Analysts/Institutional Investor Meet/Con. Call Updates

October 29, 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 Subject: Transcript of the Conference Call held on October 26, 2026 Dear Sir/ Madam, With reference to our letter dated October 21, 2026 intimating you about the conference call with Analyst(s)/ Institutional Investor(s) held on October 26, 2026. Please find attached the transcript of the aforesaid conference call. The above information is also available on the website of the Company. We request you to kindly take the above information on your record. Thanking you Yours faithfully For APL Apollo Tubes Limited (Vipul Jain) Company Secretary and Compliance Officer Encl: a/a “APL Apollo Tubes Limited Q2 FY'27 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. SANJAY GUPTA - CHAIRMAN AND MANAGING DIRECTOR MR. RAHUL GUPTA - DIRECTOR MR. DEEPAK GOYAL – DIRECTOR (OPERATIONS) MR. ANUBHAV GUPTA - CHIEF STRATEGY OFFICER MR. CHETAN KHANDELWAL - CHIEF FINANCIAL OFFICER MODERATOR: MR. VIKAS SINGH – ICICI SECURITIES Page 1 of 18 APL Apollo Tubes Limited October 26, 2026 Moderator: Ladies and gentlemen, good day and welcome to the APL Apollo Tubes Limited Q2 FY 2027 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vikas Singh from ICICI Securities Limited. Thank you and over to you, sir. Vikas Singh: Thank you, Durbin. Hello everyone. Good evening and a very warm welcome on APL Apollo Tubes Q2 and H1 FY 2027 Results Conference Call. From the Management side, we have with us Mr. Sanjay Gupta - Chairman and Managing Director, Mr. Rahul Gupta - Director, Mr. Deepak Goyal - Director (Operations), Mr. Anubhav Gupta - Chief Strategy Officer and Mr. Chetan Khandelwal - Chief Financial Officer. I will hand over the call now to Anubhav Gupta for his opening remarks. Over to you. Anubhav Gupta: Thanks Vikas and thanks to ICICI Securities for hosting APL Apollo for its Q2 FY 2027 earnings call. We have delivered our best quarter in terms of sales volume, EBITDA and net profit. The volume of 960,000 tons was not easy to achieve in the Quarter 2 given our UAE operations remain disrupted due to ongoing Middle East disruption and high swings in the raw material prices plus the shortage of steel in the domestic markets along with the disruption in the container trade for export sales also. So, what we did to achieve this performance was we focussed on our core strengths which are number one, brand APL Apollo. So, we ensured that the products in the Apollo category get better pricing and we achieve better realizations and better EBITDA spreads on those sale numbers. Number two, strength was our highly increasing focus on the value-added products beyond construction and renewable sector. We have started to see the product line for Defence and Aerospace sectors also on the back of recently commissioned specialized tube mill which can produce sizes from 250 by 250 millimeter diameter with 16 millimeter thickness. So, these products are going in the Defence and Aerospace sector. We have mapped the applications and we have started producing samples and giving to various authorities and agencies which shall bear results in the next two to three months. If you look at the Quarter 2 volume, APL Apollo and roofing products sale volume increased by 20% on y-o-y basis in the first half. We expect that this momentum will continue in the second half with double-digit volume growth. So, in the absence of export sales and UAE operations, these are the two product verticals which are supporting superior volume growth and also the margins because of better pricing and better brand value. Page 2 of 18 APL Apollo Tubes Limited October 26, 2026 In terms of EBITDA, which has been our goal post, I am glad to share that we are on track to achieve 20% growth on the absolute basis by March 2027 fiscal. So, again we are getting boost from the better pricing, increased sale of value-added products in all categories and the Quarter 2 EBITDA per ton of Rs. 6000, we believe this is sustainable now, as we enter in the second half because the contribution is coming from brand APL Apollo products and roofing category again which are high value-added products. And if the UAE operations recover in the second half on stable geopolitical situation, we may do better than our expected 20% EBITDA growth which we are guiding for FY 2027. On balance sheet front, the working capital days remain zero and the cash on books increased by 15% as at September 2026 to Rs. 16 billion versus Rs. 14 billion in June quarter. So, our prudent working capital cycle remains intact which continues to generate solid cash flows and our CAPEX also is on track as we target to achieve 7 million ton of green field plus brownfield capacity, plus 1 million ton of de-bottlenecking capacity which we have targeted to achieve in the next two years. That is it from our side. We will be happy to take questions. Moderator: Thank you very much. We will now begin the question-and-answer session. Our first question comes from the line of Darshan from Dolat Capital. Please go ahead. Darshan: Thanks for giving me the opportunity and congrats on a very good set of numbers. I just wanted to know your volume guidance for FY 2027. So, earlier we had guided for 15% volume growth but now for H1, given our volume growth is at close to I think 4%. So, just wanted to know, what is our revised volume guidance for FY 2027? Sanjay Gupta: Good evening. Now, if you see our volume growth of profitable business like APL Apollo brand and the roofing product, we are intact with a guidance of 15% growth. But due to Dubai problem and the shortage of steel in the country, we are unable to focus on low margin business products. So, there we are not in a position to commit any type of volume growth. We do not know right now as to what will happen and what not will happen. But in our main products, our margin is there. We are very confident that we are going to achieve our volume growth. Darshan: Okay. Heartening to hear that sir. And Mr. Sanjay, also I think there was some element of inventory benefit that we can see in Q2. Just wanted to know from you. Sanjay Gupta: No boss, we do not have any inventory. We have a total of 1.5 to 2 lakh tons of inventory. Out of that, our OEM order book, dealer network order book is of 75,000 to 1 lakh tons. So, you can say that we have 50,000 to 60,000 tons of goods in spare. That includes scrap and various other products. So, I cannot comment on Rs. 4 crores to Rs. 5 crores of inventory movement. Darshan: And sir, in a financial asset balance sheet, the amount has fallen to Rs. 57 crores versus Rs. 282 crores in March 2026. So, can you let us know what is that number, as such? Management: These are the FDs. This is more than one year. Page 3 of 18 APL Apollo Tubes Limited October 26, 2026 Darshan: Okay. FDs more than one year. Anubhav Gupta: So, FDs of more than one year now re-classified within one year. So, if you see the other financial assets of the financial current assets, there is the amount has been increased. Darshan: Okay, so that amount has basically moved to the other. And sir, quarter on quarter, interest cost has increased. Also, if I remove the one-off gain on account of stake sale in subsidiary, I think your other income has fallen quarter on quarter. So, just wanted to know the reason for both of these things. Anubhav Gupta: Yes. So, other i [Showing first 8,000 characters — download PDF for full document]