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]
Product PortfolioAs of FY24, The company's product portfolio comprises:Apollo structural (68% of revenues),Apollo Z (28%),Apollo Galv (4%)[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | APL Apollo Tubes | 1949.80 | 117.84 | 54150.15 | 0.29 | 106.24 | 1694.59 | 3186.19 | -4.07 | 14.68 | 14096.73 | 5.14 | 459.52 | 106.24 | 17.16 | 6.37 | 0.25 |
| 2. | Shyam Metalics | 827.10 | 23.80 | 23098.09 | 0.54 | 260.45 | 21.47 | 4457.02 | 22.65 | 12.05 | 16767.73 | 12.46 | 970.37 | 261.76 | 2.10 | 5.92 | 0.10 |
| 3. | Welspun Corp | 790.65 | 11.75 | 20851.32 | 0.63 | 443.51 | 48.67 | 4373.61 | 32.46 | 21.24 | 15463.58 | 13.00 | 1773.93 | 439.68 | 2.54 | 8.93 | 0.19 |
| 4. | Godawari Power | 275.70 | 24.83 | 18462.89 | 0.36 | 161.65 | 1.78 | 1307.68 | 3.16 | 23.25 | 5396.61 | 20.82 | 743.44 | 161.44 | 3.53 | 13.86 | 0.04 |
| 5. | Ratnamani Metals | 2278.10 | 26.32 | 15962.42 | 0.61 | 156.04 | 35.69 | 1191.69 | 22.69 | 21.51 | 5374.76 | 16.84 | 606.49 | 136.22 | 4.12 | 12.11 | 0.06 |
| 6. | Usha Martin | 453.90 | 32.82 | 13850.50 | 0.66 | 109.80 | 16.20 | 907.56 | 1.84 | 18.75 | 3551.37 | 16.89 | 421.99 | 127.50 | 4.67 | 11.50 | 0.09 |
| 7. | Gallantt Ispat L | 567.55 | 27.73 | 13665.00 | 0.22 | 88.93 | 81.90 | 1012.75 | 7.45 | 19.20 | 4331.00 | 17.56 | 492.70 | 88.93 | 4.41 | 11.96 | 0.21 |
| – | Median: 82 Co. | 161.0 | 22.71 | 926.78 | 0.0 | 10.46 | 12.73 | 201.63 | 8.49 | 13.98 | 739.1 | 8.35 | 33.83 | 10.52 | 2.3 | 6.54 | 0.26 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,761 | 3,146 | 3,781 | 3,649 | 3,501 | 3,373 | 3,686 | 3,339 | 3,757 | 3,771 | 3,725 | 3,321 | 3,186 |
Expenses | 3,552 | 2,977 | 3,635 | 3,416 | 3,358 | 3,179 | 3,451 | 3,244 | 3,555 | 3,585 | 3,517 | 3,272 | 3,004 |
Operating Profit | 209 | 169 | 146 | 233 | 143 | 194 | 236 | 96 | 202 | 187 | 208 | 50 | 183 |
Other Income | 10 | 11 | 20 | 17 | 13 | 17 | 11 | 14 | 35 | 13 | 14 | 12 | 17 |
Profit before tax | 180 | 139 | 110 | 214 | 123 | 156 | 204 | 75 | 179 | 163 | 185 | 12 | 142 |
Tax % | 26% | 26% | 22% | 25% | 25% | 26% | 26% | 23% | 16% | 26% | 28% | 49% | 25% |
Net Profit | 133 | 103 | 86 | 161 | 92 | 116 | 152 | 57 | 151 | 121 | 133 | 6 | 106 |
EPS in Rs | 4.80 | 3.71 | 3.11 | 5.79 | 3.33 | 4.18 | 5.48 | 2.07 | 5.44 | 4.85 | 4.79 | 0.21 | 3.83 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,007 | 2,067 | 2,949 | 3,106 | 4,336 | 5,868 | 5,931 | 6,008 | 11,590 | 14,279 | 13,859 | 14,361 | 14,097 |
Expenses | 1,914 | 1,973 | 2,836 | 2,884 | 4,101 | 5,581 | 5,693 | 5,724 | 10,825 | 13,482 | 13,153 | 13,820 | 13,372 |
Operating Profit | 93 | 94 | 113 | 222 | 235 | 287 | 238 | 284 | 764 | 797 | 706 | 541 | 724 |
Other Income | 2 | 13 | -4 | 4 | 35 | 42 | 27 | 44 | 35 | 42 | 57 | 80 | 88 |
Interest | 46 | 50 | 49 | 63 | 70 | 101 | 82 | 55 | 43 | 48 | 50 | 95 | 111 |
Depreciation | 10 | 12 | 19 | 40 | 44 | 53 | 69 | 68 | 94 | 102 | 100 | 102 | 113 |
Profit before tax | 39 | 44 | 42 | 123 | 156 | 175 | 114 | 205 | 662 | 689 | 612 | 425 | 588 |
Net Profit | 26 | 31 | 31 | 88 | 113 | 126 | 115 | 154 | 494 | 512 | 454 | 336 | 460 |
EPS in Rs | 1.12 | 1.34 | 1.31 | 3.74 | 4.74 | 5.30 | 4.63 | 6.16 | 19.75 | 18.46 | 16.35 | 12.09 | 16.56 |
Dividend Payout % | 45% | 45% | 76% | 32% | 29% | 26% | 0% | 0% | 18% | 27% | 34% | 48% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 23 | 23 | 23 | 24 | 24 | 24 | 25 | 25 | 50 | 55 | 56 | 56 | 56 |
Reserves | 302 | 318 | 324 | 787 | 882 | 984 | 1,250 | 1,424 | 2,093 | 2,515 | 2,834 | 3,031 | 3,100 |
Borrowings | 375 | 390 | 461 | 458 | 738 | 732 | 564 | 488 | 339 | 399 | 130 | 669 | 792 |
Other Liabilities | 126 | 126 | 260 | 569 | 499 | 838 | 735 | 883 | 1,271 | 1,534 | 1,570 | 1,686 | 1,735 |
Total Liabilities | 826 | 858 | 1,068 | 1,838 | 2,143 | 2,577 | 2,574 | 2,820 | 3,753 | 4,504 | 4,590 | 5,442 | 5,683 |
Fixed Assets | 242 | 295 | 332 | 505 | 717 | 802 | 957 | 892 | 1,536 | 1,519 | 1,438 | 1,603 | 1,710 |
Gross Block | 276 | 341 | 395 | 545 | 801 | 936 | 1,156 | 1,147 | 1,919 | 1,992 | 1,978 | 2,233 | – |
Accumulated Depreciation | 34 | 46 | 63 | 40 | 84 | 134 | 199 | 256 | 383 | 473 | 540 | 630 | – |
CWIP | 18 | 24 | 26 | 117 | 40 | 22 | 6 | 53 | 52 | 36 | 117 | 169 | 54 |
Investments | 87 | 88 | 90 | 391 | 392 | 392 | 396 | 526 | 539 | 961 | 1,345 | 1,577 | 1,581 |
Other Assets | 480 | 451 | 621 | 825 | 994 | 1,361 | 1,215 | 1,350 | 1,626 | 1,988 | 1,690 | 2,093 | 2,337 |
Total Assets | 826 | 858 | 1,068 | 1,838 | 2,143 | 2,577 | 2,574 | 2,820 | 3,753 | 4,504 | 4,590 | 5,442 | 5,683 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 68 | 138 | 36 | 377 | -60 | 268 | 305 | 618 | 614 | 916 | 740 | 413 |
Cash from Investing Activity | -84 | -75 | -45 | -181 | -132 | -123 | -164 | -545 | -171 | -837 | -334 | -471 |
Cash from Financing Activity | 10 | -62 | 9 | -196 | 192 | -121 | -127 | -108 | -349 | -71 | -450 | 300 |
Net Cash Flow | -6 | 0 | -0 | -0 | 1 | 23 | 15 | -36 | 94 | 8 | -44 | 241 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 33 | 20 | 33 | 30 | 29 | 26 | 19 | 5 | 12 | 3 | 1 | 2 |
Inventory Days | 36 | 37 | 36 | 50 | 48 | 47 | 41 | 38 | 28 | 31 | 29 | 27 |
Days Payable | 12 | 7 | 20 | 62 | 34 | 43 | 41 | 48 | 37 | 37 | 38 | 39 |
Cash Conversion Cycle | 57 | 50 | 48 | 18 | 43 | 30 | 19 | -5 | 3 | -3 | -8 | -9 |
Working Capital Days | 6 | -6 | 3 | -13 | -10 | -2 | 6 | -11 | -1 | -10 | -2 | -1 |
ROCE % | 13% | 13% | 15% | 18% | 16% | 16% | 11% | 14% | 32% | 27% | 22% | 15% |
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Stock Analysis
APL Apollo Tubes Limited is a leading Indian manufacturer of branded steel products, specializing in structural steel tubes for various infrastructure and engineering applications.
The company has shown strong volume growth and profitability, with management anticipating a stronger second half of FY26, driven by value-added products and capacity expansion.
Currently no data available for Order Book.
No significant red flags are identified in the current announcement.
Corporate Announcements
