APL Apollo Tubes Ltd
APLAPOLLOAPL Apollo Tubes Ltd's earnings have outrun its stock. EPS grew +58.8% in a year against a +34.2% price move.
Biggest watch item: the P/E sits at the 71st percentile of its own range — the multiple has already done part of the work.
The price is in a confirmed uptrend (4 weeks in) while the P/E sits at the 71st percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +11.0% year on year, and 165% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
APL Apollo Tubes Ltd trades at ₹2,270, in a confirmed uptrend and 4 weeks into that stage. That is +17.0% against its own 200-day average. It sits at 100% of a 52-week range of ₹1,719 to ₹2,270. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks.
Today the stock is in a confirmed uptrend — week 4 of stage 2, confirmed. At ₹2,270 it trades +17.0% versus its 200-day average and sits at 100% of its 52-week range (₹1,719–₹2,270).
Against the market, two honest reads. Cumulative: over the last 10.6 years the stock moved +3,912% while the NIFTY 500 moved +272% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 7 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
APL Apollo Tubes Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: MID_EXPANSION. Still open: The thesis breaks if reported volume does not recover to the management-implied quarterly path while EBITDA per ton also falls below the stated long-run range.
Our read, 22 August 2026. APL Apollo is converting brand pricing, regional capacity and value-added mix into earnings growth, but the investment case requires delivery at the lower end of revised volume guidance.
From the numbers. The current weekly snapshot shows PE at its median, with the multiple contracting while earnings rise. The normalized view is less forgiving: normalized PE is 59.3 because normalized earnings are below the current…
From the price. Price stage 2, week 4 — above its 200-day line, relative strength rising.
From the research. APL Apollo is converting brand pricing, regional capacity and value-added mix into earnings growth, but the investment case requires delivery at the lower end of revised volume guidance.
🚨 Where they disagree. The current weekly snapshot shows PE at its median, with the multiple contracting while earnings rise. The normalized view is less forgiving: normalized PE is 59.3 because normalized earnings are below the current reported base. Deterministic normalization classifies the company as fairly priced and the operating cycle as mid expansion, so returns should be underwritten from earnings delivery rather than a higher multiple.
What is proven. APL Apollo is converting brand pricing, regional capacity and value-added mix into earnings growth, but the investment case requires delivery at the lower end of revised volume guidance.
What is not proven yet. The thesis breaks if reported volume does not recover to the management-implied quarterly path while EBITDA per ton also falls below the stated long-run range.
🚨 What would change our mind. The thesis breaks if reported volume does not recover to the management-implied quarterly path while EBITDA per ton also falls below the stated long-run range.
Layer 1 read, 22 August 2026 — KEEP. Excellent business, full price, and management just cut the one number the whole thesis runs on. The quality is not in doubt — 32% return on capital, cash flow running at 1.64 times profit, and near-zero working capital. The problem is that management reduced its firm full-year volume commitment from 20% growth to 15% and admitted the UAE plant had been near standstill for months after earlier saying it ran at 40%, while the June quarter's profit per share fell from 12.76 to 9.48 as volume dropped about a fifth. Paying 48 times earnings — the 68th percentile of the company's own decade, and 59 times on normalized margins — for a story whose next leg just got smaller is a fallback position, not a first-choice one.
What would change Layer 1’s mind. The Timeline says the thesis breaks if volume fails to recover while EBITDA per ton also falls below the stated range. Sharpened to this layer: if the September 2026 quarter prints volume below roughly 900,000 tons (still under the 10-lakh-ton path milestone M1) AND EBITDA per ton below Rs 5,000, then the 15% commitment is unreachable and the deceleration is structural rather than a UAE-and-destocking air pocket — that turns this from P2 into a DROP. In the other direction, a September quarter…
🚨 Layer 2 read, 22 August 2026 — DROP. APL's pricing power is real, but the volume promise broke as industry capacity surged. Management reduced the firm volume commitment and disclosed that UAE activity had been near zero for months. The sector check shows this is not isolated: every management read slipped a number or date, while sector capacity is flooding in without institutional support.
What would change Layer 2’s mind. Re-admit only if the next reported quarter restores volume to management's implied path, profit per tonne remains inside the stated range, UAE shipments are reconciled, and sector capacity growth no longer reads as SUPPLY_FLOOD.
The test written in advance. The thesis breaks if reported volume does not recover to the management-implied quarterly path while EBITDA per ton also falls below the stated long-run range. — the thesis as written as stated by the next result.
The test written in advance. Guidance credibility — Guidance credibility Reported quarterly volume versus the management-implied path. by the next result.
The test written in advance. UAE shipment disruption — UAE shipment disruption UAE production and shipment update in the next concall. by the next result.
What the company does. PAT YoY was positive in each of the latest four comparable quarters: Sep 2025 459.3%, Dec 2025 42.9%, Mar 2026 20.8% and Jun 2026 11.0%; the latest quarter nevertheless slowed sequentially after UAE disruption and lower throughput. The capacity program and mix roadmap can add volume and protect per-ton economics, but management has reduced its firm volume commitment from the earlier target. Valuation is not a trough bargain: normalized earnings place the multiple near the upper end of its available history.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Volume recovery after disruption | HIGH | — | Dealer restocking, UAE shipment restart and quarterly volume delivery can restore operating leverage. | Quarterly volume stays below the management-implied path and margin declines at the same time. |
| Value-added mix and pricing | HIGH | — | Malur and SG Premium can improve the mix, while pricing discipline protects gross profit per ton. | The primary-secondary gap remains wide enough that SG Premium cannot earn an acceptable spread. |
| Regional capacity and freight reach | MEDIUM_HIGH | — | Gorakhpur and Siliguri are intended to serve regions where freight previously limited service. | Commissioning slips or regional demand does not convert into volume. |
| Cash-funded expansion | MEDIUM | — | Cash conversion has funded capex and debt reduction, reducing dependence on external funding. | Operating cash flow falls below PAT while capex rises materially. |
🚨 What the surface reading misses. The surface reading is: The trailing multiple suggests valuation is near the available historical middle. The research reads it further: Normalized earnings are below current reported earnings because the normalized margin is lower than the current margin.
🚨 What the surface reading misses. The surface reading is: Year-on-year PAT growth suggests continued acceleration. The research reads it further: The sequential PAT decline alongside lower revenue and OPM indicates throughput disruption rather than a clean acceleration.
Lever 1 · Operating leverage — BUILDING. Dealer restocking, UAE shipment restart and quarterly volume delivery can restore operating leverage. What proves it keeps working: Volume recovery after disruption. It stops working if Quarterly volume stays below the management-implied path and margin declines at the same time.
Lever 2 · Value-added mix — BUILDING. Malur and SG Premium can improve the mix, while pricing discipline protects gross profit per ton. What proves it keeps working: Value-added mix and pricing. It stops working if The primary-secondary gap remains wide enough that SG Premium cannot earn an acceptable spread.
Lever 6 · Order-book wins — BUILDING. Gorakhpur and Siliguri are intended to serve regions where freight previously limited service. What proves it keeps working: Regional capacity and freight reach. It stops working if Commissioning slips or regional demand does not convert into volume.
Lever 12 · New product launch — BUILDING. Cash conversion has funded capex and debt reduction, reducing dependence on external funding. What proves it keeps working: Cash-funded expansion. It stops working if Operating cash flow falls below PAT while capex rises materially.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
APL Apollo Tubes Ltd reported ₹5,607 Cr of revenue in the Jun 26 quarter, +8.5% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.7% a year. The last full year, FY26, came in at ₹23,079 Cr. The last four reported quarters add to ₹23,064 Cr.
Why this happened. The capex inflection point can create a wider addressable market when commissioning occurs on schedule. The mechanism is regional service reach as well as capacity addition.
FY26 revenue came in at ₹23,079 Cr (+11.5% on the year), capping 10 years at 18.7% compound. The latest quarter (Jun 26) printed ₹5,607 Cr, +8.5% year on year — the 10th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +10.4% growth against the decade's 18.7% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +10.4% over the last 4 quarters against +11.5%/yr over the last 8 — stabilising; TTM profit +53.4% vs +29.6%/yr — accelerating.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
APL Apollo Tubes Ltd's operating margin is 7.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0% to 9.0%. The current quarter sits inside that band.
Why this happened. Management links recovery to dealer restocking, normalized shipments and improved throughput. The operating-leverage catapult applies only if the volume recovery occurs while the per-ton margin range holds.
The latest quarter's operating margin is 7.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0%–9.0%.
Why the margin moved: operating margin went +0.1 pp year on year while gross margin went +0.6 pp — the gain came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
APL Apollo Tubes Ltd earned ₹263 Cr of net profit in the Jun 26 quarter, +11.0% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹1,203 Cr. The 10-year compound rate is 28.1%. That is 4.7% of the quarter's revenue. The same quarter a year earlier earned ₹237 Cr.
Jun 26 profit was ₹263 Cr, +11.0% year on year — the 7th consecutive quarter of growth. On the full year, FY26 printed ₹1,203 Cr (+58.9%), and the 10-year compound rate is 28.1%.
Why profit moved: revenue contributed +8.5% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +133.5% vs revenue +10.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 165% of APL Apollo Tubes Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,103 Cr of operating cash against ₹1,203 Cr of profit. After ₹615 Cr of capital spending, ₹1,488 Cr was left as free cash.
FY26: operating cash of ₹2,103 Cr against reported profit of ₹1,203 Cr, leaving free cash of ₹1,488 Cr after ₹615 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 165% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 165%: the cash cycle tightened 16 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 3.4× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
APL Apollo Tubes Ltd's cash conversion cycle runs −12 days in FY26, down from 4 days in FY21. Capital spending ran ₹2,042 Cr over the last 3 years. At FY26 sales of ₹23,079 Cr each day of that cycle holds about ₹63.2 Cr, so roughly ₹−759 Cr sits inside the business at any moment.
FY26: debtors at 6 days, inventory at 27 days — roughly 0.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −12 days, tighter than FY21's 4.
The full loop: cash goes out to suppliers and production on day 0; stock waits 27 days to sell; customers pay about 6 days after that; and suppliers themselves are paid at 44 days — netting out to the −12-day cycle.
In money terms: at FY26 sales of ₹23,079 Cr, each day of the cycle holds about ₹63.2 Cr — so the −12-day loop keeps roughly ₹−759 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,042 Cr over the last 3 fiscal years against ₹608 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹328 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
APL Apollo Tubes Ltd earns a ROCE of 32% in FY26. That is up from a trough of 17% in FY14. Return on invested capital clears the cost of that capital by +15.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 5.2% net margin on 2.61× asset turns.
FY26 ROCE is 32%, recovered from a FY14 trough of 17% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 5.2% net margin × 2.61× asset turns × 1.67× balance-sheet leverage ≈ 22.7% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 27.5% − 12.0% = a +15.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
APL Apollo Tubes Ltd carries total debt of ₹498 Cr against shareholder equity of ₹5,297 Cr as of Mar 26, a debt-to-equity of 0.09 — effectively unlevered. On the annual view that ratio went from 0.24 in FY22 to 0.09 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹498 Cr against shareholder equity of ₹5,297 Cr — a debt-to-equity of 0.09. On the annual view, debt-to-equity went from 0.24 (FY22) to 0.09 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 3.7 points of APL Apollo Tubes Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 18.6% of the company. Foreign institutions moved +3.6 points over the same window, to 35.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +3.7 points over 8 quarters to 18.6%; Foreign institutions: +3.6 points over 8 quarters to 35.1%; Promoters: −0.1 points over 8 quarters to 28.3%.
Why the register moved: domestic institutions drove it (+3.7 points), alongside foreign institutions (+3.6 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
APL Apollo Tubes Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
APL Apollo Tubes Ltd trades at 51.3× P/E, at the pricey end of its own range (71st percentile). Its long-run median P/E is 41.4×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 51.3× is at the pricey end of its own range (71st percentile), against a long-run median of 41.4× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +58.8% against a +34.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +19.1%/yr price move, ~+17.6%/yr came from earnings growth and ~+1.5 pp from the multiple (expanding); over 10y, of the +37.7%/yr price move, ~+22.4%/yr came from earnings growth and ~+15.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 26 August 2026 price, APL Apollo Tubes Ltd was paying for profit growth of about 25.2% a year. Profit itself has compounded 28.1% a year over the past 10 years. Today the market pays 51.3× P/E, the 71st percentile of its own 11-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is close to what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 26 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 18 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
APL Apollo Tubes Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +79.9% at its peak to +53.4% but is still expanding, ROCE lifting at 30.8%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +11.5% | +12.6% | +22.1% | +18.7% |
| Profit | +58.9% | +23.3% | +24.1% | +28.1% |
| EPS | +58.8% | +23.3% | +24.6% | +26.0% |
| Share price | +34.2% | +11.9% | +19.1% | +37.7% |
4-Factor Sector Score
67.5/100 — rank 3 of 15 in Steel - Tubes/Pipes · 100% evidence confidence
APL Apollo Tubes Ltd scores 67.5 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 3. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 24.1 + 18.6 + 12.7 + 12.1 = 67.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What APL Apollo Tubes Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
🚨 FY '27 volume guidance is below January's 20% target · 3 August 2026. The Jan 2026 call explicitly upgraded sales volume growth guidance to 20% for FY '27. In Aug 2026, management said it could confidently commit only to 15%, with 20% dependent on tailwinds, representing a material reduction in the committed target versus the earlier call.
🚨 UAE operating level materially below prior disclosure · 3 August 2026. In May 2026, management described the Dubai operation as running at 40% utilization. In Aug 2026, management said the business had been almost at zero for 4-5 months, which overlaps the May reporting period and is materially inconsistent with the earlier disclosure; management did not reconcile whether these were different measures or explain the deterioration.
🚨 FY27 Volume Growth Guidance Silently Downgraded · 4 May 2026. In the Jan 2026 call, management explicitly upgraded FY27 volume growth guidance to 20% and reiterated this number multiple times on the same call, also stating they would not take guidelines back at any cost. The May 2026 call walked this back to a 15-20% range and directly guided investors to take the lower end of 15%, a material downward revision from the prior unambiguous 20% floor. Compounding the credibility concern, Sanjay Gupta in May 2026 characterized the prior guidance as '15-20%' when the Jan 2026 call unambiguously stated 20%, understating the magnitude of the revision made.
Dividend Payout Policy Commitment Quietly Abandoned · 4 May 2026. In the Jan 2026 call, management announced a specific upgrade to its minimum dividend payout policy from 20% to 25%, framing this as a firm and ongoing commitment with no conditionality attached. In the May 2026 call, no reference was made to the 25% minimum threshold and the capital return approach was reframed as an undecided choice between dividends and a buyback, effectively dropping the explicit policy commitment without acknowledgment or explanation.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Sambhv Steel Tubes LtdSAMBHV | 69.4/100Favorable setup77% evidence | BREAKING OUT | 28.2/35 Revenue 48.7% · PAT 100% · OPM change 0 pp 100% evidence | 16.2/25 ROCE 19.4% · OPM 13% 100% evidence | 10.0/20 P/E 26× · PEG — 15% evidence | 15.0/20 RS sector 15.4% · RS bench 37% · 1Y 23%7 of 12 weeks ahead 70% evidence |
| Exact sum: 28.2 + 16.2 + 10 + 15 = 69.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Man Industries (India) LtdMANINDS | 68.5/100Favorable setup100% evidence | BREAKING OUT | 23.0/35 Revenue 10.8% · PAT 25.9% · OPM change 7 pp 100% evidence | 14.5/25 ROCE 16.2% · OPM 14% 100% evidence | 11.4/20 P/E 31.3× · PEG 0.2 100% evidence | 19.6/20 RS sector 50.2% · RS bench 76.4% · 1Y 107.8%7 of 12 weeks ahead 100% evidence |
| Exact sum: 23 + 14.5 + 11.4 + 19.6 = 68.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3APL Apollo Tubes Ltdthis pageAPLAPOLLO | 67.5/100Favorable setup100% evidence | BREAKING OUT | 24.1/35 Revenue 10.4% · PAT 53.4% · OPM change 0 pp 100% evidence | 18.6/25 ROCE 31.8% · OPM 7% 100% evidence | 12.7/20 P/E 51.3× · PEG 0.7 100% evidence | 12.1/20 RS sector -0.7% · RS bench 18.9% · 1Y 33.3%6 of 12 weeks ahead 100% evidence |
| Exact sum: 24.1 + 18.6 + 12.7 + 12.1 = 67.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 4DEE Development Engineers LtdDEEDEV | 62.2/100Mixed-positive evidence93% evidence | FADING | 27.8/35 Revenue 40.1% · PAT 50% · OPM change 1 pp 100% evidence | 8.0/25 ROCE 10.7% · OPM 17% 100% evidence | 13.0/20 P/E 61.4× · PEG 0.62 65% evidence | 13.4/20 RS sector 45.2% · RS bench 67.3% · 1Y 131.9%8 of 12 weeks ahead 100% evidence |
| Exact sum: 27.8 + 8 + 13 + 13.4 = 62.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Venus Pipes & Tubes LtdVENUSPIPES | 61.4/100Mixed-positive evidence100% evidence | LEADER | 16.1/35 Revenue 21.9% · PAT 14.3% · OPM change 0 pp 100% evidence | 19.6/25 ROCE 21.3% · OPM 16% 100% evidence | 6.8/20 P/E 45.5× · PEG 3.93 100% evidence | 18.9/20 RS sector 44.7% · RS bench 70.6% · 1Y 70.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.1 + 19.6 + 6.8 + 18.9 = 61.4 · Decision use: Price leads the evidence: RS versus the benchmark is 70.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 6Gandhi Special Tubes LtdGANDHITUBE | 61.1/100Mixed-positive evidence87% evidence | TURNING | 22.0/35 Revenue 11.1% · PAT 13.6% · OPM change 4 pp 95% evidence | 19.3/25 ROCE 28.4% · OPM 47% 95% evidence | 11.1/20 P/E 13.4× · PEG — 50% evidence | 8.7/20 RS sector -8.9% · RS bench 8.6% · 1Y -5.3%2 of 12 weeks ahead 100% evidence |
| Exact sum: 22 + 19.3 + 11.1 + 8.7 = 61.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7JTL Industries LtdJTLIND | 59.6/100Mixed-positive evidence100% evidence | BREAKING OUT | 25.3/35 Revenue 19% · PAT 42.4% · OPM change 3.7 pp 100% evidence | 5.5/25 ROCE 9.6% · OPM 8% 100% evidence | 13.6/20 P/E 29.2× · PEG 1.27 100% evidence | 15.2/20 RS sector 8.5% · RS bench 28.6% · 1Y 14%9 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 5.5 + 13.6 + 15.2 = 59.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Maharashtra Seamless LtdMAHSEAMLES | 50.1/100Mixed-positive evidence82% evidence | TURNING | 9.7/35 Revenue -12.2% · PAT -16.1% · OPM change 2 pp 95% evidence | 13.3/25 ROCE 14.3% · OPM 16% 76% evidence | 12.7/20 P/E 13× · PEG — 50% evidence | 14.4/20 RS sector 3.1% · RS bench 22.7% · 1Y 14.5%3 of 12 weeks ahead 100% evidence |
| Exact sum: 9.7 + 13.3 + 12.7 + 14.4 = 50.1 · Decision use: Price leads the evidence: RS versus the benchmark is 22.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Welspun Specialty Solutions LtdWELSPLSOL | 46.3/100Mixed-negative evidence74% evidence | FADING | 20.0/35 Revenue 15.2% · PAT 100% · OPM change 3.3 pp 74% evidence | 5.8/25 ROCE 9.9% · OPM 5.4% 100% evidence | 8.5/20 P/E 129× · PEG — 15% evidence | 12.0/20 RS sector 12.3% · RS bench 32.7% · 1Y 59.2%11 of 12 weeks ahead 100% evidence |
| Exact sum: 20 + 5.8 + 8.5 + 12 = 46.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Scoda Tubes LtdSCODATUBES | 45.0/100Mixed-negative evidence65% evidence | ASLEEP | 9.6/35 Revenue 11.2% · PAT 8.7% · OPM change -1.7 pp 95% evidence | 16.8/25 ROCE 16.5% · OPM 12.8% 95% evidence | 10.4/20 P/E 20.8× · PEG — 15% evidence | 8.2/20 RS sector — · RS bench -10.4% · 1Y -27.2%3 of 10 weeks ahead 25% evidence |
| Exact sum: 9.6 + 16.8 + 10.4 + 8.2 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Hariom Pipe Industries LtdHARIOMPIPE | 44.8/100Mixed-negative evidence74% evidence | ASLEEP | 12.0/35 Revenue 10.8% · PAT 1.5% · OPM change 0 pp 95% evidence | 15.8/25 ROCE 15.7% · OPM 12% 95% evidence | 10.9/20 P/E 16.4× · PEG — 15% evidence | 6.1/20 RS sector -14.3% · RS bench -2.7% · 1Y -25.3%5 of 10 weeks ahead 70% evidence |
| Exact sum: 12 + 15.8 + 10.9 + 6.1 = 44.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Goodluck India LtdGOODLUCK | 41.4/100Mixed-negative evidence100% evidence | BASING | 20.4/35 Revenue 9.9% · PAT 23.5% · OPM change 1 pp 100% evidence | 11.1/25 ROCE 14.4% · OPM 10% 100% evidence | 6.3/20 P/E 25.3× · PEG 1.71 100% evidence | 3.6/20 RS sector -57.6% · RS bench 25.4% · 1Y -51.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 20.4 + 11.1 + 6.3 + 3.6 = 41.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Hi-Tech Pipes LtdHITECH | 34.1/100Adverse evidence87% evidence | ASLEEP | 14.8/35 Revenue 61.2% · PAT -1.3% · OPM change -1.5 pp 95% evidence | 5.4/25 ROCE 9.8% · OPM 3.5% 95% evidence | 11.3/20 P/E 20.5× · PEG — 50% evidence | 2.6/20 RS sector -28.4% · RS bench -14.2% · 1Y -24.6%1 of 12 weeks ahead 100% evidence |
| Exact sum: 14.8 + 5.4 + 11.3 + 2.6 = 34.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Surya Roshni LtdSURYAROSNI | 31.5/100Adverse evidence100% evidence | ASLEEP | 13.3/35 Revenue 11.7% · PAT 8.3% · OPM change 0.7 pp 100% evidence | 10.8/25 ROCE 15.6% · OPM 5% 100% evidence | 4.5/20 P/E 14.7× · PEG 4.08 100% evidence | 2.9/20 RS sector -28.2% · RS bench -14% · 1Y -28.1%2 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 10.8 + 4.5 + 2.9 = 31.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Rama Steel Tubes LtdRAMASTEEL | 25.7/100Adverse evidence87% evidence | BASING | 8.7/35 Revenue -1.8% · PAT -44.1% · OPM change 2.1 pp 95% evidence | 4.7/25 ROCE 5.6% · OPM 2.7% 95% evidence | 7.9/20 P/E 54.1× · PEG — 50% evidence | 4.4/20 RS sector -47.8% · RS bench -36.4% · 1Y -58.4%1 of 12 weeks ahead 100% evidence |
| Exact sum: 8.7 + 4.7 + 7.9 + 4.4 = 25.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is APL Apollo Tubes Ltd's share price today?
APL Apollo Tubes Ltd trades at ₹2,270, +34.2% over the past year. The company is valued at ₹63,031 Cr. The stock sits at the very top of its 52-week range (₹1,719–₹2,270), +17.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 4 weeks in. — as of 18 September 2026.
What were APL Apollo Tubes Ltd's latest quarterly results?
APL Apollo Tubes Ltd reported revenue of ₹5,607 Cr and net profit of ₹263 Cr for the Jun 26 quarter. Revenue rose 8.5% and profit rose 11.0% year on year. Earnings per share were ₹9.48. The operating margin was 7.0%, 0.0 pp higher than a year earlier. — as of 18 September 2026.
What is APL Apollo Tubes Ltd's revenue?
APL Apollo Tubes Ltd reported revenue of ₹5,607 Cr in the Jun 26 quarter, +8.5% year on year. For the full FY26 fiscal year, revenue was ₹23,079 Cr (+11.5%). Over the last 10 years revenue compounded at 18.7% a year. — as of 18 September 2026.
What is APL Apollo Tubes Ltd's profit?
APL Apollo Tubes Ltd earned ₹263 Cr of net profit in the Jun 26 quarter, +11.0% year on year — the 7th straight quarter of growth. Full-year FY26 profit was ₹1,203 Cr. The operating margin ran 7.0% in the latest quarter. — as of 18 September 2026.
What is APL Apollo Tubes Ltd's market cap?
APL Apollo Tubes Ltd's market capitalisation is ₹63,031 Cr at a share price of ₹2,270. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 18 September 2026.
What is APL Apollo Tubes Ltd's P/E ratio?
APL Apollo Tubes Ltd trades at a P/E of 51.3×, at the 71st percentile of its own 11-year range, against a long-run median of 41.4×. This is a comparison with the stock's own history, not a value call — as of 18 September 2026.
Does APL Apollo Tubes Ltd pay a dividend?
Yes — APL Apollo Tubes Ltd's dividend payout was 20% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 18 September 2026.
Is APL Apollo Tubes Ltd overvalued?
On its own history, APL Apollo Tubes Ltd looks expensive: its P/E of 51.3× sits at the 71st percentile of its 11-year range (long-run median 41.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 18 September 2026.
Is APL Apollo Tubes Ltd growing?
Yes — APL Apollo Tubes Ltd is growing: latest-quarter revenue +8.5% year on year, profit +11.0%, and the margin +0.0 pp at 7.0%. The 10-year compound rates are 18.7% (revenue) and 28.1% (profit). The earnings engine currently reads: improving — as of 18 September 2026.
How is APL Apollo Tubes Ltd performing?
APL Apollo Tubes Ltd is in a confirmed uptrend, 4 weeks in. Its latest quarter's revenue rose 8.5% and profit rose 11.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 18 September 2026.
What stage is APL Apollo Tubes Ltd in?
Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +79.9% at its peak to +53.4% but is still expanding, ROCE lifting at 30.8%. The read comes from the last 12 quarters of growth (revenue growth +10.4% latest, profit growth +53.4% latest, eps growth +53.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 18 September 2026.
Is APL Apollo Tubes Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 4 of stage 2), trading +17.0% versus its 200-day average and at the very top of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 18 September 2026.
Is APL Apollo Tubes Ltd beating the market?
On recent form, yes — APL Apollo Tubes Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.6 years the stock moved +3,912% against the NIFTY 500's +272% — ahead of the index over the full window. — as of 18 September 2026.
Will APL Apollo Tubes Ltd's share price go up?
This page publishes no price forecast for APL Apollo Tubes Ltd. What it measures instead: the share price is ₹2,270, the price is in a confirmed uptrend 4 weeks in. Its P/E of 51.3× sits at the 71st percentile of its own 11-year range. — as of 18 September 2026.
Who owns APL Apollo Tubes Ltd?
Promoters hold 28.3% of APL Apollo Tubes Ltd, foreign institutions 35.1%, domestic institutions 18.6% and the public 18.0% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.7 points over 8 quarters. — as of 18 September 2026.
Does APL Apollo Tubes Ltd have too much debt?
No — APL Apollo Tubes Ltd's debt-to-equity is 0.09, and operating profit covers the interest bill 15×. FY26 borrowings were ₹498 Cr against equity of ₹5,297 Cr. The returns on this page are earned, not borrowed — as of 18 September 2026.
What is APL Apollo Tubes Ltd's capex?
APL Apollo Tubes Ltd spent ₹2,042 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹615 Cr, with ₹328 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 18 September 2026.
What is APL Apollo Tubes Ltd's cash flow?
APL Apollo Tubes Ltd generated ₹2,103 Cr of operating cash flow in FY26 and ₹1,488 Cr of free cash flow after ₹615 Cr of capital spending. Reported profit that year was ₹1,203 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 18 September 2026.
Is APL Apollo Tubes Ltd's profit real cash?
Yes — over the last 3 fiscal years, 165% of APL Apollo Tubes Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹2,103 Cr against reported profit of ₹1,203 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 18 September 2026.
Where is APL Apollo Tubes Ltd in its business cycle?
APL Apollo Tubes Ltd's FY26 operating margin was 8.0%, against a 13-year band of 5.0%–9.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 7.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 18 September 2026.
What growth does APL Apollo Tubes Ltd's price assume?
At its price on 26 August 2026, APL Apollo Tubes Ltd was priced for profit growth of about 25.2% a year. Profit itself has compounded 28.1% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 18 September 2026.
What could break the APL Apollo Tubes Ltd story?
Biggest watch item: the P/E sits at the 71st percentile of its own range — the multiple has already done part of the work. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 18 September 2026.
Is APL Apollo Tubes Ltd a stock worth studying right now?
This is not investment advice. The machine read: APL Apollo Tubes Ltd's earnings have outrun its stock. EPS grew +58.8% in a year against a +34.2% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 18 September 2026.
Not SEBI Registered !! Not Investment advice !!