| Management target | EBITDA 20.0% FY27 |
|---|
| Revenue growth | Lower than expected volumes; July recovery up 20% month-on-month. |
|---|---|
| Margins | EBITDA/ton flat at ₹5500 despite negative operating leverage. |
| Demand visibility | Improving; destocking ending as steel prices stabilize. |
| Management confidence | High; confident in meeting full-year 20% EBITDA growth targets. |
Growth
Volumes fell 20% QoQ to 745k tons; however, gross profit per ton improved by ₹1000.
Outlook
Management maintained FY27 guidance of 15-20% volume growth and >20% absolute EBITDA growth.
Risks
Secondary material competition and high raw material inflation slowing construction demand. UAE geopolitical disruptions impact exports.
Last quarter's promises, checked
Delivered
- Guided negative working capital → Delivered negative cycle (= BEAT)
- Guided 37% ROCE → Delivered 37% ROCE (= BEAT)
- Guided ₹15bn net cash → Delivered ₹15bn+ net cash (= BEAT)
Partly delivered
- Guided ₹5,300-5,500 EBITDA/ton → Delivered ₹5,500 (= BEAT)
- Guided ₹5-6bn annual capex → Ongoing 8MT expansion (= PARTIAL)
Missed
- Guided ~1MT volume for Q4 → Delivered 745k tons (= MISS)
- Guided 15-20% volume growth → Delivered -20% QoQ (= MISS)
Earnings Call Transcript filed with BSE, NSE: APLAPOLLO. Summary written with AI assistance from the document.
APL Apollo Tubes Ltd: key numbers
- Share price
- ₹2,126.40
- Market cap
- ₹59,041 Cr
- Revenue (annual)
- ₹23,079 Cr
- Net profit (annual)
- ₹1,203 Cr
- P/E (TTM)
- 48.0×Sector 18.4×
- Promoter holding
- 28.25%+0.00% QoQ
- FII holding
- 35.12%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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