Apollo Tyres: Broker targets up to Rs 640 in 2026

Why Apollo Tyres is back on analysts’ radar

Apollo Tyres has been in focus after a cluster of brokerage actions and price-target revisions around its recent quarterly performance and management commentary. The inputs provided show a wide spread between the stock’s short-term trading moves and the 12-month targets published by various brokerages. Geojit Investments upgraded the stock to ACCUMULATE with a 12-month target of Rs 548, while global brokerages such as UBS and JP Morgan also raised their views and targets in separate notes.

The information also points to a mixed market tape: on one date, the stock was shown at Rs 394.50, down 1.32% on the day, while other snapshots in the same data set place it around Rs 494 to Rs 519 at different times. These varying reference prices matter because upside calculations in brokerage notes depend on the prevailing market price at the time of each report.

Stock price snapshot and recent performance indicators

The latest snapshot in the provided text shows Apollo Tyres share price at Rs 394.50, down 1.32% from the previous close of Rs 399.75, with the page marked “Last Updated On: 29 May, 2026, 10:29 AM IST.” The same section also lists a high of Rs 445.40, a low of Rs 371.80, and “Returns: 10.42%” (time period not specified in the provided extract).

Another performance table in the material shows:

• 1 Day: -1.32%
• 1 Week: 6.11%
• 1 Year: -17.7%

Separately, another market snapshot shows Rs 494.70 (up 0.58%) and a 52-week range of Rs 370.90 to Rs 584.90, indicating the stock has traded through a wide band in the past year.

Geojit upgrades to ACCUMULATE, sets Rs 548 target

Geojit Investments upgraded Apollo Tyres from HOLD to ACCUMULATE, assigning a 12-month price target of Rs 548. The brokerage cited improving margins and domestic strength as key drivers in its stance.

The note also acknowledged operating challenges in Europe, but stated the company showed resilience in the second quarter, helped by GST reforms and “smart premiumisation measures” mentioned in the provided text. Geojit said the revised target price is based on 17 times FY27E adjusted earnings per share.

One part of the provided excerpt frames the Rs 548 target as representing an 11% increase over a current market price of Rs 494, which aligns with other price snapshots in the same set that place the stock around Rs 494 to Rs 495 at different times.

Q2FY26 reaction and broker target changes

The material notes Apollo Tyres reported its Q2FY26 results during market hours on a Friday. On that day, at close, the stock was down 3.22% at Rs 518.95 per share, while the BSE Sensex was up 0.10% at 84,562.78.

Following the Q2 update, the data says “brokerages increased their target price” on the back of a strong outlook and what they considered fair valuations. The same excerpt lists multiple target revisions from domestic and global houses, indicating that the post-results period drove a reassessment of the stock’s risk-reward.

Nomura, Emkay, and Nuvama: revised targets after Q2

The brokerage actions in the provided text include:

• Nomura: maintained a Neutral call and raised target to Rs 538 from Rs 490 in one reference, and elsewhere a separate line states Nomura raised target to Rs 512 from Rs 478 after upgrading to Neutral from Reduce.
• Emkay Global Financial: continued with Buy and hiked target to Rs 600 from Rs 525.
• Nuvama Institutional Equities: reiterated Buy and increased target to Rs 600 from Rs 520.

While these are presented as separate snippets, the common thread is that targets moved higher even as the stock saw volatility around results.

UBS and JP Morgan: global upgrades highlight deleveraging focus

A separate part of the material says UBS upgraded Apollo Tyres from Neutral to Buy, setting a new price target of INR 640, raised from INR 450. UBS attributed its upgrade to the expectation of continued strong operational performance in India and Europe and expected this to support further deleveraging.

The same section notes valuation markers cited by UBS: 7 times FY26 estimated EV/EBITDA and 15 times FY26 estimated P/E, which UBS described as reasonable in its context.

The data also says JP Morgan upgraded Apollo Tyres from Neutral to Overweight and raised its price target to INR 555 from INR 535, highlighting debt reduction and “prudent expansion.” It also mentions the stock had fallen 12% since third-quarter results, while Nifty Auto rose 16%, reflecting worries around commodity inflation and higher environmental costs.

Where the Street’s average target stands

The provided data states that projections from 24 analysts put the average 12-month price target at Rs 522.42, with a high estimate of Rs 600 and a low estimate of Rs 398. It also states a “potential upside” of +5.60% based on the analysts’ average price target, using the referenced price in that section.

Another snippet in the text refers to a fair value estimate of INR 469.95 against a “CMP” of INR 492, described as nearly fairly valued. Since these are model-based estimates referenced in the provided material, investors typically compare them with brokerage targets to understand how sensitive valuations may be to assumptions.

Market impact: what the numbers say, without extrapolation

Across the excerpts, the immediate market impact is visible in day-to-day volatility and divergent time-window returns. The stock’s -1.32% single-day move to Rs 394.50 contrasts with a +6.11% one-week move, while the -17.7% one-year figure indicates longer-term pressure in the stock despite periods of recovery.

On the brokerage side, targets in the provided set range from Rs 472 on the lower end (Morgan Stanley’s reduced target) to Rs 640 at the upper end (UBS). This spread, alongside stated valuation anchors such as 6.3x FY28F EV/Ebitda and 7x FY26 EV/EBITDA, shows that analysts are framing the opportunity largely through operating performance, margins, and balance-sheet trajectory rather than a single near-term trigger.

Company contact and office details shown in the data

The supplied content includes two office address blocks and investor contact details.

Registered Office (as shown):

• 3rd Floor, Areekal Mansion, Near Manorama Junction
• City: Kochi, State: Kerala, Pin: 682036
• Tel: 0484-4012046; Fax: 0484-4012048
• Email: investors@apollotyres.com
• Website: http://www.apollotyres.com

Other address block (as shown):

• Selenium Tower B, Plot No. 31-32, Gachibowli, Financial District, Nanakramguda
• City: Hyderabad 500032, State: Telangana
• Tel: 040-67161500, 67162222, 33211000
• Another set of numbers shown: 040-23420814, 23001153
• Email: einward.ris@karvy.com

Conclusion: what to watch next

The provided data set shows Apollo Tyres sitting at the intersection of volatile price action and an active cycle of brokerage re-ratings. Geojit’s upgrade to ACCUMULATE with a Rs 548 target, and UBS’s Rs 640 target after upgrading to Buy, are among the most notable calls in the list.

Near-term trading levels have differed across the snapshots, but the common reference points in the notes are margins, demand recovery, cost optimisation, and deleveraging. The next key inputs for investors, based on the themes cited, would be subsequent management updates and how the company’s operating performance tracks against the assumptions embedded in FY27E and FY28 valuation frameworks referenced by brokerages.