Annual Report for FY 2025-26

August 21, 2026 Electronic Filing National Stock Exchange of India Limited Department of Corporate Services/Listing “Exchange Plaza” Bandra-Kurla Complex, BSE Limited Bandra (E), Mumbai-400051 Phiroze Jeejeebhoy Tower, Dalal Street, Fort, NSE Symbol: APLAPOLLO Mumbai-400001 Scrip Code: 533758 Dear Sir/Madam, Sub: Annual Report for the Financial Year 2025-26 Pursuant to the provisions of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, please find enclosed herewith Annual Report of the Company, for the Financial Year 2025-26 which is also being sent through E-mail to all those members of the Company whose E-mail IDs are registered with Company/Registrar and Transfer Agent/ Depository Participants. Further, in accordance with Regulation 36 (1) (b) of Listing Regulations, a letter containing the web-link and path for accessing the Annual Report for FY 2025-26 is being sent to all those Members who have not registered their E-mail IDs with Company/Registrar and Transfer Agent/ Depository Participants. This is for your kind reference and records. The same will be available on the Company’s website i.e., www.aplapollo.com Thanking you Yours faithfully For APL Apollo Tubes Limited Vipul Jain Company Secretary and Compliance Officer Encl: a/a ARCHITECTURE OF RETURNS Integrated Annual APL APOLLO TUBES LIMITED Report 2025-26 Contents Corporate Overview 62 Value creation model 1 The Architecture of Returns 64 Manufactured Capital 12 FY26 at a Glance 70 Financial Capital 13 The perfect pyramid 76 Human Capital 14 From the Chairman's desk 82 Intellectual Capital 20 Key performance indicators 88 Social Capital 26 About the Company 96 Relationship Capital 30 Geographical Presence 104 Natural Capital 32 Our Products & Solutions Portfolio 114 Sectoral Opportunities 36 The Brands 118 Growth roadmap 40 What sets us apart 119 Risk Mitigation 42 About the report 124 Governance 46 Operating context 126 Board of Directors 48 Quarterly progress 133 Corporate Information 52 Stakeholder Engagement 56 Materiality Assessment Statutory Financial Reports Statements 134 Management Disucussion & Analysis 248 Standalone Financial Statements 148 Board's Report 331 Consolidated Financial Statements 162 Corporate Governance Report 189 Business Responsibility & Sustainability Report 243 Independent Assurance Statement Shareholders Information CIN: L74899DL1986PLC023443 BSE Code 533758 NSE Symbol: APLAPOLLO Dividend for FY26: D 8.50 per share AGM Date: September 15, 2026 AGM Mode: Video Conferencing (VC) / Other Audio Visual Means (OAVM) Disclaimer This report contains forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These statements are based on assumptions, expectations and projections that are subject to risks and uncertainties.Actual results may differ materially from those expressed or implied due to a variety of factors, including but not limited to changes in economic conditions, regulatory developments, market dynamics and other risks beyond the Company's control. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable laws and regulations Two words. One discipline. Companies grow. Architects build. The distinction is not semantic - it is structural. Growth can be inherited from a market. Architecture must be authored. In FY26, we authored our year. 3 Mn Ton of new capacity, every ton self- funded. A pricing reset the market absorbed and then validated. A second brand built to hold a price point the first was never meant to occupy. New geographies entered with intent, not inertia. None of this was an accident. Each move, load- bearing. Each rupee was deployed against a return already mapped. Each ton was assigned to a market before it was committed to steel. This is the architecture in our title. Not the metaphor of buildings, but the discipline of design - the conviction that every component must hold weight, earn its place, and add to a structure built to compound without cannibalising what already stands. Returns are the result. Architecture is the reason. EXPANDING CAPACITY THE NEXT CHAPTER OF THE ARCHITECTURE IS ALREADY RISING. The most powerful statement internally financed. No equity of conviction we can make is dilution. No incremental debt. not what we say. It is what we Yet, the numbers alone do not build. capture the full picture. In FY26, we initiated the Scale is not the story. It never most ambitious expansion was. Intelligence is. in our history - a deliberate, disciplined and entirely self- Every ton of new capacity funded programme to grow is designed for a specific total manufacturing capacity purpose, assigned to a specific from 5 Mn Ton to 8 Mn Ton by market and funded from a FY28. specific surplus. Nothing speculative. Nothing surplus 3 Mn Ton more. 60% of to plan. the capacity built over decades, now rising within a compressed time frame. 100% Architecture of Returns CAGR Growth 10 Year 5 Year 2 Year (%) (FY16-26) (FY21-FY26) (FY24-26) Sales Volume 15% 16% 15% EBITDA 20% 22% 23% Net Profit 28% 27% 28% 2 APL Apollo Tubes Limited Corporate Overview This is not capacity added for the sake of scale. It is capacity architected for return - each million ton a load- bearing element in a structure built to compound without cannibalising what already stands. Annual Report 2025-26 3 DEBOTTLENECKING THE MOST EFFICIENT MILLION TON EVER ADDED - WITHOUT LAYING A SINGLE NEW BRICK. The first lever of the expansion The logic is simple. programme is also the most No new land. No new civil capital-efficient: the one work. that builds nothing new, and No ramp-up. returns the most per rupee Every rupee of deployed. debottlenecking capex is Through a systematic deployed against assets that debottlenecking programme are already producing, already across our existing staffed and already integrated manufacturing network, we into our distribution network. will unlock an additional 1 Mn Faster returns. Greater Ton of capacity from the latent certainty. potential already embedded Lower capital intensity. in our current facilities. 4 APL Apollo Tubes Limited Corporate Overview It is the ideal first lever in an expansion programme designed to compound returns without diluting them. 1 Mn Ton added. Not from a new plant, but from intelligence applied to the ones already standing. Annual Report 2025-26 5 ENTERING NEW MARKETS VIRGIN TERRITORIES. UNMET DEMAND. THE ARCHITECTURE OF THE NEXT FRONTIER. The remaining 2 Mn Ton landscape – engineered for has the customer but not yet are where strategy meets share gains, designed for the volume. A richer product geography. eventual leadership. mix. A more accretive margin profile. The conviction is simple. International Exports: Untapped markets exist. Anchored by the plant in Together, these form a Unserved customers are the Western Coastal area, an capacity expansion as waiting. export-dedicated capacity intelligently designed as the marks a deliberate push into balance sheet that funds it. We have the brand, the global markets. Not surplus distribution depth and the Every ton purposeful. Every diverted abroad. Premium manufacturing capability market chosen. Every return positioning, purposefully to reach them - and now anticipated. replicated across borders. the capacity to match, placed precisely where the Closing the product gap: opportunity is largest. The final million ton (a little more, actually) targets unmet East India: A high-growth demand inside existing market, structurally markets - capacity gaps in underpenetrated, served roofing and light structures, by no one at scale. A state- where APL Apollo already of-the-art manufacturing addition that positions APL Apollo early in a fragmented 6 APL Apollo Tubes Limited Corporate Overview The 8 Mn Ton vision is not a production target. It is the ne [Showing first 8,000 characters — download PDF for full document]