Apl Apollo Tubes Management Guidance Tracker

Management reiterated guidance for 10-15% volume growth for the full year, with H2 expected to be stronger than H1.

Management targets monthly volume of 270,000-275,000 tons in October, implying Q3 volume of ~900,000 tons.

Management upgraded volume growth guidance to 20% for Q4 FY26 and full year FY27 over FY26.

Return on capital employed expected to improve to ~40% in FY27 from current 33%.

Management targets 15-20% volume growth for FY27, with a focus on margin protection.

PAT growth target of 20-25% for FY27, supported by margin expansion.

Annual EBITDA per ton guidance maintained at 4,600-5,000 rupees, despite Q2 achieving 5,200 rupees.

EBITDA per ton target increased from ₹4,800-5,000 to ₹5,500, driven by cost controls and mix improvement.

Management expects EBITDA per ton to remain in the ₹5,000-5,500 range going forward.

Capacity expansion of 1.5 million tons over 2-3 years will be entirely funded through internal cash flows.

Capex of ₹1,500 crore to add 3 million tons capacity (2 million greenfield/brownfield, 1 million debottlenecking) by FY28.

Total capex of ₹14,500 crore over next 2.5 years to reach 8 million tonnes capacity by FY28.