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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions auditedConsistentNumbers vs filing
Partial answer
Medium priority
Update on galvanized tube operating levels and demand weakness vs destocking.
Asked by Niha, Noama Wealth Management
Management gave qualitative improvement but no specific operating level numbers.
no specific utilization percentage givenqualitative only
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Question
Just wanted to take an update on galvanized tube because last time we were facing some gas shortages. How's the operating level at this point of time in those colored as well as galvanized tubes.
Management (unidentified)
domestic operations were majorly hit for few weeks in month of March then things became a bit easy in terms of gas availability and our plants also moved to alternate fuels. So things have improved significantly.
Evasive
High priority
How are you managing EBITDA per ton given HRC price rise and competition?
Asked by Angut Saluja, UBSC India
Management did not quantify margin impact or provide specific EBITDA per ton outlook.
no numbers givenvague reference to innovation and shortage
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Question
if you look at realizations and obviously an abida per ton how are we looking at that you know given HRC prices have also gone up but you know the risk from patra also remains
Management (unidentified)
innovations we increase our margin due to shortage also. volume but margins are better.
Partial answer
High priority
Sustainability of 5500 per ton margin given inventory gains and Dubai weakness.
Asked by Vikas Singh, ICA securities
Management affirmed margin range but did not address inventory gain component.
no breakdown of inventory gainsrange given without specifics
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Question
I just wanted to understand the sustainability of 5500 ton margin uh going forward considering that the patra and the primary gap is higher and this quarter you would have benefited from the shortage of material
Management (unidentified)
I can't say anything right now but 5,000 to 5500 we are quite sure in the future we continue this margin.
Answered
High priority
Explanation for net cash increase of ~1000 cr vs net profit of 350 cr.
Asked by Bharesa, BCS Capital Ideas Limited
Management explained cash generation through inventory reduction and working capital improvements.
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Question
net cash on the balance sheet was 550 cr and end of March 26 it is 1,500510 cr or whatever which means 1,000 cr almost cash has been added in a single quarter while profits have been net profit of 350 cr
Management (unidentified)
we could almost reduce our absolute inventory in terms of tonnage by 40 30 40,000 tons. inventory levels as at 31st December and 31st March in absolute value there is a 250 cr reduction despite steel prices went up.
Partial answer
Medium priority
Will infrastructure and commercial segments grow faster than housing?
Asked by Ashe, AK investment
Management gave qualitative outlook but no specific mix percentage targets.
no quantitative mix targetsqualitative only
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Question
over the next two three years do we expect that infrastructures and commercial buildings will be uh fair will be higher uh due to the government effects
Management (unidentified)
definitely there should be some improvement in infrastructure and commercial. Commercial has been doing pretty well for last two three years. Infrastructure from the government side has been on slowdown for two years.
Answered
Medium priority
Share of SG premium products in Q4 volumes and reason for other expenses growth.
Asked by Dan Ma, Dal Capital
Management provided a specific percentage range for SG premium share.
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Question
can you provide us the share of SG premium to overall volumes in Q4?
Management (unidentified)
So it's between 8 to 10. It's between 8 to 9%. 8 to 9% of total volumes.
Answered
High priority
Is the disruption structurally positive for market share gains from unorganized players?
Asked by Amit Mura, Access Capital
Management confirmed market share gains and referenced historical precedent.
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Question
is it fair to say that the this is structurally positive for you wherein you gain market share from the unorganized players?
Management (unidentified)
Swamit which we did definitely. we have demonstrated this similar trends during covid time. The industry leaders the strong players they always benefit from the disruption
Answered
Medium priority
Sustainability of lower inventory levels and FY27 volume/margin guidance.
Asked by Rajes, SGFC Securities
Management confirmed sustainability and intention to reduce further.
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Question
just wanted to understand the sustainability of the current levels or is it like this was also an impact of Sanji stock the turmoil.
Management (unidentified)
Sanj's mission is to bring it further down. whatever we have achieved as at March 2026 it is highly sustainable.
Answered
High priority
How will you use financial strength to gain market share in current disruption?
Asked by Onar Gangur, Sri Investment
Management outlined specific capacity expansion and branding strategies.
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Question
how can you use the financial strength to gain even more market share from competitors?
Management (unidentified)
capacity building. The capex is fully funded from internal cash flows. putting up two plants in East India will help us compete with local smaller players.
Answered
Medium priority
Impact of LPG shortage and backup plan; is 15-20% growth guidance factoring this?
Asked by Ranjit Saram, Mahindra Manual Life Mutual
Management quantified disruption and confirmed guidance includes this risk.
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Question
was there any impact on this LPG shortage in our business and uh do you have any uh backup plan for that?
Management (unidentified)
in month of March two of our product categories faced temporary shutdowns at few locations. our plants moved to alternate fuel. there was disruption of 10 to 15 days.
Answered
High priority
Why did valued sales mix drop to 25% despite record EBITDA per ton?
Asked by Deasi Jany, individual investor
Management explained the mix shift due to price increases in general segment boosting margins.
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Question
We have reported the valued sales mix of 25% in Q4. it's down slightly from 57 in Q3. Despite this VITA person rose to a record high. Can you bridge this gap?
Management (unidentified)
we had increased the pricing for Apollo general segment in January of 2025 by almost 1,500 rupees per ton. that increase is straight away coming to our IITA. from 2,000 rupees per ton beta level we are at 3500 per ton plus level in general.
Answered
High priority
Sequential realization change Q1 vs Q4 and inventory gain impact.
Asked by Rajes Shi, HDFC securities
Management provided specific price increase and explained minimal inventory gain due to low inventory days.
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Question
based the current steel prices which are significantly higher and have been rising even in April ... what sort of price increase on an average is your sales versus Q4 average.
Management (unidentified)
HR coil prices are up by around from March to May or from April to May they are up by around 3,000 rupees per turn. So that much price tag we took.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Net profit of 350 cr in Q4 | ₹350 cr | ₹354 cr | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.