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Revenue
₹5,982 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
APL Apollo delivered a strong Q3 FY26 with record monthly volume of 375,000 tons in December, implying an annualized run rate of 4.4 million tons. The company upgraded its volume growth guidance to 20% for Q4 FY26 and FY27, with EBITDA per ton guidance raised to ₹5,500 (from ₹4,800-5,000). The dual-brand strategy (APL Apollo premium + SG brand) is driving market share gains, with APL Apollo maintaining a 65% market share in structural steel tubes. Management outlined a capex plan of ₹1,500 crore to expand capacity from 5 million to 8 million tons by FY28, funded through internal accruals. The company expects RoCE to improve to 40% in FY27. Key risks include potential sharp commodity price swings and execution delays in greenfield expansions.
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Guidance to track
- Management upgraded volume growth guidance to 20% for Q4 FY26 and full year FY27 over FY26.
- EBITDA per ton target increased from ₹4,800-5,000 to ₹5,500, driven by cost controls and mix improvement.
- Capex of ₹1,500 crore to add 3 million tons capacity (2 million greenfield/brownfield, 1 million debottlenecking) by FY28.
- Return on capital employed expected to improve to ~40% in FY27 from current 33%.
Risks flagged
- A sudden 10%+ move in HRC prices could temporarily impact margins before pass-through, though management notes this is rare.
- Four greenfield plants and debottlenecking require timely execution; delays could impact volume growth targets.
- Competitors are also adding capacity; maintaining 65% share may become challenging as the market grows.
Key quotes
- We are upgrading our sales volume growth guidance 20% for quarter 4 FI26 and FI27 with IITA guidance of almost 5500 rupees per ton.
- Our strategy of pricing optimization by leveraging APL Apollo brand has worked excellently to expand our EBITDA spreads.
- We are very confident of this momentum to continue.
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