India · Delayed Price · Currency is INR APL Apollo Tubes Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 delivered strong profitability and cash generation despite global and domestic disruptions, with EBITDA per ton above INR 5,500 and net cash rising sharply. FY27 guidance targets 15%-20% volume growth and 20%-25% EBITDA growth, with margin protection prioritized.
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Sales volume grew 11% year-over-year, with EBITDA per ton surpassing guidance and premium pricing sustained. Capacity is set to expand to 8 million tons by FY 2028 and 10 million tons by 2030, funded by strong internal cash flows and targeting new specialty segments.
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Achieved record quarterly volume and EBITDA, driven by brand premiumization, value-added mix, and operating leverage, despite weak construction demand. Guidance for 10%-15% volume growth and strong margins remains intact, with expansion funded by internal accruals.
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Q1 FY26 results were below expectations due to macro slowdown, geopolitical tensions, and early monsoon, but EBITDA spreads remain strong year-over-year. FY26 volume growth guidance is revised to 10%-15%, with a focus on higher margins and capacity expansion.
Fiscal Year 2025
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Record FY25 sales volume and strong cash flow were achieved despite industry headwinds. Capacity is set to expand to 7 million tons, with a focus on margin improvement, cost reduction, and international growth. EBITDA per ton is guided to reach INR 5,000 in FY26.
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Q3 FY2025 delivered record sales, EBITDA, and net profit, rebounding from a weak Q2. Sales volume grew 20% year-over-year, with strong international and domestic expansion, and margins improved on operating leverage and product mix. CapEx plans are fully funded, targeting 5–5.5 million ton capacity.
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Q2 FY25 was marked by a sharp steel price correction, leading to inventory losses and low EBITDA spreads, but management expects a strong recovery in margins and volumes in H2. Capacity expansions, new product launches, and improved operating leverage are set to drive growth, with a positive outlook for FY25 and beyond.
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Q1 saw strong sales volume and gross margin expansion, though EBITDA per ton was impacted by non-recurring costs. Steel price deflation is expected to bottom out by Q2, with H2 anticipated to be stronger. Capacity expansion and product mix improvements are set to drive future growth.
Fiscal Year 2024
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The AGM highlighted strong financial growth, record sales and profits, and a major expansion plan with three new plants. The board emphasized innovation, sustainability, and robust governance, while addressing shareholder queries on strategy and promoter holdings.