Weak government capex and demand slowdown
Management acknowledged that demand is 'very bad' due to weak government spending and extended monsoons, which could pressure volumes.
APLAPOLLO / Q2-FY26 / risks
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APL Apollo Tubes · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Steel price volatility and inventory losses
Steel prices fell 5,000 rupees per ton in Q2, causing minor inventory losses; further declines could impact margins.
Competition from new primary steel capacity
Analyst raised concern about 1 million tons of new capacity from competitors; management downplayed but did not quantify impact.
Execution risk in new capacity expansion
Planned capacity addition of 1.5 million tons in new geographies (East India, Dubai) may face ramp-up challenges.