APL Apollo Tubes Limited (APLAPOLLO) AI Stock Analysis

• Market Cap: ₹525.66B
• Dividend Yield: 0.31%
• Average Volume (3M): 15.81K
• Price to Earnings (P/E): 42.8
• Beta (1Y): 1.02
• 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: ₹2,104.00 ▲(8.84% 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

Revenue Growth

Sustained double-digit top-line growth (10.66% in 2025) shows expanding penetration across construction, infrastructure and industrial channels. Persistent revenue expansion supports scale benefits, better capacity utilization and a firmer base for reinvestment and margin improvement.

Balance Sheet Strength

Material deleveraging and a 55.39% equity ratio indicate a stronger capital structure. Lower leverage reduces refinancing and interest burden risks, preserves financial flexibility for capex or M&A, and improves resilience through downcycles in steel and construction markets.

Cash Generation

Robust free cash flow growth (17.75%) and a 1.60 operating cash flow to net income ratio demonstrate strong cash conversion. Reliable cash flow supports working capital, maintenance and growth capex, debt reduction and gives management options for shareholder returns or strategic investment.

Negative Factors

Thin Profitability

Relatively low gross and net margins reflect the commodity nature of structural steel tubes, leaving limited cushion against input cost rises. Sustaining or expanding profitability will require consistent mix shift to value-added products, tight cost controls and pricing power over cycles.

Cyclicality / Raw Material Exposure

Revenue and margins are structurally tied to construction demand and steel price spreads. That exposure creates multi-quarter variability in volumes and realizations, complicating capacity planning and cash flow predictability and increasing downside risk in prolonged industry slowdowns.

Limited Shareholder Cash Return

A very low dividend yield indicates limited recurring cash returned to shareholders, reducing defensive appeal for income-focused investors. If management emphasizes reinvestment over distributions, shareholder returns hinge on execution and capital allocation rather than steady payout reliability.

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 makes money primarily by manufacturing and selling steel tubes and pipes (especially structural tubes) across multiple end-use segments such as real estate/construction, infrastructure, industrial fabrication, and related engineered applications. Revenue is earned from (1) sales of finished steel tube products sold via an extensive network of distributors/dealers and retail outlets, (2) direct sales to institutional/industrial customers and project-based buyers (e.g., large fabricators, EPCs, and infrastructure/construction accounts), and (3) product mix and branding-driven realization, where value-added and specialized sections/grades, differentiated product lines, and service levels can support higher pricing versus commoditized offerings. The company’s earnings are influenced by factors such as volume growth in construction/infrastructure demand, the spread between selling prices and key raw material costs (steel), capacity utilization, and distribution reach. Specifics on any individual customer concentration, contract structures, or named partnerships are null.

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	215.33B	199.96B	180.68B	156.74B	126.25B	82.15B
Gross Profit	29.15B	21.26B	16.18B	16.57B	11.57B	8.66B
EBITDA	18.15B	12.95B	12.67B	10.62B	9.80B	7.08B
Net Income	11.42B	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	3.92B	4.91B	4.17B	-1.72B	550.60M	6.90B
Operating Cash Flow	7.90B	12.13B	11.12B	6.90B	6.52B	9.77B
Investing Cash Flow	-2.69B	-3.75B	-9.16B	-8.76B	-5.30B	-6.47B
Financing Cash Flow	-2.64B	-8.15B	265.50M	1.43B	260.30M	-3.59B

APL Apollo Tubes Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1933.20
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 1933.2 is below the 20-day moving average (MA) of 2077.79, below the 50-day MA of 2081.64, and above the 200-day MA of 1819.71, indicating a neutral trend. The MACD of -55.03 indicates Positive momentum. The RSI at 35.62 is Neutral, neither overbought nor oversold. The STOCH value of 20.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹168.97B	28.50	―	0.39%	-0.96%	-11.90%
JINDALSAW	69 Neutral	₹114.60B	10.37	―	1.18%	-13.69%	-30.57%
APLAPOLLO	68 Neutral	₹525.66B	42.84	―	0.31%	14.05%	79.90%
MAHSEAMLES	68 Neutral	₹72.09B	7.74	―	1.82%	0.81%	-7.11%
RATNAMANI	68 Neutral	₹151.65B	37.97	―	0.60%	9.51%	14.31%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAIBALAJI	53 Neutral	₹52.77B	139.02	―	―	-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.