APL Apollo Tubes Ltd
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]
- Market Cap ₹ 49,865 Cr.
- Current Price ₹ 1,796
- High / Low ₹ 1,936 / 1,273
- Stock P/E 47.6
- Book Value ₹ 166
- Dividend Yield 0.32 %
- ROCE 22.4 %
- ROE 19.0 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 21.2%
Cons
- Stock is trading at 10.8 times its book value
- Promoter holding has decreased over last 3 years: -6.22%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Iron & Steel Products
Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 BSE Metal
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,497 | 3,090 | 4,154 | 3,924 | 5,335 | 7,152 | 7,723 | 8,500 | 13,063 | 16,166 | 18,119 | 20,690 | 21,317 | |
| 2,332 | 2,908 | 3,872 | 3,590 | 4,964 | 6,759 | 7,246 | 7,821 | 12,118 | 15,143 | 16,926 | 19,490 | 19,739 | |
| Operating Profit | 165 | 182 | 282 | 334 | 371 | 393 | 478 | 679 | 946 | 1,022 | 1,193 | 1,199 | 1,578 |
| OPM % | 7% | 6% | 7% | 9% | 7% | 5% | 6% | 8% | 7% | 6% | 7% | 6% | 7% |
| 2 | 4 | -15 | 5 | 8 | 12 | 22 | 36 | 40 | 46 | 74 | 96 | 107 | |
| Interest | 61 | 66 | 70 | 72 | 81 | 113 | 107 | 66 | 44 | 67 | 113 | 133 | 130 |
| Depreciation | 16 | 22 | 34 | 51 | 53 | 64 | 96 | 103 | 109 | 138 | 176 | 201 | 220 |
| Profit before tax | 89 | 98 | 163 | 216 | 244 | 227 | 296 | 546 | 832 | 863 | 978 | 960 | 1,335 |
| Tax % | 34% | 35% | 38% | 30% | 35% | 35% | 14% | 25% | 26% | 26% | 25% | 21% | |
| 59 | 64 | 101 | 152 | 158 | 148 | 256 | 408 | 619 | 642 | 732 | 757 | 1,049 | |
| EPS in Rs | 2.52 | 2.72 | 4.29 | 6.45 | 6.66 | 6.22 | 9.58 | 14.42 | 24.73 | 23.14 | 26.39 | 27.28 | 37.79 |
| Dividend Payout % | 20% | 22% | 23% | 19% | 21% | 23% | 0% | 0% | 14% | 22% | 21% | 21% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 22% |
| 3 Years: | 17% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 28% |
| 5 Years: | 26% |
| 3 Years: | 6% |
| TTM: | 80% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 42% |
| 5 Years: | 41% |
| 3 Years: | 18% |
| 1 Year: | 17% |
| Return on Equity | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 23% |
| 3 Years: | 21% |
| Last Year: | 19% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 402 | 472 | 544 | 680 | 814 | 940 | 1,331 | 1,670 | 2,414 | 2,950 | 3,549 | 4,153 | 4,550 |
| 505 | 482 | 651 | 594 | 775 | 858 | 834 | 520 | 581 | 873 | 1,144 | 634 | 715 | |
| 220 | 345 | 442 | 547 | 568 | 952 | 1,075 | 1,184 | 1,407 | 1,973 | 2,438 | 2,753 | 2,988 | |
| Total Liabilities | 1,150 | 1,323 | 1,660 | 1,845 | 2,181 | 2,774 | 3,266 | 3,399 | 4,452 | 5,852 | 7,187 | 7,596 | 8,309 |
| 420 | 614 | 666 | 670 | 886 | 1,034 | 1,708 | 1,736 | 1,837 | 2,580 | 3,281 | 3,668 | 3,773 | |
| CWIP | 28 | 24 | 32 | 122 | 46 | 27 | 10 | 108 | 504 | 374 | 203 | 336 | 312 |
| Investments | 18 | 19 | 13 | 0 | 1 | 49 | 2 | 1 | 91 | 96 | 103 | 126 | 45 |
| 685 | 666 | 949 | 1,052 | 1,248 | 1,663 | 1,546 | 1,554 | 2,020 | 2,801 | 3,600 | 3,467 | 4,178 | |
| Total Assets | 1,150 | 1,323 | 1,660 | 1,845 | 2,181 | 2,774 | 3,266 | 3,399 | 4,452 | 5,852 | 7,187 | 7,596 | 8,309 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 133 | 315 | 11 | 315 | 91 | 358 | 510 | 977 | 652 | 691 | 1,112 | 1,213 | |
| -128 | -191 | -93 | -170 | -165 | -264 | -435 | -647 | -530 | -876 | -916 | -375 | |
| -9 | -124 | 81 | -145 | 79 | -53 | -78 | -359 | 26 | 143 | 27 | -815 | |
| Net Cash Flow | -4 | -0 | -0 | 0 | 5 | 41 | -3 | -28 | 148 | -41 | 222 | 24 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 36 | 21 | 19 | 27 | 30 | 28 | 23 | 6 | 10 | 3 | 3 | 5 |
| Inventory Days | 48 | 44 | 61 | 53 | 47 | 45 | 44 | 39 | 28 | 39 | 38 | 33 |
| Days Payable | 20 | 28 | 26 | 44 | 30 | 40 | 42 | 40 | 34 | 42 | 46 | 46 |
| Cash Conversion Cycle | 64 | 36 | 54 | 36 | 47 | 33 | 24 | 4 | 3 | 0 | -5 | -8 |
| Working Capital Days | 12 | -3 | 7 | -3 | 0 | -1 | 8 | -6 | 0 | 1 | 10 | -0 |
| ROCE % | 17% | 17% | 24% | 23% | 22% | 20% | 20% | 26% | 32% | 27% | 25% | 22% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
2d - APL Apollo Tubes Limited has informed regarding the transcript of the conference call held on October 29, 2025
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Announcement under Regulation 30 (LODR)-Newspaper Publication
30 Oct - Newspaper publication of Unaudited Financial Results for the quarter and half year ended September 30, 2025
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
29 Oct - Audio recording link for Oct 29, 2025 concall on unaudited Q2/H1 results.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
29 Oct - Q2FY26: 855k tonnes, ₹52.1bn revenue, ₹4.5bn EBITDA; Rs15bn capex, 6.8Mt capacity target by FY28.
- Announcement under Regulation 30 (LODR)-Investor Presentation 29 Oct
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Nov 2025Transcript PPT REC
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Jul 2025Transcript PPT REC
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Jul 2025TranscriptNotesPPT
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May 2025Transcript PPT REC
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Jan 2025Transcript PPT
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Nov 2024Transcript PPT
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Aug 2024TranscriptPPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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May 2024TranscriptNotesPPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Oct 2021TranscriptPPT
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Aug 2021TranscriptPPT
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Jun 2021TranscriptPPT
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Feb 2021TranscriptPPT
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Oct 2020TranscriptPPT
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Aug 2020TranscriptPPT
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Jul 2020Transcript PPT
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May 2020TranscriptNotesPPT
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Jan 2020Transcript PPT
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Nov 2019Transcript PPT
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Aug 2019Transcript PPT
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May 2019Transcript PPT
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Feb 2019Transcript PPT
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Nov 2018Transcript PPT
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Nov 2018TranscriptNotesPPT
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Aug 2018Transcript PPT
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Aug 2018TranscriptNotesPPT
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Jun 2018TranscriptNotesPPT
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May 2018Transcript PPT
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Jan 2018Transcript PPT
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Dec 2017Transcript PPT
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Sep 2017Transcript PPT
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Sep 2017TranscriptNotesPPT
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May 2017Transcript PPT
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Nov 2016TranscriptPPT
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Aug 2016TranscriptPPT
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Jun 2016Transcript PPT
Product Portfolio
As of FY24, The company's product portfolio comprises:
Apollo structural (68% of revenues),
Apollo Z (28%),
Apollo Galv (4%)[1]