APL Apollo Tubes Limited is India’s largest manufacturer of branded structural steel tubes and hollow sections, playing a key role in the country’s infrastructure, housing, and renewable energy sectors. With a strong distribution network and leadership in value-added steel products, the company has historically delivered robust growth. However, recent financials show a sharp decline in profits amid rising input costs and softer demand. This article provides a fact-based, neutral outlook on its share price target for each year from 2026 through 2030, based on verified data as of February 2026.
APL Apollo Tubes: Company Overview
- Incorporated: 1986; listed on Indian stock exchanges
- Core Business: Manufactures over 1,500 varieties of MS Black Pipes, Galvanised Tubes, Pre-Galvanised Tubes, Structural ERW Steel Tubes, and Hollow Sections
- Key Segments (FY24 Revenue Mix):
- Apollo Structural (68%) – used in construction, solar plants, greenhouses
- Apollo Z (28%) – high-corrosion-resistant galvanised tubes
- Apollo Galv (4%) – standard galvanised products
- Manufacturing: 10 facilities across India with backward integration in coating and processing
- Customers: Serves infrastructure developers, real estate builders, irrigation projects, and solar EPC companies
- Ownership: Promoter-held at 28.27%, with significant institutional presence (FII + DII = 53%)
APL Apollo Tubes: Key Financial Snapshot
| Metric | Value |
|---|---|
| Market Capitalization | ₹61,812.88 Cr |
| Current Share Price | ₹2,228 (as of Feb 2026) |
| P/E (TTM) | 125.4 |
| P/B (TTM) | 18.87 |
| Book Value (TTM) | ₹117.96 |
| EPS (TTM) | ₹17.75 |
| ROE | 11.26% |
| ROCE | 15.32% |
| Dividend Yield | 0.26% |
| Sales Growth (TTM) | 3.62% |
| Profit Growth (TTM) | -26.03% |
| Cash Reserves | ₹413.47 Cr |
| Debt | ₹669.17 Cr |
| Face Value | ₹2 |
APL Apollo Tubes Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹2,300 – ₹2,600 |
| 2027 | ₹2,450 – ₹2,850 |
| 2028 | ₹2,600 – ₹3,100 |
| 2029 | ₹2,750 – ₹3,400 |
| 2030 | ₹2,900 – ₹3,700 |
Targets assume earnings recovery, margin stabilization, and demand revival in infrastructure and housing—though current valuation remains stretched.
APL Apollo Tubes Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹2,300 | ₹2,600 |
- High P/E (125x) reflects past growth, not current fundamentals
- Recovery in Q4 FY26 could support modest upside
- Risk: Low ROE (11.3%) and negative profit growth cap re-rating
APL Apollo Tubes Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹2,450 | ₹2,850 |
- Potential benefit from government infrastructure spending (PM GatiShakti, housing schemes)
- If steel prices stabilize, EBITDA margins may improve from the current ~8%
- Institutional ownership (53%) provides liquidity support
APL Apollo Tubes Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹2,600 | ₹3,100 |
- By 2028, the cumulative effect of capacity utilization and product mix shift toward high-margin structural tubes could lift ROCE
- Valuation may normalize if P/B compresses from the current 18.9x
- Execution risk: Intense competition in the MS pipe segment limits pricing power
APL Apollo Tubes Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹2,750 | ₹3,400 |
- Long-term tailwinds from solar infrastructure, urban housing, and rural water schemes
- Debt-to-equity remains manageable but requires monitoring (Debt ₹669 Cr vs Equity ₹3,272 Cr)
- Brand leadership supports premium pricing in value-added segments
APL Apollo Tubes Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹2,900 | ₹3,700 |
- If APL Apollo sustains 15%+ ROCE and returns to double-digit profit growth, ₹3,600+ is achievable
- However, targets beyond ₹4,000 are unrealistic without significant margin expansion or diversification
- Success in export markets or green steel initiatives could be game-changers—but not yet visible
APL Apollo Tubes: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters | 28.27% |
| Foreign Institutions (FII) | 33.10% |
| Domestic Institutions (DII) | 19.93% |
| Public (Retail) | 18.69% |
| Others | 0% |
Promoter holding has declined from ~35% in earlier years, indicating gradual dilution—but no pledging reported.
APL Apollo Tubes: Strengths vs Risks
Strengths
- Market leader in branded structural steel tubes
- Strong brand recall and pan-India distribution (10,000+ touchpoints)
- Backward integration in galvanizing and coating
- Zero pledging by promoters
Risks
- Extremely high P/E (125x) and P/B (18.9x)—among highest in metal sector
- Negative profit growth (-26%) despite revenue increase
- Low ROE (11.3%)—inefficient capital use for current valuation
- High working capital intensity due to steel inventory cycles
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | High |
| Time Horizon | Long-term (5+ years) |
| Volatility | High |
| Dividend/Income | Very low (0.26% yield) |
| Ideal Investor | Thematic investor betting on India’s infrastructure cycle, comfortable with cyclical volatility and high valuation |
FAQs
A: A realistic range is ₹2,300 to ₹2,600, assuming partial earnings recovery and stable steel prices.
A: Credible estimates suggest ₹2,900 to ₹3,700 by 2030, contingent on margin improvement and infrastructure demand.
A: Reliable forecasts beyond 2030 are not possible. Such long-term projections are speculative and not based on verifiable data.
A: Promoters hold 28.27%, with major stakes held by FIIs (33.10%) and DIIs (19.93%).
A: Yes, but minimally. It has a consistent dividend history with a current yield of 0.26% and a payout ratio of ~21%.
A: The stock corrected due to a sharp profit decline (-26%), high valuation (P/E > 125), and concerns over steel price volatility impacting margins.
A: No. It carries ₹669.17 crore in debt, though this is partially offset by strong operating cash flows and asset backing.
Final Verdict
APL Apollo Tubes remains a dominant player in India’s structural steel space with unmatched brand strength and distribution. However, its current valuation is disconnected from near-term fundamentals, given negative profit growth and low returns on equity. Our 2026–2030 price targets (₹2,300–₹3,700) reflect cautious optimism—rewarding market leadership but capping upside due to valuation and cyclicality risks. Suitable only for long-term, high-risk investors with conviction in India’s infrastructure story.
Disclaimer: This article is for educational purposes only. It is not investment advice. Please consult a SEBI-registered advisor before making any investment decision.
Sources
- Screener.in – APL Apollo Tubes Ltd (Consolidated Financials)
- Finology.in – Company Essentials
- BSE India – Shareholding Pattern (Q3 FY2026)
- APL Apollo Annual Report FY2025
- Investor Presentation – Q3 FY2026 Results
Hi, I’m Raj Mittal, a stock market content writer focused on company analysis, share price trends, and fundamental research. I create simple, research-based insights to help investors make smarter market decisions.
