APL Apollo Tubes Limited (APLAPOLLO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-17.4%

₹1,767.49

vs ₹2,140.10 price

Levered DCF

₹4,697.87

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

11.76

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	44.69×	56.06×	56.94×	52.07×	36.92×	48.44×	12.83×	23.89×
P/B	10.15×	10.08×	11.57×	11.12×	10.1×	10.3×	2.25×	3.68×
P/S	2.33×	2.12×	2.38×	2.13×	1.81×	2.12×	0.41×	0.51×
EV / EBITDA	28.02×	33.32×	33.8×	32.16×	23.75×	25.38×	7.79×	10.86×
Gross margin	12.9%	8.2%	8.6%	8.4%	9.2%	10.5%	9.0%	6.6%
Operating margin	6.8%	5.0%	5.8%	5.6%	6.6%	7.0%	5.1%	4.8%
Net margin	5.2%	3.8%	4.2%	4.1%	4.9%	4.4%	3.2%	2.2%
Current ratio	1.34×	1.21×	1.34×	1.17×	1.28×	1.19×	1.18×	1.02×
Debt / equity	0.09×	0.15×	0.32×	0.29×	0.26×	0.31×	0.62×	0.89×
Interest coverage	12.53×	7.5×	8.98×	13.19×	18.82×	8.99×	3.56×	2.97×
Dividend yield	0.3%	0.4%	0.3%	0.3%	0.0%	0.0%	1.3%	0.9%
Payout ratio	13.3%	20.2%	18.9%	13.6%	0.0%	0.0%	17.3%	22.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.7%	18.0%	20.3%	21.4%	27.3%	21.3%	17.5%	15.4%
Return on invested capital	19.7%	15.2%	15.2%	15.9%	19.1%	16.9%	13.3%	10.8%
Return on assets	13.6%	10.0%	10.2%	11.0%	13.9%	10.6%	7.3%	5.3%
Free cash flow yield	2.5%	1.2%	1.0%	-0.5%	0.2%	4.0%	6.6%	3.4%
Earnings yield	2.2%	1.8%	1.8%	1.9%	2.7%	2.1%	7.8%	4.2%
Enterprise value	₹536.2B	₹426.9B	₹425B	₹341.6B	₹232.8B	₹179.6B	₹38.4B	₹43.5B
Net debt / EBITDA	-0.08×	0.21×	0.63×	0.71×	0.43×	0.71×	1.6×	2.02×
Cash conversion cycle (days)	-11	-7	-4	1	3	5	25	34