APL Apollo Tubes Limited (APLAPOLLO) share price

₹2250.00 on NSE as of 2026-09-04. +4.20% on the day. market cap ₹62,473 Cr. P/E 50.8. 52-week range ₹1604.70 to ₹2280.80. Capital Goods.

What the company does

APL Apollo Tubes Limited (AATL) was incorporated in February 1986 as Bihar Tubes Private Limited with its headquarters in Delhi-NCR. AATL is among the largest ERW pipe/ structural steel tube manufacturer in India. The company operates 1 1 manufacturing facilities across India with a total installed capacity of 4.1 mtpa. The Group’s product offerings include 1, 100+ varieties for structural steel applications. These tubes have a wide spectrum of usages in urban infrastructure and real estate, rural housing, commercial construction, greenhouse structures and engineering applications. The Group has also established a large pan-India distribution network of more than 800 dealer distributors and over 50,000 retailers over the years.

Filed by CARE Ratings, page 9.

APL Apollo Tubes Q1 FY27: Volumes Fell 19% QoQ, EBITDA/Tonne Didn't Move at All

At a glance

Nine lakh tonnes went out the door in the March quarter. In the June quarter, 7.45 lakh. That is a 19% sequential drop in the one metric a steel-tube company exists to produce, and yet EBITDA per tonne came in at ₹5,522 against ₹5,525 the previous quarter — a difference of three rupees, which in a business shipping 745,000 tonnes is the statistical equivalent of standing perfectly still while the floor moves.

Revenue was ₹5,607 crore, up 8% year-on-year and down 11% from the March quarter. PAT was ₹263 crore, up 11% YoY. Management described the period as a "mixed quarter," with volume below expectations and profitability better than expectation, and was unusually direct about the trade: "we chose to focus on profitability."

They also itemised where the missing tonnes went, which is rarer than it should be. UAE operations lost roughly 25,000 tonnes quarter-on-quarter to geopolitical disruption. An energy crisis knocked another 25–30k tonnes off rust-proof pipes and roofing. Secondary steel — the scrap-fed "patra" material that undercuts them on price — took share. And dealers, spooked by falling commodity prices, stopped restocking.

Elsewhere on the same board agenda: a ₹160 crore stake sale of the real-estate subsidiary, a ₹1 crore investment in a shared-services entity, and a subsidiary's plan to shut one of its Sikandrabad units and sell the land under it. For a company whose entire pitch is hollow rectangular tubes, quite a lot of the quarter happened in the property column.

Introduction

APL Apollo Tubes was incorporated in February 1986 as Bihar Tubes Private Limited, headquartered in Delhi-NCR, and now describes itself as India's leading branded structural steel tube manufacturer. It runs 11 manufacturing facilities — Hyderabad, three at Sikandarabad, Bengaluru, Hosur, two at Raipur, Malur, Murbad, and one at Umm Al Quwain in the UAE — with an aggregate installed capacity of 5 million tonnes per annum.

The recent record is mostly expansion. The New Raipur plant was commissioned in December 2022, the Dubai plant in December 2023. Market share in structural steel tubes moved from 55% in FY25 to 65% in FY26. The stated plan is 8 MTPA by FY28: 2 MTPA of greenfield across Gorakhpur, Siliguri, Malur and the western coastal region, plus 1 MTPA from debottlenecking, at a capex outlay of roughly ₹1,400–1,500 crore over two to two-and-a-half years.

The last twelve months brought a run of corporate housekeeping. May 2026: FY26 audited results, a ₹8.50 final dividend, liquidation of AAML initiated and the BOPPL divestment set in motion. June 2026: the CHRO resigned effective 17 June, and the board approved selling Blue Ocean Projects Private Limited — the wholly-owned subsidiary holding the group's real estate — to related party SG Realtor Private Limited for ₹160 crore, completion targeted by 31 December 2026. August 2026: Q1 results, plus board approval to subscribe up to 20% of a Group Shared Services Company for not more than ₹1 crore.

There has also been an auditor change. Walker Chandiok & Co LLP signed the limited review for the June 2026 quarter; the June 2025 comparative was reviewed by Deloitte Haskins and Sells LLP, who expressed an unmodified conclusion.

For FY27, the stated targets are volume growth of 15–20%, EBITDA growth of 20–25%, and PAT growth of 25–30%. On the call, Sanjay Gupta was asked whether guidance held. "Yes. 101%," he said — then added, a few minutes later, "I can say 15% confidently… some tailwinds will be needed to cross 20%." Both sentences are on the record.

Business model

They buy hot-rolled steel coil, bend it, weld it into hollow tubes, stamp a brand on it, and sell it to 200,000+ fabricators through 800+ dealers and 50,000+ retailers across 300+ towns. That is the whole machine. The value added is not metallurgy — it is logistics, branding, and the ability to offer 5,000+ SKUs when the competition offers whatever came out of the local melting shed that week.

Three product families do the work. **Apollo Structural** covers super-heavy, light and general construction — India's first DFT-technology structural tubes, plus door frames, planks, staircase steps and furniture tubes, sizes running from 10×10 mm to 1000×1000 mm and thicknesses from 0.5 mm to 40 mm. **Apollo Z** is rust-proof galvanized and coated high-tensile sections for coastal roofing, purlins and factory sheds. **Apollo Galv** handles the corrosion-resistant end: greenhouses, plumbing, firefighting networks.

The application mix for FY26 was 64% housing, 19% commercial buildings, 13% infrastructure, 4% others. So the company that keeps talking about airports and data centres derives nearly two-thirds of its demand from people building houses.

Volume by category in Q1 FY27: APL Apollo brand 5.69 lakh tonnes, SG Premium 58,686, UAE 25,929, roofing 91,516. SG Premium is the interesting one — priced around ₹58,000/tonne, some 6–7% below the flagship brand, and management is explicit about its purpose: taking market share from patra players. Its EBITDA per tonne runs ₹0 to ₹1,000 depending on micro-market. When the primary-secondary spread is wide, as it currently is at ₹10–12 a kilo, Gupta's assessment is that "there is no benefit in selling goods by losing cash," which is a sentence with commendably little poetry in it.

Value-added products were 58% of FY26 volumes; management put the current share at "like 65%" and targets 75–80% by December 2027, driven by the new Malur plant they describe as "totally value-added" with a plant-level EBITDA/tonne aspiration of "8,000 plus."

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for APL Apollo Tubes Limited.

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