APL Apollo Tubes Limited — Investor Meet, 13-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

APL Apollo Tubes crossed 3.1 million tons in FY'25, becoming the world’s largest downstream steel player outside China, with a 45% volume growth over two years despite EBITDA spreads dropping to Rs. 3,900/ton. FY'26 EBITDA per ton is expected to rise to Rs. 5,000, driven by improved sales mix, market expansion, and exports. The company plans a Rs. 1,500 Cr capacity expansion to 7 million tons over three years, focusing on new regions, products, and exports. Management targets 20% volume CAGR, ROCE rising to 35% in FY'26, and export share increasing from 6% to 10%+. Key cost efficiencies include employee cost cuts and automation. Promoter salary has been surrendered to support margins, with confidence maintained on brand strength and value-added growth despite macro uncertainties.