APL APOLLO Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 5,815 Crs., 7% growth YoY, Total Income is Rs. 5,840 Crs., 7% growth YoY, EBITDA is Rs. 472 Crs., 36.5% growth YoY, EBITDA Margin is 8.11% Improved by 175 Basis points YoY, PBT Rs. 404 Crs, 44.4% growth YoY, PAT Rs. 310 Crs, 42.9% growth YoY. Sales Volume for Q3FY26 is 917 K Ton, 10.75% growth YoY and 7.25% growth QoQ. On QoQ basis Op. Revenue is grown up by 11.69%, Total Income is grown up by 11.63%, EBITDA is also up by 5.54%, PBT is up by 4.69%, PAT is also up by 2.82%. Management upgraded to ~20% volume growth in 4QFY26 and FY27 (and reiterated maintaining ~20% in FY28), and raised EBITDA/ton guidance to ~₹5,500/ton (vs prior ~₹4,800–₹5,000/ton range referenced by investors). ROCE outlook: current 33%, guided to improve “to sub-40 levels,” and later: “It could hit 40% within FY ’27.”