APL Apollo Tubes achieved a record sales volume of 963,143 tons in the second quarter of fiscal year 2027 (Q2FY27). This represents a 13% increase year-over-year and a significant 29% jump quarter-over-quarter.

Volume Performance and Targets

The company’s first-half FY27 (H1FY27) sales volume stood at 1,707,966 tons, marking a 4% growth compared to the same period in the previous fiscal year. Despite the strong quarterly performance, the cumulative H1 growth rate remains below the company’s stated annual target range of 15-20% for FY27.

Product Category Breakdown

The company disclosed a detailed breakdown of sales volumes across its key product categories for Q2FY27. The core APL Apollo Brand segment contributed the largest share at 774,751 tons, showing robust growth from 568,691 tons in Q1FY27 and 653,680 tons in Q2FY26. Roofing Products also saw significant expansion, rising to 135,255 tons in Q2FY27 from 91,516 tons in the previous quarter.

SG Premium Brand volumes declined to 26,910 tons in Q2FY27 from 58,686 tons in Q1FY27, while UAE Operations remained relatively stable at 26,227 tons, down from 57,931 tons in Q2FY26.

What the Numbers Show

A divergence is visible between the strong recent momentum and the broader annual trajectory. While Q2FY27 volume grew 13% YoY and 29% QoQ, the H1FY27 aggregate growth was only 4%. This suggests that the first quarter of FY27 likely saw flat or negative growth, pulling down the half-year average. To meet the 15-20% annual target, the company must sustain or accelerate this high-growth pace in the second half of the fiscal year.

The product mix data reveals that the record quarterly volume was driven primarily by the core APL Apollo Brand segment, which accounted for approximately 80% of total Q2FY27 sales. The sharp sequential jump in this segment (+36% QoQ) contrasts with the contraction in SG Premium Brand volumes (-54% QoQ), indicating a shift in demand concentration toward the primary brand portfolio during the quarter.

APL Apollo Tubes shareholders approved a final dividend of ₹8.50 per equity share for FY26 during the 41st Annual General Meeting held on September 15, 2026. However, investors rejected a special resolution to extend the company’s Stock Appreciation Rights Scheme to employees of associate companies.

The meeting, conducted via video conferencing, saw nine of the ten resolutions pass. Voting participation was high, with 86.47% of outstanding shares polled across resolutions, reflecting strong engagement from both promoter and public shareholders.

Resolution Outcomes

Shareholders unanimously backed the adoption of audited financial statements and the declaration of the dividend. The dividend resolution received 99.99% affirmative votes, with only 119 votes cast against it out of over 240 million polled.

Director reappointments also secured majority support, though some faced notable dissent from institutional investors:

The remuneration of cost auditors M/s Sanjay Gupta & Associates was ratified with near-unanimous support (99.99% in favor).

Failed Resolution: SAR Scheme Extension

The sole defeated resolution concerned the extension of benefits under the APL Apollo Tubes Limited Stock Appreciation Rights Scheme, 2019, to employees of associate companies. This special resolution required a 75% majority to pass but received only 72.26% affirmative votes.

The rejection was driven primarily by institutional investors. While promoters voted unanimously in favor and non-institutional public shareholders supported the measure (99.96%), institutional investors voted against it by a margin of 48.06% to 51.94%. This split highlights divergent views on equity dilution and compensation structures within the group.