APL Apollo Tubes Ltd(APLAPOLLO)

NSE: APLAPOLLOBSE: 533758

₹ 2,021-1.41%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 56,115 crNext results: 26 Oct 2026Website: www.aplapollo.comUpdated: 24 Oct 2026

About

APL Apollo Tubes Ltd is India's largest structural steel tube manufacturer. It makes a wide range of hollow sections, coated pipes and value-added steel tube products, sold under the APL Apollo and SG brands. It runs plants across India and a 500k-ton plant in Dubai, with total installed capacity of 5 million tons as of FY26-end. Reported revenue for FY26 was 23079.0.^[1][2]

Products and brands

Value-added products (EBITDA >₹5,000/ton), including rust-proof pipes, coated products, heavy structurals and light structurals, made up 65% of the portfolio in Q1 FY27.^[3]
As of Q3 FY26, the APL Apollo brand carried a ₹3,000 - 4,000/ton premium over competitors, which management called the 'new normal' for the segment.^[4]
The SG Premium sub-brand launched in October 2025 to compete with secondary-market and sponge-iron pipe makers. It runs at near-zero EBITDA/ton to protect the dealer network.^[5]
The company began producing a 1000x1000mm square tube, the top of its size range. It is also developing a capsule roofing product for heavy construction, data centres and solar structures (Q2 FY26).^[5]
Solar products (structural tubes, tracker tubes and coated sheets) have been launched. Management expects solar to reach 4 - 5% of total volumes over 2 - 3 years (Q1 FY27).^[3]

Operations and capacity

Total installed capacity reached 5 million tons in FY26, up from a 4.5mn-ton base, through a new super-heavy tube line and about 300k tons of debottlenecking.^[4]
The Raipur complex has 1.5mn tons of capacity (ABPL 1.2mn plus legacy 0.3mn). Its utilisation rose from 55% in Q1 FY26 to 65% in Q2 FY26.^[5]
Dubai plant capacity reached 500k tons by end-March 2026 after two new lines were added. Utilisation was above 80% before the Middle East crisis cut it to 40% in Q4 FY26.^[5]
Each plant now serves its local market with a dedicated set of SKUs. This cut average freight by ₹100 - 200/ton and lowered power use from about 92 to about 84 units in December 2025.^[4]
Making each SKU at a single plant cut inventory by 30,000 - 40,000 tons and released ₹250 crore of cash in Q4 FY26.^[1]

Key operating numbers

Sales volume was 745k tons in Q1 FY27, down 6% YoY and 19% QoQ, hit by UAE disruption, an energy crisis and dealer destocking.^[3]
FY26 sales volume was 3,491k tons. Q4 FY26 set a quarterly record of 925k tons, up 9% YoY.^[3]
EBITDA/ton was ₹5,522 in Q1 FY27, up 18% YoY and flat QoQ.^[3]
EBITDA/ton was ₹5,161 for FY26. The 9M FY26 average of ₹5,030 beat the ₹4,800 - 5,000/ton guidance.^[3]
General-category EBITDA/ton rose to ₹3,405 in Q4 FY26 from ₹2,897 in Q4 FY25.^[1]
Net working capital was 0 days in Q1 FY27, in line with FY26. ROCE was 32.0% annualised in Q1 FY27, against 37.3% in FY26 and 24.5% in FY25.^[3]

Customers and distribution

Share of the organised market rose to 65% in FY26 from 55% in FY25.^[1]
Dubai exports to Europe are supported by warehouses in Liverpool and Antwerp, which are expected to add about EUR50 per ton to the EBITDA spread.^[5]

Expansion and capex

The company targets 8 million tons of capacity by FY28: 2mn tons of new capacity plus 1mn ton of debottlenecking. Pending capex is ₹1,400 - 1,500 crore over about 2 - 2.5 years.^[1]
The 200k-ton Gorakhpur plant is due to start in September 2026, with full ramp-up in Q3 FY27. The 300k-ton Siliguri plant is due in Q4 FY27.^[3]
A new plant of about 1 million tons at Malur in South India is targeted for Q3 FY28 and is designed for EBITDA/ton of ₹8,000+.^[3]
The planned western India greenfield plant (about 500k tons) moved from Bhuj to the Pune corridor to cut freight to Pune from ₹1,100 - 1,200/ton to ₹200 - 300/ton. The Mumbai plant will switch entirely to exports.^[3]
The long-term aim is 10mn tons of capacity by 2030, including 2mn tons of super-specialty tubes made through JVs with global partners.^[4]

Recent developments

In Q1 FY27, UAE disruption cut Dubai volumes to 5,000 - 6,000 tons/month. Volumes recovered to 10,000 - 12,000 tons/month in July 2026.^[3]
SG Premium volumes fell from 90,504 tons in Q4 FY26 to 58,686 tons in Q1 FY27 as the gap between primary and secondary steel prices widened to ₹10 - 12/kg.^[3]
The FY26 annual report proposes moving support functions shared with other Group entities into a dedicated shared-services company. That company is expected to be an associate, and staff will transfer to it from the Company.^[6]

Market Cap

₹56,115 Cr

High / Low

₹2,301 / 1,691

Stock P/E

45.6

Price / Book

10.6

Book Value

₹191

EPS

₹43.3

No. of Shares

27.77 Cr

ROCE

31.6%

ROE

25.3%

OPM

7.3%

Debt / Equity

0.09

Sales

₹23,079 Cr

Net Profit

₹1,203 Cr

Promoter holding

28.2%

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