Apollo Tyres’ (APTY) consolidated Q1 EBITDA was 4% higher than consensus despite revenue falling 3% below estimates, as subdued volumes across India and EU got hidden behind the robust standalone EBITDAM execution of 17.8% (up 190bps QoQ). Exports, which typically account for ~15% of standalone revenue, saw volume decline of ~30% YoY vs EU business volume declining ~9% YoY.