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Model Note · APL APOLLO TUBES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
APL APOLLO TUBES LTD Discounted cash flow · base FY26
APL APOLLO TUBES LTD
Value per share, this model₹944
CMP 2026-09-10₹2,153.50
Difference(56.2)%
Growth the CMP implies32.9%/yr
This note states the assumptions and the arithmetic of one model of APL APOLLO TUBES LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
11.5% a year
FY26 11.5% · 5-yr CAGR 22.1%
EBITDA margin
7.8%
FY26 7.8% · 5-yr average 6.7%
Depreciation · capex, % of revenue
1% · 3%, fading to 1.2× depreciation
FY26 1.0% · 3.0%
Working capital, % of added revenue · tax
0% · 22.7%
-9 working-capital days · effective 22.7%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(192) · ₹0 · ₹0 cr
FY26 net debt ₹(192) cr
Shares
27.77 crore
27.77 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
23,079
25,733
28,692
31,992
35,671
39,773
growth %
11.5
11.5
11.5
11.5
11.5
11.5
EBITDA
1,802
2,007
2,238
2,495
2,782
3,102
Depreciation
(231)
(257)
(287)
(320)
(357)
(398)
NOPAT
1,214
1,353
1,508
1,682
1,875
2,091
less capex
(696)
(772)
(732)
(672)
(589)
(477)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
838
1,063
1,330
1,643
2,011
Present value
795
909
1,024
1,140
1,257
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · APL APOLLO TUBES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,127
PV of the terminal value (80% of EV)
20,886
Enterprise value
26,013
less net debt
192
less non-controlling interest
0
add non-operating investments
0
Equity value
26,205
÷ 27.77 crore shares
₹944
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
976
1,051
1,140
1,250
1,388
10.5%
897
959
1,033
1,121
1,229
11.0%
830
882
944
1,016
1,103
11.5%
772
817
868
928
999
12.0%
721
760
803
854
913
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
