APL Apollo gets target price hike from Antique; 'Buy' rating maintained

APL Apollo reported sales volumes of 916,976 tonnes in the quarter, up from 855,037 tonnes in Q2FY26 and 828,200 tonnes in the year-ago period

APL Apollo Tubes shares bagged a target price hike from Antique Stock Broking after it reported its highest-ever quarterly sales volume in the December quarter. 

 

The iron and steel products maker reported sales volumes of 916,976 tonnes in the quarter, up from 855,037 tonnes in Q2FY26 and 828,200 tonnes in the year-ago period. For the nine months ended December 2025, APL Apollo recorded sales volumes of 2,566,363 tonnes, marking an 11 per cent year-on-year (Y-o-Y) increase.

Antique hikes target

APL Apollo Tubes saw a target price hike from Antique Stock Broking to ₹2,269 from ₹2,023 as strong volume growth, improving product mix, and capacity expansion prospects boosted the outlook, even as near-term steel price volatility persists. The brokerage maintained a 'Buy' rating on the stock.

 

 

Antique said that APL Apollo plans to expand its installed capacity from the current 4.5 million tonnes per annum to 6.8 million tonnes per annum by FY27-28. Its sales mix improved Y-o-Y, with the share of value-added products rising to 59 per cent in the H1FY26, compared with 58 per cent in the year-ago period.

 

Average domestic hot rolled coil prices softened 4.7 per cent sequentially in the December quarter, while HRC-based pipe prices declined 3.2 per cent, Antique said. However, following the extension of the safeguard duty on imported flat steel products, spot domestic HRC prices have recovered 6.8 per cent over the quarter’s average. 

 

In addition, the price premium of primary pipes over secondary pipes narrowed in January 2026 to about 50.6 per cent below the long-term average, which is expected to support demand, it said. Antique noted that management has guided for volume growth of 10-15 per cent Y-o-Y in FY25-26, with an Ebitda target of ₹4,600-5,000 per tonne.   CATCH STOCK MARKET LIVE UPDATES TODAY

APL Apollo share price history

On Thursday, the iron and steel products maker's stock fell as much as 1 per cent during the day to ₹1,929.4 per share. The stock pared losses to trade 0.8 per cent lower at ₹1,934 apiece, compared to a 0.24 per cent decline in Nifty 50 as of 10:03 AM. 

 

The counter has risen 26 per cent in the last 12 months, compared to a 10 per cent advance in the benchmark Nifty 50. APL Apollo has a total market capitalisation of ₹53,673.98 crore. 

 

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