AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - APL Apollo reported Q2FY27 sales volume of 963,143 tonnes, up 13% YoY and 29% QoQ.
Source: Bse
APL Apollo Tubes Limited (APLAPOLLO)
Mid CapIndustrials stocks · Mid cap · NSE
APL Apollo Tubes Limited is a market leader in steel tubes, operating in India and Dubai. The company focuses on brand positioning, product innovation, and profitability, serving housing, commercial, and infrastructure segments. It aims for significant capacity expansion, funded by strong internal cash generation.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Aug, 08:15 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
49NeutralSMA20 -1.6% / mo · MACD −
Stock trend: 51
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
APLAPOLLOD candles · FIT view+4.0%Latest close ₹2066.80 on 2026-10-21
Bar
-3.4%
RSI
42
MACD hist
-7.15
52W pos
62%
2026-10-21O ₹2140.30H ₹2147.80L ₹2052.60C ₹2066.80Vol 5.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
APLAPOLLONifty India ManufacturingNifty 500
- APLAPOLLO
- +13.6%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +20.1 pp
Chart stats
21 Oct 2026- From 52W high
- -10.2%
- 52W range position
- 62%
- ATR (14)
- 3.0%
- Volume vs 20D
- 1.14x
- Avg traded value
- ₹105 Cr
- 20D price channel
- ₹2,026.2 - ₹2,224.5
₹2,301.4
₹1,690 - ₹2,301.4
₹61.8
Latest completed session
20-session average
31.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE54
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +8.4% · PAT +11.0% YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model-18.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence87
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +8% YoY · PAT +11% YoY
Filed 01 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,607 Cr | +8.4% | -10.6% |
| EBITDA | ₹411 Cr | +10.5% | -19.6% |
| Operating margin | 7.0% | +0 bps | -100 bps |
| PAT | ₹263 Cr | +11.0% | -25.7% |
| PAT margin | 4.7% | +11 bps | -96 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 48.30
- P/B
- 11.20
- EV/EBITDA
- 28.83
- Market Cap
- 59391.00Cr
Profitability
- ROE
- 25.40%
- ROCE
- 31.80%
- ROA
- 13.91%
- Dividend Y
- 0.40%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 14.05×
- Altman Z
- 10.35
- Book Value
- 191.00
Cash Flow
- FCF Yield
- 1.21%
- FCF Positive Y
- 9/5
- OCF
- 2103.00 Cr
- EPS TTM
- 44.27
Shareholding
- Promoter Hold
- 28.18%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 73%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 5,607-10.6% vs prev
Net Profit
₹ CrLatest: 263-25.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 42.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.6% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
81
RS percentile
Stage 3 Topping
1M return
-5.2%
3M return
+13.6%
6M return
+2.2%
1Y return
+14.5%
RS 1D
-2
RS 20D
+5
Sector rank
#6
Industry rank
-
Stage evidence
- 9.4% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.4% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 126.89-2.73%
RS vs Nifty 500127
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth16/25
Quality20/20
Balance Sheet8/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
54
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
54/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -18.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
48.3
PB
11.2
EV/EBITDA
28.8
ROE
25.4%
ROCE
31.8%
FCF Yield
1.2%
Debt/Equity
0.1
MoS
-18.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
54
Previous: 54
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-18.8%
Previous: -23.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
54
54
54
54
54
54
54
54
54
54
54
54
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹436.18
-373.8% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,739.81
-18.8% MoS
PEG
1.90
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HITECH
Small
Hi-Tech Pipes Limited
Steel Pipes
match 78
50
18.9
5.9%
+51%
FAIR VALUE
HARIOMPIPE
Small
Hariom Pipe Industries Limited
Steel Pipes
match 73
40
14.6
12.4%
+5%
WATCHLIST
SWASTIK
SME
Swastik Pipe Ltd.
Steel Pipes
match 70
1
—
-37.2%
—
OVERVALUED
WELCORP
Small
Welspun Corp Limited
Steel Pipes
match 54
56
29.6
19.4%
+25%
FAIR VALUE
JINDALSAW
Large
Jindal Saw Limited
Steel Pipes
match 48
41
35.1
8.2%
+12%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T19:00:39.244Z
Management commentary snapshot
APL Apollo reports strong Q4 & FY26 results despite global and domestic disruptions, with 9% YoY quarterly volume growth, EBITDA/ton exceeding INR5,500, and robust cash generation. Management prioritizes profitability amidst market volatility.
External disruptions, including geopolitical crises, raw material shortages, and domestic energy issues, are impacting short-term volumes and creating uncertainty. While management prioritizes profitability and maintains long-term capacity expansion plans, the immediate operating environment is challenging, requiring close monitoring of volume recovery and margin sustainability.
Current business mix
Revenue by application
Latest issuer-disclosed distribution across 3 reported categories.
Housing64.0%
Commercial buildings23.0%
Infrastructure13.0%
Growth engines
Market Leadership & Brand Positioning
Company's market leadership and strong brand positioning enable significant margin improvement despite volume challenges.
Product Innovation
Focus on product innovation supports margin protection and market differentiation.
Capacity Expansion
Long-term plan of 8-million-ton capacity by FY28 remains on track, including new plants in East and South India.
Market Share Gains
Industry leaders benefit from disruptions, gaining market share from unorganized players; market share improved to 65% in FY26 from 55% in FY25.
Capacity and execution
8 Million Ton Capacity Target
Long-term plan of 8-million-ton capacity by FY28 remains totally on-track.
Capex Commitments
Total pending capex plan for 8 million tons is around INR1,400-INR1,500 crores, with yearly capex expected around INR500-INR600 crores.
New Plants in East India
Putting up two plants in East India to compete intensively with local smaller players, with results expected in 1-2 years.
Lighter Structures Capacity in South India
Building new Bangalore plant (Malur 2) over the next two years to gain market share in lighter structures.
Tailwinds
Market Leadership
Company's market leadership allows it to improve margins significantly even when volume prediction is challenging.
Product Innovation
Focus on brand and innovations helps reduce pressure on margins, especially in segments like Patra.
Strong Balance Sheet
Capex is fully funded from internal cash flows, enabling capacity building without leveraging.
Disruption Benefits for Strong Players
Industry leaders and strong players benefit from disruptions, gaining market share and pricing power.
Headwinds
Middle East Crisis
Impacted performance towards the end of FY26, disrupting global supply chains and reducing Dubai operations utilization to 40%.
Raw Material Shortage
Shortage of raw material steel from Indian mills and global supply chain disruption, particularly in April.
Fear of Price Correction
De-stocking from channel partners due to fear of price correction as steel prices have gone up significantly.
Energy Crisis in India
Impacted volumes in March due to gas shortage, causing temporary shutdowns in rust-proof and coated product categories.
Risk radar
Geopolitical Instability
Ongoing Middle East crisis impacts Dubai operations and global supply chain, creating uncertainty.
Raw Material Volatility
Shortage of steel and fear of price correction in raw material prices can impact volumes and channel partner behavior.
Energy Supply Disruptions
Risk of recurring energy crises (e.g., gas shortage) in India could again impact production and utilization.
Demand Weakness
De-stocking, construction site halts, and overall economic uncertainty can lead to demand slowdown.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is relevant for assessing overall growth in quarterly volume and full-year financial performance (ROCE, cash flow). QoQ is crucial for understanding the immediate impact of recent disruptions, sequential trends in profitability (EBITDA/ton), and operational challenges like utilization rates and raw material availability.
Sector KPIs management disclosed
Quarterly Volume Growth
9% increase in quarterly volume on Y-o-Y basis for Q4 FY26.
EBITDA per ton
Upward of INR5,500 per ton for Q4 FY26. Management aims for INR5,000-INR5,500 per ton long-term and INR6,000+ in current situation.
Return on Capital Employed (ROCE)
37% for the full year closing FY26.
Operating Cash Flow (FY26)
INR20 billion operating cash flow generation for the full year FY26.
Management forward view
Focus on Profitability
Management's current focus is to protect profitability and margins rather than just pushing volumes, given the challenging environment.
Full-Year Targets Intact
Management aims to protect full-year absolute EBITDA targets, with FY27 guidance of 15-20% volume growth, 20-25% EBITDA growth, and 25-30% PAT growth.
Long-Term Capacity Plan
The long-term plan of 8-million-ton capacity by FY28 remains totally on-track, with capex commitments and new product development.
Capital Allocation Strategy
After eliminating INR500 crores in net liabilities, management will consider increasing dividends or a buyback.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Volume Growth | April volume was 2.5 lakh tons. May target is 2.75-3 lakh tons, June target 3.5 lakh tons. | Achievement of the 15-20% yearly volume growth guidance for FY27, indicating recovery from current disruptions. |
| EBITDA per ton | Q4 FY26 EBITDA per ton was upward of INR5,500. Management believes this is sustainable and could be better. | Sustainability of EBITDA per ton in the INR5,000-INR5,500 range or higher, reflecting continued margin protection and product mix benefits. |
| Capacity Utilization | Dubai operations at 40%, domestic operations at 80-85% due to various disruptions. | Improvement in utilization rates for both domestic and Dubai operations as geopolitical and energy supply issues ease. |
| Net Liabilities & Capital Allocation | Net liabilities are around INR500 crores. Net cash balance is INR15 billion+. | Elimination of INR500 crores in liabilities and subsequent announcement of increased dividend or share buyback. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
87Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
134 docs text-extracted · 61 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Industrials: 99th pctile, median 68 · Mid: 96th pctile, median 76
Evidence depth
Financial-only
134 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.09.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching APL Apollo Tubes Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 Of SEBI (LODR) 10 Sep - SG Enterprise Solutions Private Limited incorporated on 10 Sept 2026; APL Apollo invests ₹1 lakh for 20% stake.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Aug - APL Apollo Tubes released Q1FY27 unaudited results on August 1, 2026; revenue ₹56.1 billion, EBITDA ₹4.1 billion.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Aug - APL Apollo Tubes Ltd has informed regarding newspaper advertisement of completion of despatch of the Notice of 41st Annual General Meeting
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) 22 Aug - Hosur appellate authority reduced GST demand to Rs.15.41 lakh from Rs.1.01 crore.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) 22 Aug - Hosur appeal reduced FY20 GST demand from ₹3.15 crore to ₹1.02 lakh.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Newspaper Advertisement regarding pre-dispatch intimation of notice of 41st Annual General Meeting of the Company
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Aug - Newspaper publication of the Unaudited Financial Results for the quarter ended June 30, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Jul - APL Apollo reported Q1FY27 sales volume of 744,823 tonnes, down 6% year-on-year.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 8 Jun - APL Apollo Tubes CHRO Pankaj Sharma resigns effective June 17, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.