New Delhi, July 3 -- APL Apollo Tubes Ltd began the new financial year on a sombre note. The structural steel tubes company recently released its June quarter (Q1FY27) business update, with volumes falling 6% year-on-year and 19% sequentially to 744,823 tonnes-well below the 875,000-tonne guidance given during the Q4FY26 earnings call. For perspective, Q4FY26 and FY26 volumes had grown 9% year-on-year and 10.6%, respectively.

What hurt Q1FY27 volume growth? Dull domestic demand and lower utilisation at its Dubai operations due to the impact of the West Asia war.

Volumes under the flagship APL Apollo brand declined 11% year-on-year and accounted for 76% of total volumes. Roofing products remained steady, while the SG Premium brand posted...