APL Apollo Tubes
APL Apollo Tubes
Industrial Products F&OKey Fundamentals
MidcapIron & Steel ProductsIndustrial ProductsTapetide Score
Data-driven rating, 0–100. How it works →
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 11.3 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoAPL Apollo Tubes Ltd is a leading structural steel tube manufacturer in India with a market cap of ₹59,405 Cr, trading at a PE of 49.7x. The company has delivered 27% CAGR profit growth over 5 years with consistent ROE of 22-25%, while currently commanding a premium valuation at 11.5x book value.
- Strong 5-year compounded profit growth of 27% CAGR demonstrates consistent earnings expansion and operational leverage in the steel tubes business
- Company is almost debt-free, having actively reduced debt, which strengthens the balance sheet and lowers financial risk in a cyclical industry
- Consistent ROE track record of 22-25% over the last decade (23% 10-year average, 25% last year) indicates efficient capital allocation
- TTM profit growth of 53% signals a sharp acceleration in earnings momentum beyond the longer-term trend
- Compounded sales CAGR of 22% over 5 years and 19% over 10 years reflects sustained volume-led topline expansion in the structural steel tube segment
- Healthy dividend payout ratio of 20.5% with a current yield of 0.39% shows management's commitment to returning capital to shareholders
- Stock has delivered 37% CAGR returns over 10 years and 18% over 5 years, reflecting long-term wealth creation for shareholders
- TTM sales growth of 10% continues to show positive revenue trajectory even on a higher base after multiple years of strong growth
- PE ratio of 49.7x is significantly elevated, pricing in substantial future growth and leaving limited margin of safety if earnings disappoint
- Stock trades at 11.5x price-to-book value, a steep premium that makes the valuation vulnerable to any derating in market sentiment
- 3-year stock CAGR of only 10% versus 5-year CAGR of 18% suggests returns have moderated materially in recent years despite strong earnings growth
- TTM sales growth has decelerated to 10% compared to the 5-year CAGR of 22%, indicating potential slowing in topline momentum
- Steel tubes is a cyclical industrial segment exposed to raw material price volatility, construction activity cycles, and infrastructure spending trends
- Dividend yield of just 0.39% offers minimal income cushion for investors at current elevated price levels
- At a market cap of ₹59,405 Cr, the company's size may limit the pace of incremental growth compared to its earlier high-growth phase
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Q1 FY27 volume declined 6% YoY Sep 11
Sales volume fell to 744,823 tons in Q1 FY27, a 6% year-on-year decline despite revenue and profit growth.
- Q1 profit up 10.9%, revenue up Sep 11
Consolidated net profit rose 10.9% to ₹263.1 crore on 8.5% revenue growth to ₹5,606.7 crore in Q1 FY27, reflecting strong cost management.
- GST demand slashed to ₹1 lakh Aug 22
Hosur appellate authority reduced the FY19-20 GST demand from ₹3.15 crore to just ₹1.02 lakh, removing a potential financial overhang.
- Final dividend ₹8.50 per share Aug 19
Record date set for September 8, 2026 for a final dividend of ₹8.50 per share for FY26, subject to AGM approval.
- New shared services subsidiary formed Sep 11
Incorporated SG Enterprise Solutions with a 20% stake (₹1 lakh for 10,000 shares) to centralise corporate support services across group entities.
- FY26 BRSR report filed Aug 21
Filed Business Responsibility and Sustainability Report for FY26 showing 58% renewable electricity share and 33% reduction in Scope 2 emissions.
- FY26 annual report submitted Aug 21
Submitted FY26 annual report to NSE and BSE on August 21, 2026, confirming compliance with SEBI Listing Regulations.
TL;DR: APL Apollo Tubes delivered solid Q1 FY27 profitability with 10.9% net profit growth and 8.5% revenue increase, though sales volumes dipped 6% YoY. A favourable GST appellate order and a healthy ₹8.50 dividend signal financial strength. The 6% volume decline bears watching as a potential demand softness indicator. If volumes recover in coming quarters while margins hold, the earnings trajectory looks constructive.
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.
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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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