Financial Performance Summary

Q2 FY27 Performance Highlights:

  • Sales Volume: 963,143 Ton (+13% YoY, +29% QoQ)
  • Revenue: ₹70.0 Billion (+34% YoY, +25% QoQ)
  • EBITDA: ₹5.8 Billion (+29% YoY, +40% QoQ)
  • EBITDA/ton: ₹5,999 (+15% YoY, +9% QoQ)
  • Net Profit: ₹3.8 Billion (+27% YoY, +45% QoQ)
  • Interest Cost: ₹524 Million (+90% YoY, +35% QoQ)
  • Cash Profit: ₹4.5 Billion (+25% YoY, +39% QoQ)

H1 FY27 Performance Highlights:

  • Sales Volume: 1,707,966 Ton
  • Revenue: ₹126.1 Billion (+22% YoY)
  • EBITDA: ₹9.9 Billion (+21% YoY)
  • EBITDA/ton: ₹5,791
  • PAT: ₹6.5 Billion (+20% YoY)
  • Net Cash: ₹16.3 Billion (vs ₹15.3 Billion in FY26)
  • Net Working Capital: 0 days (same as FY26)
  • ROCE: 39.7% (vs 37.3% in FY26)
  • ROE: 27.7% (vs 25.3% in FY26)

Detailed Financial Analysis

Profit & Loss Statement (Consolidated):

| Particulars (Rs Mn) | Q2FY26 | Q2FY27 | Growth YoY |

| Sales Volume (K Ton)| 855 | 963 | +13% |

| Net Revenue | 52,063 | 70,017 | +34% |

| Raw Material Costs | 43,413 | 58,985 | +36% |

| Employee Costs | 887 | 1,065 | +20% |

| Other expenses | 3,293 | 4,189 | +27% |

| EBITDA | 4,470 | 5,778 | +29% |

| EBITDA/ton (Rs) | 5,228 | 5,999 | +15% |

| Other Income | 251 | 402 | +60% |

| Interest Cost | 276 | 524 | +90% |

| Depreciation | 581 | 659 | +13% |

| Tax | 848 | 1,173 | +38% |

| Net Profit | 3,015 | 3,824 | +27% |

Product Category Performance (Ton):

| Product Category | Q2FY27 | Q1FY27 | Q2FY26 |

| APL Apollo Brand | 774,751 | 568,691 | 653,680 |

| SG Premium Brand | 26,910 | 58,686 | 38,356 |

| UAE Operations | 26,227 | 25,929 | 57,931 |

| Roofing Products | 135,255 | 91,516 | 105,071 |

| Total | 963,143 | 744,823 | 855,037 |

Balance Sheet Position (Consolidated):

| Assets (Rs mn) | FY26 | H1FY27 |

| Cash & Bank Balance | 19,847 | 25,462 |

| Receivables | 3,507 | 3,782 |

| Inventories | 14,453 | 16,752 |

| Other current assets | 3,274 | 4,305 |

| Fixed assets (net) | 40,683 | 41,712 |

| Right to use Assets | 1,810 | 1,404 |

| Investments | 485 | 513 |

| Other assets/goodwill| 4,273 | 5,532 |

| Liabilities (Rs mn) | FY26 | H1FY27 |

| Trade payables | 23,683 | 25,653 |

| Other current liabilities| 3,087 | 2,929 |

| Debt | 4,525 | 9,181 |

| Others | 4,073 | 4,297 |

| Shareholders' funds | 52,965 | 57,403 |

Cash Flow Performance:

  • Operating Cash Flow to EBITDA: 69% in H1FY27 (vs 111% in FY26)
  • Capex: ₹6,520 Million in FY26

Business Strategy and Capacity Expansion

Capacity Expansion Plan:

  • The company has a capacity expansion plan targeting completion by FY28
  • Current manufacturing capacity: 5 Million Ton across 11 facilities
  • Manufacturing locations: Hyderabad, Sikandarabad (UP, 3 plants), Bangalore, Hosur (Tamil Nadu), Raipur (Chhattisgarh, 2 plants), Malur (Karnataka), Murbad (Maharashtra), Umm AI Quwain (UAE)

Distribution Network:

  • 3-tier distribution network with over 800 Distributors
  • Presence in over 300 towns and cities across India

Demand Drivers and Market Applications

Application Mix:

  • 19% Commercial Buildings
  • 13% Infrastructure
  • 4% Others

Key Application Areas:

  • High Rise Buildings (Hospitals, Housing, Schools, Courts, Hotels/Malls/Offices)
  • Warehouses/Cold Storage/Food Parks
  • Factory Buildings/Process Structures
  • Aviation Hangers
  • Data Centres
  • Railway Stations/Airports

Ongoing Enquiries Highlighted:

  • Multiple hospital projects across Delhi, Uttar Pradesh, Imphal
  • University campuses in Uttar Pradesh and Roorkee
  • Railway Station in Andhra Pradesh
  • Factories in West Bengal and Assam
  • Commercial buildings in Delhi, Punjab, Uttar Pradesh
  • Airport in Uttar Pradesh
  • Ethanol plant in Jammu

ESG Performance and Initiatives

ESG Achievements:

  • Scored 91th percentile in DJSI 2025
  • Scope 1 & 2 Emissions reduced by 58.8% by 2034 target (from FY2024 baseline)
  • Net Zero target by 2050
  • Renewable electricity usage: 35% in FY26 (vs 31% in FY25)
  • Scope 1+2 emissions fell 19.0% to 83,186 tCO₂e in FY26
  • Waste recovered: 155,301 MT with 12% intensity improvement
  • Water intensity: 27.6 kL per INR crore
  • ZLD-compliant plants implementation ongoing

Steel for Green Initiative:

  • First company to innovate readymade Doorframe, Fence, Plank and Hand rails replacing conventional wood
  • Saving 250,000 trees annually through steel substitution
  • First to innovate narrow and thicker color coated galvanized sheets

Management Commentary

Mr. Sanjay Gupta, Chairman, commented: \"APL Apollo Tubes delivered its strongest-ever quarterly performance, with Q2FY27 sales volumes, EBITDA and PAT growing 13%, 29% and 27% YoY, respectively. The company's EBITDA/Ton stood strong at ₹5,999/Ton, supported by a higher share of value-added products and the strength of the APL Apollo brand. This business performance was achieved despite the disruption in company's UAE operations.\"

\"We expect demand to improve over the coming quarters, supported by higher government budget allocations for the infrastructure sector. We are ready with our capacity, diversified product portfolio, distribution network and strong brand pull. Henceforth we expect 2HFY27 to perform better than 1HFY27.\"

Forward Outlook

  • Expects 2HFY27 to perform better than 1HFY27
  • Anticipates improved demand from higher government infrastructure budget allocations
  • Company positioned with capacity, diversified product portfolio, and strong distribution network
  • Maintains prudent working capital management (0 days net working capital)

Company Overview

APL Apollo Tubes Limited is India's leading structural steel tube manufacturer with:

  • 11 manufacturing facilities with total capacity of 5 Mn Ton
  • Multi-product offerings include over 5,000+ varieties
  • Serves urban infrastructure, real estate, rural housing, commercial construction, greenhouse structures and engineering applications
  • Pan-India presence with strategic manufacturing locations