Apcotex Industries Share Price Analysis: Targets 2026–2030, Fundamentals

Apcotex Industries share price today

The Apcotex Industries share price question is really a question about where a small, specialised chemistry business sits in its own cycle. Apcotex makes emulsion polymers — synthetic rubber and synthetic latex — that end up inside gloves, paper coatings, carpet backing, tyre cord, footwear, industrial rollers and waterproofing compounds. None of that is glamorous. All of it is approval-led, sticky and tied to industrial demand that moves in waves.

At the 10 September 2026 research cut-off, the completed-session price was about ₹602, market capitalisation about ₹3,118 crore and trailing EPS ₹31.1. That is roughly 19.4 times trailing earnings and 5.02 times a book value of ₹119.78 per share. The stock sits 11.68% below its 52-week high of ₹681.6, and well above the 52-week low of ₹314.1 — a range wide enough on its own to tell you this is not a steady compounder’s chart. The live quote above moves after publication; every ratio and scenario input below stays fixed to the stated cut-off.

The tension is straightforward. Revenue has grown in each of the three reported years since FY23 and again in the trailing twelve months, but reported profit halved in FY24, went nowhere in FY25 and, even after nearly doubling in FY26, still ended ₹7 crore below where it stood in FY23. A P/E under 20 looks undemanding until you notice that the earnings in the denominator are only a few quarters old.

What Apcotex Industries actually makes

Apcotex Industries Limited was founded in 1980, is based in Mumbai, was formerly called Apcotex Lattices Limited and took its present name in 2005. Yahoo Finance classifies it under Basic Materials and Specialty Chemicals and reports 616 employees. For a company with a ₹3,118 crore market value, that headcount tells you how capital-intensive and how little labour-intensive the business is.

Product family	Representative grades	Where it ends up	Economic characteristic
Synthetic rubber	NBR, NBR-PVC polyblends, high styrene rubber, powdered NBR	Automotive parts, LPG and industrial hoses, friction sheets, rice dehusking and textile rollers	Specification-led, customer-approved, slow to switch
Synthetic latex	Styrene-butadiene, XSB and XNB latex, vinyl pyridine latex	Paper and paperboard coating, carpet backing, tyre cord dipping, fibre-to-rubber adhesion	Volume-driven and exposed to input-price swings
Nitrile latex	Specialty NBR latex	Examination gloves, industrial and supported gloves	Rides a global glove demand cycle set outside India
Acrylic latex	Pure acrylic and styrene acrylic latex	Adhesives, coatings, elastomeric paints, gasketing, construction chemicals	Closer to building-materials and paint demand
ApcoBuild	B2C construction-chemical range	Waterproofing, bonding agents, jointing and cork binders	Brand and distribution led rather than tender led

The spread matters more than any single line. A latex maker selling into paper, carpet, gloves, tyres, paint and construction is diversified across end markets but not across the thing that actually drives its margin: the gap between butadiene, styrene and acrylonitrile input costs and the price it can pass on. That is the same structural exposure that shapes results at other Indian specialty-chemistry names such as Vinati Organics, and it is why end-market breadth alone is not evidence of a moat.

The stretch when revenue grew and profit did not follow

Before the numbers, one disclosure about their provenance. No Screener financial statement tables were captured for this company in this research pass. The multi-year revenue and profit figures below come from Yahoo Finance’s annual rows, and the five-year growth and return ratios come from a Screener-derived ratio set read on 5 August 2026. Yahoo labels each annual row by the calendar year in which the March financial year ended, so its 2026 row is FY26. Because no verified quarterly profit series was captured, this article does not attempt a quarter-by-quarter results review, and no quarterly earnings figure appears anywhere in it.

Financial year to March	Revenue	Net profit	What happened
FY23	₹1,080 Cr	₹108 Cr	The profit high-water mark of this four-year window
FY24	₹1,125 Cr	₹54 Cr	Revenue up about 4%, profit halved
FY25	₹1,392 Cr	₹54 Cr	Revenue up about 24%, profit flat again
FY26	₹1,441 Cr	₹101 Cr	Profit nearly doubles but still sits under FY23
Trailing twelve months at the cut-off	₹1,591 Cr	About ₹161 Cr	Ahead of every completed year on both lines

Read that table slowly, because it is the whole investment case in five rows. Revenue rose 33% from FY23 to FY26, and net profit still ended that stretch ₹7 crore lower than it started. Profit halved in FY24, went nowhere in FY25 and, even after nearly doubling in FY26, did not get back to the FY23 line — the signature of a margin trough, in which volumes were being won but the spread on them was not.

The trailing twelve-month row is the reason the stock is being looked at again. Yahoo reports TTM revenue of ₹1,591 crore and a net profit margin of 10.13%, which multiplies out to roughly ₹161 crore of trailing profit. The same number falls out of the other side: trailing EPS of ₹31.1 across the 5.18 crore shares outstanding is about ₹161 crore. Against FY26’s ₹101 crore that is a step up of roughly 59%, achieved on revenue about 10% ahead of the FY26 line. Yahoo separately reports 311.6% earnings growth and 39.9% revenue growth at this cut-off, but those are single-period year-on-year readings taken off a trough rather than trailing-year rates, and the two measurements should not be stacked on top of each other as though they described the same thing.

The honest reading is that a recovery is visible in the trailing data and has not yet been proven across a full financial year. A cyclical business coming off a trough always produces a flattering trailing multiple at exactly the moment the multiple is least reliable.

Returns on capital held up better than profits did

This is where Apcotex separates itself from a straightforward commodity converter. Even through the profit trough, the return ratios stayed respectable.

Return measure	Reading at the cut-off	Interpretation
ROCE	19.80%	Healthy for a polymer manufacturer at a cycle low
Five-year average ROCE	21.77%	The trough cost roughly two points of return, not ten
ROE	17.09%	Solid, and achieved with very little leverage
Operating margin (Screener basis)	16.08%	The five-year ratio set read on 5 August 2026
Operating margin (Yahoo basis)	19.78%	Different period and definition; treat the gap as method, not improvement
EBITDA	₹257 Cr	On TTM revenue of ₹1,591 Cr

The two operating-margin figures do not agree, and that gap should not be read as a trend. They come from different sources, different period conventions and different definitions of operating profit. What both support is the same qualitative point: this is a mid-to-high-teens margin business, not a low-single-digit toll converter.

A ROCE of 19.8% that dipped only to roughly two points below its own five-year average during a profit halving says the capital base is not being destroyed by the cycle — it is being under-utilised through it. If you want the mechanics of why that distinction decides so much of an equity’s long-run return, the return on equity guide works through the same arithmetic from the shareholder’s side.

Balance sheet, ownership and dividend

Signal	Reading at 10 September 2026	Why it matters
Total debt	₹96 Cr	Small against a ₹3,118 Cr market value
Total cash	₹54 Cr	Net debt of about ₹42 Cr
Debt to equity	15.52%	Leverage is not part of this story
Book value per share	₹119.78	Price-to-book of 5.02×
Promoter holding	61.54%	A clear controlling promoter stake
Promoter pledge	0%	No shares encumbered
Dividend yield	1.31%	Real but modest; this is not an income holding

A chemicals manufacturer running a cycle trough with net debt of about ₹42 crore has optionality that a levered peer does not. It can keep capacity commitments, keep paying a dividend and wait. The debt-to-equity ratio at 15.52% is low enough that solvency is simply not the live question here; utilisation and spread are.

Promoter holding of 61.54% with zero pledge is a clean ownership picture. It also means the free float is under 40% of an already micro-cap company, which is a liquidity fact worth knowing before sizing anything.

What the Apcotex Industries share price is discounting

Valuation measure	10 September 2026 reading	Interpretation
Completed-session price	About ₹602	Fixed research input, not a live quote
Market capitalisation	₹3,118 Cr	Micro-cap; liquidity and execution risk are real
Trailing EPS	₹31.1	Yahoo Finance trailing basis
Recalculated P/E	19.36×	Price divided by trailing EPS; Yahoo reports 19.34×
Price to book	5.02×	Well above the asset base, which the ROCE partly justifies
EV / EBITDA	12.05×	The measure least distorted by leverage and tax
PEG	1.12	See the note below on how this is constructed
Dividend yield	1.31%	Income is a rounding error in the total-return case
52-week range	₹314.1 – ₹681.6	Price up about 92% from the low; the high is more than double it

The PEG of 1.12 deserves unpacking rather than quoting. It is built from the P/E of 20.14 recorded on 5 August 2026 divided by the five-year profit CAGR of 17.92%, and 20.14 ÷ 17.92 is 1.12. That is a backward-looking growth rate applied to a forward-looking ratio. Over the same five years, sales compounded at 21.67% while profit compounded at 17.92% — profit growing slower than sales over five years is another way of stating the margin problem the annual table already showed. If PEG as a construct is doing more work than you want it to, the P/E ratio guide sets out what the underlying multiple can and cannot tell you.

Comparison against the Screener-derived figures from 5 August 2026 is also useful for calibration: market capitalisation was ₹3,242 crore then against ₹3,118 crore now, P/E 20.14 against 19.36, price-to-book 5.23 against 5.02. The stock has drifted down modestly over five weeks while the underlying ratios have barely moved. Nothing in the valuation has re-rated; the question is entirely about earnings.

Valuation framework: growth must earn the multiple

The scenario model starts with TTM EPS of ₹31.1. For each year it applies EPS_TTM × (1 + growth)^(year − 2026 + 112/365) × exit P/E, then rounds the result to the nearest ₹5. The 112/365 factor represents the fraction of the first forecast year remaining from 10 September to 31 December. Dividends are excluded, and each scenario is a single path, not a probability-weighted forecast.

Scenario	Annual EPS growth	Exit P/E	Business interpretation
Bear	6%	13×	Spreads stay compressed, glove and paper demand stays soft, and the market re-rates the stock back toward a commodity converter’s multiple
Base	12%	18×	The trailing recovery holds through a full year, margins settle in the mid-teens and the multiple stays roughly where it is
Bull	17%	24×	Utilisation and product mix both improve, ROCE returns toward its 21.77% five-year average, and the market pays a modest premium for demonstrated through-cycle returns

Three deliberate choices sit behind those numbers. The bear multiple of 13× is clearly below today’s 19.36×, because the most likely way this investment disappoints is a de-rating, not a collapse in sales. The base multiple sits a little under the current rating rather than above it. And the bull growth rate of 17% is set at roughly the company’s own five-year profit CAGR of 17.92% rather than at the trailing recovery rate, because a 311.6% year-on-year earnings jump off a trough cannot be extended forward. Assuming both perfect growth and permanent multiple expansion would simply restate today’s optimism with more decimal places. The method behind every target on this site applies the same discipline everywhere.

Apcotex Industries share price target 2026 to 2030

The grid above is generated purely from the disclosed EPS, growth and exit-P/E inputs. It models compounding earnings against a fixed multiple and nothing else. It does not model a change in butadiene or acrylonitrile prices, a capacity expansion or its funding, an equity issue, a change in the dividend, an exceptional item, a shift in the export-import duty structure, or the currency effects that move a business selling into global glove and paper markets. Those inputs should be revised before the framework is reused after another set of results.

Risks that can break the thesis

The first risk is the one the annual table already demonstrated: input-cost spreads. Butadiene, styrene and acrylonitrile pricing sits outside management’s control, and FY24 and FY25 showed what happens to profit when the spread compresses even as volumes rise. Nothing structural has changed to prevent a repeat.

The second is end-market concentration risk hiding inside apparent diversity. Nitrile latex demand for gloves is set by global healthcare procurement cycles; paper-coating latex depends on a paper industry under long-term structural pressure; carpet backing and construction chemicals track building activity. A simultaneous soft patch across two or three of these is not a remote scenario.

The third is competitive. Global latex and NBR producers with larger scale can price aggressively into India when their own home demand weakens, and import parity sets a ceiling on domestic realisations regardless of how well the plants are run.

Beyond that: a micro-cap with under 40% free float can move a long way on modest order flow in either direction; the 52-week range from ₹314.1 to ₹681.6 is the evidence. And a trailing multiple built on a recovery that has not yet completed a full financial year is the least dependable input in the entire framework.

What would change the picture

The constructive case strengthens if the trailing margin recovery survives a full reported year rather than a few quarters, if ROCE moves back toward the 21.77% five-year average, and if operating margin stabilises in the high teens with revenue still growing. Evidence of pricing power — margin holding while input costs rise — would matter more than any single volume number.

It weakens if profit growth again lags sales growth for consecutive periods, if the return ratios drift below the current 19.8% ROCE, if net debt rises to fund capacity into weak demand, or if the dividend is trimmed. A capacity expansion announced into a soft spread environment would need particularly careful scrutiny, because it converts a cyclical earnings problem into a fixed-cost one.

Monitoring scorecard

Question	Constructive evidence	Warning sign
Has the margin recovery held?	Full-year operating margin above the 16.08% reference	Margin slips back toward the FY24–FY25 trough level
Is capital working harder?	ROCE moving from 19.8% toward 21.77%	ROCE falls while the asset base grows
Is profit growing with sales?	Profit growth at or above revenue growth	Another year of revenue up, profit flat
Is the balance sheet still an option?	Net debt stays near the current ₹42 Cr	Borrowing rises to fund capacity into weak demand
Is ownership stable?	Promoter stake near 61.54% with zero pledge	Stake reduction or the first pledge
Is the dividend intact?	Payout maintained through the cycle	A cut, which would signal cash pressure

Where the evidence points

Apcotex is a genuine niche franchise: four decades in emulsion polymers, a diversified end-market book, near-20% ROCE sustained through a profit trough, a balance sheet with almost no leverage and a controlling promoter with nothing pledged. Those are the characteristics of a business that survives its cycles rather than one that is merely exposed to them.

The counterweight is equally clear. A third more revenue in FY26 than in FY23, with profit still ₹7 crore lower than it was then, is a real margin problem and not a presentational one — halved in FY24, flat in FY25, and even a near doubling in FY26 did not close the gap. The trailing earnings that make the current multiple look reasonable are young, and the figures available at this cut-off are thinner than usual — annual rows from Yahoo and a Screener-derived ratio set, with no verified quarterly profit series to triangulate against. What the next few reported periods need to show is not another end-market announcement but the same margin, held, with volumes still growing.

FAQ

What is the Apcotex Industries share price target for 2026?

The scenario grid derives every year’s figure from trailing EPS of ₹31.1, one of three annual growth rates and one of three exit P/E multiples, with the 2026 figure covering only the 112 days from 10 September to 31 December. It is a range of arithmetic outcomes under stated assumptions, not a forecast or a recommendation.

What is the Apcotex Industries share price target for 2030?

The 2030 column applies the same formula compounded over four further years. Because a small chemicals business can see its spreads change completely within a single year, a four-year extrapolation should be treated as a sensitivity exercise rather than a prediction. Revisit the growth and multiple inputs after each set of published results.

What does Apcotex Industries do?

It manufactures specialty emulsion polymers in India and for export: synthetic rubbers including NBR, NBR-PVC polyblends, high styrene rubber and powdered NBR, and synthetic latexes including styrene-butadiene, nitrile, vinyl pyridine, acrylic and styrene acrylic grades. These go into gloves, paper and paperboard coating, carpet backing, tyre cord dipping, adhesives, footwear, industrial rollers and construction chemicals, with a B2C range sold under the ApcoBuild brand.

What is the ROCE of Apcotex Industries?

Return on capital employed was 19.80% at the 10 September 2026 cut-off, against a five-year average of 21.77%. Return on equity was 17.09%. The gap between the current and five-year ROCE is a useful measure of how much the recent profit trough cost in capital efficiency.

Who are the promoters of Apcotex Industries?

Promoters held 61.54% of the equity at the cut-off, with 0% of those shares pledged. Apcotex Industries Limited was founded in 1980, was previously named Apcotex Lattices Limited, changed its name in 2005 and is based in Mumbai.

What is the NSE symbol of Apcotex Industries?

The company trades on the NSE under the symbol APCOTEXIND, which maps to the Yahoo Finance ticker APCOTEXIND.NS used for the live quote at the top of this page.

Related research

• Vinati Organics share price target
• Navin Fluorine share price target
• Kronox Lab Sciences share price target
• Elantas Beck India share price target
• Pidilite Industries share price target
• How to value a stock — the method behind these targets
• Return on Equity (ROE): formula and meaning
• P/E ratio formula and what it measures

Sources and methodology

• Apcotex Industries on Screener.in
• Apcotex Industries quote and filings on NSE
• Apcotex Industries company website

All price, market capitalisation, valuation and return figures in this article were captured on 10 September 2026. The completed-session price of ₹602, the 52-week range, trailing EPS of ₹31.1, book value of ₹119.78, the ₹1,591 crore TTM revenue, ₹257 crore EBITDA, ₹96 crore of debt against ₹54 crore of cash, the 15.52% debt-to-equity figure, the 616 employee count, the share count and the business description all come from Yahoo Finance. The five-year sales CAGR of 21.67%, the five-year profit CAGR of 17.92%, the 21.77% five-year ROCE, the 16.08% operating margin and the 5 August comparison ratios come from a Screener-derived ratio set for this company; no Screener financial-statement tables were captured in this pass, which is why the annual revenue and profit history is sourced from Yahoo’s annual rows and why no quarterly results section appears above.

Analytical judgment begins after those figures. The choice of three growth rates, three exit multiples, the reasoning that the bull growth rate should be capped near the five-year profit CAGR rather than the trailing recovery rate, the characterisation of FY24 and FY25 as a spread-driven margin trough, and the risk and monitoring sections are interpretation, not reported data.

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This article is research and education, not personalised investment advice or a recommendation to transact. Gale is not a SEBI-registered investment adviser. The scenarios are illustrations, not guarantees. Verify current exchange filings, liquidity, corporate actions and suitability, and consult a registered adviser before acting.