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. Capacity is set to expand to 8 million tons by FY 2028 and 10 million tons by 2030, with upgraded volume and EBITDA guidance and strong cash generation supporting growth.
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Achieved record quarterly volume and EBITDA, driven by strong capacity utilization, brand premiumization, and value-added product mix. Confident in meeting FY26 guidance of 10%-15% volume growth and INR 4,600-5,000 per ton EBITDA spread, with robust cash flows funding all CapEx.
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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. Full-year sales and EBITDA are set to surpass last year, with aggressive market share gains, new capacity, and product launches supporting future growth.
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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 FY25 saw strong sales volume and expanding gross margins, though EBITDA per ton was impacted by non-recurring costs. The company maintains FY25 sales guidance, expects margin pressure in Q2, and is on track for 5 million ton capacity expansion with new plants and improved product mix.
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.