Motilal Oswal Recommends 'BUY' on Apollo Tyres, Sets Rs 600 Target

• Motilal Oswal recommends 'BUY' on Apollo Tyres (APTY) with a target price of Rs 600.
• Indian demand healthy in 3Q (replacement & OEM), expected to continue in 4Q; CV segment outlook uncertain.
• Strong export demand in 3Q likely to sustain in 4Q, but Indian margins face pressure from promotional spending.
• APTY outperforms muted European market; Enschede facility restructuring benefits expected from 2HFY27E.
• Attractive valuations and projected 22% earnings CAGR (FY25-28E) support the 'BUY' rating.

Why It Matters: Motilal Oswal sees Apollo Tyres as a strong 'BUY' with Rs 600 target due to growth and valuation.