Geojit Investments has upgraded Apollo Tyres to 'Accumulate' from 'Hold,' citing expected improvements in operating performance driven by demand recovery and cost optimization. The brokerage set a target price of 548, projecting a 17x FY27 EPS. Key takeaways include increased Ebitda margins in India, a shift towards premium UHP tires, and ongoing capacity expansion in Hungary. While Indian volumes grew, truck and passenger car segments saw subdued growth. Sequential raw material costs declined, supporting margins.