Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹6,269 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 15-20% volume growth for FY27, with a focus on margin protection.
- PAT growth target of 20-25% for FY27, supported by margin expansion.
- Management expects EBITDA per ton to remain in the ₹5,000-5,500 range going forward.
- Total capex of ₹14,500 crore over next 2.5 years to reach 8 million tonnes capacity by FY28.
Risks flagged
- The ongoing war has disrupted global supply chains and impacted Dubai operations at 40% utilization.
- Gas shortages caused temporary shutdowns in March; fear of recurrence may limit production to 80-85%.
- Construction sites halted due to labor shortages and raw material price inflation, delaying purchases.
- Rapid steel price increases may lead to destocking; however, low inventory days mitigate mark-to-market risk.
Key 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.
Research modules