APL Apollo Tubes Ltd. share price target

*over or under performance to benchmark index APL Apollo Tubes Ltd (APAT) is a leading manufacturer of structural steel tubes, with an annual production capacity of 4.5mn ton. It has a distribution network spanning 29 cities in India and 20 countries globally. In Q1FY26, its sales mix comprised Apollo structural tubes (~64%), Apollo Z (~32%) and Apollo Galv (~4%), catering to a diverse...

Consolidated revenue came in at Rs. 5,169 crore, up 3.9% y-o-y, while operating profit rose 23.3% y-o-y to Rs. 372 crore.

We maintain our BUY rating on the stock.

APL's Q1FY26 performance was below our expectations. Revenue grew 4% YoY to Rs51.7bn, driven by 10% YoY volume growth, which was offset by 6% YoY decline in realizations due to a drop in steel prices. EBITDA rose 23% YoY to Rs3.7bn, while EBITDA/t increased by 12% YoY to Rs4,683 but declined by 4% QoQ due to higher employee cost related to ESOP expenses and lower volumes. Management expects performance to improve in H2 with conclusion of monsoon and increased govt. spending boosting money supply. However, management has reduced FY26 volume growth guidance to 10%-15% from 15%20% and expect EBITDA/t to range between Rs4,600-Rs5,000/t. We revise our...

Consolidated revenue came in at Rs. 5,169 crore, up 3.9% y-o-y, while operating profit rose 23.3% y-o-y to Rs. 372 crore.

APL Apollo Tubes (APAT) showed a healthy recovery in operating performance in 1QFY26 despite weaker macroeconomic conditions, higher employee costs (incl. one-off ESOP cost) and geopolitical headwinds. EBITDA grew 23% YoY, led by volume growth of 10% YoY and EBITDA/MT of INR4,683 (up 12% YoY).

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.

Consolidated revenues beat estimates at Rs. 5,433 crore (up 30% y-o-y) led by 37% y-o-y growth in sales volumes. Also, its quarterly EBITDA/tonne stood at Rs. 4,174 (up 129% QoQ) owing to better price realisation.

Domestic steel prices have shown marginal improvement, with prices stabilizing after a recent decline. This positive development, along with India’s transition to a net steel exporter, bodes well for the steel sector

We maintain our BUY rating on the stock.

We maintain a Buy on the stock with an unchanged PT of Rs. 1850, considering its strong outlook led by capacity additions and structural demand drivers.

APL Apollo Tubes (APAT) reported the fourth consecutive quarter of weak operating performance (EBITDA/MT down 62% YoY in 2Q) on account of inventory loss of ~INR1.5b.

We maintain our BUY rating on the stock.

APL Apollo Tubes (APAT) reported healthy sales volume of 721kmt (up 9% YoY/6% QoQ) in 1QFY25, led by the ramp-up of its Raipur and Dubai plants.

APL Apollo Tubes (APL) reported largely in-line consolidated revenues at Rs. 4974 crore (up 9.4% y-o-y) led by 9% y-o-y growth in sales volumes. However, consolidated EBITDA/tonne at Rs. 4183 (down 9.9% y-o-y.