NSE: APLAPOLLO · BSE: 533758
APL APOLLO TUBES LTD
Manufactures structural steel tubes, with FY26 consolidated revenue of ₹23,079 crore and an EBITDA margin of 8.29%. The product range spans the APL Apollo Brand, SG Premium Brand, Roofing Products and UAE Operations, with branded premium lines growing share. Per-ton EBITDA moved into the ₹5,000-5,500 range, driven by product mix and brand-led pricing rather than inventory gains. Raw materials — primarily steel — make up 76.8% of revenue, making the business sensitive to input prices. Housing and construction are the largest demand drivers, with government infrastructure spending flagged to lift volumes in 2H FY27. The company is expanding capacity toward 8 million tons by FY28, with ₹1,400-1,500 crore of capex still pending and funded from internal cash flows. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. APL Apollo Brand, SG Premium Brand, Roofing Products, UAE / Dubai Operations. Asset-heavy, cyclical steel tube manufacturing with brand-led pricing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13,063 | 16,166 | 18,119 | 20,690 | 23,079 |
| EBITDA (ex other income) | 945 | 1,022 | 1,192 | 1,199 | 1,802 |
| margin % | 7.2 | 6.3 | 6.6 | 5.8 | 7.8 |
| Owners' profit | 557 | 642 | 0 | 757 | 1,203 |
| EPS, as reported (₹) | 22.30 | 23.15 | 26.40 | 27.28 | 43.34 |
| ROE % · ROCE % | 25.1 · 29.0 | 21.4 · 25.3 | 20.3 · 23.3 | 18.0 · 22.0 | 22.7 · 28.2 |
| Debt / equity (x) | 0.24 | 0.29 | 0.31 | 0.15 | 0.09 |
| Cash from operations | 652 | 690 | 1,112 | 1,213 | 2,103 |
| Capex | (597) | (862) | (695) | (723) | (696) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,774 | 5,433 | 5,509 | 5,170 | 5,206 | 5,815 | 6,269 | 5,607 |
| Profit before tax | 70 | 280 | 359 | 310 | 386 | 404 | 457 | 352 |
| Net profit | 54 | 217 | 293 | 237 | 302 | 310 | 354 | 263 |
| EPS (₹) | 1.94 | 7.82 | 10.56 | 8.55 | 10.86 | 11.17 | 12.76 | 9.48 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD ◆ | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.0 | 15.4 | 90 of 105 | 14% |
| P/B | 11.4 | 1.5 | 97 of 101 | 4% |
| ROCE | 26.1 | 9.1 | 7 of 115 | 95% |
| ROE | 22.7 | 8.6 | 7 of 103 | 94% |
| Debt / Equity | 0.1 | 0.2 | 40 of 101 | 61% |
| EBITDA margin | 8.0 | 11.0 | 61 of 100 | 39% |
| Revenue growth | 8.4 | 13.7 | 58 of 97 | 41% |
| Profit growth | 10.9 | 29.3 | 65 of 105 | 39% |
| Market cap | 60250 | 216 | 2 of 122 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 and H1 FY27 results show strong year-on-year growth | compliance | minimal | — | — |
| 26 Oct 2026 · Audio recording of Q2 FY27 earnings call shared | investor communications | low | — | — |
| 26 Oct 2026 · Q2 FY27 net profit rises 27% as sales and margins improve | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 FY27 net profit rises 27%; management expects a stronger second half | investor communications | medium | — | — |
| 26 Oct 2026 · APL Apollo to acquire 31% more of SG Enterprise, reaching 51% stake | strategic transactions | medium | — | — |
| 26 Oct 2026 · September quarter profit rises 27%; board raises SG Enterprise stake to 51% | strategic transactions | medium | — | — |
| 26 Oct 2026 · Board approves SG Enterprise stake purchase and September quarter results | strategic transactions | low | — | — |
| 21 Oct 2026 · APL Apollo Tubes Q2 and H1FY27 results call on 26 Oct 2026 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on 26 Oct to consider Q2 FY26 results | results | low | — | — |
| 7 Oct 2026 · Routine SEBI Regulation 74(5) compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.