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India's largest structural steel tube maker, producing branded welded steel pipes for construction and infrastructure.
India's largest structural steel tube maker, producing branded welded steel pipes for construction and infrastructure.
Buys flat steel coil from mills, converts it into tubes in plants across India and sells by the tonne through distributors, so profit depends on the spread over coil cost and on shifting sales toward branded, higher-grade products such as heavy structural and galvanised tubes. Founder Sanjay Gupta's family retains control.
In one line: India's branded structural-tube leader.
Moat: narrow (scale, brand, distribution). Largest branded tube capacity and dealer network in a fragmented Indian pipe market.
Headquarters: Noida, India · Founded: 1986 · Employees: 6,267
Size APL Apollo Tubes (APLAPOLLO.NS) is an India Materials company (Steel) with a market value of $6.42B, the 175th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,185 on 6 Nov 2026.
Performance Over six months the shares gained 10.7%, against -8.6% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +8.7%); the operating margin is 7.0% (peer median 6.5%).
Valuation It trades at 39.8× forward earnings against a peer median of 10.8× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.7 points above its cost of capital (10.6% WACC).
Next results Next results expected around 25 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹247B | ₹230B | ₹207B | ₹181B | ₹162B |
| Revenue growth | — | +12% | +14% | +12% | — |
| Gross profit | ₹32.6B | ₹24.3B | ₹17.6B | ₹16.2B | ₹14.6B |
| EBITDA | ₹19.7B | ₹18.0B | ₹11.9B | ₹11.6B | ₹10.3B |
| Net income | ₹13.1B | ₹12.0B | ₹7.57B | ₹7.32B | ₹6.42B |
| Free cash flow | n/a | ₹13.4B | ₹4.09B | ₹3.62B | -₹2.26B |
| Capital expenditure | n/a | ₹6.94B | ₹7.28B | ₹6.95B | ₹8.62B |
| Total debt | ₹9.63B | ₹4.98B | ₹6.34B | ₹11.4B | ₹8.73B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| APL Apollo Tubes APLAPOLLO.NS | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% |
| Tata Steel TATASTEEL.NS | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% |
| Surya Roshni SURYAROSNI.NS | $500M | -20% | +12% | 5% | 11.0× | 20.2% |
| Tube Investments of India TIINDIA.NS | $4.47B | -28% | +18% | 7% | 42.7× | n/a |
| Goodluck India GOODLUCK.NS | $571M | +15% | +10% | 8% | 24.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APLAPOLLO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | -5.5% | 2nd highest of 21 |
| 6-month return | +10.7% | -8.6% | highest of 21 |
| Distance from 52-week high | -5.0% | -24.8% | highest of 21 |
| Revenue growth (TTM) | +15.8% | +8.7% | 6th highest of 21 |
| Operating margin | 7.0% | 6.5% | 10th highest of 21 |
| Forward P/E | 39.8× | 10.8× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 22.1% | 4.2% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +22.1% | +7.1% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -0.0 pp | -5.9 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | +12.7 pp | -2.2 pp | highest of 21 |
| EV / EBITDA | 30.7× | 7.6× | most expensive of 16 |
| Net debt / EBITDA | -0.1× | 1.7× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |