APL Apollo Tubes Limited (APLAPOLLO) AI Stock Analysis

• Market Cap: ₹619.84B
• Dividend Yield: 0.31%
• Average Volume (3M): 15.81K
• Price to Earnings (P/E): 54.3
• Beta (1Y): 0.97
• Revenue Growth: 14.05%
• EPS Growth: 79.90%
• Country: IN
• Employees: 2,682
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 11.20
• Shares Outstanding: 277,636,020
• 10 Day Avg. Volume: 26,904
• 30 Day Avg. Volume: 15,806
• PEG Ratio: 16.81
• Price to Book (P/B): 10.08
• Price to Sales (P/S): 2.12
• P/FCF Ratio: 86.43
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,301.67
• Price Target Upside: 19.06% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 44.54
• Revenue Forecast (FY): ₹227.46B

• Rating: 68 Neutral
• Price Target: ₹2,370.00 ▲(22.59% Upside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is driven primarily by strong financial performance (growth, improved balance sheet leverage, and solid cash flow). Technicals are supportive due to a clear uptrend, but overbought signals raise near-term downside risk. Valuation is the main headwind, with a high P/E and minimal dividend support.

Positive Factors

Consistent Revenue Growth

Consistent 10.66% top-line growth in 2025, supported by a broad distributor network and direct institutional channels, indicates expanding market share across construction and industrial end markets. Sustained revenue expansion enables scale economics, capacity investment and product development that support durable competitiveness.

Strengthened Balance Sheet

A materially improved leverage profile (debt-to-equity 0.15) and a 55.39% equity ratio provide financial flexibility. Low structural indebtedness lowers interest burden, preserves capacity for capex or opportunistic M&A, and increases resilience to cyclical downturns in capital‑intensive steel manufacturing.

Robust Cash Generation

FCF growth of 17.75% and an operating cash flow to net income ratio of 1.60 show strong cash conversion. Reliable free cash flow supports reinvestment in capacity and value‑added product lines, funds deleveraging or strategic initiatives, and underpins long‑term operational stability.

Negative Factors

Thin Net Margins

A net margin below 4% points to limited bottom‑line resilience. Thin profitability reduces the company’s buffer against revenue volatility and cost shocks, constrains internal funding for R&D or premium product development, and makes long‑term earnings more sensitive to adverse operating conditions.

Raw Material Cost Sensitivity

Profitability is structurally exposed to steel input price volatility; margins depend on the spread between selling prices and raw material costs. In periods of rising steel prices or weak pricing power, margins can compress quickly, increasing earnings volatility and limiting predictable cash flow generation.

End‑Market Cyclicality

Heavy reliance on construction, infrastructure and industrial fabrication makes volumes cyclical. Downturns or delays in real estate and public/private capex reduce utilization and fixed cost absorption, pressuring margins and cash flow for an extended period given the capital intensity of tube manufacturing.

APL Apollo Tubes Limited Business Overview & Revenue Model

Company Description

APL Apollo Tubes Limited manufactures and sells structural steel tubes and pipes in India. The company offers structural tubes for construction, automotive, machinery, furniture etc. applications; pre galvanized sections of square, rectangular, and circular tubes used for roofing structure; galvanized iron products for industrial and agricultural applications; black round tubes for use in plumbing systems; oval, octagon, and elliptical tubes; ready-made chaukhat, and door and fencing solutions; and triple coated in-line galvanizing tubes, designer galvanized tubes, hybrid tubes, and narrow sections. It also exports its products to approximately 20 countries worldwide. The company was formerly known as Bihar Tubes Limited and changed its name to APL Apollo Tubes Limited in 2010. APL Apollo Tubes Limited was incorporated in 1986 and is headquartered in Ghaziabad, India.

How the Company Makes Money

APL Apollo Tubes Limited generates revenue primarily through the sale of its steel tubes and pipes. The company has established multiple revenue streams, including direct sales to manufacturers and distributors, as well as long-term contracts with large construction firms and infrastructure projects. APL Apollo also benefits from strong relationships with key players in the construction and manufacturing sectors, which facilitates consistent demand for its products. Additionally, the company may engage in export activities to tap into international markets, further diversifying its revenue base. Factors contributing to its earnings include the growing demand for steel products in infrastructure development and urbanization, as well as the company's focus on innovation and quality, which enhances customer loyalty and market share.

APL Apollo Tubes Limited Financial Statement Overview

Summary

Strong financial profile supported by solid revenue growth (10.66% in 2025), healthy operating profitability (EBITDA margin 6.48%), improved leverage (debt-to-equity down to 0.15), and strong cash generation (FCF up 17.75% with operating cash flow to net income at 1.60).

Income Statement

APL Apollo Tubes Limited has shown a consistent increase in revenue over the years, with a significant revenue growth rate of 10.66% from 2024 to 2025. The gross profit margin stands at 10.63% for 2025, reflecting strong core profitability. The net profit margin improved slightly to 3.79% in 2025 from 4.05% in 2024, indicating effective cost management. The EBIT margin is healthy at 4.99%, and the EBITDA margin is robust at 6.48%, showcasing operational efficiency.

Balance Sheet

The company's debt-to-equity ratio improved from 0.32 in 2024 to 0.15 in 2025, indicating a stronger equity position relative to debt. The return on equity (ROE) is solid at 17.99%, reflecting efficient use of equity to generate profits. The equity ratio improved to 55.39% in 2025, demonstrating a strong equity base and financial stability.

Cash Flow

The free cash flow grew by 17.75% in 2025, indicating enhanced liquidity and cash generation capabilities. The operating cash flow to net income ratio is 1.60, suggesting strong cash conversion from earnings. The free cash flow to net income ratio stands at 0.65, indicating adequate free cash flow generation relative to earnings.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	163.27B	199.96B	180.68B	156.74B	126.25B	82.15B
Gross Profit	21.97B	21.26B	16.18B	16.57B	11.57B	8.66B
EBITDA	13.43B	12.95B	12.67B	10.62B	9.80B	7.08B
Net Income	8.40B	7.57B	7.32B	6.42B	6.19B	3.60B
Balance Sheet
Total Assets	83.57B	75.96B	71.87B	58.52B	44.52B	33.99B
Cash, Cash Equivalents and Short-Term Investments	11.10B	9.47B	11.41B	5.00B	1.69B	161.20M
Total Debt	5.48B	6.34B	11.44B	8.73B	5.81B	5.21B
Total Liabilities	34.45B	33.88B	35.82B	28.46B	19.88B	15.66B
Stockholders Equity	49.11B	42.09B	36.05B	30.06B	22.64B	16.95B
Cash Flow
Free Cash Flow	1.04B	4.91B	4.17B	-1.72B	550.60M	6.90B
Operating Cash Flow	1.90B	12.13B	11.12B	6.90B	6.52B	9.77B
Investing Cash Flow	1.26B	-3.75B	-9.16B	-8.76B	-5.30B	-6.47B
Financing Cash Flow	-1.26B	-8.15B	265.50M	1.43B	260.30M	-3.59B

APL Apollo Tubes Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1933.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:APLAPOLLO, the sentiment is Positive. The current price of 1933.2 is below the 20-day moving average (MA) of 2200.20, below the 50-day MA of 2033.60, and above the 200-day MA of 1801.48, indicating a bullish trend. The MACD of 54.89 indicates Positive momentum. The RSI at 64.28 is Neutral, neither overbought nor oversold. The STOCH value of 45.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:APLAPOLLO.

APL Apollo Tubes Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GPIL	75 Outperform	₹178.43B	22.54	―	0.39%	-0.96%	-11.90%
JINDALSAW	73 Outperform	₹118.28B	10.47	―	1.18%	-13.69%	-30.57%
APLAPOLLO	68 Neutral	₹619.84B	54.27	―	0.31%	14.05%	79.90%
MAHSEAMLES	68 Neutral	₹75.30B	8.96	―	1.82%	0.81%	-7.11%
RATNAMANI	68 Neutral	₹172.12B	29.42	―	0.60%	9.51%	14.31%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAIBALAJI	58 Neutral	₹62.97B	34.21	―	―	-13.11%	-69.18%

APL Apollo Tubes Limited Corporate Events

APL Apollo Tubes posts audio of investor call on December-quarter results

APL Apollo Tubes Limited has notified the stock exchanges that it has made available the audio recording of its investor and analyst conference call held on January 22, 2026, convened to discuss the unaudited financial results for the quarter and nine months ended December 31, 2025. The disclosure, made under SEBI’s listing regulations, underscores the company’s ongoing efforts to maintain transparency and provide timely access to financial discussions for market participants and other stakeholders via its website.