StrengthTalking point
Profit outpacing revenue
Profit grew 58.9% while revenue grew 11.5%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
APL Apollo Tubes Limited · Research view
APL Apollo Tubes Limited
NSE: APLAPOLLOBSE: 533758ISIN INE702C01027Face value ₹2standalone
₹2,120
−2.80% · 2026-10-01 · 52-wk ₹1,698–₹2,281
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Debt reduced
Total debt is down from ₹710 to ₹452 over 7 years (36.3% lower); debt-to-equity moved 0.74× → 0.09×.
Importance 58 / 95 · financial health
StrengthTalking point
Book value compounding
Net worth compounded at 27.6% a year over 7 years (₹964 → ₹5,297) — though FY2020 saw a one-off step-change of 51% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Industrial Products › Iron & Steel Products.
- Market cap
- ₹58,870 cr
- FY2026 revenue
- ₹15,110 cr
- FY2026 net profit
- ₹547 cr
- Net worth
- ₹3,481 cr
- Total debt
- ₹640 cr
- EPS (basic)
- ₹19.71
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 6 industrial products.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 58.9% while revenue grew 11.5%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +14.5%over 7 years
- Revenue growth
- +5.2%vs last year
- Net profit growth
- +63.0%vs last year
- Change in net profit since FY19
- +333%
Over 7 years profit compounded at 34.9% a year while revenue compounded at 18.2% a year — though FY2020 saw a one-off step-change of 73% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Revenue compounded at 18.2% a year over 7 years (₹7,152 → ₹23,079) — though FY2022 saw a one-off step-change of 54% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 58.9% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹263 cr, up 10.9% from ₹237 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹391 cr, up 14.0% from ₹343 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
Watch
Q1 FY27 net profit was ₹263 cr, down 25.7% from ₹354 cr in the previous quarter (Q4 FY26).
Rule QTR_PROFIT_SEQUENTIAL_CHANGE
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,774 | — | 54 | — | 1.1% |
| Q3 FY25 | 5,433 | +30.0% | 217 | +31.1% | 4.0% |
| Q4 FY25 | 5,509 | +15.6% | 293 | +72.0% | 5.3% |
| Q1 FY26 | 5,170 | +3.9% | 237 | +22.8% | 4.6% |
| Q2 FY26 | 5,206 | +9.1% | 302 | +460.4% | 5.8% |
| Q3 FY26 | 5,815 | +7.0% | 310 | +42.9% | 5.3% |
| Q4 FY26 | 6,269 | +13.8% | 354 | +20.9% | 5.7% |
| Q1 FY27 | 5,607 | +8.5% | 263 | +10.9% | 4.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹22,897 crTTM
- EBITDA
- ₹1,967 crTTM
- EBIT
- ₹1,731 crTTM
- PBT
- ₹1,600 crTTM
- Net profit
- ₹1,229 crTTM
C. Corporate actions
8 Sept 2026DividendFinal Dividend - Rs. - 8.5000 — ₹8.50/share
22 Aug 2025DividendFinal Dividend - Rs. - 5.7500 — ₹5.75/share
19 Sept 2024DividendFinal Dividend - Rs. - 5.5000 — ₹5.50/share
1 Sept 2023DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
2 Sept 2022DividendFinal Dividend - Rs. - 3.5000 — ₹3.50/share
16 Sept 2021Bonus issueBonus issue 1:1 — 1:2
15 Dec 2020Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
19 Sept 2019DividendFinal Dividend - Rs. - 14.0000 — ₹14.00/share
19 Sept 2018DividendDividend - Rs. - 14.0000 — ₹14.00/share
21 Sept 2017DividendDividend - Rs. - 12.0000 — ₹12.00/share
8 Sept 2016DividendDividend - Rs. - 10.0000 — ₹10.00/share
13 Aug 2015DividendDividend - Rs. - 6.0000 — ₹6.00/share
17 Sept 2014DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
7 Aug 2013DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
20 Sept 2012DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
EBITDA margin of 8.3% is below the industrial products median of 14.5%.
Rule MARGIN_BELOW_PEER_MEDIAN
- EBITDA margin now
- 6.4%
- 8-year range
- 4.3–6.4%
- ROE FY2026
- 16.7%
- ROCE FY2026
- 21.5%
ROE improved from 19.4% to 25.3% year on year.
EBITDA margin improved from 6.3% to 8.3% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Total debt is down from ₹710 to ₹452 over 7 years (36.3% lower); debt-to-equity moved 0.74× → 0.09×.
Rule DEBT_FELL_MULTIYEAR
Operating cash flowNet profit
- Total debt
- ₹640 cr
- Operating cash flow ÷ net profit
- 2.19×FY2026
- Free cash flow
- ₹1,043 cr
- Current ratio
- 1.38×
Net worth compounded at 27.6% a year over 7 years (₹964 → ₹5,297) — though FY2020 saw a one-off step-change of 51% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 1.75×).
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 6 industrial products (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
APLAPOLLO · 5th of 6 · set median 14.7%
EBITDA margin
APLAPOLLO · 6th of 6 · set median 14.5%
Return on equity
APLAPOLLO · 2nd of 6 · set median 20.4%
P/E ratio
APLAPOLLO · 4th of 6 · set median 45.6×
- P / E
- 47.9×TTM to Jun 26
- P / B
- 11.1×latest book
- P / S
- 2.6×TTM sales
- Earnings yield
- 2.1%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 48.9× · P/S 2.5× · ROE 25.3%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +22.5%
- 3-year return
- +30.5%
- 5-year return
- +149.7%
- From 52-wk high
- −7.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Above₹2,092
- vs 200-day avg
- Above₹1,983
- RSI (14)
- 45.4neutral
- MACD histogram
- -11.7
- From 52-wk high
- −7.1%
- From 52-wk low
- +24.8%
- 30-day volatility
- 31.3%ann.
- 6-month return
- +9.4%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernThinner margins than peersEBITDA margin of 8.3% is below the industrial products median of 14.5%.MARGIN_BELOW_PEER_MEDIAN · conviction 49
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,868 | 5,931 | 6,008 | 9,062 | 14,279 | 13,859 | 14,361 | 15,110 |
| Total income | 5,911 | 5,958 | 6,052 | 9,097 | 14,321 | 13,915 | 14,440 | 15,191 |
| EBITDA | 330 | 265 | 328 | 493 | 839 | 762 | 621 | 969 |
| Profit before tax | 175 | 114 | 205 | 385 | 689 | 612 | 425 | 735 |
| Net profit | 126 | 115 | 154 | 287 | 512 | 454 | 336 | 547 |
| EPS (₹) | 53.3 | 47.0 | 12.3 | 11.5 | 18.5 | 16.4 | 12.1 | 19.7 |
| Net worth | 1,008 | 1,275 | 1,449 | 1,745 | 2,571 | 2,889 | 3,087 | 3,481 |
| Total debt | 592 | 490 | 433 | 388 | 399 | 130 | 669 | 640 |
| Operating cash flow | — | — | 618 | 160 | 915 | 740 | 413 | 1,199 |
| Free cash flow | — | — | 505 | 111 | 795 | 652 | 135 | 1,043 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 1.1 | 1.3 | 50.8 | 57.6 | -2.9 | 3.6 | 5.2 |
| Profit growth YoY | — | -9.0 | 33.7 | 86.7 | 78.3 | -11.4 | -26.0 | 63.0 |
| Profitability | ||||||||
| EBITDA margin % | 5.6 | 4.5 | 5.5 | 5.4 | 5.9 | 5.5 | 4.3 | 6.4 |
| Net margin % | 2.1 | 1.9 | 2.5 | 3.2 | 3.6 | 3.3 | 2.3 | 3.6 |
| Return on equity % | 12.5 | 10.1 | 11.3 | 18.0 | 23.7 | 16.6 | 11.2 | 16.7 |
| Return on capital % | 17.3 | 11.6 | 14.3 | 21.0 | 28.9 | 22.1 | 15.3 | 21.5 |
| Leverage & cash | ||||||||
| Debt to equity | 0.59 | 0.38 | 0.30 | 0.22 | 0.16 | 0.05 | 0.22 | 0.18 |
| Cash flow ÷ profit | — | — | 4.02 | 0.56 | 1.79 | 1.63 | 1.23 | 2.19 |
| Current ratio | 0.98 | 1.15 | 1.10 | 1.17 | 0.92 | 1.00 | 1.25 | 1.38 |