Emkay Global Predicts 36% Upside for Apollo Tyres Amid Strong Demand and Expansion

Emkay Global maintains a 'Buy' rating on Apollo Tyres, forecasting a 36% upside with a target price of Rs 600 despite a recent 5% stock decline amid rising crude prices. The brokerage cites strong demand driven by government infrastructure spending, capacity expansions worth Rs 5,800 crore expected by FY28-FY29, disciplined pricing strategies, and a European restructuring plan as key factors supporting growth and profitability.