Not always - single butted and plain-gauge 531 tubes came in 26.8 and 26.4, too, but these sizes are also found on chromoly or high-tensile frames. Double-butted 531 (i.e. 531C or 531 Professional) is always 27.2.
So, 27.2 is (almost definitely) 531 or some other good quality tubing, whereas 26.8/26.4 could be.
Not always - single butted and plain-gauge 531 tubes came in 26.8 and 26.4, too, but these sizes are also found on chromoly or high-tensile frames. Double-butted 531 (i.e. 531C or 531 Professional) is always 27.2.
So, 27.2 is (almost definitely) 531 or some other good quality tubing, whereas 26.8/26.4 could be.