APL Apollo Tubes Limited — Investor Meet, 06-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

APL Apollo Tubes reported a strong Q4 FY26, with a 9% YoY volume increase and EBITDA over INR5,500/ton. FY26 saw 37% ROCE, negative working capital, and significant cash generation (INR2,000 Cr operating, INR1,300 Cr free cash, ending with INR1,500 Cr net cash). Management noted Q4 challenges from the Middle East crisis, raw material shortages, and de-stocking, impacting volumes. Despite this, profitability remains a priority, and FY27 guidance is 15-20% volume, 20-25% EBITDA, 25-30% PAT growth. Strategic capacity expansion and branding are on track. Management expects to clear INR500 Cr liabilities and may consider higher dividends or a buyback, signaling a confident outlook. Market share gains continued.