APL Apollo Tubes Hits Record Q2 Sales Volume

: The company reported its highest-ever quarterly sales volume of 963,143 tonnes in Q2 FY27, up 13% YoY and 29% QoQ. The latest volume also surpassed the previous quarterly record of 924,881 tonnes in Q4 FY26. For H1 FY27, cumulative sales volume reached 1,707,966 tonnes, representing 4% YoY growth. The core APL Apollo brand contributed 774,751 tonnes during the quarter. Roofing Products recorded 135,255 tonnes, SG Premium Brand contributed 26,910 tonnes, while UAE operations added 26,227 tonnes. My View: The record Q2 volume is positive because the 29% sequential recovery indicates stronger sales momentum after a softer first quarter. However, H1 growth of 4% YoY is more moderate than the Q2 headline suggests. The next key test is whether higher volumes translate into better realizations and EBITDA per tonne without sacrificing margins. What to watch: Watch Q2 revenue, EBITDA per tonne, realizations, product mix and whether the company can sustain quarterly volumes near current levels. Stance: APLAPOLLO – POSITIVE Disclosure: Disclose any holdi