Quarterly Volume Growth
9%
+9% YoY
Volume increased 9% year-over-year in Q4 FY26 despite disruptions.
APLAPOLLOTUBES
Other
09 May 2026
Apl Apollo Tubes Ltd — Q4 FY26
APL Apollo reported a strong Q4 FY26 with 9% volume growth YoY and EBITDA per ton exceeding ₹5,500, driven by market leadership, product innovation, and steel shortages.
✓ Verified against BSE filing
2-Min Summary
APL Apollo reported a strong Q4 FY26 with 9% volume growth YoY and EBITDA per ton exceeding ₹5,500, driven by market leadership, product innovation, and steel shortages. Full-year operating cash flow was ₹20 billion and free cash flow ₹13 billion, with net cash of ₹15 billion+. However, the Middle East crisis, gas shortages, and steel price volatility disrupted operations, particularly in Dubai (40% utilization) and domestic galvanized lines. Management maintains FY27 guidance of 15-20% volume growth and 20-25% PAT growth, focusing on margin protection over volume. Risks include prolonged geopolitical disruption, energy shortages, and potential demand slowdown from construction site halts.
Key Numbers
EBITDA per Ton
₹5,500+
+₹500+ YoY
EBITDA per ton exceeded ₹5,500, up from guided ₹5,000-5,500 range.
Net Cash Balance
₹15 billion+
+₹10 billion QoQ
Net cash increased from ₹5.5 billion in Q3 to over ₹15 billion in Q4.
Market Share
60-65%
+5-10pp YoY
Market share improved from 55% to 60-65% in FY26, aided by disruption.
Management Guidance
Volume growth 15-20% in FY27
Management targets 15-20% volume growth for FY27, with a focus on margin protection.
growthPAT growth 20-25% in FY27
PAT growth target of 20-25% for FY27, supported by margin expansion.
growthEBITDA per ton sustainable at ₹5,000-5,500
Management expects EBITDA per ton to remain in the ₹5,000-5,500 range going forward.
marginsCapex of ₹14,500 crore for 8 MTPA capacity by FY28
Total capex of ₹14,500 crore over next 2.5 years to reach 8 million tonnes capacity by FY28.
capexKey Risks
Prolonged Middle East crisis
The ongoing war has disrupted global supply chains and impacted Dubai operations at 40% utilization.
high · management_commentaryEnergy shortages in India
Gas shortages caused temporary shutdowns in March; fear of recurrence may limit production to 80-85%.
high · management_commentaryDemand slowdown from construction halts
Construction sites halted due to labor shortages and raw material price inflation, delaying purchases.
medium · analyst_questionSteel price volatility and inventory risk
Rapid steel price increases may lead to destocking; however, low inventory days mitigate mark-to-market risk.
medium · data_observationNotable Quotes
Our focus right now is to protect our profitability and margins. When we know that volume prediction becomes challenging, because APL Apollo is the market leader, we are able to improve our margins significantly.
If you look at our market share in FY26 versus FY25, our market share has improved to 60-65% from 55%. This can continue to improve if disruption continues to hurt our competition more than the larger player like Apollo.
Our long-term plan of 8 million tonne capacity by FY28 remains totally on track. Our capex commitments, new land acquisition, new product development, distribution expansion in East India – everything remains on track.