APL Apollo Tubes Ltd
APLAPOLLOAPL Apollo Tubes Ltd's earnings have outrun its stock. EPS grew +58.8% in a year against a +29.5% price move.
The sharpest disagreement: annual EPS moved +58.8% against a +29.5% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (7 weeks in) while the P/E sits at the 62nd percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +11.0% year on year, and 164% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
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 ₹2,083, in a downtrend and 7 weeks into that stage. That is +11.0% against its own 200-day average. It sits at 72% of a 52-week range of ₹1,660 to ₹2,246. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.
Today the stock is in a downtrend — week 7 of stage 4. At ₹2,083 it trades +11.0% versus its 200-day average and sits at 72% of its 52-week range (₹1,660–₹2,246).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +3,582% while the NIFTY 500 moved +284% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 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 17 May 2026. Where it sits in its own cycle: MATURE_GROWTH_WITH_DISRUPTION. Still open: Volume guidance has moved 20%→10-15%→20%→15-20% across 4 calls; dividend payout 25% floor abandoned; secondary market strategy reversed twice — systematic pattern, not isolated incidents.
Our read, 17 May 2026. Dominant market leader executing a margin-first pivot while multi-year capacity expansion compounds into a structurally improving earnings base.
From the numbers. PE at 62nd percentile of 10Y range (1.15x median) — not cheap on a cycle basis. However, decomposition is EARNINGS_DRIVEN: EPS has grown from Rs 9.58 (FY20) to Rs 27.28 (FY25) with FY26-27 guided to continue higher. The…
From the price. Price stage 4, week 7 — above its 200-day line, relative strength rising.
From the research. Dominant market leader executing a margin-first pivot while multi-year capacity expansion compounds into a structurally improving earnings base.
What is proven. Dominant market leader executing a margin-first pivot while multi-year capacity expansion compounds into a structurally improving earnings base.
What is not proven yet. Volume guidance has moved 20%→10-15%→20%→15-20% across 4 calls; dividend payout 25% floor abandoned; secondary market strategy reversed twice — systematic pattern, not isolated incidents.
The test written in advance. Management Guidance Credibility — Pattern of Silent Revisions — Management Guidance Credibility — Pattern of Silent Revisions Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe? by the next result.
The test written in advance. HRC Steel Price Volatility — Inventory Loss + Margin Compression — HRC Steel Price Volatility — Inventory Loss + Margin Compression Monthly HRC price + Q1 FY27 EBITDA/ton — below Rs 5,000 would be a warning signal by the next result.
The test written in advance. Middle East Crisis — Dubai Volume Recovery Timeline — Middle East Crisis — Dubai Volume Recovery Timeline Monthly Dubai utilization updates; Q1 FY27 actual volume vs 8.75L ton implied target by the next result.
What the company does. APL Apollo commands 55–65% structural steel tube market share with EBITDA/ton recovering from Rs 3,500 trough to Rs 5,500+ through pricing power and mix shift, not one-off gains. The Near-term volume disruption (Middle East crisis + domestic fuel shortage) is transient — Q4 FY26 EBITDA Rs 5,500/ton confirms margin durability even at 40% Dubai utilization. Capacity expansion from 5MT to 8MT by FY28 self-funded from internal cash flows, net cash Rs 1,510 Cr (turned from net debt), PAT guided 25–30% growth FY27 — but management consistency is a credibility overhang.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Operating Leverage Inflection — Volume… | HIGH | — | Rs 5,500/ton EBITDA maintained even at 40% Dubai utilization — volume recovery of 15-20% FY27 drops straight to PAT at 25-30%… | Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe? |
| Value-Added Product Mix Shift — SG Premium… | HIGH | — | SG Premium at 8-9% mix provides Rs 5,500-6,000/ton EBITDA floor — Patra deliberately de-prioritized below 30% share removes the… | Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe? |
| Geographical Expansion — East India +… | MEDIUM_HIGH | — | Two new East India plants + Abu Dhabi plant (1MT international capacity) provide next leg of addressable market; Dubai recovery… | Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe? |
| Market Share Consolidation… | MEDIUM_HIGH | — | 55% share trending to 60-65% as supply shocks (fuel, steel, credit) disproportionately burden unorganized competitors — APL's… | Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe? |
| Capacity Expansion 5MT → 8MT by FY28 | HIGH | — | Rs 1,400-1,500 Cr capex self-funded by FY28 for 8MT — operating leverage from 8MT on Rs 5,000-5,500/ton EBITDA would deliver Rs… | Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe? |
| Interest Cost Reduction — Net Cash + Debt… | LOW | — | Net debt Rs 500 Cr targeted for clearance Q1/Q2 FY27; at ~10.5% WACC this eliminates Rs 50 Cr+ annual interest drag — small but… | Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe? |
Lever 1 · Operating leverage — BUILDING. Rs 5,500/ton EBITDA maintained even at 40% Dubai utilization — volume recovery of 15-20% FY27 drops straight to PAT at 25-30% guided rate. What proves it keeps working: Operating Leverage Inflection — Volume Recovery to 15-20% FY27. It stops working if Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe?
Lever 2 · Value-added mix — BUILDING. SG Premium at 8-9% mix provides Rs 5,500-6,000/ton EBITDA floor — Patra deliberately de-prioritized below 30% share removes the drag. What proves it keeps working: Value-Added Product Mix Shift — SG Premium + Coated Products. It stops working if Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe?
Lever 10 · New geographies — BUILDING. Two new East India plants + Abu Dhabi plant (1MT international capacity) provide next leg of addressable market; Dubai recovery from 40% utilization the near-term watch. What proves it keeps working: Geographical Expansion — East India + International Recovery. It stops working if Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe?
Lever 15 · Market-share gains — BUILDING. 55% share trending to 60-65% as supply shocks (fuel, steel, credit) disproportionately burden unorganized competitors — APL's balance sheet and supplier relationships are the structural advantage. What proves it keeps working: Market Share Consolidation — Organized-Sector Gains. It stops working if Q1 FY27 actual volume (target 8.75L tons) — does management acknowledge miss or reframe?
Sources: our stock research file (17 May 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. Management is executing geographic diversification across two fronts. Domestic: East India entry with two new plants (capturing market from local unorganized players), Malur 2 in South for lighter structures. International: Dubai operations at 40% utilization due to Middle East crisis — management expects stabilization within 3-6 months, at which point the already-built 500,000-ton international capacity returns to 60-70%+ utilization. The Abu Dhabi plant (expanding international to 1MT total) represents a medium-term revenue leg. APL's brand premium and working capital advantage (negative working capital cycle) allow geographic expansion with minimal incremental capital vs unorganized…
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. The engine of the forward thesis. Q4 FY26 demonstrated structural margin durability at Rs 5,500+ EBITDA/ton despite geopolitical disruptions forcing Dubai to 40% utilization and domestic fuel shortages shutting CPVC production for 10-15 days. When volumes normalize (management guiding Apr 2.5L tons → May 3L → June 3.25L tons = 8.75L ton Q1 FY27), the fixed cost base spread over higher volumes drops directly to EBITDA. The Rs 1,500/ton January 2025 price hike and Rs 3,000/ton March 2025 pass-through established Rs 5,000-5,500/ton as the structural floor — pricing power confirmed against unorganized competition. Operating leverage from this base is the primary return driver for the next 4…
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 164% 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 164% 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 164%: 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 +13.1 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: 25.1% − 12.0% = a +13.1 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 47.1× P/E, mid-range by its own standards (62nd percentile). Its long-run median P/E is 41.3×, measured across 10.5 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 47.1× is mid-range by its own standards (62nd percentile), against a long-run median of 41.3× measured over 10.5 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 +29.5% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +21.0%/yr price move, ~+17.6%/yr came from earnings growth and ~+3.4 pp from the multiple (expanding); over 10y, of the +36.3%/yr price move, ~+22.4%/yr came from earnings growth and ~+13.9 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 unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
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 | +29.5% | +10.3% | +21.0% | +36.3% |
4-Factor Sector Score
71.0/100 — rank 1 of 15 in Steel - Tubes/Pipes · 100% evidence confidence
APL Apollo Tubes Ltd scores 71.0 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 1. 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 + 14.6 + 13.7 = 71. 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.
🚨 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.
Volume Guidance Reversal · 22 January 2026. Management previously lowered FY26 volume growth guidance to 10-15% in July and affirmed this 'unlikely to exceed' range in October 2025 due to macro headwinds. In a sharp reversal, the January 2026 call reinstated a 20% volume growth target for FY26 despite broadly similar market conditions. Earlier call (Oct 2025): “First half into financial year of”. Later call (Jan 2026): “Just to reiterate that we are seeking 20% volume growth for FY 26 and for the full year FY 27 over 26.”
Strategic Pivot on Secondary Market · 22 January 2026. In both prior calls, management adamantly rejected entering the secondary/sponge iron market, stating it would 'demolish' their brand and citing quality concerns. Contradicting this stance, the latest call highlights the success of their 'HD brand' specifically launched to compete with sponge iron players. Earlier call (Jul 2025): “I have not a reason we are going for the secondary steel because then we demolish our brand also. That will destroy our hard work and brand.” Later call (Jan 2026): “And the launch of HD brand in the base category worked well to compete with the smaller players in the structural team tube segment and the Sponge iron pipe players.”
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 |
|---|---|---|---|---|---|---|
| 1APL Apollo Tubes Ltdthis pageAPLAPOLLO | 71.0/100Favorable setup100% evidence | TURNING | 24.1/35 Revenue 10.4% · PAT 53.4% · OPM change 0 pp 100% evidence | 18.6/25 ROCE 31.6% · OPM 7% 100% evidence | 14.6/20 P/E 47.1× · PEG 0.7 100% evidence | 13.7/20 RS sector -0.4% · RS bench 8.6% · 1Y 31.6%1 of 12 weeks ahead 100% evidence |
| Exact sum: 24.1 + 18.6 + 14.6 + 13.7 = 71 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Sambhv Steel Tubes LtdSAMBHV | 68.0/100Favorable setup77% evidence | TURNING | 28.2/35 Revenue 48.7% · PAT 100% · OPM change 0 pp 100% evidence | 16.2/25 ROCE 19.4% · OPM 13% 100% evidence | 10.4/20 P/E 21.3× · PEG — 15% evidence | 13.2/20 RS sector 1.5% · RS bench 9.6% · 1Y 0.6%5 of 12 weeks ahead 70% evidence |
| Exact sum: 28.2 + 16.2 + 10.4 + 13.2 = 68 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Man Industries (India) LtdMANINDS | 64.3/100Mixed-positive evidence100% evidence | TURNING | 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 | 11.9/20 P/E 22× · PEG 0.2 100% evidence | 14.9/20 RS sector 21.1% · RS bench 30% · 1Y 42.8%7 of 12 weeks ahead 100% evidence |
| Exact sum: 23 + 14.5 + 11.9 + 14.9 = 64.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4DEE Development Engineers LtdDEEDEV | 63.3/100Mixed-positive evidence93% evidence | LEADER | 27.8/35 Revenue 40.1% · PAT 50% · OPM change 1 pp 100% evidence | 8.1/25 ROCE 10.9% · OPM 17% 100% evidence | 13.0/20 P/E 58× · PEG 0.62 65% evidence | 14.4/20 RS sector 60% · RS bench 67.5% · 1Y 140.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 27.8 + 8.1 + 13 + 14.4 = 63.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Venus Pipes & Tubes LtdVENUSPIPES | 60.1/100Mixed-positive evidence100% evidence | LEADER | 16.1/35 Revenue 21.9% · PAT 14.3% · OPM change 0 pp 100% evidence | 19.8/25 ROCE 22.5% · OPM 16% 100% evidence | 5.6/20 P/E 31.4× · PEG 4.16 100% evidence | 18.6/20 RS sector 10.2% · RS bench 18.3% · 1Y 18.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.1 + 19.8 + 5.6 + 18.6 = 60.1 · Decision use: Price leads the evidence: RS versus the benchmark is 18.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 6Gandhi Special Tubes LtdGANDHITUBE | 58.9/100Mixed-positive evidence87% evidence | ASLEEP | 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 | 11.3/20 P/E 14.2× · PEG — 50% evidence | 6.3/20 RS sector -4.8% · RS bench 3.1% · 1Y 23.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 22 + 19.3 + 11.3 + 6.3 = 58.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7JTL Industries LtdJTLIND | 58.7/100Mixed-positive evidence100% evidence | TURNING | 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 | 13.4/20 P/E 25.1× · PEG 1.27 100% evidence | 14.5/20 RS sector 0.1% · RS bench 8% · 1Y 6.2%9 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 5.5 + 13.4 + 14.5 = 58.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Welspun Specialty Solutions LtdWELSPLSOL | 49.6/100Mixed-negative evidence74% evidence | LEADER | 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 111× · PEG — 15% evidence | 15.3/20 RS sector 7.2% · RS bench 15.3% · 1Y 54.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20 + 5.8 + 8.5 + 15.3 = 49.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Goodluck India LtdGOODLUCK | 44.7/100Mixed-negative evidence100% evidence | FADING | 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 | 6.0/20 P/E 21.6× · PEG 1.69 100% evidence | 7.2/20 RS sector -1.4% · RS bench 6.3% · 1Y 29.8%10 of 12 weeks ahead 100% evidence |
| Exact sum: 20.4 + 11.1 + 6 + 7.2 = 44.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Scoda Tubes LtdSCODATUBES | 44.7/100Mixed-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 | 10.1/20 P/E 21.6× · PEG — 15% evidence | 8.2/20 RS sector — · RS bench -12.6% · 1Y -28.8%1 of 10 weeks ahead 25% evidence |
| Exact sum: 9.6 + 16.8 + 10.1 + 8.2 = 44.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Hariom Pipe Industries LtdHARIOMPIPE | 43.5/100Mixed-negative evidence74% evidence | BREAKING OUT | 12.0/35 Revenue 10.8% · PAT 1.5% · OPM change 0 pp 95% evidence | 15.3/25 ROCE 15.7% · OPM 12% 95% evidence | 10.9/20 P/E 15.9× · PEG — 15% evidence | 5.3/20 RS sector -14.3% · RS bench -11.9% · 1Y -20.1%10 of 10 weeks ahead 70% evidence |
| Exact sum: 12 + 15.3 + 10.9 + 5.3 = 43.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Maharashtra Seamless LtdMAHSEAMLES | 41.5/100Mixed-negative evidence82% evidence | BASING | 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 | 12.2/20 P/E 11.1× · PEG — 50% evidence | 6.3/20 RS sector -5.8% · RS bench 2.1% · 1Y -7.1%2 of 12 weeks ahead 100% evidence |
| Exact sum: 9.7 + 13.3 + 12.2 + 6.3 = 41.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Surya Roshni LtdSURYAROSNI | 33.4/100Adverse evidence100% evidence | ASLEEP | 13.3/35 Revenue 11.7% · PAT 8.3% · OPM change 0.7 pp 100% evidence | 11.4/25 ROCE 15.8% · OPM 5% 100% evidence | 4.8/20 P/E 15.6× · PEG 4.08 100% evidence | 3.9/20 RS sector -21.2% · RS bench -14.4% · 1Y -28.8%7 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 11.4 + 4.8 + 3.9 = 33.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Hi-Tech Pipes LtdHITECH | 31.8/100Adverse 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 | 10.2/20 P/E 21.1× · PEG — 50% evidence | 1.4/20 RS sector -23% · RS bench -16.4% · 1Y -13.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 14.8 + 5.4 + 10.2 + 1.4 = 31.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Rama Steel Tubes LtdRAMASTEEL | 25.1/100Adverse 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 | 7.8/20 P/E 55.7× · PEG — 50% evidence | 3.9/20 RS sector -47% · RS bench -41.6% · 1Y -58.7%1 of 12 weeks ahead 100% evidence |
| Exact sum: 8.7 + 4.7 + 7.8 + 3.9 = 25.1 · 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 ₹2,083, +29.5% over the past year. The company is valued at ₹57,845 Cr. The stock sits at 72% of its 52-week range of ₹1,660–₹2,246, +11.0% versus its 200-day average. On the tape, the price is in a downtrend, 7 weeks in. — as of 14 August 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 14 August 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 14 August 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 14 August 2026.
What is APL Apollo Tubes Ltd's market cap?
APL Apollo Tubes Ltd's market capitalisation is ₹57,845 Cr at a share price of ₹2,083. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is APL Apollo Tubes Ltd's P/E ratio?
APL Apollo Tubes Ltd trades at a P/E of 47.1×, at the 62nd percentile of its own 11-year range, against a long-run median of 41.3×. This is a comparison with the stock's own history, not a value call — as of 14 August 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 14 August 2026.
Is APL Apollo Tubes Ltd overvalued?
On its own history, APL Apollo Tubes Ltd looks mid-range: its P/E of 47.1× sits at the 62nd percentile of its 11-year range (long-run median 41.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 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 14 August 2026.
How is APL Apollo Tubes Ltd performing?
APL Apollo Tubes Ltd is in a downtrend, 7 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 2 weeks. This describes what the data did, not a rating. — as of 14 August 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 14 August 2026.
Is APL Apollo Tubes Ltd in an uptrend?
No — the price is in a downtrend (week 7 of stage 4), trading +11.0% versus its 200-day average and at 72% 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 14 August 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 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +3,582% against the NIFTY 500's +284% — ahead of the index over the full window. — as of 14 August 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 ₹2,083, the price is in a downtrend 7 weeks in. Its P/E of 47.1× sits at the 62nd percentile of its own 11-year range. — as of 14 August 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 14 August 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 14×. FY26 borrowings were ₹498 Cr against equity of ₹5,297 Cr. The returns on this page are earned, not borrowed — as of 14 August 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 14 August 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 14 August 2026.
Is APL Apollo Tubes Ltd's profit real cash?
Yes — over the last 3 fiscal years, 164% 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 14 August 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 14 August 2026.
What could break the APL Apollo Tubes Ltd story?
The sharpest disagreement: annual EPS moved +58.8% against a +29.5% price move — the market has not yet caught up with the delivery. 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 14 August 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 +29.5% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.