Apcotex Industries Ltd is a leading producer of Synthetic Rubber (Nitrile Rubber, High Styrene Rubber, Nitrile Polyblends, and Nitrile Powder) and Synthetic Latex (XSB Latex, VP Latex, Styrene Acrylics, and Nitrile Latex) in India.
The company was established in 1980 as a division of Asian Paints (India) and subsequently gained its own identity as an independent entity in 1991, initially named Apcotex Lattices Ltd. In 2005, the company was renamed Apcotex Industries Ltd. It is headed by Mr. Atul Choksey, Chairman of Apcotex Industries and former Managing Director of Asian Paints. Apcotex has emerged as a specialized manufacturer serving diverse industries including automotive, construction, textiles, paper, and chemicals through its comprehensive range of emulsion polymers.
Apcotex's product portfolio is broadly divided into Synthetic Latex Products and Synthetic Rubber Products.
Synthetic latex is manufactured from downstream petrochemicals, distinct from natural latex which is derived from rubber plantations. Apcotex's synthetic latexes include Styrene Butadiene Latex, VP Latex, Styrene Acrylic Latex, and Nitrile Latex. The performance of each synthetic latex differs across industries based on their characteristics, applications, and polymer types. These products find applications in:
- Paper and Paperboard coating
- Carpet backing
- Tyre cord dipping
- Construction waterproofing
- Medical/industrial gloves manufacturing
Synthetic rubbers are produced artificially through chemical processes using various raw materials such as petroleum-based hydrocarbons or other organic compounds. Apcotex produces various kinds of synthetic rubber, from cold Nitrile Rubber (NBR) to hot NBR. Nitrile Rubber is a specialized type of synthetic rubber known for its exceptional resistance to oil, fuels, and various chemicals.
The various grades of Synthetic Rubber find application in products such as:
- Automotive Components
- Hoses
- Gaskets
- Rice De-husking Rollers
- Printing and Industrial Rollers
- Friction Materials
- Belting and Footwear
Apcotex operates two state-of-the-art manufacturing facilities. The first is in Taloja, Maharashtra, dedicated to the production of Synthetic Latex and High Styrene Rubber (HSR). The second plant, situated in Valia, Gujarat, specializes in the production of Nitrile Butadiene Rubber (NBR) and High Styrene Rubber.
During the financial year 2022-23, the Company commissioned a 50,000 MT Nitrile Latex plant in Valia, Gujarat, and a 35,000 MT multi-purpose latex plant in Taloja, Maharashtra. Both plants, Taloja and Valia, have been awarded the prestigious "TPM Excellence Award, Category A" and "TPM Consistency Award" by the Japan Institute of Plant Maintenance (JIPM), Japan.
Apcotex aims to be the partner of choice for performance emulsion polymer solutions and currently exports to more than 45 countries across the Indian Subcontinent, South East Asia, the Middle East, Turkey, Japan, Russia, Africa, EU, USA, and Latin America. The company boasts marquee clients in the Synthetic Latex segment, including ITC, Asian Paints, Ultratech Cement, Welspun, JK Paper, Pidilite Industries, MRF, SRF, Century Enka, and Mac. In the Synthetic Rubber segment, clients include Paragon Footwear, Jayshree Polymers, Parker Hannifin, Gates India, Supreme Industries, etc.
For Q1 FY2025, Apcotex Industries reported robust financial performance. Operating income rose to INR 337 crores, a 21% increase year-over-year, driven by higher volumes, favorable product mix, and better pricing. EBITDA climbed by 25% to INR 32 crores, with a margin of 9.45%. Net profit after tax grew by 22% to INR 14.8 crores, translating to a PAT margin of 4.4%.
On a full-year basis, the company's standalone net profit increased 0.35% to INR 54.06 crore in FY25 as compared with INR 53.87 crore in FY24. Revenue from operations increased 23.81% to INR 1,392.35 crore in FY25 as against INR 1,124.55 crore in FY24.
Apcotex Industries Ltd has a market capitalisation of INR 1,773 crore as of March 2025. Meanwhile, the company's board recommended a final dividend of INR 4.50 per equity share of the face value of INR 2 each for FY25.
- Q1 FY2025 Performance: Operating income of INR 337 crores (21% YoY growth), EBITDA of INR 32 crores (25% YoY growth), Net Profit of INR 14.8 crores (22% YoY growth).
- Q4 FY2025 Performance: Revenue from operations jumped 12.5% year-on-year to INR 349.39 crore. Profit before tax (PBT) stood at INR 24.47 crore, up 14.29% YoY. Operationally, there was a 14% volume growth, and exports increased by 12%.
- FY2025 Performance: Standalone Net Profit of INR 54.06 crore (0.35% YoY growth), Revenue from operations of INR 1,392.35 crore (23.81% YoY growth).
- Market Capitalization: ₹1,773 crore (as of March 2025).
- Dividend: ₹4.50 per equity share for FY25.
Apcotex has received significant recognition, including being ranked among the Top 10 in India in Forbes Asia's Best Under A Billion 2022 companies list. The company is a pioneer in Vinyl Pyridine latex, Carboxylated Styrene-Butadiene latex, and NBR manufacturing in India.
Beyond ISO 9001:2015 certification, Apcotex is also certified for ISO 14001:2015 (Environmental Management Systems) and ISO 45001:2018 (Occupational Health and Safety Management Systems), embodying its commitment as a Responsible Care Company.
The company is strategically investing in a hybrid power project to transition to renewable energy, aiming for long-term cost savings and improved sustainability. Overall, Apcotex remains cautiously optimistic about margin recovery and growth opportunities in both domestic and international markets. The company's focus on continuous innovation, safety standards, and sustainable practices positions it well for future growth in the expanding specialty chemicals market. With its strategic manufacturing locations, diverse product portfolio, and strong client relationships, Apcotex is well-positioned to capitalize on the growing demand for synthetic rubber and latex products across various industries.
