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APL Apollo Upgrades EBITDA Guidance to ₹5,500/Ton; Targets 8MT Capacity by FY28
APL Apollo Tubes reported a strong 3QFY26 performance, achieving 9-month volume growth of 11% YoY and EBITDA per ton exceeding ₹5,000. Management has upgraded its sales volume growth guidance to 20% for 4QFY26 and FY27, alongside an increased EBITDA target of ₹5,500 per ton. The company is aggressively expanding capacity from 5 million to 8 million tons by FY28 with a ₹1,500 crore investment funded through internal accruals. With a cash surplus of ₹5.6 billion, the firm is on track to become liability-free while targeting a 40% ROCE.
Key Highlights
Upgraded EBITDA guidance to ₹5,500 per ton for 4QFY26 and FY27, driven by premiumization and cost controls.
Capacity expansion to 8 million tons by FY28 via 4 greenfield and 1 brownfield project costing ₹1,500 crores.
Achieved 90% utilization in December 2025 with monthly sales hitting 375,000 tons.
Long-term vision to reach 10 million tons capacity by 2030, including 2 million tons in super-specialty segments.
Strong financial position with ₹5.6 billion surplus cash and current ROCE of 33%.
💼 Action for Investors
Investors should note the significant upgrade in EBITDA guidance and aggressive volume targets which signal strong pricing power. The company's transition to a liability-free balance sheet and expansion into high-margin specialty segments like EV and aerospace provides a positive long-term outlook.