JP Morgan Upgrades Apollo Tyres Amidst Growth Outlook, Fair Value Insight

JP Morgan has upgraded Apollo Types to Overweight from Neutral, highlighting the company's dedication to reducing debt and pursuing disciplined growth. Despite a modest margin miss in the 4QFY24 results, APTY has already announced price increases to counteract the impact of environmental protection requirements and commodity inflation. Additionally, strong free cash flow conversion, exceeding 100%, underscores the company's financial resilience.

A total of 26 analysts that are covering this counter have given an average upside target of INR 529.35. While JP Morgan is also looking for INR 555, investors can think of holding their positions for a little longer but at the same time they can also look to tighten their stop losses to protect their profits in case the stock takes a U-turn.- India EBITDA, adjusted for EPR, missed by 2%, with flat year-on-year revenue offset by better-than-expected margins.

India replacement growth has seen double-digit growth in April, indicating a strong start to FY25. EU growth is also robust, with a focus on improving the product mix, particularly in ultra-high performance tyres.

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