APL Apollo Q2FY27: consol. PAT +27% YoY to ₹382 Cr, EBITDA/ton tops guide, margins dip

APL Apollo Tubes' consolidated Q2FY27 (quarter ended September 30, 2026) PAT rose 26.8% YoY to ₹382.42 Cr (vs ₹301.54 Cr in Q2FY26) on revenue from operations of ₹7,001.70 Cr — up 34.5% YoY against our prior-quarter record (₹5,206.30 Cr) or 26.6% against this filing's own restated Sep-2025 comparative (₹5,531.28 Cr); PAT and EPS match exactly across both marks, so the revenue gap looks like a data-provenance quirk rather than an arithmetic flag. Sequentially PAT jumped 45.3% QoQ from ₹263.11 Cr and revenue rose 24.9% QoQ from ₹5,606.71 Cr, the usual H2 pickup after a monsoon-hit Q1FY27 (745k tonnes). Standalone PAT, the secondary mark, was ₹265.13 Cr on revenue of ₹4,655.61 Cr; consolidated is primary here, with subsidiaries (Apollo Metalex, APL Apollo Building Products) adding roughly ₹117 Cr of PAT and ₹2,346 Cr of revenue on top of standalone. Profitability grew in absolute terms but margins compressed YoY: consolidated net profit margin was 5.46% versus 5.76% a year ago, and operating margin (per the filing's own ratio disclosure) was 8.25% versus 8.59% a year ago — both down roughly 30-34bps YoY, even as they expanded sharply QoQ from Q1FY27's 4.66%/7.34% trough. EBITDA (PBT + finance cost + depreciation − other income) works out to about ₹578 Cr, up ~29% YoY from ₹447 Cr — comfortably ahead of management's 20%+ FY27 EBITDA-growth guidance from the August 2026 concall. EBITDA per tonne works out to roughly ₹6,000, above the guided ₹5,000-5,500/tonne band, on record quarterly volume of 963,143 tonnes. That volume is up 29.3% QoQ from Q1FY27's ~745,000 tonnes but only 12.6% YoY from Q2FY26's 855,037 tonnes — short of the 15-20% volume-growth guidance band for FY27, even as per-tonne economics beat it. No independent Street estimate for this specific quarter's PAT/revenue could be located pre-print — results were board-approved and filed same-day (October 26, 2026); available broker notes (SBI Securities, Motilal Oswal) instead carry FY26-28 PAT CAGR targets of roughly 17-21%, which this quarter's growth broadly tracks. No company press-release commentary is available in this record, so there is no management framing to check the print against beyond the standing August concall guidance, which this quarter beats on EBITDA growth and EBITDA/tonne while trailing on volume growth. The quarter's other board actions — raising the stake in SG Enterprise Solutions from 20% to 51% (₹1.55 lakh cash) to make it a subsidiary group-shared-services entity, and a rationalization agreement to sell Apollo Metalex's Sikandrabad (A-25) land and building to a third party (no gain booked yet, conditions unmet at quarter-end) — are structural/balance-sheet items with no P&L impact this quarter. Going into H2FY27, the 1.71 Mt six-month volume base (745k + 963k tonnes) needs the back half to carry it toward the roughly 4.2 Mt FY27 minimum implied by guidance, aided by the Gorakhpur line (200kt) going online in September and Siliguri (300kt) due in Q4; Malur (1Mt, targeting ₹8,000/tonne EBITDA) remains slated for Q3 FY28. The prior concall's cautiously-optimistic near-term, optimistic long-term tone looks intact — profitability metrics are running ahead of plan even as volume growth needs to accelerate in H2 to hit the full-year band.