APL Apollo Tubes
APL Apollo Tubes
Industrial Products F&OKey Fundamentals
MidcapIron & Steel ProductsIndustrial ProductsTapetide Score
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Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 27.4% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 20.5%
Weaknesses
1- Stock is trading at 11.1 times its book value
Growth Rate
AI Analysis — Bull vs Bear
APL Apollo Tubes has a market capitalisation of about ₹60,982 crore and trades at a P/E of 49.8x and 11.56x book value. Over the last 5 years it compounded sales at 22% and profit at 27% a year, and ROE has stayed at 22-25%. TTM sales growth has slowed to 10% while TTM profit grew 53%, so recent earnings have grown much faster than revenue.
- Profit has compounded at 27% a year over 5 years and 26% over 10 years, a long record of earnings growth well above sales growth.
- ROE has held steady at 23% over both 5 and 10 years, 22% over 3 years and 25% last year, which suggests efficient use of capital through the cycle.
- TTM profit grew 53% on only 10% sales growth, pointing to margin expansion from operating leverage or a richer product mix.
- The company is described as almost debt free after cutting debt, which lowers financial risk and leaves room to fund capacity growth internally.
- Sales have compounded at 19% over 10 years and 22% over 5 years, showing sustained volume and market-share growth in structural steel tubes.
- The stock has compounded at 38% a year over 10 years and 22% over 5 years, and returned 33% in the last year.
- A 20.5% dividend payout returns cash to shareholders while keeping about 80% of earnings for reinvestment.
- The stock trades at 11.56x book value, flagged as a known con. That is expensive for a steel-linked industrial products business.
- A P/E of 49.8x prices in continued high growth, which leaves little room for error if earnings disappoint.
- Sales growth has slowed from 22% (5-year CAGR) to 13% (3-year) and 10% (TTM), so the top line is losing momentum.
- The 53% TTM profit growth on 10% sales growth may partly reflect a low base or favourable steel spreads, which could be hard to repeat.
- The stock's 3-year CAGR of 11% is well below its 23% 3-year profit CAGR, showing that returns can lag earnings for long stretches after valuations re-rate.
- The dividend yield of 0.38% gives little income support if the valuation compresses.
- Margins depend on hot-rolled coil steel prices. Raw material swings can pull earnings away from the 22-25% ROE range seen in recent years.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- H1 volume lags annual targets Oct 1
H1FY27 sales volume grew only 4% YoY to 1,707,966 tons, behind the company's annual growth targets despite a strong Q2.
- Q1 volume fell 6% YoY Sep 11
Q1FY27 sales volume dropped 6% YoY to 744,823 tons, a weak start to the year that weighed on H1 growth.
- Shareholders reject SAR extension Sep 16
At the AGM, shareholders rejected extending the Stock Appreciation Rights Scheme to associate company employees, the only one of ten resolutions that failed. This is a minor governance signal.
- Record Q2 sales volume Oct 1
Q2FY27 sales volume hit a record 963,143 tons, up 13% YoY and 29% QoQ. The core APL Apollo brand contributed 774,751 tons.
- Roofing products volume jumps 48% Oct 1
Roofing products volume rose to 135,255 tons in Q2FY27 from 91,516 tons in Q1FY27, about 48% QoQ growth, which suggests the product mix is diversifying.
- Q1 profit up 10.9% Sep 11
Q1FY27 consolidated net profit rose 10.9% YoY to ₹263.1 crore on 8.5% revenue growth to ₹5,606.7 crore, even though volumes fell. The stock rose 1.41% to ₹2,198 on BSE.
- SG Enterprise shared services entity Sep 10
APL Apollo incorporated SG Enterprise Solutions Pvt Ltd as a group shared services company, investing ₹1 lakh for 10,000 shares at ₹10 each and taking a 20% stake. The financial impact is negligible.
- ₹8.50 FY26 dividend approved Sep 16
Shareholders approved a final dividend of ₹8.50 per share for FY26 at the AGM, with nine of ten resolutions passed.
TL;DR: APL Apollo bounced back sharply in Q2FY27 with record volume of 963,143 tons, up 13% YoY, and roofing products grew fast. In Q1, profit growth of 10.9% with lower volumes showed the company held margins well. The main risk is H1 volume growth of just 4%, which trails annual targets after a 6% drop in Q1. The trend is improving, and reaching full-year targets will depend on keeping up Q2-level volumes in H2FY27.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,545 | 4,630 | 4,178 | 4,766 | 4,974 | 4,774 | 5,433 | 5,509 | 5,170 | 5,206 | 5,982 | 6,269 | 5,607 |
| Expenses | 4,238 | 4,305 | 3,898 | 4,485 | 4,673 | 4,636 | 5,087 | 5,095 | 4,798 | 4,759 | 5,511 | 5,758 | 5,195 |
| Operating Profit | 307 | 325 | 280 | 280 | 302 | 138 | 346 | 414 | 372 | 447 | 472 | 511 | 411 |
| OPM % | 7% | 7% | 7% | 6% | 6% | 2.9% | 6% | 8% | 7% | 9% | 8% | 8% | 7% |
| Other Income | 22 | 20 | 15 | 19 | 25 | 15 | 22 | 35 | 26 | 25 | 25 | 36 | 40 |
| Interest | 27 | 27 | 28 | 31 | 28 | 36 | 37 | 32 | 33 | 28 | 33 | 32 | 39 |
| Depreciation | 41 | 41 | 47 | 47 | 46 | 47 | 50 | 58 | 54 | 58 | 59 | 59 | 59 |
| PBT | 261 | 277 | 219 | 221 | 252 | 70 | 280 | 359 | 310 | 386 | 404 | 457 | 352 |
| Tax % | 26% | 27% | 24% | 23% | 23% | 23% | 23% | 18% | 23% | 22% | 23% | 22% | 25% |
| Net Profit | 194 | 203 | 166 | 170 | 193 | 54 | 217 | 293 | 237 | 302 | 310 | 354 | 263 |
| EPS in Rs | 6.98 | 7.32 | 5.96 | 6.14 | 6.96 | 1.94 | 7.82 | 10.56 | 8.55 | 10.86 | 11.17 | 12.76 | 9.48 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,090 | 4,154 | 3,924 | 5,335 | 7,152 | 7,723 | 8,500 | 13,063 | 16,166 | 18,119 | 20,690 | 23,079 | 23,065 |
| Expenses | 2,908 | 3,872 | 3,590 | 4,964 | 6,759 | 7,246 | 7,821 | 12,118 | 15,143 | 16,926 | 19,490 | 21,271 | 21,223 |
| Operating Profit | 182 | 282 | 334 | 371 | 393 | 478 | 679 | 946 | 1,022 | 1,193 | 1,199 | 1,808 | 1,841 |
| OPM % | 6% | 7% | 9% | 7% | 5% | 6% | 8% | 7% | 6% | 7% | 6% | 8% | 8% |
| Other Income | 4 | -15 | 5 | 8 | 12 | 22 | 36 | 40 | 46 | 74 | 96 | 106 | 126 |
| Interest | 66 | 70 | 72 | 81 | 113 | 107 | 66 | 44 | 67 | 113 | 133 | 125 | 131 |
| Depreciation | 22 | 34 | 51 | 53 | 64 | 96 | 103 | 109 | 138 | 176 | 201 | 231 | 236 |
| PBT | 98 | 163 | 216 | 244 | 227 | 296 | 546 | 832 | 863 | 978 | 960 | 1,557 | 1,600 |
| Tax % | 35% | 38% | 30% | 35% | 35% | 14% | 25% | 26% | 26% | 25% | 21% | 23% | — |
| Net Profit | 64 | 101 | 152 | 158 | 148 | 256 | 408 | 619 | 642 | 732 | 757 | 1,203 | 1,229 |
| EPS in Rs | 2.72 | 4.29 | 6.45 | 6.66 | 6.22 | 9.58 | 14.42 | 24.73 | 23.14 | 26.39 | 27.28 | 43.33 | 44.27 |
| Div. Payout % | 22% | 23% | 19% | 21% | 23% | 0% | 0% | 14% | 22% | 21% | 21% | 20% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 24 | 24 | 24 | 25 | 25 | 50 | 55 | 56 | 56 | 56 |
| Reserves | 472 | 544 | 680 | 814 | 940 | 1,331 | 1,670 | 2,414 | 2,950 | 3,549 | 4,153 | 5,241 |
| Borrowings | 482 | 651 | 594 | 775 | 858 | 834 | 520 | 581 | 873 | 1,144 | 634 | 498 |
| Other Liabilities | 345 | 442 | 547 | 568 | 952 | 1,075 | 1,184 | 1,407 | 1,973 | 2,438 | 2,753 | 3,039 |
| Total Liabilities | 1,323 | 1,660 | 1,845 | 2,181 | 2,774 | 3,266 | 3,399 | 4,452 | 5,852 | 7,187 | 7,596 | 8,833 |
| Fixed Assets | 614 | 666 | 670 | 886 | 1,034 | 1,708 | 1,736 | 1,837 | 2,580 | 3,281 | 3,668 | 4,060 |
| CWIP | 24 | 32 | 122 | 46 | 27 | 10 | 108 | 504 | 374 | 203 | 336 | 328 |
| Investments | 19 | 13 | 0 | 1 | 49 | 2 | 1 | 91 | 96 | 103 | 126 | 49 |
| Other Assets | 666 | 949 | 1,052 | 1,248 | 1,663 | 1,546 | 1,554 | 2,020 | 2,801 | 3,600 | 3,467 | 4,396 |
| Total Assets | 1,323 | 1,660 | 1,845 | 2,181 | 2,774 | 3,266 | 3,399 | 4,452 | 5,852 | 7,187 | 7,596 | 8,833 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 315 | 11 | 315 | 91 | 358 | 510 | 977 | 652 | 691 | 1,112 | 1,219 | 2,103 |
| Investing | -191 | -93 | -170 | -165 | -264 | -435 | -647 | -530 | -876 | -916 | -380 | -1,387 |
| Financing | -124 | 81 | -145 | 79 | -53 | -78 | -359 | 26 | 143 | 27 | -815 | -440 |
| Net Cash Flow | 0 | 0 | 0 | 5 | 41 | -3 | -28 | 148 | -41 | 222 | 24 | 275 |
| Free Cash Flow | 134 | -99 | 144 | -77 | 132 | 208 | 697 | 65 | -151 | 450 | 562 | 1,453 |
| CFO/OP | 177 | 19 | 113 | 41 | 108 | 124 | 162 | 90 | 89 | 111 | 117 | 133 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 21 | 19 | 27 | 30 | 28 | 23 | 6 | 10 | 3 | 3 | 5 | 6 |
| Inventory Days | 44 | 61 | 53 | 47 | 45 | 44 | 39 | 28 | 39 | 38 | 33 | 27 |
| Days Payable | 28 | 26 | 44 | 30 | 40 | 42 | 40 | 34 | 42 | 46 | 46 | 44 |
| Cash Conversion Cycle | 36 | 54 | 36 | 47 | 33 | 24 | 4 | 3 | 0 | -5 | -8 | -12 |
| Working Capital Days | -3 | 7 | -3 | 0 | -1 | 8 | -6 | 0 | 1 | 10 | 0 | 2 |
| ROCE % | 17% | 24% | 23% | 22% | 20% | 20% | 26% | 32% | 27% | 25% | 22% | 32% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY07–FY27.
Documents
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Company Information
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]
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