Slide 1: Exchange filing cover letter
January 22, 2026 Electronic Filing National Stock Exchange of India Limited Department of Corporate Services/Listing “Exchange Plaza” Bandra-Kurla Complex, BSE Limited Bandra (E), Phiroze Jeejeebhoy Tower, Mumbai-400051 Dalal Street, Fort, Mumbai-400001 NSE Symbol : APLAPOLLO Scrip Code : 533758 Dea
Slide 2: Earnings presentation Q3FY26
“India is ready and so we are” Revolution the world of tube Tubes from 8*8mm to 1000*1000mm with 0.18mm to 40mm Thickness Earnings presentation Q3FY26 1
Slide 3: Safe Harbour
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", "
Slide 4: Contents
Contents • Q3FY26 at glance • Financial Performance • Business Strategy • Demand Drivers • ESG Engagement APL APOLLO TUBES • Team APL Apollo 3
Slide 5: Q3FY26 at a Glance
Q3FY26 at a Glance 917k Ton ₹58.2Bn ₹4.7Bn ₹5,146 Sales Volume Revenue EBITDA EBITDA/ton 11% YoY increase 7% YoY increase 37% YoY increase 23% YoY increase 7% QoQ increase 12% QoQ increase 6% QoQ increase 2% QoQ decrease 57% ₹329Mn ₹3.1Bn ₹3.7Bn Value Added Sales mix Interest Cost Net profit Cash pr
Slide 6: 9MFY26 at a Glance
9MFY26 at a Glance 2,566k Ton ₹161.9 Bn ₹12.9Bn ₹5,030 Sales Volume Revenue EBITDA EBITDA/ton 11% YoY increase 7% YoY increase 64% YoY increase 48% YoY increase 58% ₹937 Mn ₹8.5Bn ₹ 10.2Bn Value Added Sales mix Interest Cost Net profit Cash profit 9MFY25 was 57% 7% YoY decrease 83% YoY increase 68%
Slide 7: Highest ever quarterly Volume, EBITDA & PAT
Highest ever quarterly Volume, EBITDA & PAT Profit & Loss (Rs Mn) Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Volume (k Ton) 605 650 662 675 604 679 721 758 828 850 794 855 917 Revenue 43,271 44,311 45,449 46,304 41,778 47,657 49,743 47,739 54,327 55,08
Slide 8: Financial Performance
FINANCIAL PERFORMANCE APL APOLLO TUBES 7
Slide 9: Financial Priorities under Strong Governance
Financial Priorities under Strong Governance Growth Earnings Drive sustainable EPS growth Profitable Organic Growth Attain earnings objectives across Commitment to R&D and Talent economic cycles Innovate products to replace conventional construction methods APL APOLLO TUBES Capital Allocation Achiev
Slide 10: De-commoditizing Product Portfolio (QoQ)
De-commoditizing Product Portfolio (QoQ) Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Application 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) (R
Slide 11: De-commoditizing Product Portfolio (YoY)
De-commoditizing Product Portfolio (YoY) FY22 FY23 FY24 FY25 9MFY26 Product Sales Sales Application Vol. EBITDA/Ton Vol. EBITDA/Ton Sales Mix Vol. EBITDA/Ton Sales Mix Vol. EBITDA/Ton Sales Mix Vol. EBITDA/Ton Category Mix Mix (%) (KTon) (Rs) (%) (KTon) (Rs) (%) (KTon) (Rs) (%) (KTon) (Rs) (%) (KTon
Slide 12: Ready To Take-Off
Ready To Take-Off Annualized volume as per Dec’25 sales: 1. Dec’25 Sales Volume: ~370 K Ton 4.4 Mn Ton 2. Current Annual Capacity: 5 Mn Ton Capacity Utilization: ~89% Existing capacity Greenfield capacity Debottlenecking Future capacity 5 Mn Ton 2 Mn Ton 1 Mn Ton 2 Mn Ton • Gorakhpur 200,000 Ton • P
Slide 13: Market Leadership
Market Leadership 800+ • Brand Equity Highest Sales price point • 5000+ SKU’s Dealers • High EBITDA margin APL Apollo Brand • Superior servicing 50,000+ Retailers • Market share expansion 200,000+ • Take market from sponge iron Lowest Sales price point pipes Fabricators • Compete with smaller & SG B
Slide 14: Growing Strength to Strength
Growing Strength to Strength Volume (K Ton) EBITDA (Rs Mn) 4,719 4,470 4,137 917 3,720 3,456 850 855 828 794 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 EBITDA/Ton (Rs) Net Profit (Rs Mn) 5,228 3,015 3,101 5,146 2,931 4,864 4,683 APL APOLLO TUBES 4,173 2,372 2,170 Q3FY25 Q4
Slide 15: Growing Strength to Strength
Growing Strength to Strength ROE (%) ROCE (%) 34.6 33.3 28.9 24.8 29.2 29.5 23.5 22.2 24.5 19.4 FY22 FY23 FY24 FY25 9MFY26 FY22 FY23 FY24 FY25 9MFY26 Interest Coverage Ratio (x) Net Working Capital Days APL APOLLO TUBES 7 19.7 5 13.9 11.9 9.6 3 7.5 1 0 FY22 FY23 FY24 FY25 9MFY26 FY22 FY23 FY24 FY25
Slide 16: Growing Strength to Strength
Growing Strength to Strength Operating Cash Flow (Rs Bn) Net Debt/EBITDA (x) 12.1 11.2 9.7 8.5 6.5 0.2 0.2 -0.3 -0.3 -0.0 FY22 FY23 FY24 FY25 9MFY26 FY22 FY23 FY24 FY25 9MFY26 Net Debt/ Equity (x) Net Debt/ (cash) (Rs Bn) APL APOLLO TUBES 2.0 2.4 Net cash Net cash 0.1 0.1 -0.0 -0.07 -0.11 -0.2 -3.1
Slide 17: Growing Strength to Strength
Growing Strength to Strength Operating Cashflow to EBITDA (%) Capex to Op. Cash flow (%) 90 87 101 95 94 59 69 66 54 47 FY22 FY23 FY24 FY25 9MFY26 FY22 FY23 FY24 FY25 9MFY26 FCF (Rs Bn) Du-Pont ROE (%) APL APOLLO TUBES 4.6 5 3.7 28 3.6 4 21 3 14 2 0.4 1 7 -0.6 0 0 FY21 FY22 FY23 FY24 FY25 9MFY26 Net
Slide 18: Cash Flow Bridge (Rs Mn)
Cash Flow Bridge (Rs Mn) 8,544 1,008 -3,979 5,621 -2,999 3,047 APL APOLLO TUBES Net cash in FY25 Op. Cash flow Capex Investments Dividend & others Net Cash in 9MFY26 Business continues to Capex being funded from generate strong Net cash balance sheet internal cash flows operational cash flows 17
Slide 19: Profit & Loss Statement (Consol)
Profit & Loss Statement (Consol) Particulars (Rs Mn) Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 FY25 9MFY25 9MFY26 Sales Volume (K Ton) 721 758 828 850 794 855 917 3,158 2,308 2,566 Net Revenue 49,743 47,739 54,327 55,086 51,698 52,063 58,151 2,06,895 1,51,809 1,61,912 Raw Material Costs 42,69
Slide 20: Provisional Balance Sheet & Cash flow (Consol)
Provisional Balance Sheet & Cash flow (Consol) Balance Sheet - Assets (Rs mn) FY25 9MFY26 Cashflow Statement (Rs mn) FY25 9MFY26 Cash & Bank Balance 9,199 11,099 EBITDA 11,990 12,909 Receivables 2,673 4,277 Change in receivables -1,329 -1,604 Inventories 16,232 18,906 Change in inventory 125 -2,675
Slide 21: Demand Drivers
DEMAND DRIVERS 20
Slide 22: Structural Steel Tube Applications
Structural Steel Tube Applications Application Mix 4% 13% Housing Commercial buildings 19% Infrastructure 64% Others APL APOLLO TUBES *As per 9MFY26 revenue 21
Slide 23: India Structural Steel Tube market potential
India Structural Steel Tube market potential Structural steel tubes as % of steel market Crude steel production in India (Mn Ton) Structural steel tubes in India (Mn Ton) (FY24) 17.3 11 210 9 9 8 8 7 139 6.5 9.0 Global Europe LAT-AM Japan Middle North India FY24 2030E FY24 2030E East America Structu
Slide 24: Solar structure opportunity for structural tubes
Solar structure opportunity for structural tubes Annual solar Annual APL Apollo Products installation by Segments Products market Solar structure opportunity 2030 size by 2030 Market opportunity 33.3GW for APL Apollo 830,000 Ton Solar power products by 2030 1. Residential 14.5GW Tubes 360,000 Ton Ro
Slide 25: Steel Tube usage in housing/commercial buildings
Steel Tube usage in housing/commercial buildings Housing Commercial/Infrastructure Cost (per sq ft in Homes) Cost (per sq ft in Commercial/Infra) 125 523 50 41 43 35 23 125 23 50 35 43 Steel Tubes PVC pipes Tiles Wires Cement Paints Steel PVC pipes Tiles Wires Cement Paints tubes Steel Tube applicat
Slide 26: Applications for Heavy Structural Steel Tubes
Applications for Heavy Structural Steel Tubes ● High Rise Buildings ○ Hospitals, Housing, Schools, Courts, Hotels/Malls/Offices ● Warehouses/Cold Storage/Food Parks 50 50mn sq. ft. 220,000 ton ● Factory Buildings/Process Structures projects Visibility heavy structural steel tubes ● Aviation Hangers
Slide 27: APL Apollo's ESG Transformation Journey
APL Apollo’s ESG Transformation Journey 26
Slide 28: ESG - DJSI Scoring
ESG- DJSI Scoring DJSI Scroing 86 89 80 56 2021 2022 2023 2024 Score percentile (%) APL APOLLO TUBES APL APOLLO SCORED 89TH PERCENTILE IN 2024 27
Slide 29: Scope & emissions reduction by 25% by 2030; Net Zero by 2050
Scope 1 & 2 emissions reduction by 25% by 2030; Net Zero by 2050 Scope of Purchased goods GHG Inventory Planned Initiatives: and services expanded to calculated for • RE installations in include raw materials Scope 1, 2, 3 and ABPL plant (Steel Coils) set as baseline • RE expansions in Boundary of S
Slide 30: Scope & emissions reduction by 25% by 2030; Net Zero by 2050
Scope 1 & 2 emissions reduction by 25% by 2030; Net Zero by 2050 Renewable Electricity Consumption (GJ) Trend of GHG Emissions over past 4 years Renewable Electrcity Grid Electricity Scope 1 (MTCO2e) Scope 2 (MTCO2e) Scope 3 (MTCO2e) 903,988 FY 2021-22 24,486 66,349a 42,661 732,067 FY 2022-23 29,260
Slide 31: Commitment and achievements
Commitment and achievements Commitments Achievements ▪ Committed to reducing Scope 1&2 emissions by 25% by 2030 E ▪ Introduced new, environmentally friendly products E ▪ Committed to set near term and Net Zero targets by 2050 E ▪ All plants have access to green energy, 2 plants have more than 85% de
Slide 32: Front runner for Steel for Green
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 sa
Slide 33: Steel Buildings = Decarbonization
Steel Buildings = Decarbonization ● Construction sector contributes 30% of direct and indirect Co2 emissions Steel Structure - RCC Structure ● Structural steel is preferred for steel buildings because steel is ○ Infinitely recyclable ○ Easy to pre-fabricate ○ High volume to weight ratio APL APOLLO T
Slide 34: Board of Directors
Sanjay Gupta Board of Directors Chairman & Managing Director Steel Industry veteran with 3 decades of experience Vinay Gupta Rahul Gupta Deepak Goyal Director Director Director-Operations & Group CFO More than 20 years of A promising entrepreneur with industry experience in the an experience of arou
Slide 35: Our Leadership
Our Leadership Vinay Gupta Deepak Goyal CK Singh Rahul Gupta Director-Operations & Director Director Director & COO Group CFO Vipul Jain APL APOLLO TUBES Anubhav Gupta Chetan Khandelwal Utkarsh Dwivedi Chief Strategy Officer Chief Financial Officer Company Secretary CEO - Dubai Operations Sanjay Gup
Slide 36: Thank You
Thank You For further information, please contact: Anubhav Gupta Deepak Goyal APL Apollo Tubes Ltd APL Apollo Tubes Ltd Tel: +91 120 691 8000 Tel: +91 120 691 8000 Email: anubhav@aplapollo.com Email: deepakgoyal@aplapollo.com APL APOLLO TUBES Shubham Mittal APL Apollo Tubes Ltd Tel: +91 120 691 8000
Slide 37: Press release: Q3FY26 Financial Performance
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 Q3FY26 Financial Performance • Sales volume of 916,976 Ton (+11% YoY, +7% QoQ) • EBITDA of Rs4.7bn (+37%
Slide 38: About APL Apollo Tubes Limited
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