Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Apl Apollo Tubes Ltd.
NSE: APLAPOLLOBasic MaterialsSteel
- Last close
- ₹2,033.70
- Day change
- −₹18.70 (−0.91%)vs
- Market cap
- ₹60,668 crIndian rupees
- Research updated
- 1 report
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About Apl Apollo Tubes
Apl Apollo Tubes Ltd. stands as a leading manufacturer and supplier of structural steel tubes and hollow sections in India. This company plays a critical role in transforming the construction and infrastructure landscape with its wide array of products, including pre-galvanized tubes, round tubes, square tubes, rectangular tubes, and door frames. These products are essential for a variety of sectors, including residential, commercial, and industrial construction projects, which rely heavily on sturdy and durable materials. Apl Apollo Tubes Ltd. is known for its forward-thinking approach, characterized by innovation in product design and manufacturing processes, which allows it to maintain competitive advantage and meet rigorous industry standards. Holding a significant market share, the company continuously contributes to the sector's growth by addressing the ever-evolving demands for modern and reliable construction materials. Founded with the vision of leading innovation in structural solutions, it maintains a strategic position within the steel tube industry, both domestically and in select international markets, reinforcing its reputation as a trusted partner in infrastructure development.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: APLAPOLLO
- Next results
- Employees
- 3,131
- Headquarters
- Noida, India
- ISIN
- INE702C01027
- Website
- aplapollo.com
Public research · Report of
Business model & financial foundation
APL Apollo Tubes (NSE: APLAPOLLO), Branded structural steel tubes and building materials: revenue of ₹23,079 crore in FY26 (+11.5% on FY25), an EBITDA margin of 7.8%, net profit of ₹1,203 crore and net cash of ₹1,532 crore.
- Revenue, FY26 (₹ crore)
- 23,079
- consolidated
- Revenue growth, FY26
- +11.5%
- on FY25
- EBITDA margin, FY26
- 7.8%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 1,203
- to owners
- Return on equity, FY26
- 25.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,532
- Company reported net debt (negative net cash)
- Market capitalisation (₹ crore)
- 60,946
- at the close of 13 Oct 2026
Company profile
APL Apollo converts hot-rolled steel into branded structural tubes, coated and roofing products for construction and infrastructure. Its distribution network and product range support pricing and cash-and-carry sales, while value-added mix supports unit earnings. Steel prices drive revenue per tonne and inventory effects; volumes and conversion spreads drive sustainable earnings.
| Item | Value |
|---|---|
| Legal name | APL Apollo Tubes Limited |
| Exchange and ticker | NSE: APLAPOLLO; BSE: 533758 |
| ISIN | INE702C01027 |
| Sector | Basic Materials |
| Industry | Branded structural steel tubes and building materials |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2025-09-15) |
| Market capitalisation | ₹60,946 crore (13 Oct 2026) |
| Shares outstanding | 27.77 crore shares (FY26) |
| Price | ₹2,157 (close, 13 Oct 2026) |
| 52-week range | ₹1,690 - ₹2,301 (to 13 Oct 2026) |
| Website | https://aplapollo.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| APL Apollo Mart Limited | 100% | Group subsidiary; business detail not retrieved |
| Blue Ocean Projects Private Limited | 100% | Real-estate asset holding; sale to SG Realtor approved, completion unverified at cutoff |
| Apollo Metalex Private Limited | 100% | Group manufacturing subsidiary |
| APL Apollo Building Products Limited | 100% | Value-added steel building products manufacturing |
| APL Apollo Tubes Company LLC | 100% | UAE structural steel tube manufacturing |
| APL Apollo Foundation | 16.67% | Associate foundation |
FY26 BRSR holdings; complete subsidiary schedule not retrieved. Apollo Tricoat merger appointed 1 April 2021; Blue Ocean divestment completion requires verification.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 28.27% | 28.25% | 28.25% | 28.18% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 33.12% | 37.51% | 35.11% | 34.14% |
| Domestic institutions | 19.91% | 16.05% | 18.59% | 20.82% |
| of which mutual funds | 14.64% | 11.88% | 14.14% | 16.83% |
| Retail | 18.69% | 18.19% | 18.05% | 16.86% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
APL Apollo buys hot-rolled coil (HRC) and converts it into branded structural steel tubes, coated and galvanised products, and roofing. It sells them through 800+ distributors, 50,000+ retailers and 200,000+ fabricators. Revenue per tonne passes steel through within days (lag 5-8 days). The business earns a conversion spread of about Rs10,000-12,000/t over raw material (FY26 Rs10,226/t; Q1FY27 Rs11,948/t, kpis). The spread is set by brand premium (Rs3,000-4,000/t over secondary-steel tubes), value-added mix (~65%) and inventory gains or losses as HRC moves. It does not control steel prices or construction demand. Its moat is distribution, product range (5,000+ SKUs) and regional plants (11 plants, 5 Mtpa). FY26 end-use mix: housing 64%, commercial 19%, infrastructure 13%. Working capital is about zero days because dealers pay cash and suppliers fund inventory.
| Peer | Why the dossier compares them |
|---|---|
| Hi-Tech Pipes (HITECH) | Closest organised ERW structural tube manufacturer; smaller scale. |
| JTL Industries (JTLIND) | ERW and galvanised steel tube producer; expansion and mix comparator. |
| Surya Roshni (SURYAROSNI) | Steel tubes, galvanised pipes and lighting; diversified earnings limit comparability. |
| Rama Steel Tubes (RAMASTEEL) | Small ERW steel tube competitor; lower returns and thinner liquidity. |
| Welspun Corp (WELCORP) | Pipe manufacturer with large-diameter/export exposure, not a direct structural-tube pure play. |
| Jindal Saw (JINDALSAW) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 12,625 | 15,674 | 18,119 | 20,690 | 23,079 |
| Cost of revenue (vendor classification) * | 11,468 | 14,350 | 16,005 | 17,870 | 19,999 |
| Other operating costs (vendor classification) * | 491.3 | 581.2 | 657.2 | 1,987 | 887.1 |
| EBITDA (vendor classification) * | 980.2 | 1,064 | 1,254 | 1,295 | 1,914 |
| Operating EBIT excluding other income | 870.9 | 924.1 | 1,016 | 997.7 | 1,571 |
| Finance cost | 38.6 | 60.8 | 113.4 | 133.3 | 125.4 |
| Profit before tax | 832.3 | 863.3 | 977.7 | 960.4 | 1,557 |
| Total tax expense | 213.3 | 221.5 | 245.3 | 203.4 | 354.3 |
| Consolidated profit after tax | 619.0 | 641.9 | 732.4 | 757.1 | 1,203 |
| Diluted EPS (₹) | 22.33 | 23.14 | 26.40 | 27.28 | 43.34 |
| Materials, traded goods and inventory changes | 15,617 | 17,870 | 19,509 | ||
| Employee benefits expense | 257.6 | 332.5 | 370.5 | ||
| Other operating expenses | 1,052 | 1,288 | 1,398 | ||
| EBITDA excluding other income | 1,192 | 1,199 | 1,802 | ||
| Other income | 74.9 | 96.1 | 111.9 | ||
| Depreciation and amortisation | 175.9 | 201.3 | 230.9 | ||
| Profit attributable to owners | 732.4 | 757.1 | n.r. | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | n.r. | ||
| Share of profit/loss of associates | 0.00 | 0.00 | 0.00 | ||
| Exceptional items (not separately disclosed) | n.d. | n.d. | n.d. | ||
| Current tax | 239.3 | 190.7 | 331.6 | ||
| Deferred tax charge net | 7.11 | 28.7 | 19.5 | ||
| Income tax related to earlier years | -1.11 | -16.0 | 3.25 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,464 | 3,006 | 3,605 | 4,209 | 5,297 |
| Gross borrowings excluding lease liabilities | 581.2 | 873.0 | 1,125 | 614.8 | 452.5 |
| Cash and bank balances including eligible deposits | 163.7 | 122.7 | 1,143 | 919.9 | 1,985 |
| Trade receivables | 341.7 | 137.4 | 139.1 | 267.3 | 350.7 |
| Inventories | 847.2 | 1,480 | 1,638 | 1,623 | 1,445 |
| Trade payables | 1,064 | 1,605 | 2,001 | 2,231 | 2,368 |
| Net property plant and equipment excluding ROU/CWIP | 1,699 | 2,442 | 3,141 | 3,370 | 3,740 |
| Capital work in progress | 608.6 | 569.2 | 399.5 | 335.5 | 328.2 |
| Total assets | 4,452 | 5,852 | 7,187 | 7,596 | 8,833 |
| Company reported net debt (negative net cash) | -18.5 | -304.7 | -1,532 | ||
| Investments (liquidity unverified) | 102.7 | 126.2 | 48.5 | ||
| Company net fixed assets incl CWIP | 4,068 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations (issuer presentation/AR basis) | 465.0 | 216.2 | 1,112 | 1,213 | 2,002 |
| Capital expenditure (positive cash outflow) | 9.77 | 19.7 | 694.8 | 722.5 | 652.0 |
| Free cash flow (vendor definition) * | 55.1 | -170.8 | 416.7 | 490.7 | 1,409 |
| Dividends paid (positive cash outflow) | -87.5 | 138.7 | 152.6 | 159.6 | |
| Free cash flow (CFO less positive capex) | 416.7 | 490.8 | 1,350 | ||
| Statutory CFO later results comparator | 1,219 | 2,103 | |||
| Statutory gross capex incl capital advances | 728.3 | 696.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end issued equity shares | 24.99 | 27.72 | 27.75 | 27.75 | 27.77 |
| Diluted weighted-average equity shares | 27.74 | 27.75 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (deck Net Revenue) | 4,774 | 5,433 | 5,509 | 5,170 | 5,658 | 5,982 | 6,269 | 5,607 |
| Cost of revenue (vendor classification) * | 4,242 | 4,662 | 4,697 | 4,380 | 4,901 | 5,268 | 4,717 | |
| Other operating costs (vendor classification) * | 306.8 | 335.0 | 323.2 | 324.5 | 349.9 | 394.0 | 372.5 | |
| EBITDA (vendor classification) * | 152.8 | 367.2 | 448.6 | 397.6 | 496.5 | 547.5 | 450.8 | |
| Operating EBIT excluding other income | 91.1 | 295.3 | 356.1 | 317.6 | 388.9 | 412.7 | 451.7 | 351.9 |
| Finance cost | 36.4 | 36.8 | 32.3 | 33.3 | 27.6 | 32.9 | 31.7 | 38.9 |
| Profit before tax (rounded deck bridge) | 69.5 | 280.1 | 358.7 | 309.9 | 386.4 | 404.5 | 456.5 | 352.5 |
| Total tax expense | 15.8 | 63.1 | 65.6 | 72.8 | 84.8 | 94.5 | 102.3 | 89.3 |
| Consolidated profit after tax | 53.8 | 217.0 | 293.1 | 237.2 | 301.5 | 310.1 | 354.3 | 263.1 |
| Diluted EPS (₹) | 1.94 | 7.82 | 10.56 | 8.54 | 10.86 | 11.17 | 12.76 | 9.48 |
| Materials, traded goods and inventory changes | 4,242 | 4,662 | 4,696 | 4,380 | 4,793 | 5,068 | 5,268 | 4,717 |
| Employee benefits expense | 87.2 | 89.9 | 75.4 | 93.0 | 88.7 | 92.6 | 96.2 | 106.1 |
| Other operating expenses | 306.8 | 335.0 | 323.2 | 324.5 | 329.3 | 349.9 | 394.0 | 372.5 |
| EBITDA excluding other income | 138.0 | 345.6 | 413.7 | 372.0 | 447.0 | 471.9 | 511.0 | 411.3 |
| Other income | 14.8 | 21.6 | 34.9 | 25.6 | 25.1 | 24.7 | 36.5 | 39.5 |
| Depreciation and amortisation | 46.9 | 50.3 | 57.6 | 54.4 | 58.1 | 59.2 | 59.3 | 59.4 |
| Exceptional items (not separately disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Share of profit/loss of associates | 0.00 | 0.00 | 0.00 | n.r. | n.r. | n.r. | n.r. | 0.00 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | n.r. | n.r. | n.r. | n.r. | n.r. |
| Profit attributable to owners | 53.8 | 217.0 | 293.1 | n.r. | n.r. | n.r. | n.r. | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 53.7% | 24.2% | 15.6% | 14.2% | 11.5% |
| EBITDA margin | 6.6% | 5.8% | 7.8% | ||
| Net margin | 4.9% | 4.1% | 4.0% | 3.7% | 5.2% |
| Return on equity | 28.8% | 23.5% | 22.2% | 19.4% | 25.3% |
| Return on capital employed | 32.3% | 26.7% | 23.6% | 20.9% | 29.7% |
| Return on assets | 15.8% | 12.5% | 11.2% | 10.2% | 14.6% |
| Net debt (₹ crore) | -18.5 | -304.7 | -1,532 | ||
| Net debt / EBITDA | -0.02x | -0.25x | -0.85x | ||
| Interest cover | 22.6x | 15.2x | 8.96x | 7.49x | 12.5x |
| Asset turnover | 3.22x | 3.04x | 2.78x | 2.80x | 2.81x |
| Receivable days | 10 | 3 | 3 | 5 | 6 |
| Inventory days (on revenue) | 24 | 34 | 33 | 29 | 23 |
| Payable days (on revenue) | 31 | 37 | 40 | 39 | 37 |
| Cash conversion | 0.75x | 0.34x | 1.52x | 1.60x | 1.66x |
| Capex intensity | 0.1% | 0.1% | 3.8% | 3.5% | 2.8% |
| Free cash flow (₹ crore) | 455.3 | 196.5 | 416.7 | 490.8 | 1,350 |
| Dividend payout | 13.6% | 18.9% | 20.2% | 13.3% | |
| EPS, diluted (₹) | 22.33 | 23.14 | 26.40 | 27.28 | 43.34 |
| Book value per share (₹) | 98.59 | 108.4 | 129.9 | 151.7 | 190.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company reported net debt (negative net cash).
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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