Motilal Oswal maintains a BUY rating on Apollo Tyres (APTY) with a target price of INR 600. The firm notes healthy demand in India across most segments in Q3, expected to continue into Q4, though the commercial vehicle segment outlook is uncertain. Export demand remains strong. Margins in India may face pressure due to increased promotional spending. European demand is muted but APTY is outperforming. Restructuring of the Enschede facility is underway, with benefits expected from FY27.