1. Opening Hook
Just when everyone thought construction was taking a chai break—Delhi-NCR bans, slow government capex, and global trade drama—APL Apollo walked in like “main hoon na.” While peers blamed macros, pollution, and planets not aligning, APL quietly delivered its best-ever quarter. Highest volumes, highest EBITDA, highest PAT—basically a greatest hits album, live edition.
Management says demand is “challenging,” but numbers say otherwise. Either challenges mean something else in Noida, or APL Apollo has cracked a cheat code the sector hasn’t unlocked yet. And before you think this is just price-led sugar rush, wait till you see the mix shift, cash flows, and ROCE swagger.
Stick around—because the real story isn’t growth. It’s how boring steel tubes suddenly became a high-return, cash-spewing machine.
2. At a Glance
- Revenue up 7% YoY – Not explosive, but enough to keep analysts pretending macros don’t matter.
- Volumes up 11% YoY – Steel moved faster than excuses in infra conferences.
- EBITDA up 37% YoY – Clearly, tubes learned margin expansion yoga.
- EBITDA/ton ₹5,146 – Commodity? Not in APL’s dictionary anymore.
- Net profit up 43% YoY – Bottom line finally getting the respect it
- deserves.
- Net cash ₹5.6 bn – Debt exited quietly, no farewell speech.
3. Management’s Key Commentary
“We delivered our best-ever quarterly performance despite a challenging demand environment.”
(Translation: If this is bad demand, we’re curious what good demand looks like 😏)
“Volume growth of 11% YoY is ahead of industry growth.”
(Translation: We’re stealing market share while others track spreadsheets)
“Value-added product mix stood at 57%.”
(Translation: Commodities are for amateurs, margins are for pros)
“Working capital remains best-in-class in construction materials.”
(Translation: Cash comes home before the quarter ends 🧾)
“We are ready with capacity, portfolio, and distribution.”
(Translation: Demand can show up anytime—we’re dressed already)
“Innovation and customer experience remain our focus.”
(Translation: Same old steel, just sold smarter)
4. Numbers Decoded
| Metric | Q3FY26 | YoY Change |
|---|---|---|
| Volume (k tons) | 917 | +11% |
| Revenue (₹ bn) | 58.2 | +7% |
| EBITDA (₹ bn) | 4.7 | +37% |
| EBITDA/ton (₹) | 5,146 | +23% |
| Net Profit (₹ bn) | 3.1 | +43% |
| ROCE (9M annualized) | 33.3% | +880 bps |
