Apcotex Industries Ltd(APCOTEXIND)

NSE: APCOTEXINDBSE: 523694

₹ 522.8-2.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,710 crNext results: 28 Oct 2026Website: WWW.APCOTEX.COMUpdated: 24 Oct 2026

About

Apcotex Industries Ltd is one of India's leading producers of synthetic rubber (NBR and HSR) and synthetic latex (nitrile, VP latex, XSB and acrylic latex), made at plants in Taloja and Valia. FY26 revenue was 1441.5 crore rupees. It sells to the paper, construction, carpet, tyre and glove-making industries, and exports made up about 31% of revenue in Q2 FY26.^[1][2][3][4]

Business segments

Rubber (NBR and allied products) made up about 30% of revenue in Q2 FY26. Latex products made up the other ~70%.^[4]
Within latex in Q2 FY26: paper and construction ~16-18%, carpet and textiles ~11-12%, nitrile latex ~15-16%, tyre cord ~10%.^[4]
Revenue by region in FY24: India 772.67 crore rupees and outside India 340.53 crore rupees.^[5]
ApcoBuild, the construction chemicals brand, returned to double-digit revenue growth in FY26 after manpower problems in the first half. A new business leader was appointed.^[3]

Products and brands

The company makes synthetic rubber (NBR and High Styrene Rubber) and synthetic latex (nitrile, VP latex, XSB and acrylic latex). It calls itself a leader in specialty rubber products. As of FY25.^[1]
Latex is used in paper and paperboard coating, carpet backing, construction, technical textiles, tyre cord dipping, coatings and gloves. Rubber is used in footwear, auto parts, rice rolls, belts and hoses (FY25).^[1]
ApcoBuild is the company's B2C construction chemicals brand. It sells waterproofing and tiling solutions (FY25).^[1]
A battery binder product was in the R&D pipeline as of Q4 FY26, aimed at specific customers.^[3]

Operations and capacity

The company runs five plants across two sites: Taloja makes synthetic latex and Valia makes NBR and nitrile latex (Q4 FY26).^[3]
Swing capacity at the Taloja latex plant was raised to 100,000 MT p.a. (wet), as of FY25.^[1]
NBR capacity at the Valia plant was 21,000 MT p.a. (dry), as of FY25.^[1]
Nitrile latex installed capacity is about 48,000-50,000 MTPA. A low-cost Phase 2 expansion of 50-60% is being evaluated (Q3 FY26).^[6]
Once the Valia expansion is finished, total NBR capacity will reach about 35,000-36,000 MTPA (Q2 FY26).^[4]
About 50 employees work in R&D and technical support (FY25).^[1]
A Gujarat hybrid wind power project costing about 3.5 crore rupees was approved for commissioning by the end of FY26 (Q3 FY26).^[6]

Key operating numbers

All five plants ran at 90-100% utilisation in Q4 FY26. NBR had been at 100% for several quarters in a row.^[3]
Nitrile latex utilisation was about 70-75% year to date in Q3 FY26.^[6]
Utilisation of the 35,000 MT Taloja latex plant was around 60-65% in FY25.^[1]
Sales volumes in FY26 were a record, up 14% year on year, and Q4 FY26 volumes rose 10%. In FY25, volume growth was 16%.^[3][1]
Overall volumes fell 10-12% in Q1 FY27 because of export disruption from the Strait of Hormuz closure. Domestic volumes rose ~10% in the same quarter.^[7]

Customers and exports

Nitrile latex goes mainly to glove makers in South East Asia and South Asia (FY25).^[1]
Exports were 449 crore rupees in FY25, about 33% of total revenue.^[1]
Export volumes in H1 FY26 were up 31% year on year. Exports were ~31% of revenue in Q2 FY26. Management's target is 35% in the near term and 45% over one to two years.^[4]
MENA is a strategic export region. The Strait of Hormuz closure blocked access to customers there in Q1 FY27.^[7]
By Q1 FY27, US tariffs on Chinese-origin nitrile gloves had risen to 100% from 50%, moving demand toward South East Asian glove makers.^[7]

Raw materials

The company is the largest buyer of butadiene in India. Its other key inputs are styrene and acrylonitrile (FY25).^[1]
In March 2026, the company secured key raw materials ahead of the Middle East disruption, so it had no production shutdowns. Supply was covered through June 2026.^[3]

Expansion and capex

The Valia brownfield capex, approved at 210 crore rupees and revised to ~220 crore rupees, adds 37,000 MTPA of synthetic latex and 14,600 MTPA of NBR and allied products (Q2 FY26).^[4]
The NBR part of the capex was cut to 130-140 crore rupees from an earlier 200-250 crore rupees (Q3 FY26).^[6]
About 15-20% of the Valia capex had been spent by Q1 FY27. Major equipment is due in Q3 and Q4 FY27.^[7]
NBR commissioning is targeted for April 2027 and synthetic latex for June 2027 (as of Q1 FY27).^[7]
The board approved a new R&D centre costing 20-25 crore rupees, to be spent in FY27 (Q4 FY26).^[3]
Debt is to be raised in the next couple of quarters to fund the Valia capex. Spending so far has been self-funded (Q1 FY27).^[7]

Recent developments

The DGTR issued final anti-dumping findings on NBR imports from China and Russia as of Q2 FY26. The Finance Ministry notification was awaited.^[4]
A 4-year wage agreement was signed with workmen at the Valia plant (FY25).^[1]

Market Cap

₹2,710 Cr

High / Low

₹712 / 310

Stock P/E

19.2

Price / Book

5.0

Book Value

₹120

EPS

₹19.6

No. of Shares

5.18 Cr

ROCE

19.8%

ROE

17.3%

OPM

10.0%

Debt / Equity

0.15

Sales

₹1,442 Cr

Net Profit

₹101 Cr

Promoter holding

58.2%

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