APL Apollo Tubes LimitedQ1 FY27 Results & Financial Update
APL Apollo Tubes Limited: Q1 FY27 consolidated results and company financials – revenue ₹5,606.71 Cr, PAT ₹263.11 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore APL Apollo Tubes Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
APL Apollo Tubes Limited posted consolidated net revenue of INR 5,606.71 crore and a net profit (PAT) of INR 263.11 crore for the first quarter of fiscal year 2027, ended June 30, 2026.
Total sales volume for Q1 FY27 came in at 744,823 tonnes, marking a 6% year-on-year decrease and a 19% sequential contraction compared to the preceding quarter.
Management noted that structural steel tube demand was soft during the quarter owing to geopolitical uncertainties and a challenging macroeconomic environment.
Despite softer aggregate volumes, profitability per tonne remained resilient; EBITDA per tonne reached INR 5,522, representing an 18% year-on-year increase and flat sequential performance.
Total consolidated EBITDA reported in the investor presentation stood at INR 411.3 crore, delivering an 11% year-on-year expansion driven by an improving product mix and strong brand pull.
The company maintained a net-cash balance sheet with INR 1,406.4 crore in net cash at the end of Q1 FY27, backed by disciplined working capital management resulting in zero net working capital days.
Operating cash flow for the quarter was negative at INR (0.3) billion, while capital expenditure outflows stood at INR 216 crore, funded entirely from internal cash accruals.
Management expressed confidence in a demand recovery in the upcoming quarters, citing improved government budget allocations for the infrastructure sector and projecting a stronger performance in the second half of FY27 relative to the first half.
01 · Business model
What does APL Apollo Tubes do?
APL Apollo Tubes Limited is India's leading branded structural steel tube manufacturer, headquartered in the Delhi NCR region with a pan-India manufacturing footprint.
The company operates 11 manufacturing facilities representing a total installed capacity of 5 million tonnes, strategically distributed across Hyderabad, Sikandarabad, Bangalore, Hosur, Raipur, Malur, Murbad, and Umm Al Quwain in the UAE.
Its multi-product catalogue spans over 5,000 stock-keeping units (SKUs) catering to building material applications such as urban infrastructure, real estate, rural housing, commercial construction, greenhouse structures, and engineering applications.
Go-to-market execution relies on a three-tier distribution network comprising over 800 distributors, 50,000 retailers, and more than 200,000 fabricators across 300-plus towns and cities in India.
02 · Historical context
What shaped the business before this quarter
APL Apollo transitioned from a net-debt position of INR 2.4 billion in FY23 to a net-cash position of INR 15.3 billion by FY26 before closing Q1 FY27 with net cash of INR 14.1 billion.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹5,606.71 Cr |
| Total income | ₹5,646.23 Cr |
| Profit before tax | ₹352.43 Cr |
| Profit after tax | ₹263.11 Cr |
| EPS | ₹9.48 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated sales volume of 744,823 tonnes in Q1 FY27 comprised 568,691 tonnes under the APL Apollo Brand, 58,686 tonnes under SG Premium Brand, 25,929 tonnes from UAE operations, and 91,516 tonnes from roofing products.
Trading revenue for Q1 FY27 was reported at INR 2.4 billion.
What drove margins
EBITDA per tonne expanded 18% year-on-year to INR 5,522 (flat sequentially), supported by an increasing share of value-added products that carry EBITDA margins exceeding INR 5,000 per tonne.
Raw material costs for Q1 FY27 were INR 4,716.8 crore, employee costs stood at INR 106.1 crore, and other expenses were INR 372.5 crore.
05 · Demand, customers & order book
Where demand is coming from
The company's distribution network serves over 800 dealers, 50,000 retailers, and 200,000 fabricators across India.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Based on FY26 revenue breakdown, housing accounted for 64% of applications, commercial buildings represented 19%, infrastructure contributed 13%, and other uses accounted for 4%.
The company reported ongoing enquiries for 50 heavy structural steel projects representing 50 million square feet of visibility and 220,000 tonnes of heavy structural steel tubes.
Geography and market mix
The Umm Al Quwain plant in the UAE recorded sales volume of 25,929 tonnes during Q1 FY27.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company aims to expand total structural steel capacity to 8 million tonnes by FY28, incorporating 2 million tonnes of greenfield and brownfield additions across East (Gorakhpur, Siliguri), South (Malur), and Western coastal areas, alongside 1 million tonnes through debottlenecking and plant modernization.
Projects, capex and execution
Capital expenditure during Q1 FY27 amounted to INR 2,160 million (INR 216 crore), funded entirely through internal accruals.
08 · Strategy & new businesses
How the company is trying to change its growth mix
APL Apollo promotes readymade doorframes, fences, planks, and handrails under the 'Steel for Green' concept to substitute conventional wood applications in construction, saving an estimated 250,000 trees annually.
09 · Reported developments
What changed operationally
Net profit grew 11% year-on-year to INR 2,631 million (INR 2.63 billion) in Q1 FY27, underpinned by improved sales mix and strong realization per tonne.
Annualized return on capital employed (ROCE) for Q1 FY27 stood at 32.0% (compared to 37.3% in FY26), and annualized return on equity (ROE) registered at 19.4%.
10 · Pressure points & risks
What is not going smoothly
Sales volume declined 6% year-on-year and 19% sequentially to 744,823 tonnes due to soft demand resulting from geopolitical factors and challenging macroeconomic conditions.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital days remained at 0 days in Q1 FY27, unchanged from FY26 levels.
Operating cash flow for Q1 FY27 was negative at INR (0.3) billion due to inventory changes, resulting in a free cash flow outflow of INR 2.87 billion after accounting for capex.
Capital allocation & funding
Total debt stood at INR 4,293 million as of June 30, 2026, against cash and bank balances of INR 18,362 million, resulting in a net cash position of INR 14,064 million.
12 · Management guidance & targets
What management is targeting from here
Management stated that it expects demand conditions to improve in coming quarters on the back of higher government infrastructure budget allocations, leading to a much stronger performance in 2HFY27 compared to 1HFY27.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG and Sustainability scoring
APL Apollo scored in the 91st percentile in the 2025 Dow Jones Sustainability Indices (DJSI) assessment, reflecting continued improvement across social, economic, and environmental dimensions.
14 · Key Q&A
The quarter, answered directly
What does APL Apollo Tubes do?
APL Apollo Tubes Limited is India's leading branded structural steel tube manufacturer, headquartered in the Delhi NCR region with a pan-India manufacturing footprint.
What is the clearest takeaway from Q1 FY27?
APL Apollo Tubes Limited posted consolidated net revenue of INR 5,606.71 crore and a net profit (PAT) of INR 263.11 crore for the first quarter of fiscal year 2027, ended June 30, 2026.
What drove revenue or demand?
Consolidated sales volume of 744,823 tonnes in Q1 FY27 comprised 568,691 tonnes under the APL Apollo Brand, 58,686 tonnes under SG Premium Brand, 25,929 tonnes from UAE operations, and 91,516 tonnes from roofing products.
What mattered most for margins or profitability?
EBITDA per tonne expanded 18% year-on-year to INR 5,522 (flat sequentially), supported by an increasing share of value-added products that carry EBITDA margins exceeding INR 5,000 per tonne.
What changed operationally beyond the headline numbers?
The company aims to expand total structural steel capacity to 8 million tonnes by FY28, incorporating 2 million tonnes of greenfield and brownfield additions across East (Gorakhpur, Siliguri), South (Malur), and Western coastal areas, alongside 1 million tonnes through debottlenecking and plant modernization.
What is management guiding or targeting from here?
Management stated that it expects demand conditions to improve in coming quarters on the back of higher government infrastructure budget allocations, leading to a much stronger performance in 2HFY27 compared to 1HFY27.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Demand recovery in 2HFY27: Track whether government infrastructure spending translates into volume recovery and sales growth in the second half of fiscal 2027.
- 02
Capacity expansion execution: Monitor progress on greenfield and brownfield projects toward the targeted 8 million tonne capacity milestone by FY28.
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