APL Apollo Tubes Q4FY26 Consolidated Results

• APL Apollo reported consolidated net revenue of Rs. 6,269.2 crore, up 13.8% YoY, broadly in line with our estimate. Revenue growth was supported by healthy sales volume of 925k tonnes, up 8.8% YoY, while realization/tonne increased 4.6% YoY to Rs. 67,775. Cost/tonne rose 3.8% YoY to Rs. 62,250; however, EBITDA/tonne improved 13.5% YoY to Rs. 5,525, aided by better volume growth, improved realizations, and operating leverage.
• EBITDA stood at Rs. 511 crore, up 23.5% YoY in Q4FY26, and came in 1.6% above our estimate. EBITDA margin expanded to 8.2%, improving 64 bps YoY and coming in 8 bps above our forecast, reflecting better spreads and cost efficiency despite higher input costs.
• PAT came in at Rs. 354 crore, up 20.9% YoY in Q4FY26, and was 9.7% ahead of our forecast. The beat at the bottom line was primarily driven by stronger-than-expected operating performance and improved profitability.
• The company’s capacity expansion plan remains on track, with total capacity expected to increase from 5 MTPA to 8 MTPA by FY28.

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