Ladies and gentlemen, good day, and welcome to the APL Apollo Tubes Limited Q1 FY 2027 earnings conference call hosted by Antique Stock Broking Limited. As a reminder, all participant lines will be in the listen- only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pallav Agarwal from Antique Stock Broking. Thank you, and over to you, sir.
Thank you, Lizanne, and good morning, everyone. Apologies for the delay in starting the call. We have the senior management of APL Apollo Tubes, represented by Mr. Sanjay Gupta, the Chairman and Managing Director, Mr. Rahul Gupta, the Director, Mr. Deepak Goyal, the Director, Operations, Mr. Anubhav Gupta, the Chief Strategy Officer, and Mr. Chetan Khandelwal, the Chief Financial Officer. I'll now like to hand over the call to Anubhav for his opening remarks. Over to you, Anubhav.
Thanks, Pallav, for hosting APL Apollo Tubes for its quarter one FY 2027 earnings call. I apologize to all the participants for starting this call a bit late. There was technical issue with the operator. Thanks for joining in. Just to highlight that Mr. Rahul Gupta, the Director, and Chetan Khandelwal, the CFO, they have gone for an urgent meeting. The call is being attended by Mr. Sanjay Gupta, myself, Anubhav, and Mr. Deepak Goyal, the Executive Director. Quarter one FY 2027 was a mixed quarter. Hello, can I go ahead?
Yes, sir. Please go ahead.
Quarter one FY 2027 was the mixed quarter wherein the volume was below expectations, the profitability was better than expectation despite decline in the quarterly volume. We have to decode the volume of 745,000 tons for the quarter. If we map it with the quarter four FY 2026 volume, there were three, four factors which impacted the volume. Number one, of course, being the U.A.E. operations, which were hit because of the geopolitical situation there, and we lost almost 25,000 tons quarter-on-quarter. Number two reason was decline in the volume of SG Premium Brand, which of course, is in competition with the secondary material. Because of a price gap which was pretty high, the volume suffered there. Number three reason was the energy crisis in India, which impacted our volume for some of the products like pipes and roofing products.
There also we lost 25,000 ton-30,000 ton volume. The last reason being high factory inflation during the quarter, which led to the softer demand in the construction industry. It impacted both primary sales and secondary sales. Primary sales because prices were pretty high and there was fear of correction in commodities. This led to destocking by our channel partners. Secondary demand, which comes from the EPC contractors and real estate developers, and not only structural steel pipes, but other construction materials like cement, tiles, plywood, plumbing pipes, cables and wire, electrical fittings, bath fittings, every construction material product prices went up. The EPC contractors and developers, they kind of delayed their purchases, which impacted the primary sales. Sorry, the secondary sales for Apollo steel pipes. The run rate was around 250,000 tons per month for quarter one.
Our focus was on maintaining the profitability because the situation was so uncertain because of the ongoing geopolitical situation. We chose to focus on profitability, and as a result, you would see that our gross profit per ton increased by INR 1,000 on a quarter-on-quarter basis. This was of course, due to our better pricing power as we were holding on to prices. If steel prices were going up by INR 1,000 / ton, we try to improve our prices for our product by INR +100/ton, INR +200 / ton over and above steel price increase. Because of our strong brand positioning and pricing power, we could sustain that.
Because of improvement in gross profit by INR 1,000 / ton, our EBITDA per ton was flattish above INR 5,500 / ton on a QoQ basis, despite the negative operating leverage, which arose because of 20% decline in volume on a QoQ basis. Now that scenario is slightly improving, we are again focusing on volume growth, and in month of July, the volumes are up by 20% on a month-on-month basis. We of course tweaked some pricing for some of the product categories. We do expect that our EBITDA spreads will remain in a range of INR 5,000/ton-INR 5,500 / ton throughout the year. For full year, we do expect and we are confident that we will be able to achieve 20% growth in absolute EBITDA. Quarter-on-quarter basis it is tough to anticipate absolute volume and absolute EBITDA per ton.
We are confident that for the full year we will be able to achieve 20% EBITDA growth in FY 2027 versus FY 2026. The capacity which is coming online, whether it is Gorakhpur which is 200,000 ton plant, then Siliguri 300,000 ton plant, then new Malur, which is almost a 1 million ton plant. And another 0.5 million ton plant, which we are contemplating in either Maharashtra or North Karnataka. Put together 2 millio ton plant capacity will come online over the next two and a half years. And over and above 1 million ton of new capacity through debottlenecking across the plants. With this 8 million ton, our share of value added products, which right now is like 65%, it will increase to almost 75%, 80%.
As a portfolio, we are continuing to decommoditize so that impact of steel price volatility and gap between primary and secondary steel, it continues to have lesser and lesser impact on our performance. On balance sheet front, the working capital days remain below zero and the cash on books which we hit INR 15 billion in March 2026, it remains at similar level at INR 14 billion in June quarter as well. We continue to remain prudent in our working capital efficiencies. All in all, we can say that quarter two will be better than quarter one in terms of volume and absolute EBITDA. Second half, the macro factors should come into play in positive manner, which will boost second half performance for Apollo better than H1 and it will give us room to achieve our annual guidance of 20% EBITDA growth.
The new capacity expansion which will start coming in phases from second half of this year till FY 2028, we will continue to improve our financial performance over the next three to four years from FY 2028 to FY 2030. That's all from our side. We'll be happy to take questions now.
Thank you. Ladies and gentlemen, we will now begin with the question- and- answer session. Anyone wishing to ask a question may please press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Shaleen Kumar from UBS India. Please go ahead.
Yes. Thank you. Thank you, and congrats for the good set of number despite tough macro. Thank you, Anubhav. Thank you, Sanjay .
Thank you.
I have a question with you. [Non-English content]
Yes, Shaleen. Yes. [Non-English content]
[Non-English content] in next nine months [Non-English content]
Shaleen, we are trying our level best to achieve these numbers, keep 15%-20% in the volume growth and 20% and above EBITDA growth.
Okay. [Non-English content]
[Non-English content]
Okay. That's very good to hear, sir. Sir, second thing I want to understand is that Dubai, U.A.E. as a market, right? Where is it right now? Is it right to assume that there will be a pent-up demand as well as a reconstruction demand going forth? Second part of this would be-
Yeah.
Go ahead, sir. Please. Second part of my question is-
Yeah. First you complete.
[Non-English content]
Shaleen, first of all, [Non-English content] . We have a stock of almost 70,000 tons in transit in our plant. [Non-English content] In July we have done 10,000 tons-12,000 tons in the month of July. This month we are targeting that 60,000 tons, 70,000 tons [Non-English content] As soon as the scenario improves, we will line up raw material again.
[Non-English content] Number two [Non-English content] These three, four extraordinary things and plus [Non-English content] I don't think I have any problem to cross 15% volume growth. [Non-English content] 15% I can say confidently.
[Non-English content]
[Non-English content]
Basically we are confident because of the new capacity coming and-
[Non-English content] we are targeting 3,30,000 tons-3,35,000 tons [Non-English content] we are targeting 3,50,000 tons-3,60,000 tons [Non-English content]
That's very good to hear, sir. [Non-English content] last thing. The commodity price inching up, the gap between patra and steel again increases. How is it impacting us?
[Non-English content] steel capacity across the India [Non-English content] I am very hopeful. This is a matter of time. [Non-English content]
I hear you, sir.
[Non-English content]
Okay, sir. Great, sir. I think that's it from my side, sir. I will join back the queue and congratulations on a good set of numbers. Thank you.
Thank you, Shaleen. Maybe [Non-English content]
For sure, sir. Thank you, sir.
Thank you.
Thank you. The next question is from the line of [Sneha] from Nuvama. Please go ahead.
Hi, good evening. Good morning, team, and thanks for the opportunity. A couple of questions from my end. One is you clarified the guidance already. I would like to ask, sir, you also mentioned that Tata, Jindal, everyone is adding capacity on the upstream segment. What we also understand while doing channel checks are these, like example, Tata is expanding capacity from 2 million tons and has plans to even go to up to 4 million tons- 5 million tons into pipes also. They are also getting aggressive with respect to servicing. What's your take on the competitive intensity in the coming sector? How is it at this point of time, and how is it likely to be going ahead? What are the measures that we are taking in order to retain market share and in fact keep improving? That's first.
Good morning, [Sneha]. Steel capacity [Non-English content] I also heard and I also read Tata is also adding a capacity of 4 million tons. But I don't know, [Non-English content] It's a part of life and business. [Non-English content] Our target is to maintain our 60-65% market share.
Understood, sir. Sir, while you are already showing optimism that 20% growth will be achieved in nine months. How is July been for us and what has changed between June to July? [Non-English content] which is further giving an optimism. [Non-English content] you already hinted for a slower quarter. [Non-English content] If at all you could tell us that how July month has been and why you are so optimistic that Q2 onwards things are looking up. [Non-English content] between June to July? Has the primary and the secondary steel spread reduced? Has the demand on ground increased? [Non-English content] What are the things we would like to hear?
[Non-English content] in this scenario we are very hopeful [Non-English content]
Understood. That was quite helpful, sir. Of [Non-English content] tons volume in the month of July. Last question from my end. You gave the guidance that [Non-English content] value added product segment [Non-English content] you are adding capacity, [Non-English content] share of value added will go to 75%-80%. Could you help us [Non-English content] what are the things that we are doing value added. Example 1000x1000 which we recently launched and which are the other products like roofing product you said or [Non-English content] value added portion [Non-English content] which will take this portion higher.
[Non-English content] these two plants are in the totally different regions, [Non-English content] we are unable to service. [Non-English content] this plant is totally different. [Non-English content] Anubhav can talk one-to-one. [Non-English content] EBITDA margin INR 8,000 + [Non-English content]
Understood, sir. That was very helpful. Thanks a lot, sir. I will take the rest with Anubhav. Thank you so much.
Thank you.
All the best.
Thank you.
Thank you. The next question is from the line of Bharat Shah from BCS Capital Ideas Private Limited. Please go ahead.
[Non-English content]
[Non-English content]
[Non-English content] First of all, in a very challenging quarter, very difficult conditions, I think APL Apollo Tubes has performed with great degree of aplomb, I must say. This has not been an easy quarter to deal with. With too many variables and too many challenges around. While there may be perception of some volume decline. I would say it is a very creditable delivery in a very difficult quarter where too many things were reflecting a moving part challenges. Sanjay , at what stage, will it be sometime next year, can we say that the focus on quarterly or periodic steel price fluctuation, volume up and down due to demand conditions, we can reasonably leave behind and we can purely confidently focus on profitable growth in a very considered predictable way with the rising share of value added products etc.
[Non-English content] we should be at that situation where of course volumes will grow with the strategy and our strong product portfolio. Profitable growth in a very predictable way, [Non-English content]
[Non-English content] we are struggling for INR 4,000 ton of EBITDA. We increased our sales to INR 4,000/ton - INR 4,500 / ton. From INR 4,500/ton to we stable ourselves to INR 5,000 / ton EBITDA margin. Now we are trying to reach the INR 5,500 EBITDA per ton quarter-on-quarter basis. [Non-English content] in spite of the cost increase by INR 1,000/ton due to low volume [Non-English content] Volume there is no doubt [Non-English content] stability volume as well as margin [Non-English content]
[Non-English content]
[Non-English content]
[Non-English content]
Yes, Q4. [Non-English content]
[Non-English content]
[Non-English content]
[Non-English content] second half or last quarter of next year.
Q4 FY 2028 [Non-English content]
[Non-English content] profitable predictability and its growth will be almost reasonably under our control rather than worrying about many of these other variables which have engaged our mind time to time, sometime or the other. That will be fair.
[Non-English content] I can say 70%, 75% [Non-English content]
[Non-English content] value added product per share [Non-English content]
[Non-English content] December 27. Q4 next year [Non-English content] value added product [Non-English content]
Fantastic. O nce again Sanjay-
Q4 next year FY 2027, 2028 [Non-English content] Q4 quarter [Non-English content] value added product [Non-English content]
[Non-English content] Thank you Sanjay and once again compliments to you and APL Apollo team in very difficult situation, I would say impressive performance. Congratulations.
Thank you Bharat for showing confidence on us. [Non-English content]
[Non-English content] unique entrepreneur [Non-English content] Hardly, best wishes.
Thank you. So nice of you, [Non-English content]
[Non-English content] Thank you and all the best.
Thank you, Bharat.
Thank you. We will move on to the next question that is on the line of [Akshay] from AK Investment. Please go ahead.
Hi sir, thanks for the opportunity and congratulations on the good set of numbers in difficult times. Sir, my first question is about EBITDA per ton. As you have already guided that INR 5,000-INR 5,500 will be the range for FY 2027. Going forward into FY 2028, FY 2029, how much EBITDA per ton are we expecting? How much year-on-year increment in EBITDA per ton are we expecting going forward?
[Akshay], see, right now the focus is to maintain EBITDA spreads between INR 5,000-INR 5,500. Of course, last two quarters have been good at INR 5,500 / ton. Now that for the next nine months, we need to cover up on the volume which we lost. There could be some tweaking which we did in our pricing and there could be INR 100, INR 200 here and there of INR 450, INR 500.
Cost cover up also.
Again, as the volumes ramp up, we could gain traction from the operating leverage benefits, which could come as a surprise. We'll wait for that how much it comes up. Going forward as our more value added product portfolio keeps on increasing, idea is to improve EBITDA spreads INR 100/ton, INR 200 / ton on yearly basis. Our target is that Apollo at 8 million tons should be generating INR 6,000 / ton EBITDA over the next two, three years when we ramp up this capacity.
Okay, sir. Fair enough. Thank you for the opportunity. All the best.
Thank you. The next question is from the line of Dhananjai Bagrodia from Alchemy. Please go ahead.
Hello? Hello? Hello?
Yes, sir. Please proceed.
Firstly, congratulations on a fantastic set of numbers on the EBITDA per ton in such a tough environment. I wanted to understand, in pre-engineered building structures, do we have any thought process on how that could be for us, let’s say, a year from today? Is that a segment we are looking at actively growing it? B, with steel prices stabilized, should then we be targeting a higher EBITDA per ton?
Dhananjai, currently, like for the pre-engineered building structures, 20% is steel pipes. Okay?
Yes.
If it's 100 tons structure, 20 tons is approximate steel pipe, which is used. The sizes range from 150 mm by 150 mm. It goes up to 1,000 mm by 1,000 mm, with thickness starting from 4 mm in general and goes up to 40 mm. In this category, our market share is again 65%-70%. All the top PEB companies in India, they will be buying 60%-70% of the requirement from APL Apollo. They buy from us directly also, and they also buy from our distributors. Larger players, they want to have contracts directly with Apollo and medium to small size players, they buy through our distribution channel. It's a growing segment. We continue to focus heavily to service this industry.
Is it a sector which we would look to directly speak to an end customer? Because if we have the raw material, we have the know-how, is that something which we would look to do more in depth?
No, we are happy servicing this sector, and that's all.
Okay. Sure. Thank you so much.
Thank you. A reminder to the participants, anyone wishing to ask a question, may please press star and one. The next question is on the line of Aditya Welekar from Axis Securities. Please go ahead.
Yeah. Thank you for the opportunity. My question is to Anubhav. Just wanted to understand what's happening between quarter one FY 2026 to quarter one FY 2027 on a year-on-year basis. We have seen that the volumes have declined, but EBITDA per ton have increased. If I see the branded products where we earn higher premium like APL Apollo brand and Dubai operations, the volumes have decreased. Despite of the low operating leverage and higher cost, our EBITDA per ton has increased. Within these specific brands, like APL Apollo brands, what's happening? Are we able to generate within the brand because of the product mix? I want to understand.
Sorry to interrupt, sir. Your voice is breaking up.
Hello, is it audible now?
Yes, sir. Please proceed.
My question is to Anubhav. I want to understand on a year-on-year basis, if we see the EBITDA per ton has increased despite the drop in the volumes and within volumes. Also, if we see the branded products like APL Apollo brand and Dubai operations, the volumes have decreased. Despite the lower operating leverage, our EBITDA per ton has increased. I understand that we are increasing our value-added products, but on the face of it, if we see the absolute volumes of APL Apollo brand and U.A.E. operations, those have decreased. What explains this EBITDA per ton increase on a year-on-year basis?
Aditya, this pertains to our pricing strategy, which we adopted in the month of January of 2025, wherein we decided that we need to reposition APL Apollo branded products in the market, and we increased the pricing by almost INR 500 / ton. That is what boosted our EBITDA spreads starting Q4 FY 2025 and all four quarters of FY 2026. You saw the better spreads. It continued in quarter one of FY 2027. Despite the drop in volume, our better pricing strategy has worked to boost the EBITDA spreads.
Okay. Understood. Second question, Anubhav, is on the solar opportunity. If we refer to your slide, we are saying almost 30 GW-35 GW of annual solar additions, and that translates to almost 830 KT of addressable market. So far, have we started supplying to this market? Out of that total opportunity, how much is our share?
Yes, there are two, three types of products which we have launched in the market and which is supporting this industry. The traction is there. Right now the contribution is a bit low, but over the next two, three years, we expect this to contribute 4%-5% to the total volume.
Understood. Why I'm asking because this solar capacity addition, this NEP has huge targets. This theme of solar capacity addition will persist for next five years and more. This will be an additional lever for our volumes if I understand.
Definitely. Yes, Aditya, that's why we got into this space. Like I said, we are as optimistic as the government is to boost their renewable energy contribution in India. We have a good portfolio to support this industry also.
Okay, Anubhav. Thank you. That's it from my side.
Thank you. The next question is on the line of Darshan Mehta from Dolat Capital, please go ahead.
Yeah. Hi, thanks for giving the opportunity. My first question was for this SG Premium Brand. How should we look at the realizations? I mean, what are the current realizations and what kind of EBITDA per ton do we make in this product, and how would that product grow as a percentage of total volumes for FY 2027 and 2028? That was my first question. Hello?
Yeah, Darshan. SG Premium right now, the current pricing will be around INR 58,000 / ton, which is almost 6%-7% lower than brand APL Apollo products. EBITDA spreads range from zero to INR 1,000 / ton, depending on market opportunity, what kind of volume we want to gain in one micro-market. EBITDA spreads would vary from micro-market to micro-market. Okay. We also use this as strategy to boost volume, to cut down competition, to take market share from patra players. It plays differently in different micro-markets.
Okay. Currently, as you said, it is hovering around zero to INR 1,000 / ton, depending on the market conditions and the volumes you choose to make over here. Can, let's say, in next two years, I'm referring to, let's say, after FY 2028, can we see this INR 1,000 /t on increase to maybe around, let's say, INR 1,200/ton, INR 1,500 / ton? Or you would basically say, how are you looking at this product? Will you be making higher EBITDA per ton, or is it something to control the patra players? Like whenever you think you want to control patra players, that is when you start delivering high volumes on this side. I just want to understand the strategy for this product.
Darshan. Good morning. This has no strategy. This is totally play and is the capture the market share. This is totally dependent on the pricing of the difference between the primary and the secondary. If there is a gap between primary and secondary, [Non-English content] This gap when come down to quarter four, INR 3/kg, INR 4/kg, INR 5/ kg, then this become a master stock. [Non-English content] This strategy is totally dependent on the difference between the secondary and primary pricing. [Non-English content] with this type of gap between the secondary and the primary can't work.
Okay. Thank you, Sanjay . Sir, our Gorakhpur capacity would be coming in Q3, you said, right? One more capacity you said would be coming-
Siliguri.
Which one? Oh yeah, Siliguri.
Siliguri.
Okay. Basically, I think when you are saying this 20% volume growth, I think this growth capacity.
[Non-English content] from India has stopped due to high container prices. [Non-English content]
Sir.
[Non-English content]
Sure. Sir, earlier I think the plant at West Coast, I think we were thinking about Bhuj, right? Now that Bhuj is out, I think maybe-
No, we changed our plan from Bhuj to we shifted to our Mumbai plant because our Mumbai plant, [Non-English content] we have a freight cost of almost INR 1,100/ton-INR 1,200 / ton. [Non-English content]
Okay. Sir, we have made some investment in this group shared services company. What would be the function of this company and what purpose will it serve?
[Non-English content] common activities like HR, IT, branding, [Non-English content]
Okay. You are saying there would be a common HR head for maybe SG Mart and our group companies?
SG Mart, APL Apollo, as well as Apollo pipe.
Understood, sir. Thank you very much.
Thank you. The next question is on the line of Andrey Purushottam from Cogito Advisors. Please go ahead.
Thank you for taking my question. Congratulations for a good performance in difficult conditions. I had a very small question. Your employee costs last quarter have gone up significantly. Is there an explanation of that and how should we look at this employee cost going forward? Is it likely to remain and is that going to have any effect on damping budgets?
Boss, due to low production, the employee cost has gone high.
Annual increment [Non-English content] impact.
It was a part of annual increment.
Sorry?
[Non-English content]
[Non-English content]
[Non-English content]
[Non-English content] Thank you, sir.
Thank you. The next question is on the line of Vikas Singh from ICICI Securities. Please go ahead.
Good afternoon, sir, and thank you for the opportunity. Sir, [Non-English content] . Secondly, like you said previous year [Non-English content] . Looking at current commentary in order to gain the market share, are we reversing that strategy and now we will go for a higher volume even if it is in general category versus the pricing management?
Vikas, [Non-English content] . Some of our product range of total basket [Non-English content] 15-20% [Non-English content] we have done some addressing pricing policy. Vikas this is for the 20% of the portfolio, not across the segment that we are saying we will reduce the pricing only for the 20% of the portfolio. We have tweaked some pricing to gain volumes.
[Non-English content] despite monsoon, [Non-English content] asking rate would be [Non-English content] even the 15% volume growth. [Non-English content] it would be more of a general or value added, [Non-English content]
[Non-English content] we are targeting in August and September we are targeting 3.5 +. [Non-English content] we can't explain. [Non-English content]
[Non-English content]
Total 35%.
35% [Non-English content]
[Non-English content]
Thank you.
Thank you. The next question is on the line of Durgesh Shukla from InCred Capital. Please go ahead.
Hello sir. Thank you for the opportunity. I just wanted to confirm one thing. Actually, we were not audible that time. The guidance for this year EBITDA growth for the whole FY 2027 is 20% and the volume growth guidance is also same, right?
It is 15%-20%.
Volume is 15%-20% and EBITDA is 20%?
EBITDA growth will be more than 20%.
Sorry, EBITDA is more than 20%?
Volume will be 15%-20%.
What about next financial year? Any guidance on that?
[Non-English content]
Okay, sir. That's it from my side. Thank you.
Thank you.
Thank you. The next question is on the line of Rajesh Ravi from HDFC Securities. Please go ahead.
Hi sir, good afternoon and congrats on good set of numbers on the margins front. My question pertains to first, the change in volume reporting which you have done this quarter, which I believe is more representative of the business. Would you also like to share the EBITDA per ton number for this segment as you were declaring earlier across Apollo Structural, Apollo Z, and Apollo Galv. For the new business segments now, the new reporting segments that you have created, would you like to report the EBITDA margin number also? Am I audible?
Yeah. Rajesh.
Yeah.
See, I mean, there are four broad categories Apollo branded products, SG Premium branded products, U.A.E. operations and roofing products.
[Non-English content]
[Non-English content]
[Non-English content]
Okay, roofing also you are counting in the 6,000, 7,000 bracket, right?
[Non-English content]
Understood sir. I was referring to earlier in preceding quarters in your presentation. You used to say segmental EBITDA margins. I was talking from that perspective. Would you like to start with that practice? We have given the volumes for past two years for a like to like comparison.
[Non-English content]
No issues, sir. Understood sir. Coming on to the volume growth even if I look at 15% full year volume growth target, do you believe there is a risk of missing that guidance? Given the Q2 traction which you have mentioned, volume in Q2 may be higher by 10%-15% year-over-year and hence the second half H2 the volume requirement would be closer as one of the earlier participant asked, the ask rate for H2 will be closer to 4 lakh / ton on a monthly run rate basis.
[Non-English content] Q3 we are targeting [Non-English content]
Understood sir. [Non-English content] sir what will drive the volume growth? Your Apollo brand or the SG Premium will take massive share.
Apollo brand roofing and SG Premium [Non-English content]
Understood. I was just trying to understand when you ride this strong growth, your margins of this INR 5,500 may not be at risk. This is what the basic purpose of the thing.
[Non-English content]
Understood sir. Anything north of INR 5,000 is doable.
[Non-English content]
Understood.
Rajesh, just to add to it and close your question by saying that we are targeting 20% EBITDA growth on absolute basis. That is the goal post for us. Volume is 15%, 16%, 17% growth. EBITDA per ton is INR 5,500, INR 5,600, INR 5,400. That will depend on quarter-on-quarter how things shape up. Our goal post is 20% EBITDA growth on absolute basis.
Understood. 20% absolute EBITDA growth. That's great. I will come back and see. Thank you and all the best.
[Non-English content]
Super. Great sir. I will come back and see. Thank you.
Thank you.
Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to the management for the closing comments.
Thanks everyone for joining our call and apologize again to start this call a bit late. Thanks Antique for hosting us. Look forward to see you again. Thank you everyone. Have a good day.
Thank you members of the management team. Ladies and gentlemen, with that we conclude today's conference. We thank you for joining us and you may now disconnect your lines. Thank you.