APL Apollo Tubes LimitedQuarter ended September 30, 2026 Results & Financial Update
APL Apollo Tubes Limited: Quarter ended September 30, 2026 consolidated results and company financials – revenue ₹7,001.70 Cr, PAT ₹382.42 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore APL Apollo Tubes Quarter ended September 30, 2026 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 reported its strongest-ever quarterly operational and financial performance for the quarter ended September 30, 2026, overcoming temporary disruptions in its UAE operations to deliver robust double-digit volume and profit growth.
Consolidated net revenue for Q2 FY27 expanded to Rs 7,001.70 crore, representing a 26.58% increase compared to Rs 5,531.28 crore in the corresponding period of the previous year and a 24.88% sequential rise from Rs 5,606.71 crore in Q1 FY27.
Profit after tax (PAT) for the quarter rose 26.82% year-on-year to Rs 382.42 crore, up from Rs 301.54 crore in Q2 FY25, and increased 45.35% sequentially from Rs 263.11 crore reported in the preceding quarter.
Sales volume reached 963,143 tons during Q2 FY27, reflecting a 13% year-on-year growth and a 29% sequential surge, driven by robust demand recovery and increased offtake across core structural steel product lines.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached Rs 577.80 crore (stated as Rs 5.8 billion in company presentations), higher by 29% over the year-ago period and 40% sequentially.
EBITDA per ton stood at Rs 5,999, marking a 15% improvement year-on-year and a 9% rise quarter-on-quarter, supported by a higher contribution from value-added product offerings and strong brand pull.
Prudent working capital management allowed the company to maintain net working capital days at zero during the half-year ended September 30, 2026, while generating positive operating cash flows and reinforcing a net cash balance sheet position of Rs 1,630 crore.
01 · Business model
What does APL Apollo Tubes do?
APL Apollo Tubes Limited operates as India's leading branded structural steel tube manufacturer, offering a comprehensive product portfolio designed for construction and infrastructure applications.
The company maintains a pan-India manufacturing footprint comprising 11 strategically located production facilities across regions such as Delhi NCR, Uttar Pradesh, Karnataka, Tamil Nadu, Chhattisgarh, Maharashtra, and an international plant in Umm Al Quwain, UAE, bringing total installed capacity to 5 million tons.
APL Apollo's manufacturing capabilities encompass over 5,000 product varieties ranging from small structural tubes to heavy industrial sections, serving diverse end-use verticals including housing, commercial real estate, urban infrastructure, and industrial warehousing.
The operational model relies on an extensive 3-tier distribution network consisting of over 800 distributors reaching more than 300 towns and cities across India, supported by lean working capital management.
02 · Historical context
What shaped the business before this quarter
Over the preceding decade up to FY26, APL Apollo expanded its sales volume, EBITDA, and net profit at compound annual growth rates of 15%, 20%, and 28% respectively.
The company established its pan-India production footprint across 11 manufacturing plants, reaching an aggregate installed capacity of 5 million tons prior to launching ongoing expansion projects.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹7,001.70 Cr | ₹5,531.28 Cr | ₹5,606.71 Cr |
| Total income | ₹7,041.86 Cr | ₹5,556.35 Cr | ₹5,646.23 Cr |
| Profit before tax | ₹499.70 Cr | ₹386.36 Cr | ₹352.43 Cr |
| Profit after tax | ₹382.42 Cr | ₹301.54 Cr | ₹263.11 Cr |
| EPS | ₹13.62 | ₹10.86 | ₹9.48 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 5.5% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 7.1% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹40.16 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Core APL Apollo brand volumes reached 774,751 tons, while roofing products contributed 135,255 tons to total quarterly volume.
What drove margins
A greater contribution from high-margin value-added offerings drove EBITDA per ton up to Rs 5,999, compared to Rs 5,228 in Q2 FY26 and Rs 5,522 in Q1 FY27.
Higher capacity utilization across manufacturing units following the post-monsoon demand pickup improved fixed-cost absorption.
05 · Demand, customers & order book
Where demand is coming from
The company reported ongoing project enquiries for heavy structural steel tubes spanning 50 projects, providing 50 million square feet of visibility and representing 220,000 tons of potential demand.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Based on H1 FY27 revenue, housing accounted for 64% of product application, commercial buildings represented 19%, infrastructure contributed 13%, and other applications formed 4%.
Geography and market mix
Business performance in the quarter was achieved despite operational disruptions at the company's Umm Al Quwain facility in the UAE, which recorded 26,227 tons of sales volume during Q2 FY27.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
The company's expansion roadmap targets an aggregate capacity of 8 million tons of structural steel by FY28, incorporating 2 million tons of greenfield and brownfield capacity across Eastern units (Gorakhpur, Siliguri), Southern units (Malur), and Western coastal areas, alongside 1 million tons through plant modernization and debottlenecking.
08 · Strategy & new businesses
How the company is trying to change its growth mix
APL Apollo continues to promote its 'Steel for Green' concept, substituting conventional wood applications in building construction with readymade structural steel doorframes, fences, planks, and handrails, saving approximately 250,000 trees annually.
09 · Reported developments
What changed operationally
Quarterly net profit grew 27% YoY and 45% QoQ to reach Rs 3,824 million, supported by robust volume growth and firm realisations.
10 · Pressure points & risks
What is not going smoothly
The company experienced temporary operational disruptions at its UAE manufacturing plant during the quarter.
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 for H1 FY27, matching the performance level recorded in FY26.
Operating cash flow for H1 FY27 reached Rs 6,827 million (Rs 6.8 billion), while free cash flow stood at Rs 1,795 million (Rs 1.8 billion) after funding capital expenditure of Rs 4,091 million.
Capital allocation & funding
The company maintained a net cash position of Rs 16,281 million (Rs 16.3 billion) as of September 30, 2026, compared to Rs 15,323 million at the end of FY26.
12 · Management guidance & targets
What management is targeting from here
Management expects demand to improve over coming quarters, supported by higher government budget allocations for the infrastructure sector, and stated an expectation that performance in 2HFY27 will surpass 1HFY27.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
DJSI ESG Scoring
APL Apollo achieved a score placing it in the 91st percentile in the 2025 Dow Jones Sustainability Indices assessment for peer companies.
14 · Previous-quarter changes
What changed since the previous quarter
Sales volume rebounded sharply by 29% QoQ from 744,823 tons in Q1 FY27 to 963,143 tons in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does APL Apollo Tubes do?
APL Apollo Tubes Limited operates as India's leading branded structural steel tube manufacturer, offering a comprehensive product portfolio designed for construction and infrastructure applications.
What is the clearest takeaway from Quarter ended September 30, 2026?
APL Apollo Tubes reported its strongest-ever quarterly operational and financial performance for the quarter ended September 30, 2026, overcoming temporary disruptions in its UAE operations to deliver robust double-digit volume and profit growth.
What drove revenue or demand?
Core APL Apollo brand volumes reached 774,751 tons, while roofing products contributed 135,255 tons to total quarterly volume.
What mattered most for margins or profitability?
A greater contribution from high-margin value-added offerings drove EBITDA per ton up to Rs 5,999, compared to Rs 5,228 in Q2 FY26 and Rs 5,522 in Q1 FY27.
What changed operationally beyond the headline numbers?
The company's expansion roadmap targets an aggregate capacity of 8 million tons of structural steel by FY28, incorporating 2 million tons of greenfield and brownfield capacity across Eastern units (Gorakhpur, Siliguri), Southern units (Malur), and Western coastal areas, alongside 1 million tons through plant modernization and debottlenecking.
What is management guiding or targeting from here?
Management expects demand to improve over coming quarters, supported by higher government budget allocations for the infrastructure sector, and stated an expectation that performance in 2HFY27 will surpass 1HFY27.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of FY28 Capacity Expansion: Monitor the commissioning milestones of greenfield and brownfield projects in Eastern and Southern regions toward the 8 million ton capacity target.
- 02
UAE Operations Normalization: Track the stabilization and throughput recovery at the Umm Al Quwain manufacturing facility following Q2 disruptions.
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