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APL Apollo Tubes Q2 FY27 Share Price & Earnings Call Analysis

₹2,165.10-1.36% today
Market cap
₹60,107 Cr
P/E
48.89
ROE
25.41%
PEG
2.08
Price to sales
2.60
Debt to equity
0.09
52W high / low
₹2,281 / ₹1,698
Sales growth (5Y)
22.11%
EBITDA margin
7.98%
Net profit margin
5.23%
Promoter holding
28.18%
Sales (last year)
₹23,065 Cr

APL Apollo Tubes Limited (APL Apollo) is one of India’s leading branded steel products manufacturers. Headquartered at Delhi NCR, the Company runs 10 manufacturing facilities churning out over 1,500 varieties of MS Black Pipes, Galvanised Tubes, Pre-Galvanised Tubes, Structural ERW Steel Tubes and Hollow Sections to serve industry applications like urban infrastructures, housing, irrigation, solar plants, greenhouses and engineering. [1]

Guidance scorecard · Q2 FY27 call

What APL Apollo Tubes Ltd's management guided
and where it ranks in Industrial Products

#93of 100 in
Industrial Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookFlat

RevenueQ2 FY27 call

10–20%
  • Apollo brand and roofing products segments are expected to deliver double-digit volume growth, anticipated around 15%-20% year-on-year.
  • The company targets achieving capacity of 7 million tons by FY 2028 with utilization improvements post capacity enhancement.
  • Brownfield expansions, including increasing Dubai capacity from 300,000 to 500,000 tons by March 2027, will enhance high-margin product volumes.
  • Despite geopolitical challenges affecting Dubai and SG Premium businesses, Apollo and roofing product segments maintain strong growth outlook.
  • Pricing power and better product mix will support revenue growth continuing beyond H2 FY 2027.

2 more points from APL Apollo Tubes Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what APL Apollo Tubes Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • The company has spent Rs. 400 crores on CAPEX in the first half of the fiscal year, with a planned CAPEX of around Rs. 200 crores in the second half.
  • The total CAPEX for the year is expected to be lower than the previous year, with more outflow in the first half.
  • The company targets achieving 7 million tons of greenfield and brownfield capacity plus 1 million tons of de-bottlenecking capacity over the next two years.
  • Brownfield expansion in Dubai is underway, increasing capacity from 300,000 to 500,000 tons by March 2027.

2 more points from APL Apollo Tubes Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what APL Apollo Tubes Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Flat
  • Current order book includes approximately 75,000 to 100,000 tons of OEM and dealer network orders.
  • Total inventory stands at about 150,000 to 200,000 tons, which includes scrap and other products.
  • High demand seen across all channels; people are placing many enquiries and order books are strong.

2 more points from APL Apollo Tubes Ltd's call on the order book

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Full Q2 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does APL Apollo Tubes Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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APL Apollo Tubes Ltd announcements

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Financials of APL Apollo Tubes Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

APL Apollo Tubes Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +29.56%29.44%28.33%28.32%28.31%28.31%28.31%28.30%28.27%28.25%28.25%28.18%
FIIs +29.25%30.69%31.55%31.94%31.72%31.78%33.05%33.72%33.12%37.52%35.12%34.15%
DIIs +13.75%14.06%14.90%15.89%16.51%16.74%16.83%18.92%19.91%16.05%18.58%20.82%
Public +27.41%25.81%25.23%23.84%23.45%23.17%21.81%19.07%18.69%18.18%18.04%16.85%
No. of Shareholders2,05,8452,03,7201,94,1922,17,6481,94,5981,85,5241,83,4161,64,3611,59,3161,58,1281,58,9471,49,548

Financials of APL Apollo Tubes Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +4,6304,1784,7664,9744,7745,4335,5095,1705,5315,9826,2695,6077,002
Expenses +4,3053,8984,4854,6734,6365,0875,0954,7985,0845,5115,7585,1956,424
Operating Profit325280280302138346414372447472511411578
OPM %7%7%6%6%2.9%6%8%7%8%8%8%7%8%
Other Income +20151925152235262525364040
Interest27283128363732332833323952
Depreciation41474746475058545859595966
Profit before tax27721922125270280359310386404457352500
Tax %27%24%23%23%23%23%18%23%22%23%22%25%23%
Net Profit +20316617019354217293237302310354263382
EPS in Rs7.325.966.146.961.947.8210.568.5510.8611.1712.769.4813.77

Financials of APL Apollo Tubes Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +3,0904,1543,9245,3357,1527,7238,50013,06316,16618,11920,69023,07924,860
Expenses +2,9083,8723,5904,9646,7597,2467,82112,11815,14316,92619,49021,27122,888
Operating Profit1822823343713934786799461,0221,1931,1991,8081,972
OPM %6%7%9%7%5%6%8%7%6%7%6%8%8%
Other Income +4-155812223640467496106141
Interest66707281113107664467113133125156
Depreciation223451536496103109138176201231244
Profit before tax981632162442272965468328639789601,5571,713
Tax %35%38%30%35%35%14%25%26%26%25%21%23%
Net Profit +641011521581482564086196427327571,2031,310
EPS in Rs2.724.296.456.666.229.5814.4224.7323.1426.3927.2843.3347.18
Dividend Payout %22%23%19%21%23%0%0%14%22%21%21%20%

Financials of APL Apollo Tubes Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital23232424242525505556565656
Reserves4725446808149401,3311,6702,4142,9503,5494,1535,2415,685
Borrowings +4826515947758588345205818731,144634498963
Other Liabilities +3454425475689521,0751,1841,4071,9732,4382,7533,0393,243
Total Liabilities1,3231,6601,8452,1812,7743,2663,3994,4525,8527,1877,5968,8339,946
Fixed Assets +6146666708861,0341,7081,7361,8372,5803,2813,6684,0604,057
CWIP2432122462710108504374203336328394
Investments191301492191961031264951
Other Assets +6669491,0521,2481,6631,5461,5542,0202,8013,6003,4674,3965,444
Total Assets1,3231,6601,8452,1812,7743,2663,3994,4525,8527,1877,5968,8339,946

Financials of APL Apollo Tubes Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +31511315913585109776526911,1121,2192,103
Cash from Investing Activity +-191-93-170-165-264-435-647-530-876-916-380-1,387
Cash from Financing Activity +-12481-14579-53-78-3592614327-815-440
Net Cash Flow-0-00541-3-28148-4122224275
Free Cash Flow134-99144-7713220869765-1514505621,453
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit177%19%113%41%108%124%162%90%89%111%117%133%

Financials of APL Apollo Tubes Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days2119273028236103356
Inventory Days446153474544392839383327
Days Payable282644304042403442464644
Cash Conversion Cycle365436473324430-5-8-12
Working Capital Days-37-30-18-60110-02
ROCE %17%24%23%22%20%20%26%32%27%25%22%32%

Guidance history

How APL Apollo Tubes Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned—Flat
Q1 FY27 call →20–40%FlatPlanned——
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →20–40%FlatPlannedNone planned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

76out of 100

Momentum score · price trend

76 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+21.3%75%
Last 6 months+13.7%71%
Last 3 months+19.0%88%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For APL Apollo Tubes Ltd: 0.4 × 75 + 0.4 × 71 + 0.2 × 88 = 76.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What APL Apollo Tubes Ltd's management said in earlier quarters

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