹1,355 crore, 4.8% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	28%	Neutral	The company paid out about 28% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	22% / 28% / 28%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹64 cr → ₹64 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	36.93% (-0.02 pts YoY)	Neutral	Promoters owned 36.93% at Jun 2026 versus 36.95% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	10.09% (-2.18 pts YoY)	Bearish	FIIs held 10.09% at Jun 2026, down from 12.27% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	29.05% (+1.51 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 29.05%, up from 27.54%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	4.3 lakh (+1.1% YoY)	Neutral	The shareholder count moved from 4.2 lakh to 4.3 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	8/8	Bullish	Passed: positive profit, positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 3 weakness(es)	Neutral	Strengths: Company has delivered good profit growth of 23.6% CAGR over last 5 years; Company has been maintaining a healthy dividend payout of 26.1%. Weaknesses: The company has delivered a poor sales growth of 10.4% over past five years; Tax rate seems low; Company has a low return on equity of 11.6% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	13 bullish · 2 bearish · 30 neutral · 4 caution	Bullish	On the numbers published by 23 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 19.6×, P/B 1.61×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 23 Apr 2026 – 23 Jul 2026 that an investor could have known on the snapshot date.

14 May 2026 Apollo Tyres Q4 net profit jumps 241% to Rs 631 crore; revenue up 14.2% — Q4 FY26 consolidated revenue Rs 7,336 cr (+14%), PAT Rs 631 cr incl. Rs 574 cr one-off tax reversal and Rs 338 cr restructuring/impairment hit; FY26 PAT Rs 1,372 cr. Final dividend Rs 2.50 recommended (FY26 total Rs 6). source
20 May 2026 Apollo Tyres plans Rs 3,500 crore capex amid rising rubber costs — Capex plan of Rs 3,500 cr (Rs 3,000 cr India, Rs 500 cr Europe), ~80% for growth/capacity; seen as shift from deleveraging to growth, could weigh on FCF near term. source
18 Jun 2026 Apollo Tyres sets record date for FY26 final dividend; AGM on July 29 — Record date 10 Jul 2026 for FY26 final dividend; 53rd AGM scheduled for 29 Jul 2026. source
15 Jul 2026 Apollo Tyres closes Enschede manufacturing plant — Subsidiary Apollo Tyres (NL) B.V. ceased production at the Enschede, Netherlands plant at close of business 30 Jun 2026, completing the European restructuring announced in April 2025. source

What happened next (23 Jul 2026 → 23 Oct 2026)

Price went from ₹424.35 to ₹384.15 by 23 Oct 2026 (-9.5%) while the Nifty 50 moved -5.3% — underperforming by 4.2 points.
Highest ₹467.40 on 24 Aug 2026; lowest ₹382.00 on 23 Oct 2026.
S1 420.76: broken on a closing basis on 24 Jul 2026.
S2 397.75: broken on a closing basis on 28 Sep 2026.
R1 428.38: cleared on a closing basis on 03 Aug 2026.
R2 443.60: cleared on a closing basis on 05 Aug 2026.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 06 Aug 2026): revenue ₹7,398 crore (+12.8% YoY), net profit ₹349 crore (+2584.6% YoY), operating margin 12% vs 13% a year earlier (Screener consolidated figures).

Later news

06 Aug 2026 Apollo Tyres Q1 FY27 results: revenue up 12.8%, PAT Rs 349 crore — Revenue Rs 7,398 cr (+12.8% YoY); EBITDA Rs 868 cr flat, margin 11.7% vs 13.2%; PAT Rs 349 cr vs Rs 13 cr on low base. Whole-time director/CFO Gaurav Kumar resigned as WTD the same day. source
24 Aug 2026 UBS upgrades Apollo Tyres to Buy, shares jump ~6% — UBS upgraded the stock from Neutral to Buy with Rs 590 target; shares hit intraday high Rs 468.45 on BSE. source
30 Sep 2026 Apollo Tyres allots Rs 500 crore secured NCDs — Private placement of 50,000 secured NCDs at 7.81% coupon, maturing 28 Sep 2029, to be listed on NSE. source
07 Oct 2026 Apollo Tyres CFO Gaurav Kumar resigns, exit effective October 6 — CFO and KMP Gaurav Kumar's exit effective close of business 6 Oct 2026; no successor named yet. source

Educational summary. On 23 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved -9.5% against -5.3% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Apollo Tyres today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 26 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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