APLAPOLLO Q2 FY27 Results Analysis: Volumes Jump 13% To Record, EBITDA Per Ton Clears Guidance Floor
APLAPOLLO's Q2 FY27 numbers came in strong, with revenue of Rs. 7,001.70 Cr (+26.58% YoY) and PAT growth of +26.82% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 7,001.70 Cr (+26.58% YoY) |
| PAT (Q2) | Rs. 382.42 Cr (+26.82% YoY) |
| EBITDA margin | 8.25% (+17 bps YoY) |
| EPS (Q2) | Rs. 13.62 (+25.41% YoY) |
| Market cap | Rs. 57,301.76 Cr |
| CMP | Rs. 2,063.75 |
Quarter Snapshot
APL Apollo delivered record volumes of 963,143 tons (+13% YoY) with revenue up 26.58% YoY and EBITDA/ton of Rs.5,999 clearing management's Rs.5,500 guided floor by ~Rs.500, though the quarter narrowly missed the 10-lakh-ton volume target. Margin resilience despite a ~Rs.6,000/tonne HRC price spike and a 55% YoY UAE volume decline demonstrates pass-through pricing power in the India branded core. FY27 volume and PAT growth guidance now require a back-loaded H2 acceleration (+25.3% to +34.7% YoY volume), making the Gorakhpur/Siliguri ramps and UAE recovery the key watch items.
Key Investment Insights
Key Positives
- Revenue grew 26.58% YoY to Rs.7,001.70 Cr on record volume of 963,143 tons (+13% YoY, +29% QoQ)
- EBITDA/ton of Rs.5,999 exceeded management's Rs.5,500 guided floor by ~Rs.500/ton, up Rs.477 QoQ and Rs.771 YoY
- PAT grew 26.82% YoY to Rs.382.42 Cr; normalized PAT (ex-Rs.9.70 Cr BOPL gain) grew 24.36% YoY
- Materials cost fell to 79.93% of revenue from 83.60% in Q1FY27 (+367 bps QoQ) despite HRC rising ~Rs.6,000/tonne to a four-year high
- H1 EBITDA grew 20.77% YoY, on track for management's >20% FY27 EBITDA growth target
- Net cash position of Rs.1,766.40 Cr; debt-equity at (0.28)x; DSCR 6.05x
- Inventory turnover improved to 15.12x annualized from 9.76x a year ago; bad debts at 0.00% of receivables
- Traded-goods purchases fell 53.23% YoY, tilting mix toward own-manufacture
Risk Factors
- Q2 volume of 963,143 tons missed management's 10-lakh-ton target (~96% of target)
- UAE volumes fell 55% YoY to 26,227 tons and SG Premium volumes fell 30% YoY to 26,910 tons
- FY27 volume growth guidance of 15-20% requires H2 growth of +25.3% to +34.7% YoY against H1's +4%
- Finance costs rose 89.86% YoY to Rs.52.40 Cr on Rs.538.36 Cr higher short-term borrowings
- PAT growth guidance of 25-30% requires sharp H2 acceleration from H1's +19.83%
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.