Key Metrics of Apcotex Industries Limited
About Apcotex Industries Limited
Company details
- Registered office
- C-403/404, 4th Level, Wing C, Tower 1,seawoods Grand Central, Sector 40, Navi Mumbai, Thane, Thane,, Thane, In-mh, 400706
- Listed
- NSE: APCOTEXIND · ₹520.20
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 26 Aug 2026 | ICRA | Reaffirmed | AA- | A1+ | Stable | ₹589 Cr | View |
| 21 Jun 2021 | CARE | Withdrawn | A+ | A1+ | Stable | — | View |
| 06 Oct 2020 | CARE | Reaffirmed (from AA-) | A+ | A1+ | Stable | ₹280 Cr | View |
| 02 Aug 2019 | CARE | Assigned | AA- | A1+ | Stable | ₹280 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Strong promoter background and established market position in synthetic rubber and synthetic latex segments in India
The company was formed in 1980 as a division of Asian Paints (India) Limited.
+ Diversified clientele across various end -user industries
AIL has a diversified customer base across industries such as paper and paperboards, gloves, construction, carpets, tyres and other industrial applications, which provides stability to demand a nd reduces dependence on any single sector.
+ Wide product profile with expansion in latex division
AIL has a diversified product portfolio catering to multiple end -user industries, including paper and paperboards, construction, carpets, tyres, gloves and other industrial applications, which reduces dependence on any single segment.
+ Comfortable financial profile; adequate liquidity supported by availability of cash and equivalents with unutilised credit lines
AIL continues to maintain a robust financial profile, supported by healthy profitability, strong net worth and comfortable liquidity.
Credit challenges
− Vulnerability of profitability to volatility in raw material prices
AIL remains exposed to volatility in the prices of key raw materials such as styrene, butadiene and acrylonitrile, which constitute a significant portion of its operating costs.
− Intense competition from domestic players and imports
AIL operates in a competitive environment across the synthetic latex and NBR segments and faces competition from domestic manufacturers as well as from imports from countries such as Korea, China and Russia.
Could lead to an upgrade
ICRA could upgrade AIL’s ratings if the company demonstrates a healthy and consistent growth in its turnover and profitability, leading to robust cash flow generation.
Could lead to a downgrade
The ratings can be revised downwards in case of a material decline in operating income and profitability, causing the debt OPBDITA to remain above 1.5 times on a sustained basis. www.icra .in Sensitivity Label : Public
Agency-reported financials (ICRA, 26 Aug 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operating income | ₹1,392 Cr | ₹1,442 Cr | ₹526 Cr |
| PAT | ₹54.10 Cr | ₹101 Cr | ₹78.90 Cr |
| OPBDIT/OI | 9.0% | 12.6% | 22.3% |
| PAT/OI | 3.9% | 7.0% | 15.0% |
| Total outside liabilities/Tangible net worth (times) | 0.80× | 0.60× | — |
| Total debt/OPBDIT (times) | 1.50× | 0.50× | — |
| Interest coverage (times) | 7.20× | 16.20× | 54.50× |
| Revenue growth (YoY) | — | 3.5% | — |
| EBITDA (margin × income) | ₹125 Cr | ₹182 Cr | ₹117 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹188 Cr | ₹90.82 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹17.41 Cr | ₹11.21 Cr | ₹2.15 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term fund based limits Short-term non-fund | Non-fund based limits | ₹118 Cr | ₹168 Cr | 42.4% | AA- (Stable) | Reaffirmed | ICRA |
| based limits Long term/Short term | Working capital & bank lines | ₹54.0 Cr | ₹54.0 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Fund based/Non-fund | Non-fund based limits | ₹170 Cr | ₹170 Cr | 0.0% | AA- / A1+ (Stable) | Other | ICRA |
| based limits Long term -Term loan | Term loans | ₹85.9 Cr | ₹197 Cr | 129.1% | AA- (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan Oct FY | Term loans | 6.95% | — | 31 Mar 2027 | ₹197 Cr | AA- | Outstanding |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Proposed non fund based limits | — | Withdrawn |
| SLC-WC | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 21 Jun 2021 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 88% |
| Information on file | 67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 75% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 54.5×
- Working-capital limits 35% utilised on average
Rated limits by facility
Timeline
From the report
Fund based/Non-fund 170.00 170.00 RBI reaffirmed based limits [ICRA]AA-(Stable); reaffirmed and Long term -Term loan 85.94 196.89 RBI assigned for enhanced amount Long-term interchange- (125.00) (50.00) [ICRA]AA-(Stable); reaffirmed RBI able limits^ Short-term inter- [ICRA]A1+; reaffirmed and (196.00) (220.00) RBI changeable** assigned for enhanced amount Total 427.94 588.89 *Instrument details are provided in Annexure I ^Interchangeable with long-term fund-based limits; **Interchangeable with long-term/short-term fund-based/non-fund-based limits # SEBI’s grievance redressal/dispute resolution
From the report
The ratings continue to draw comfort from AIL’s strong capital structure and comfortable liquidity profile, characterised by low gearing of 0.2 times and healthy cash and liquid investments of around Rs. 68.4 crore as on March 31, 2026.
From the report
The company significantly reduced its debt to Rs. 96.4 crore as on March 31, 2026, from Rs. 189.3 crore as on March 31, 2025, while maintaining cash and liquid investments of around Rs. 149 crore.
From the report
ICRA also notes that the utilisation of the company’s fund-based limits has remained low with an average utilisation of ~35% in the last 12 months, providing buffer to its liquidity.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.