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Informist, Tuesday, Jan. 20, 2026

By Gunjan Rajput

 

MUMBAI – APL Apollo Tubes Ltd. is expected to report muted revenue growth for the December quarter despite strong volume expansion, due to a fall in realisations amid softer steel prices, according to analysts. The company's net profit, however, is seen rising on year due to operating leverage and margin improvement.

 

The company is expected to post a consolidated net profit of INR 3 billion, up over 38% from INR 2.16 billion a year ago, according to the average of estimates from seven brokerages. The highest net profit estimate is INR 3.10 billion by Motilal Oswal Financial Services Ltd., while the lowest estimate is INR 2.89 billion by IDBI Capital Market Services Ltd. Sequentially, the net profit is expected to remain flat, reflecting limited margin expansion.

 

The company's consolidated revenue is estimated at INR 55.79 billion, up around 3% on year and 7% on quarter, according to the average of estimates. The highest revenue estimate is INR 61.28 billion by Motilal Oswal, while the lowest estimate is INR 52.90 billion by Systematix Shares and Stocks (India) Ltd.

 

Lower steel prices have kept selling prices flat, leading to muted year-on-year revenue growth despite higher volumes, according to YES Securities (India) Ltd. Systematix Shares and Stocks said a sequential fall in steel prices could weigh on margins in the quarter, even as volumes drive annual growth.

The company reported its provisional sales volume for the December quarter at 9.16 million tonnes, up 11% from 8.28 million tonnes in the year-ago quarter.

The company's earnings before interest, taxes, depreciation, and amortisation for the December quarter are estimated at INR 4.56 billion, up nearly 32% on year. The EBITDA is expected to remain largely flat from INR 4.47 billion in the September quarter.

APL Apollo Tubes is scheduled to report its December quarter results Thursday. The stock has risen nearly 6% since its September quarter results. Tuesday, the shares ended at INR 1,906 on the National Stock Exchange.

 

Out of the six brokerage reports on the company available with Informist, four have a 'buy' recommendation on the stock with an average target price of INR 2,102. This is 8% higher than the current market price. Two brokerages have a 'hold' recommendation on the stock with an average target price of INR 1,892.

Following are the December quarter earnings estimates for APL Apollo Tubes from six brokerages in descending order of the estimate of net profit in INR billion:
 

Brokerages	Net Sales	Net Profit	EBITDA
Motilal Oswal Financial Services Ltd	61.29	3.11	4.59
Elara Securities (India) Pvt Ltd	58.21	3.06	4.50
ICICI Securities Ltd	54.91	3.05	4.77
Systematix Shares and Stocks (India) Ltd	52.90	3.00	4.50
YES Securities (India) Ltd	55.94	2.98	4.59
Nuvama Wealth Management Ltd	53.60	2.93	4.49
IDBI Capital Market Services Ltd	53.72	2.89	4.49
Average	55.80	3.00	4.56

 

End

 

Edited by Ashish Shirke

 

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