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APL Apollo Tubes Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤22nd Jan 26

Summary : APL Apollo Tubes Limited reported strong consolidated and standalone financial results for Q3 and 9M FY26, with significant profit growth and healthy financial ratios, receiving an unmodified review conclusion from auditors.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Total Expenses (Q3 FY26): ₹5,435.38 crores (vs ₹5,174.28 crores Q3 FY25).
  2. Consolidated Total Expenses (9M FY26): ₹15,165.78 crores (vs ₹14,640.37 crores 9M FY25).
  3. Standalone Total Expenses (Q3 FY26): ₹3,695.35 crores (vs ₹3,691.34 crores Q3 FY25).
  4. Standalone Total Expenses (9M FY26): ₹9,989.14 crores (vs ₹10,403.96 crores 9M FY25).
  5. Consolidated Total Revenue (Q3 FY26): ₹5,839.85 crores (vs ₹5,454.38 crores Q3 FY25).
  6. Consolidated Total Revenue (9M FY26): ₹16,266.56 crores (vs ₹15,242.08 crores 9M FY25).
  7. Standalone Total Revenue (Q3 FY26): ₹3,860.43 crores (vs ₹3,801.39 crores Q3 FY25).
  8. Standalone Total Revenue (9M FY26): ₹10,453.09 crores (vs ₹10,649.09 crores 9M FY25).
  9. Consolidated Net Worth: ₹4,911.39 crores (as of Dec 31, 2025).
  10. Consolidated Debt-equity ratio: (0.11) (as of Dec 31, 2025), indicating excess cash.
  11. Consolidated Current Ratio: 1.36 (as of Dec 31, 2025).
  12. Standalone Net Worth: ₹3,275.11 crores (as of Dec 31, 2025).
  13. Standalone Debt-equity ratio: 0.03 (as of Dec 31, 2025).
  14. Standalone Current Ratio: 1.32 (as of Dec 31, 2025).
  15. Both standalone and consolidated unaudited financial results are presented. Consolidated includes APL Apollo Tubes Limited and its five subsidiaries.

Corporate Overview

  1. Registered office in Delhi, Corporate office in Noida. Manufacturing units across UP, Tamilnadu, Maharashtra, Chhattisgarh, Telangana, Karnataka.
  2. Evaluating full impact of new Labour Codes.
  3. Manufacturing of ERW steel tube and pipes.
  4. Formal and compliant, reporting financial results and regulatory adherence.
  5. Operates as a single reportable operating segment.

Risk Factors

  1. Reliance on other auditors' reports.
  2. Prior period audit by Deloitte.
  3. Evaluating impact of new labor codes.

Key Drivers

  1. Strong consolidated profit growth reported.
  2. Improved debt service coverage ratios.
  3. Positive operating and net profit margins.
  4. Unmodified auditor's review conclusion.

Auditor’s Report

  1. Unmodified conclusion on the unaudited financial results.
  2. Reliance on other auditors for one subsidiary's interim financial results.

Board Commentary

  1. Management views additional impact from new Labour Codes as immaterial.
  2. New Labour Codes introduced by Government of India.

Corporate Governance

  1. Financial results reviewed by Audit Committee and approved by Board of Directors.

Management Discussion & Analysis

Macroeconomic Outlook

  1. Government of India consolidated multiple existing labour legislations into new Labour Codes.

Operational Focus Areas

  1. Evaluating impact of new Labour Codes on operations.

Performance Drivers

  1. Strong growth in revenue and profit for the quarter and nine months.

Risk Control Measures

  1. Estimated and accounted for incremental liability from new Labour Codes.

Critical Risks

  1. Additional impact from new Labour Codes unlikely to be material.