APL Apollo Tubes Ltd. share price target

APL Apollo Tubes (APAT), a pioneer and market leader in India’s structural steel tubes industry with ~55-60% market share and a manufacturing capacity of 5 million metric tons (MMT) per annum across more than 11 plants, is currently facing demand headwinds.

We maintain our BUY rating on the stock.

APL's Q4FY26 performance was in-line with our expectations. Revenue grew 14% YoY to Rs63bn, driven by 9% YoY volume growth led by general structure and galvanized segment, despite a challenging macro environment. NSR grew 5% YoY due to rise in steel prices. APL posted highest ever EBITDA, rising 24% YoY to Rs5.1bn, while EBITDA/t increased by 14% YoY to Rs5,525, supported by EBITDA/t improvements across segments general structure (+18% YoY), rust proof (+27% YoY), and coated (+28% YoY). APL was able to reduce inventory by Rs2,500 mn by improved production planning and better credit terms, leading to cash...

We recommend a BUY with a target price of Rs 2,170/share, implying an upside of ~10% from the CMP.

APL Apollo Tubes is showing a well-structured Cup and Handle pattern on the daily timeframe, a formation that often signals trend continuation after a healthy consolidation. The stock has gradually rounded off its base over the past few months, reflecting steady accumulation rather than sharp speculative moves. The recent breakout from the handle portion of the pattern, accompanied by improved volumes, suggests that buyers are...

APL Apollo Tubes (APAT) is a leading manufacturer of structural steel tubes, with an annual production capacity of 5mn tonne. It has a distribution network spanning 29 cities in India and 20 countries. In Q3FY26, its sales mix comprised Apollo structural...

We maintain our BUY rating on the stock.

APL's Q3FY26 performance was above our expectations on all key parameters. Revenue grew 7% YoY to Rs58bn, driven by 11% YoY volume growth, led by strong volumes in general structure segment, despite a challenging macro environment. APL posted highest ever EBITDA, rising 37% YoY to Rs4.7bn, while EBITDA/t increased by 23% YoY to Rs5,145, aided by lower freight cost, operational leverage, robust performance in Dubai operations. Management aims to expand capacity from 5mnT to 8mnT by FY28 and further to 10mnT by FY30. Additionally, volume growth guidance has been revised upward from 10-15% to 20% for Q4FY26...

APL Apollo Tubes is showing a well-structured Cup and Handle pattern on the daily timeframe, a formation that often signals trend continuation after a healthy consolidation. The stock has gradually rounded off its base over the past few months, reflecting steady accumulation rather than sharp speculative moves. The recent breakout from the handle portion of the pattern, accompanied by improved volumes, suggests that buyers are...

APL Apollo Tubes (APAT) reported a healthy operating performance in 3QFY26. Its EBITDA grew 37% YoY (up 6% QoQ), fueled by an 11% YoY volume growth and a 23% YoY jump in EBITDA/MT to INR5,145.

APL Apollo Tubes (APAT) is India's undisputed market leader in structural steel tubes with a 55% market share and 4.5 MTPA capacity spread across 11 manufacturing facilities.

APL Apollo Tubes is showing a well-structured Cup and Handle pattern on the daily timeframe, a formation that often signals trend continuation after a healthy consolidation. The stock has gradually rounded off its base over the past few months, reflecting steady accumulation rather than sharp speculative moves. The recent breakout from the handle portion of the pattern, accompanied by improved volumes, suggests that buyers are...

We maintain our BUY rating on the stock.

APL's Q2FY26 profitability was ahead of our expectations. Revenue grew 9% YoY to Rs52bn, driven by 13% YoY volume growth, mainly supported by improved utilizations at Raipur and Dubai plant, despite a challenging macro environment APL posted highest ever EBITDA, rising 223% YoY (on a low base) to Rs4.5bn, while EBITDA/t increased by 187% YoY and 12% QoQ to Rs5,228, driven by better realizations, operational leverage, and absence of ESOP expenses. Management expects H2FY26 performance to be stronger than H1FY26. Also, APL aims to set-up a plant in Abu Dhabi to cater the EU region. Management has reiterated the FY26 volume growth guidance of 10%-15% and expects to achieve...

*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.

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...

We maintain our BUY rating on the stock.

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).