APL Apollo Tubes (533758) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 delivered record sales volume of 925k tons, up 9% YoY, with all-time high EBITDA and PAT despite global and domestic disruptions, and strong profitability and cash generation maintained.

• FY26 sales volume rose 11% YoY to 3,491k tons, outpacing industry growth, with a net cash balance exceeding INR 15 billion.

• Audited standalone and consolidated financial results for FY26 showed strong revenue and profit growth, with a final dividend of ₹8.50 per share recommended.

• Management focus remains on protecting margins and profitability amid volatile volumes and challenging market conditions, emphasizing innovation and prudent working capital management.

Financial highlights

• Q4FY26 revenue reached Rs 62.7Bn, up 14% YoY; EBITDA at Rs 5.1Bn, up 24% YoY; Q4 net profit was Rs 3.5Bn.

• FY26 consolidated revenue was ₹23,079 crore, up from ₹20,690 crore in FY25; consolidated net profit was ₹1,203 crore, up 59% YoY.

• EBITDA per ton exceeded INR 5,500 in Q4; ROC for FY26 reached 37%.

• Operating cash flow for FY26 was INR 20 billion; free cash flow at INR 13 billion.

• Net cash on the balance sheet rose to INR 15.1 billion at March-end, driven by inventory rationalization and improved payment terms.

Outlook and guidance

• FY27 guidance targets 15%-20% volume growth, 20%-25% EBITDA growth, and 25%-30% PAT growth.

• Management maintains full-year EBITDA guidance despite near-term headwinds, focusing on margin protection.

• Long-term capacity expansion plan to reach 8 million tons by FY28 remains on track, funded by internal cash flows.

• Ongoing focus on innovation, customer experience, and redeployment of capital from non-core assets.