APL Apollo Tubes Ltd has informed the exchange regarding the transcript of the Conference Call held on August 3, 2026

August 5, 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 August 3, 2026 Dear Sir/ Madam, With reference to our letter dated July 24, 2026 intimating you about the conference call with Analyst(s)/ Institutional Investor(s) held on August 3, 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 Q1 FY27 Earnings Conference Call” August 03, 2026 MANAGEMENT: MR. SANJAY GUPTA – CHAIRMAN AND MANAGING DIRECTOR – APL APOLLO TUBES LIMITED MR. RAHUL GUPTA – DIRECTOR – APL APOLLO TUBES LIMITED MR. DEEPAK GOYAL – DIRECTOR OPERATIONS – APL APOLLO TUBES LIMITED MR. ANUBHAV GUPTA – CHIEF STRATEGY OFFICER – APL APOLLO TUBES LIMITED MR. CHETAN KHANDELWAL – CHIEF FINANCIAL OFFICER – APL APOLLO TUBES LIMITED MODERATOR: MR. PALLAV AGARWAL – ANTIQUE STOCK BROKING Page 1 of 18 APL Apollo Tubes Limited August 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to the APL Apollo Tubes Limited Q1 FY27 Earnings Conference Call hosted by Antique Stock Broking. As a reminder, all participant lines will be in the listen-only mode and there will be no opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pallav Agarwal from Antique Stock Broking. Thank you and over to you, sir. Pallav Agarwal: Yes, thank you, Lizanne and good morning, everyone. Apologies for the delay in starting the call. So, we have the senior management of APL Apollo Tubes represented by Mr. Sanjay Gupta, the Chairman and Managing Director, Mr. Rahul Gupta, the Director, Mr. Deepak Goyal, the Director Operations, Mr. Anubhav Gupta, the Chief Strategy Officer and Mr. Chetan Khandelwal, the Chief Financial Officer. So, I'll now like to hand over the call to Anubhav for his opening remarks. Over to you, Anubhav. Anubhav Gupta: Thanks, Pallav for hosting Apollo Tubes for its Q1 FY27 Earnings Call. I apologize to all the participants for starting this call a bit late. There was technical issue with the operator. Thanks for joining in. Just to highlight that Mr. Rahul Gupta, the Director and Chetan Khandelwal, the CFO, they have gone for an urgent meeting. So, the call is being attended by Mr. Sanjay Gupta, myself, Anubhav and Mr. Deepak Goyal, the Executive Director. So, Q1 FY27 was the mixed quarter wherein the volume was below expectations, but the profitability was better than expectation despite declining the quarterly volume. So, we have to decode the volume of 745,000 tons for the quarter and if we map it with the Q4 FY26 volume, there were three, four factors which impacted the volume. Number one, of course, being the UAE operations which were hit because of the geopolitical situation there and we lost almost 25,000 tons quarter-on-quarter. Number two reason was decline in the volume of SG premium brand which of course is in competition with the secondary material. So, because of price gap, which was pretty high, the volume suffered there. Number three reason was the energy crisis in India which impacted our volume for some of the products like rust-proof pipes and roofing products. So, there also we lost 25,000-30,000-ton volume. And the last reason being high factory inflation during the quarter which led to the softer demand in the construction industry and it impacted both primary sales and secondary sales. Primary sales because prices were pretty high and there was fear of correction in all commodities. This led to destocking by our channel partners and secondary demand which comes from the EPC contractors and real estate developers and not only structural steel pipes, but other construction materials like cement, tiles, plywood, plumbing pipes, cables and wires, electrical fittings, bath fittings, every construction material product prices went up. Page 2 of 18 APL Apollo Tubes Limited August 03, 2026 So, the EPC contractors and developers, they kind of delayed their purchases which impacted the primary sales, sorry, the secondary sales for Apollo Steel Pipes. Now, the run rate was around 250,000 tons per month for the quarter one. Our focus was on maintaining the profitability because the situation was so uncertain because of the ongoing geopolitical situation. So, we chose to focus on profitability and as a result, you would see that our gross profit per ton increased by INR1,000 on quarter-on-quarter basis. This was of course due to our better pricing power as we were holding on to prices. If steel prices were going up by INR1,000 per ton, we tried to improve our prices for our product by plus 100 plus INR200 per ton over and above steel price increase. And because of our strong brand positioning and pricing power, we could sustain that. And because of improvement in gross profit by INR1,000 per ton, our EBITDA per ton was flattish above INR5,500 per ton on Q-o-Q basis despite the negative operating leverage which arose because of 20% decline in volume on Q-o-Q basis. But now that scenario is slightly improving, we are again focusing on volume growth and in month of July, the volumes are up by 20% on month-on-month basis. We of course tweaked some pricing for some of the product categories. So, so we do expect that our EBITDA spreads will remain in range of INR5,000 to INR5,500 per ton throughout the year. For full year, we do expect and we are confident that we will be able to achieve 20% growth in absolute EBITDA. Quarter-on-quarter basis, it is tough to anticipate absolute volume and absolute EBITDA per ton, but we are confident that for the full year, we will be able to achieve 20% EBITDA growth for FY27 versus FY26. Now, the capacity which is coming online, whether it is Gorakhpur, which is 200,000-ton plant, then Siliguri 300,000-ton plant, then New Malur which is almost a 1-million-ton plant and another 0.5-million-ton plant which we are contemplating in either Maharashtra or North Karnataka. Put together 2-million-ton plant capacity will come online over the next two and a half years and over and above 1 million ton of new capacity through debottlenecking across our plants. So, with this 8 million ton, our share of value-added products which right now is like 65%, it will increase to almost 75%, 80%. So, so as a portfolio, we are continuing to de-commoditize so that impact of steel price volatility and gap between primary and secondary steel, it continues to have lesser and lesser impact on our performance. On balance sheet front, the working capital days remain below zero and the cash on books which we hit INR15 billion in March '26, it remains at similar level at INR14 billion in June quarter as well. And we continue to remain prudent in our working capital efficiencies. So, all in all, we can say that quarter two will be better than quarter one in terms of volume and absolute EBITDA. Page 3 of 18 APL Apollo Tubes Limited August 03, 2026 And second half, the macro factors should come into play in positive manner which will boost second half performance for Apollo better than H1 and it will give us it will give us room to achieve our annual guidance of 20% EBITDA growth and the new capacity expansion which will start coming in phases from second half of this year till FY28, we will we will we will continue to improve our financial performance over th [Showing first 8,000 characters — download PDF for full document]