APLAPOLLO

APL Apollo Tubes share price & financials

Price
₹1,871.6
Market cap
₹54.7k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 03 Aug 2026

APL Apollo Tubes Limited Q1 FY27

Volume 7,45,000 tons Gross Profit per Ton ₹1,000 EBITDA per Ton ₹5,500 Cash on Books 14 billion

What went well

  • Gross profit per ton increased by INR1,000 QoQ, demonstrating strong pricing power.
  • EBITDA per ton remained stable above INR5,500 QoQ despite a 20% decline in quarterly volume.
  • July volumes showed a 20% month-on-month increase, indicating demand recovery.

What to watch

  • Q1 FY27 volume was below expectations at 745,000 tons.
  • UAE operations experienced a loss of approximately 25,000 tons QoQ due to geopolitical situations.
Read the full call →

What APL Apollo Tubes Limited does

APL Apollo Tubes manufactures welded steel tubes and pipes — structural (light and heavy), rust-proof/galvanized (Apollo Z), agri/industrial galvanized (Apollo Galv), roofing sheets, and specialty products such as seamless pipes, API-grade pipes and stainless-steel pipes — sold through a multi-tier dealer and distributor network to housing, commercial, infrastructure and industrial customers across India and select export markets. It converts hot-rolled steel coil into value-added tube products at its own plants, including a dedicated value-added-products facility at Raipur and an overseas unit in Dubai. It operates a cash-and-carry sales model with its channel partners rather than extending credit.

Segments

  • Apollo Structural (Heavy & Light)
  • Apollo Z
  • Apollo Galv
  • General/Trading
Manufacturing facilities
11
Manufacturing capacity
4.5 Mn Ton (FY25); expanding to 8 Mn Ton by FY28
Market position
India's largest structural steel tube producer; only player with a pan-India manufacturing footprint
Product SKUs
3,000+
Dealers and distributors
800+
Team size
3,382+
Founded 1986Headquarters Delhi NCREmployees 3,382 (March 31, 2025) Company website

Guidance record · Q1 FY27

what the last two calls moved 33 tracked 5 delivered 10 missed 18 open
  • Inventory Days delivered said Q3 FY26 Promised: 20-day range Q1 FY27: Achieved. Management confirmed that working capital days remained negative ('below zero'), which is superior to the original target of a 20-day range for inventory.
  • Specialty Tubes JV Announcement went quiet said Q3 FY26 Promised: Clarity on partners and segments in the next 2-3 quarters Q1 FY27: Ghosted. No mention of the previously discussed JV for specialty tubes. The focus has shifted to in-house Value-Added Product (VAP) capacity expansion.
  • ROCE at risk said Q3 FY26 Promised: 40% by FY27 Q1 FY27: At risk. ROCE dropped to 30% in Q1 from 37% in FY26. While management reiterated the 40% target, the current trajectory makes it challenging.

All 33 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 8.5%, net profit up 11.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,774 5,433 5,509 5,170 5,206 +9%5,982 +10%6,269 +14%5,607 +8%
EBITDA138 346 414 372 447 +224%472 +36%511 +23%411 +10%
Net profit54 217 293 237 302 +459%310 +43%354 +21%263 +11%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +27.0% 1Y

₹1.8k₹2.0k₹2.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 22 Jan 2026Q3 FY26 — 27 Jan 2026Q4 FY26 — 4 May 2026Q1 FY27 — 3 Aug 2026

1Y: ₹1,695.7 on 10 Sept 2025 → ₹2,153.5. High ₹2,280.8 (11 Feb 2026), low ₹1,660.1 (26 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
+6.7%
3 Aug
Q4 FY26
−1.7%
4 May
Q3 FY26
+5.2%
22 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.9% a year over 3 years, FY23 to FY26. Operating margin widened to 8.0%.

Year endingFY23FY24FY25FY26
Revenue₹16.2k Cr₹18.1k Cr₹20.7k Cr₹22.6k Cr
Operating profit₹1.0k Cr₹1.2k Cr₹1.2k Cr₹1.8k Cr
Operating margin6.3%6.6%5.8%8.0%
Interest₹68 Cr₹113 Cr₹133 Cr₹126 Cr
Depreciation₹139 Cr₹176 Cr₹201 Cr₹230 Cr
Net profit₹642 Cr₹733 Cr₹757 Cr₹1.2k Cr
Net margin4.0%4.0%3.7%5.3%
ROCE27.0%25.0%22.0%32.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹25 Cr₹50 Cr₹55 Cr₹56 Cr₹56 Cr₹56 Cr
Reserves₹1.7k Cr₹2.4k Cr₹3.0k Cr₹3.5k Cr₹4.5k Cr₹5.2k Cr
Borrowings₹520 Cr₹581 Cr₹873 Cr₹1.1k Cr₹715 Cr₹498 Cr
Other liabilities₹1.2k Cr₹1.4k Cr₹2.0k Cr₹2.4k Cr₹3.0k Cr₹3.0k Cr
Total liabilities₹3.4k Cr₹4.5k Cr₹5.9k Cr₹7.2k Cr₹8.3k Cr₹8.8k Cr
Fixed assets₹1.7k Cr₹1.8k Cr₹2.6k Cr₹3.3k Cr₹3.8k Cr₹4.1k Cr
Capital work in progress₹108 Cr₹504 Cr₹374 Cr₹203 Cr₹312 Cr₹328 Cr
Investments₹1 Cr₹91 Cr₹96 Cr₹103 Cr₹45 Cr₹49 Cr
Other assets₹1.6k Cr₹2.0k Cr₹2.8k Cr₹3.6k Cr₹4.2k Cr₹4.4k Cr
Total assets₹3.4k Cr₹4.5k Cr₹5.9k Cr₹7.2k Cr₹8.3k Cr₹8.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −3.77 pp while FIIs added +2.07 pp. The shareholder count shrank 13% to 1,58,947.

Promoters
28.3%
FIIs
35.1%
DIIs
18.6%
Public
18.0%

Since Jun 2025

  • Public −3.77 pp
  • FIIs +2.07 pp
  • DIIs +1.75 pp

How it drifted, 12 quarters

Over this window the public fell from 29.0% to 18.0% — −10.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 29.7%, FIIs 28.7%, DIIs 12.7%, Public 29.0%.Dec '23: Promoters 29.6%, FIIs 29.3%, DIIs 13.8%, Public 27.4%.Mar '24: Promoters 29.4%, FIIs 30.7%, DIIs 14.1%, Public 25.8%.Jun '24: Promoters 28.3%, FIIs 31.6%, DIIs 14.9%, Public 25.2%.Sep '24: Promoters 28.3%, FIIs 31.9%, DIIs 15.9%, Public 23.8%.Dec '24: Promoters 28.3%, FIIs 31.7%, DIIs 16.5%, Public 23.4%.Mar '25: Promoters 28.3%, FIIs 31.8%, DIIs 16.7%, Public 23.2%.Jun '25: Promoters 28.3%, FIIs 33.0%, DIIs 16.8%, Public 21.8%.Sep '25: Promoters 28.3%, FIIs 33.7%, DIIs 18.9%, Public 19.1%.Dec '25: Promoters 28.3%, FIIs 33.1%, DIIs 19.9%, Public 18.7%.Mar '26: Promoters 28.3%, FIIs 37.5%, DIIs 16.1%, Public 18.2%.Jun '26: Promoters 28.3%, FIIs 35.1%, DIIs 18.6%, Public 18.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of APL Apollo Tubes Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
S Gupta Holding Private Limited 26.60%unchanged
Kitara Piin 1001 6.34%unchanged
New World Fund Inc Global fund house4.85%−0.45 pp
Smallcap World Fund, Inc Global fund house4.24%−0.84 pp
Government Pension Fund Global Sovereign2.44%−0.08 pp
ICICI Prudential Midcap Fund Mutual fund2.37%+0.91 pp
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund1.95%+0.45 pp
DSP Midcap Fund Mutual fund1.80%+0.11 pp
Franklin India Mid Cap Fund Mutual fund1.70%+0.13 pp
Veera Gupta 1.65%unchanged
Principal Funds, Inc. - Global Emerging Markets Fund FPI fund1.42%+0.22 pp
Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund1.19%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in APLAPOLLO

Filings to Aug 2026

0 new, 10 added, 2 trimmed, 0 sold out — net −0.84 L shares (−2.0%).

Held by funds
₹898 Cr
13 schemes
Biggest holder
Nippon India Growth Mid Cap Fund
₹645 Cr · 1.2% of that fund
SchemeHoldingLast month
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹645 Crheld
Nippon India Arbitrage Fund Nippon India Mutual Fund₹79 Cr+2.25 L
SBI Arbitrage Fund SBI Mutual Fund₹77 Cr+2.21 L
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹39 Cr+0.10 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹27 Cr+0.02 L
HDFC Arbitrage Fund HDFC Mutual Fund₹14 Cr−5.50 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹12 Cr+0.02 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹2 Cr−0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

10 added, 2 trimmed — net −83,507 shares (−2.0%)

Funds are sitting on
+17%
vs est. average cost
Held by funds
₹898 Cr
13 schemes · ≈ 1.4% of the company
Biggest holder
Nippon India Growth Mid Cap Fund
₹645 Cr · 1.2% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
5y · since Sep '21

Shares held by these funds +643%

Aug '23 35.86 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹2154, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~21%. At that growth it is worth ₹1362 — downside of 37%.

Growth the price implies
30.6% a year
for 7 years, fading to 4%
It has actually compounded at
23.3% a year
net profit, FY23–FY26 · EPS 21.4%
The gap
0.1 pp
-37% downside if it only repeats history
Price today ₹2,153.5 Value at the reference growth ₹1,362.01

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse APL Apollo Tubes Limited

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