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Revenue
₹5,206 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
APL Apollo reported its highest-ever quarterly volume of 850,000 tons and EBITDA per ton of 5,200 rupees in Q2 FY26, driven by brand premiumization, value-added mix improvement from Raipur and Dubai plants, and operating leverage. The company maintained its FY26 guidance of 10-15% volume growth and EBITDA spread of 4,600-5,000 rupees per ton, with H2 expected to be stronger due to seasonal demand recovery. Management highlighted a strategic shift from volume to profitability, targeting EBITDA per ton of 6,000 rupees over the next 4-5 years. Capacity expansion plans (1.5 million tons) are fully funded by internal accruals. Key risks include sustained weak demand from government capex and potential steel price volatility causing inventory losses.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance for 10-15% volume growth for the full year, with H2 expected to be stronger than H1.
- Annual EBITDA per ton guidance maintained at 4,600-5,000 rupees, despite Q2 achieving 5,200 rupees.
- Management targets monthly volume of 270,000-275,000 tons in October, implying Q3 volume of ~900,000 tons.
- Capacity expansion of 1.5 million tons over 2-3 years will be entirely funded through internal cash flows.
Risks flagged
- Management acknowledged that demand is 'very bad' due to weak government spending and extended monsoons, which could pressure volumes.
- Steel prices fell 5,000 rupees per ton in Q2, causing minor inventory losses; further declines could impact margins.
- Analyst raised concern about 1 million tons of new capacity from competitors; management downplayed but did not quantify impact.
- Planned capacity addition of 1.5 million tons in new geographies (East India, Dubai) may face ramp-up challenges.
Key quotes
- We are not focusing on the volume. We are focusing on the margin.
- Our strategy is very clear. Right now we are close to a capacity of 5 million t and in the next two or three years we are going to build up the capacity of 7 million t.
- We are the lowest cost producer in the world today.
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