APL Apollo Tubes cuts volume guidance amid macro slowdown

APL Apollo Tubes reported Q1 FY26 sales volume below expectations, attributed to macro slowdown, India-Pakistan war impacting northern states, Middle Eastern conflict affecting exports, and early monsoon halting construction.

EBITDA spreads declined Rs. 250 quarter-on-quarter due to lower volume and one-time ESOP expense.

The company revised FY26 volume growth guidance from 15%-20% down to 10%-15%, while maintaining EBITDA spread guidance of Rs. 4,600 to Rs. 5,000 per ton. Management expects stronger second half driven by government spending and new product lines.