APL Apollo Tubes, the world's largest branded structural steel tube maker with 11 plants and 5 Mn ton capacity, heads into its Q2 FY 2026-2027 print with volumes at an all-time high but margins under a new test. The quarter's key questions are whether the Rs. 5,500/ton EBITDA floor held as HRC prices surged to a four-year high, and whether FY27 guidance of 15-20% volume growth survives a first half that grew only 4%.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 5,606.71 Cr |
| Previous quarter PAT | Rs. 263.11 Cr |
| Previous quarter EBITDA margin | 7.34% |
| Market cap | Rs. 57,137.12 Cr |
| CMP | Rs. 2067.8 |
APL Apollo Tubes' board meets on October 26, 2026 to consider the audited financial results for Q2 FY 2026-2027 (quarter ended September 30, 2026). The intimation covers both BSE (533758) and NSE (APLAPOLLO) listings.
The Q2 print arrives with the volume story already on record — 963,143 tons, an all-time high, up 13% YoY and 29% QoQ, though about 96% of management's 10-lakh-ton target — so the real test is margin and guidance credibility. HRC, the company's key raw material, rose roughly Rs. 6,000/tonne from early August to Rs. 64,000/tonne by late September, a four-year high, and management has said duty-driven raw-material increases are 'fully passed on' while guiding FY27 spreads of Rs. 5,000-5,500/ton with possible Rs. 100-200/ton pricing adjustments over nine months. Mix is divergent: UAE operations fell about 55% YoY and SG Premium Brand about 30% YoY in Q2 against segment EBITDA/ton guides of Rs. 5,000-6,000 and around Rs. 500 respectively, while Apollo branded (774,751 tons) and roofing products (135,255 tons) grew. Q1FY27 EBITDA/ton of Rs. 5,522 sat just above the Rs. 5,500 guided floor, and the FY27 goalpost of '20% EBITDA growth on an absolute basis' implies a steep H2 ramp with the ask rate 'closer to INR4 lakhs per ton on a monthly run-rate basis'. The call will also need to confirm the Gorakhpur plant's September startup with full ramp-up volumes in Q3FY27, and whether the 15-20% FY27 volume growth range is held, trimmed, or re-timed given H1FY27 volume grew only 4%.
Guidance scorecard — latest stated vs actual: How management's recent targets stacked up ahead of this call:
FY27 guidance tracking — volume, EBITDA and ROCE: The central theme of the call is whether full-year targets survive a soft H1:
Segment EBITDA/ton disclosure on the new reporting structure: First full quarters on the four-segment volume reporting:
Gorakhpur, Siliguri and Malur ramp timelines: Capacity additions underpin the volume guidance:
Pricing strategy and margin-protection posture: Which lever governs the quarter:
Management has set a goalpost of '20% EBITDA growth on an absolute basis' for FY27, with volume growth of 15% to 20%. On the Q4FY26 call it framed this as EBITDA growth of 20-25% and PAT growth of 25-30%.
Q1FY27 EBITDA/ton of Rs. 5,522 sat just above the Rs. 5,500 guided floor, and management is targeting Rs. 5,500/ton for FY27. On sustainability, Chairman Sanjay Gupta said the Apollo brand outcome 'will depend on UAE and roofing products', leaving segment-mix margin risk open.
H1FY27 volume grew only 4% YoY against full-year guidance of 15-20%, though Q2FY27 set an all-time record of 963,143 tons, about 96% of the 10-lakh-ton target. The path requires an H2 run-rate of closer to 4 lakh tons per month, so watch whether the 15-20% range is maintained, trimmed, or re-timed.
Gorakhpur was slated to commence operations in September with full ramp-up volumes in Q3FY27, and Siliguri is expected in Q4FY27. The Malur plant, a 1 Mn ton value-added facility with anticipated EBITDA margin over 8,000, is expected operational in the July-October quarter of next year.