APL Apollo Tubes Limited — Earnings Release 2026

May 2, 2026

APLAPOLLO STEEL PIPES
S
Sudesh Group
02nd May 2026

Electronic Filing

National Stock Exchange of India Limited "Exchange Plaza" Bandra-Kurla Complex, Bandra (E), Mumbai-400051

Department of Corporate Services/Listing
BSE Limited
Phiroze Jeejeebhoy Tower,
Dalal Street, Fort,
Mumbai-400001

NSE Symbol : APLAPOLLO

Scrip Code : 533758

Dear Sir/Madam,

Re: Earnings presentation and Press Release on Audited Financial Results for the quarter and year ended March 31, 2026

In terms of Regulation 30 of the Listing Regulations read with Schedule III to the Listing regulations, please find attached Earnings Presentation and Press Release respectively made by the Company on Audited Financial Results of the Company for the quarter and year ended March 31, 2026.

This disclosure along with the enclosures shall be made available on the website of the Company viz. www.aplapollo.com.

Yours faithfully
For APL Apollo Tubes Limited

VIPUL
JAIN
Digitally signed by
VIPUL JAIN
Date: 2026.05.02
16:05:12 +05'30'

Vipul Jain
Company Secretary and
Compliance Officer
Encl: a/a

APL Apollo Tubes Limited (CIN-L74899 DL 1986PLC023443)

Regd. Office : 37, Hargovind Enclave, Vikas Marg, Delhi - 110092, India Tel : +91 - 011 44407164
Corp Office : SC Centre, 37 C, Block B, Sector - 132, Noida, Uttar Pradesh - 201304 Tel : +91 - 120 6918000
Unit - 1 : A-19, Industrial Area, Sikandrabad, Distt. Bulandshahar, U.P. - 203205, India | Unit - 2 : 332-338, Alur Village Perandapali, Hosur, Tamilnadu - 635109 India | Unit - 3 : Plot No. M-1, Additional M.I.D.C. Area, Kudavali, Murbad, Maharashtra, Thane - 421401, India
Unit - 4 : Village Bendri Near Urla Indil. Area, Raipur, Chhattisgarh - 493661, India | Unit - 5 : Sy. No. 443, 444, 538, 539, Wadiaram (Vill.), Chegunta, Medak - 502255, Telengana, India | Unit - 6 : No. 9 to 11, KIADB Industrial Area Attibele, Bengaluru - 562107 | Unit - 7 : Plot No. 53, Part-1, 4th Phase, Industrial Area, Sy. No. 28-33, Kurandhalli Village, Kasaba Hobli, Malur, Taluk, Distt. Kolar-563130, Karnataka
Email : info@aplapollo.com Web : www.aplapollo.com

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APLAPOLLO STEEL PIPES

"India is ready and so we are"

Revolutionizing the world of tube

Tubes from 88mm to 10001000mm with 0.18mm to 40mm Thickness

Earnings presentation Q4FY26

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Safe Harbour

Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements". These forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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Contents

• Q4FY26 at glance
• Financial Performance
• Business Strategy
• Demand Drivers
• ESG Engagement
• Team APL Apollo

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Architecture Of Returns

CAGR Growth (%)	10 Year (FY16-26)	5 Year (FY21-FY26)	2 Year (FY24-26)
Sales Volume	15%	16%	15%
EBITDA	20%	22%	23%
Net Profit	28%	27%	28%

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Q4FY26 At A Glance

APL APOLLO TUBES

Note 1: Sales Volume and Financials are on consolidated basis
Note 2: Capital employed has been calculated as Total assets minus total current liabilities minus surplus cash
Note 3: EBIT has been calculated without other income for ROCE calculation

5

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FY26 At A Glance

APL APOLLO TUBES

Note 1: Sales Volume and Financials are on consolidated basis
Note 2: Capital employed has been calculated as Total assets minus total current liabilities minus surplus cash
Note 3: EBIT has been calculated without other income for ROCE calculation

6

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Highest Ever Quarterly Volume, EBITDA & PAT

APL APOLLO TUBES

Profit & Loss (Rs Mn)	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26
Volume (k Ton)	662	675	604	679	721	758	828	850	794	855	917	925
Revenue	45,449	46,304	41,778	47,657	49,743	47,739	54,327	55,086	51,698	52,063	58,151	62,692
EBITDA	3,072	3,250	2,796	2,804	3,016	1,380	3,456	4,137	3,720	4,470	4,719	5,110
EBITDA/ton (Rs)	4,645	4,817	4,631	4,132	4,183	1,821	4,173	4,864	4,683	5,228	5,146	5,525
Net Profit	1,936	2,029	1,655	1,704	1,932	538	2,170	2,931	2,372	3,015	3,101	3,543

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APL APOLLO TUBES

FINANCIAL PERFORMANCE

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Quarterly Revenue Mix

Product Category	Application	Q4FY25			Q1FY26			Q2FY26			Q3FY26			Q4FY26
		Sales Mix	Vol.	EBITDA/Ton	Sales Mix	Vol.	EBITDA/Ton	Sales Mix	Vol.	EBITDA/Ton	Sales Mix	Vol.	EBITDA/Ton	Sales Mix	Vol.	EBITDA/Ton
		(%)	(K Ton)	(Rs)	(%)	(K Ton)	(Rs)	(%)	(K Ton)	(Rs)	(%)	(K Ton)	(Rs)	(%)	(K Ton)	(Rs)
Apollo Structural	Heavy	10	82	8,701	9	72	8,382	9	77	8,721	9	81	8,767	9	84	9,010
	Light	17	143	5,752	16	129	5,415	15	129	5,870	16	145	6,023	15	141	6,208
	General *	42	353	2,897	39	308	2,741	43	368	3,434	43	392	3,149	45	414	3,405
Apollo Z	Rust-proof	22	185	5,715	24	191	5,437	23	193	6,236	22	199	6,324	21	195	7,261
	Coated	6	55	6,312	8	63	5,971	7	62	6,980	7	63	7,011	6	52	8,047
Apollo Galv	Agri/Industrial	4	33	5,423	4	31	5,078	3	26	5,421	4	36	5,398	4	39	5,981
Total		100	850	4,864	100	794	4,683	100	855	5,228	100	917	5,146	100	925	5,525

*General sales volume includes SG premium sales volume

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Yearly Revenue Mix

Product Category	Application	FY22			FY23			FY24			FY25			FY26
		Sales Mix	Vol.	EBITDA/Ton	Sales Mix	Vol.	EBITDA/Ton	Sales Mix	Vol.	EBITDA/Ton	Sales Mix	Vol.	EBITDA/Ton	Sales Mix	Vol.	EBITDA/Ton
		(%)	(KTon)	(Rs)	(%)	(KTon)	(Rs)	(%)	(KTon)	(Rs)	(%)	(KTon)	(Rs)	(%)	(KTon)	(Rs)
Apollo Structural	Heavy	7	121	7,422	7	162	7,534	9	247	8,188	9	294	7,865	9	315	8,733
	Light	19	336	6,683	18	407	5,134	16	421	5,760	17	522	4,792	16	544	5,890
	General *	37	647	2,212	44	1,005	2,015	42	1,103	2,005	42	1,340	1,705	42	1,482	3,206
Apollo Z	Rust-proof	33	575	7,710	25	567	7,214	23	593	6,120	21	669	4,690	22	778	6,320
	Coated	-	-	-	2	39	5,731	5	125	6,483	6	204	5,351	7	240	6,951
Apollo Galv	Agri/Industrial	4	76	6,442	4	99	5,667	5	129	6,372	4	130	5,131	4	132	5,500
Total		100	1,755	5,386	100	2,280	4,481	100	2,618	4,553	100	3,158	3,797	100	3,491	5,161

*General sales volume includes SG premium sales volume

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Capacity Expansion Plan By FY28

Existing capacity

• 5 Mn Ton
• Structural Steel

Greenfield & Brownfield capacity

• 2 Mn Ton
• East (Gorakhpur, Siliguri)
• South (Malur)
• Western coastal area

Debottlenecking

• 1 Mn Ton
• Plant Modernization
• Replacement of conventional mills with faster and more efficient mills

Total capacity

8 Mn Ton
Structural Steel

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Growing Strength To Strength

Volume (K Ton)

EBITDA (Rs Mn)

EBITDA/Ton (Rs)

Net Profit (Rs Mn)

1. Sales Volume and Financials are on consolidated basis
2. EBITDA has been calculated without other income

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Growing Strength To Strength

Volume (K Ton)

EBITDA (Rs Mn)

PAT (Rs Mn)

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Growing Strength To Strength

ROE (%)

ROCE (%)

Interest Coverage Ratio (x)

Net Working Capital Days

Note1: Capital employed for ROCE is computed as Total assets less Current Liabilities & Cash

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Growing Strength To Strength

Operating Cash Flow (Rs Bn)

Net Debt/EBITDA (x)

Net Debt/ Equity (x)

Net Debt/ (cash) (Rs Bn)

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Growing Strength To Strength

Operating Cashflow to EBITDA (%)

Capex to Op. Cash flow (%)

Free Cash Flow (Rs Bn)

Du-Pont ROE (%)

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Cash Flow Bridge (Rs Mn)

☑ Business continues to generate strong operational cash flow	☑ Capex being funded from internal cash flow	☑ Net cash balance sheet

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Profit & Loss Statement (Consol)

Particulars (Rs Mn)	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26	FY25	FY26
Sales Volume (K Ton)	721	758	828	850	794	855	917	925	3,158	3,491
Net Revenue	49,743	47,739	54,327	55,086	51,698	52,063	58,151	62,692	2,06,895	2,30,790
Raw Material Costs	42,697	42,419	46,623	46,964	43,803	43,413	49,007	52,680	1,78,702	1,95,090
Employee Costs	801	872	899	754	930	887	926	962	3,325	3,705
Other expenses	3,229	3,068	3,350	3,232	3,245	3,293	3,499	3,940	12,878	13,977
EBITDA	3,016	1,380	3,456	4,137	3,720	4,470	4,719	5,110	11,990	18,019
EBITDA/ton (Rs)	4,183	1,821	4,173	4,864	4,683	5,228	5,146	5,525	3,797	5,161
Other Income	247	148	216	349	256	251	247	365	960	1,119
Interest Cost	278	364	368	323	333	276	329	317	1,333	1,254
Depreciation	465	469	503	576	544	581	592	593	2,013	2,309
Tax	589	158	631	656	728	848	945	1,023	2,034	3,543
Net Profit	1,932	538	2,170	2,931	2,372	3,015	3,101	3,543	7,570	12,031

Note 1: Sales Volume and Financials are on consolidated basis

Note 2: Trading revenue for Q4FY26 was Rs 5.38n

Note 3: Re- grouping has been done for the sale of traded products of Rs 6.19 8n in the previous quarters of FY26 (Q1FY26, Q2FY26, Q3FY26)

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Provisional Balance Sheet & Cash flow (Consol)

Balance Sheet - Assets (Rs mn)	FY25	FY26
Cash & Bank Balance*	9,199	19,847
Receivables	2,673	3,507
Inventories	16,232	14,453
Other current assets	4,497	3,274
Fixed assets (net)	37,056	40,683
Right to use Assets	1,579	1,810
Investments	1,262	485
Other assets/goodwill	3,465	4,273
Total Assets	75,962	88,333
Balance Sheet - Liabilities (Rs mn)	FY25	FY26
---	---	---
Trade payables	22,312	23,683
Other current liabilities	1,933	3,087
Debt	6,148	4,525
Others	3,481	4,073
Minority Interest	0	0
Shareholders' funds	42,087	52,965
Total Equity & Liabilities	75,962	88,333

• In this presentation we have classified Fixed Deposits worth Rs11bn under cash and cash equivalents for FY26 from other financial assets (due to maturity of less than 365 days)

Cashflow Statement (Rs mn)	FY25	FY26
EBITDA	11,990	18,019
Change in receivables	-1,329	-1,026
Change in inventory	125	1,749
Change in payables	2,496	1,313
Change in other WC	-250	1,832
Tax	-1,875	-2,983
Others/ Income	960	1,119
Operating cash flow	12,117	20,023
Capex	-6,538	-6,520
Investments	-360	1,026
Interest	-1,472	-1,164
Free cash flow	3,747	13,364
Dividend payments	-1,526	-1,596
Capital increase	0	0
Others	642	508
Net change in cash flow	2,863	12,275
(Net debt)/ Net cash beginning	185	3,047
(Net debt end)/ Net Cash	3,047	15,323

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20

DEMAND DRIVERS

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Structural Steel Tube Applications

Application Mix

• Housing
• Commercial buildings
• Infrastructure
• Others

*As per FY26 revenue

21

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India Structural Steel Tube Market Potential

Structural steel tubes as % of steel market (FY26)

Total steel consumption in India (Mn Ton)

Structural steel tubes in India (Mn Ton)

Structural steel tube market share (Mn Ton)

HR Coil based steel tubes
Sponge iron tubes

HR Coil based steel tube market (APL Apollo's addressable market) to grow faster vs sponge iron tube market due to:

• Superior quality
• Better cost efficiencies for blast furnace HRC mills over local/ unorganized sponge iron melting mills
• Commissioning of new blast furnace HRC mills in next 3-4 years which will increase supply of HR coil in India
• Pollution concerns emerging from local/ unorganized sponge iron melting mills

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Solar Structure Opportunity For Structural Tubes

Why structural steel tube is a preferred solution

Cost Effective, Eco-Friendly

Higher Strength

Faster Construction

Lower steel consumption

Reduces overall project cost

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Steel Tube Usage In Housing/Commercial Buildings

Housing

Cost (per sq ft in Homes)

Steel Tube applications in homes

Commercial/Infrastructure

Cost (per sq ft in Commercial/Infra)

Steel Tube applications in commercial/infra

Airports
Columns

Railway station

Façade

Tubes are well positioned to play the real estate construction cycle

*Building with complete structure on tubes

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Applications For Heavy Structural Steel Tubes

• High Rise Buildings
• Hospitals, Housing, Schools, Courts, Hotels/Malls/Offices
• Warehouses/Cold Storage/Food Parks
• Factory Buildings/Process Structures
• Aviation Hangers
• Data Centres
• Railway Stations/Airports

50 projects
50mn sq. ft. Visibility
220,000 ton heavy structural steel tubes

Ongoing enquiries

Restaurant, Uttar Pradesh

Hospital, Delhi

Hospital, Uttar Pradesh

University campus, Uttar Pradesh

University campus, Roorkee

Railway Station, Andhra Pradesh

Factory, Mathura

Commercial building, Delhi

Hospital, Imphal

Airport, Uttar Pradesh

MES housing society, Delhi

Commercial Project, Punjab

Housing society, Delhi

Ethanol plant, Jammu

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26

APL APOLLO
STEEL PIPES

APL Apollo's
ESG Transformation
Journey

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ESG- DJSI Scoring

APL APOLLO SCORED 91TH PERCENTILE IN 2025

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Scope 1 & 2 Emissions Reduction by 25% by 2030; Net Zero by 2050

GHG Inventory calculated for Scope 1, 2, 3 and set as baseline	Scope of Purchased goods and services expanded to include raw materials (Steel Coils)			Planned Initiatives: • RE installations in ABPL plant • RE expansions in New Raipur and Malur plants
		New Raipur plant commissioned in Dec'22	Boundary of Scope 1 emissions expanded to include fuel such as propane and LPG
2022	08	09	12	2023	08	12	2024	08	09
Production: 17,55,000 ton Revenue: INR 1,30,633 Mn	Production: 22,80,000 ton Revenue: INR 1,61,660 Mn			Production: 26,18,000 ton Revenue: INR 1,81,188 Mn			Production: 31,57,978 ton Revenue: INR 2,06,895 Mn
		Signed the SBTi commitment to be Net Zero by 2050 and reduce Scope 1 & 2 emissions by 25% by 2030, vs. FY22	Dubai plant commissioned in Dec'23			SBTI validation achieved on 27th February 2025
					Submission made for validation of Near- and Long-term targets by SBTi Validation to start in January 2025

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APL APOLLO TUBES
29

Commitment And Achievements

Commitments

• Committed to reducing Scope 1&2 emissions by 25% by 2030 ☑
• Committed to set near term and Net Zero targets by 2050 ☑
• Renewable energy contribution to be 47% by 2030 from 38% ☑
• Targeted to increase the female workforce by 1% every year ☐
• CSR initiatives in the local communities to uplift their lifestyle ☐
• Skill development trainings and safety trainings ☐
• Occupational Health and safety assessment of all work force ☐
• Training on code of conduct to educate each employee ☑

Achievements

• Introduced new, environmentally friendly products ☑
• All plants have access to green energy, 2 plants have more than 85% dependency on green energy ☑
• Almost all plants have rainwater harvesting facilities ☐
• Zero accidents by providing safety training at sites ☐
• Attrition rate below 5% ☑
• Hiring female workforce to achieve gender diversity targets ☑
• Given emphasis to CSR initiatives in local communities ☑
• New Code of conduct implemented for all employees ☑

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Front Runner For Steel For Green

• APL Apollo is the 1st Company to innovate readymade Doorframe, Fence, Plank and Hand rails as Steel for Green Concept which replaced conventional wood application in building construction
• Our Products are saving 250,000 trees every year, going ahead we will be saving more and more trees to keep the planet greener
• Keeping the Steel for Green as priority APL is the 1st Company to innovate narrow and thicker color coated galvanized sheets which will save more trees

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APL APOLLO TUBES
31

Steel Buildings = Decarbonization

• Construction sector contributes 30% of direct and indirect Co2 emissions
• Structural steel is preferred for steel buildings because steel is
• Infinitely recyclable
• Easy to pre-fabricate
• High volume to weight ratio
• Lighter/ stronger structure allow gains in vertical space

Research indicates replacing reinforced concrete with steel structures can reduce emission by 60%

Steel Structure - RCC Structure

HAVE YOU SEEN THIS? Decarbonization trend in buildings could lead to higher steel intensity/gains over concrete

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Board of Directors

Sanjay Gupta

Chairman & Managing Director
Steel Industry veteran with 3 decades of experience

Vinay Gupta

Director
More than 20 years of industry experience in the manufacturing and trading pipes, tubes and sheets

Rahul Gupta

Director
A promising entrepreneur with an experience of around 10 years in Steel Tubes Manufacturing

Deepak Goyal

Director-Operations & Group CFO
2 decades of professional experience in steel tube industry

CK Singh

Director & COO
A Mechanical Engineer with MBA and having more than 25 years of experience in the steel industry

Ashok Kumar Gupta

Vice Chairman
Steel industry veteran with 4 decades of experience

Dinesh Kumar Mittal

Independent Director
Former IAS officer of 1977 batch (UP cadre) and Ex Secretary in Department of Financial Services,

H.S. Upendra Kamath

Independent Director
Former CMD of Vijaya Bank. Having 4 decades experience in the Indian Banking Industry

Asha Anil Agarwal

Independent Director
Former Principal Chief Commissioner of Income Tax. Having 4 decades of rich experience in the IRS

Rajeev Anand

Independent Director
Board member of DIC India Ltd. | Ex-Executive Chairman of Goodyear India limited

Rakesh Sharma

Independent Director
Having 35 years of experience in the banking and financial services sector. He holds a Bachelor of Science and a Master of Laws

Dukhabandhu Rath

Independent Director
A banking professional with four decades of experience in the Indian financial sector

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Our Leadership

Sanjay Gupta
Chairman & Managing Director

Vinay Gupta
Director

Rahul Gupta
Director

Deepak Goyal
Director-Operations & Group CFO

Anubhav Gupta
Chief Strategy Officer

CK Singh
Director & COO

Chetan Khandelwal
Chief Financial Officer

Ravindra Tiwari
Chief Sales & Marketing Officer

Utkarsh Dwivedi
CEO - Dubai LLC

Brajesh Nahar
Director- ABPL

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APL APOLLO TUBES
34

Thank You

For further information, please contact:

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Anubhav Gupta
APL Apollo Tubes Ltd
Tel: +91 120 691 8000
Email: anubhav@aplapollo.com

Shubham Mittal
APL Apollo Tubes Ltd
Tel: +91 120 691 8000
Email: shubhammittal@aplapollo.com

Deepak Goyal
APL Apollo Tubes Ltd
Tel: +91 120 691 8000
Email: deepakgoyal@aplapollo.com

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APLAPOLLO STEEL PIPES

APL Apollo Tubes Limited

Regd. Office: 37, Hargobind Enclave, Vikas Marg, Delhi – 110 092

Corp. Office: SG Centre, Plot No. 37-C, Block-B, Sector-132, Noida,

Distt. Gautam Budh Nagar, U.P.-201304

Q4FY26 Financial Performance

• Sales volume of 924,881 Ton (+9% YoY, +1% QoQ)
• EBITDA of Rs5.1bn (+24% YoY, +8% QoQ)
• EBITDA/ Ton of Rs 5,525 (+14% YoY, 7% QoQ)
• Net Profit of Rs3.5bn (+21% YoY, +14% QoQ)

Noida, May 2, 2026: APL Apollo Tubes Limited (APL Apollo), India's leading branded structural steel tube company, today announced its financial results for the quarter ending March 31, 2026.

FY26 Financial performance highlights

• Sales volume increased by 11% YoY to 3,491,243 Ton
• EBITDA increased by 50% YoY to Rs18.0bn
• EBITDA per ton at Rs5,161/Ton
• Net Profit increased by 59% YoY to Rs12.0bn

Mr. Sanjay Gupta, Chairman, APL Apollo, comments on Q4FY26 results

"APL Apollo has delivered its best-ever quarterly performance in Q4FY26, with all-time high sales volume, EBITDA, and PAT. It is a remarkable milestone given the challenges arising due to geopolitical tensions and global trade tariffs throughout the year. For FY26, the company's volume increased 11% YoY, which is ahead of overall industry growth. We remain focused on innovation and delivering the best customer experience to further enhance our leadership position in the industry. We are ready with our enhanced capacity, diversified product portfolio, distribution network and strong brand pull. We continue to remain prudent with our working capital management, which remains best in the construction material sector".

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About APL Apollo Tubes Limited

APL Apollo Tubes Limited (APL Apollo) BSE: 533758, NSE: APLAPOLLO is India's leading structural steel tube manufacturer. Headquartered at Delhi NCR, the Company operates 11 manufacturing facilities with a total capacity of 5 Mn Ton. It has a pan-India presence with 11 units strategically located in Hyderabad, 3 plants at Sikandarabad (UP), Bangalore, Hosur (Tamil Nadu), 2 plants in Raipur (Chhattisgarh), Malur (Karnataka), Murbad (Maharashtra) and Umm Al Quwain (UAE). APL Apollo's multi-product offerings include over 5,000+ varieties for multiple building material structural steel applications. With state-of-the-art-manufacturing facilities, APL Apollo serves as a 'one-stop shop' for a wide spectrum of products, catering to an array of industry applications such as urban infrastructure and real estate, rural housing, commercial construction, greenhouse structures and engineering applications. The Company's vast 3-tier distribution network of over 800 Distributors is spread across India, with presence in over 300 towns and cities.

For more information about us, please visit www.aplapollo.com or contact:

Deepak Goyal

APL Apollo Tubes Ltd Tel: +91 120 691 8000

Email: deepakgoyal@aplapollo.com

Anubhav Gupta

APL Apollo Tubes Ltd Tel: +91 120 691 8000

Email: anubhav@aplapollo.com

Shubham Mittal

APL Apollo Tubes Ltd Tel: +91 120 691 8000

Email: shubhammittal@aplapollo.com