Any current/future new fundraising through debt or equity?

No explicit mention of any current or planned fundraising through debt or equity in the provided transcript. Management indicated maintaining a near net-zero debt balance sheet for FY '25. They expect surplus cash visible on the balance sheet from FY '26 onwards. Capex of INR 500-600 crores for new plants (Siliguri, Gorakhpur, Ahmedabad) is partly underway, with INR 200-250 crores already spent mainly on land acquisition. No mention of raising funds through equity or debt to finance this expansion; payments are in progress for land and future capex will follow. The company aims to keep a conse

Any current/future capex/capital investment/strategic investment?

APL Apollo Tubes is planning a capex of INR 500-600 crores for three new plants as part of its expansion to 5 million ton capacity by FY '27. New plants include Siliguri (to cater to East market), Gorakhpur (for Eastern UP, Bihar, Odisha), and Ahmedabad (to serve Gujarat). These plants will mainly involve shifting existing mills rather than adding new mills. The company has already incurred INR 200-250 crores related to land purchase and initial work for Siliguri and Gorakhpur. Capex for plant and building will proceed once land possession is complete. Focus on regional penetration strategy wi

Future growth expectations in sales/revenue/volumes?

Targeting sales volume of 3.2 million tons for FY '25 with 20-25% growth next year. Plan to reach 5 million tons sellable capacity by FY '27 through new plants in Siliguri, Gorakhpur, Ahmedabad, and ramping up existing plants. Dubai plant capacity of 300,000 tons expected to be fully utilized by FY '27. Exports currently at ~100,000 tons, with combined India and Dubai volumes expected to grow. EBITDA per ton target near INR 5,000 by FY '26, supported by higher utilization and value-added products. Expansion into high-diameter tube export markets using Dubai and India plants. Continued focus on

Future growth expectations in earnings/operating earnings/profits/EPS?

EBITDA per ton expected to reach near INR 5,000 by FY '26, driven by better utilization and operating leverage benefits. Ramp-up of new plants (Raipur and Dubai) and increased share of value-added products (VAP) are key growth drivers enhancing margins. Sales volume target set at 3.2 million tons for FY '25, with a planned 20-25% growth next year and 5 million tons capacity target by FY '27. Improved product mix and increased gross margin spreads quarter-on-quarter support margin expansion. Cost rationalization efforts in power, steel wastage, and consumables continuing to strengthen profitabi

Current/ Expected Orderbook/ Pending Orders?

On Slide 45 (referenced on Page 14), there is mention of ongoing inquiries requiring 220,000 tons of heavy structural steel tubes for about 42 million square feet of visibility. The company highlighted strong order inflow for the newly commissioned 300 x 300 mm mill at Dubai, indicating good current demand. Exports and orders are ramping up from the Dubai plant; full utilization of 300,000-ton capacity expected by FY '27. Promoting a broad product range (300x300 to 1,000x1,000 mm) internationally, with active booking of orders. Domestic export tonnage currently around 100,000 tons, with plans

APL Apollo TubesQ1 FY25Industrial Products

APL Apollo Tubes Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹2,116P/E: 50.0Market Cap: ₹61.5K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

Targeting sales volume of 3.2 million tons for FY '25 with 20-25% growth next year.
Plan to reach 5 million tons sellable capacity by FY '27 through new plants in Siliguri, Gorakhpur, Ahmedabad, and ramping up existing plants.
Dubai plant capacity of 300,000 tons expected to be fully utilized by FY '27.
Exports currently at ~100,000 tons, with combined India and Dubai volumes expected to grow.
EBITDA per ton target near INR 5,000 by FY '26, supported by higher utilization and value-added products.
Expansion into high-diameter tube export markets using Dubai and India plants.
Continued focus on regional penetration with smaller plants to reduce freight costs and better serve local markets.
Long-term strategy emphasizes market share gain from scrap steel segment and leveraging lower raw material costs.

Margin guidance

Category 3

EBITDA per ton expected to reach near INR 5,000 by FY '26, driven by better utilization and operating leverage benefits.
Ramp-up of new plants (Raipur and Dubai) and increased share of value-added products (VAP) are key growth drivers enhancing margins.
Sales volume target set at 3.2 million tons for FY '25, with a planned 20-25% growth next year and 5 million tons capacity target by FY '27.
Improved product mix and increased gross margin spreads quarter-on-quarter support margin expansion.
Cost rationalization efforts in power, steel wastage, and consumables continuing to strengthen profitability.
Working capital levels expected to remain low, aiding net debt near zero and improving cash flow from FY '26 onwards.
Market share gains anticipated as pricing gap with scrap steel products narrows, boosting volume growth and profitability.

See what APL Apollo Tubes management said on margin guidance — free account, 30 seconds.

Fundraise plans

No explicit mention of any current or planned fundraising through debt or equity in the provided transcript.
Management indicated maintaining a near net-zero debt balance sheet for FY '25.
They expect surplus cash visible on the balance sheet from FY '26 onwards.
Capex of INR 500-600 crores for new plants (Siliguri, Gorakhpur, Ahmedabad) is partly underway, with INR 200-250 crores already spent mainly on land acquisition.
No mention of raising funds through equity or debt to finance this expansion; payments are in progress for land and future capex will follow.
The company aims to keep a conservative and healthy balance sheet without additional net debt.

Order book

On Slide 45 (referenced on Page 14), there is mention of ongoing inquiries requiring 220,000 tons of heavy structural steel tubes for about 42 million square feet of visibility.
The company highlighted strong order inflow for the newly commissioned 300 x 300 mm mill at Dubai, indicating good current demand.
Exports and orders are ramping up from the Dubai plant; full utilization of 300,000-ton capacity expected by FY '27.
Promoting a broad product range (300x300 to 1,000x1,000 mm) internationally, with active booking of orders.
Domestic export tonnage currently around 100,000 tons, with plans to ramp up combined exports from India and Dubai.
Emphasis on market creation and promotional efforts underway to boost orderbooks for high-diameter tubes.

See what APL Apollo Tubes management said on order book — free account, 30 seconds.

Capex plans

Yes

APL Apollo Tubes is planning a capex of INR 500-600 crores for three new plants as part of its expansion to 5 million ton capacity by FY '27.
New plants include Siliguri (to cater to East market), Gorakhpur (for Eastern UP, Bihar, Odisha), and Ahmedabad (to serve Gujarat).
These plants will mainly involve shifting existing mills rather than adding new mills.
The company has already incurred INR 200-250 crores related to land purchase and initial work for Siliguri and Gorakhpur.
Capex for plant and building will proceed once land possession is complete.
Focus on regional penetration strategy with these smaller plants rather than large new mills.
Renewable power initiatives are underway for the Raipur plant, expected to reduce power costs starting FY '26.
Further capacity additions and high-value product mills (e.g., 500x500 mm) may be installed depending on ramp-up success.

Track APL Apollo Tubes — get its next earnings analysis in your feed

How does APL Apollo Tubes rank vs peers in Industrial Products?

Pro feature

ThisAPL Apollo Tubes

Rev 2Mar 3

See where APL Apollo Tubes sits in Industrial ProductsSee which companies these are, and every other name in the sector.Open rankings

How does APL Apollo Tubes rank in Industrial Products?

Compare APL Apollo Tubes against every Industrial Products company (Q1 FY25) on revenue, margins and earnings-call signals.

View Industrial Products leaderboard →

What APL Apollo Tubes's management said in earlier quarters

Others in Industrial Products this season

Monolithisch India Ltd (Q2 FY27)
Combined additional capacity: 3 lakh MT per annum; total capex approximately INR 45 crores. Key concall takeaways from Monolithisch India Ltd's Q2 FY27…
Systematic Industries Ltd (Q1 FY27)
Year-on-Year (YoY) Growth for Q4 Net Sales:** 6.0% . Key concall takeaways from Systematic Industries Ltd's Q1 FY27 earnings call — and how it ranks against…
Graphite India Ltd (Q3 FY24)
690 crore, down 1.6% y-o-y (Page 5, 9) . Key concall takeaways from Graphite India Ltd's Q3 FY24 earnings call — and how it ranks against sector peers.
Graphite India Ltd (Q4 FY24)
720 Cr, down 11.7% y-o-y (Page 4, 9) . Key concall takeaways from Graphite India Ltd's Q4 FY24 earnings call — and how it ranks against sector peers.

Compare:vs Polycab India Ltd vs Welspun Corp Ltd vs Supreme Inds.

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →