APL Apollo Tubes Limited has submitted its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate was filed with both the National Stock Exchange of India Limited and BSE Limited on April 6, 2026, ensuring adherence to regulatory requirements for depositories and participants.

Regulatory Compliance Filing

The company filed the certificate in compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The submission was made through Vipul Jain, Company Secretary and Compliance Officer, who digitally signed the filing on April 6, 2026.

Certificate Confirmation by Registrar

Abhipra Capital Limited, serving as the Category-I Registrar and Transfer Agent for APL Apollo Tubes, issued the confirmation certificate dated April 6, 2026. The certificate was signed by Abhinav Aggarwal, Director of Abhipra Capital Limited, confirming compliance with depositories regulations.

The registrar confirmed several key compliance aspects:

• Securities received from depository participants for dematerialization during Q4 FY26 were properly confirmed to the depositories
• All securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialization were mutilated and cancelled after due verification
• Names of depositories were substituted in the register of members as registered owners within the prescribed 15-day period

Regulatory Framework

The filing references multiple regulatory circulars and guidelines that govern the dematerialization process. These include NSDL circular dated January 25, 2019, CDSL circular dated January 25, 2019, and SEBI letter dated January 24, 2019, which establish the framework for quarterly compliance reporting.

Company Information

APL Apollo Tubes Limited operates with its registered office in Delhi and corporate office in Noida, Uttar Pradesh. The company maintains multiple manufacturing units across India, including facilities in Uttar Pradesh, Tamil Nadu, Maharashtra, Chhattisgarh, Telangana, and Karnataka. The company is listed on both NSE (symbol: APLAPOLLO) and BSE (scrip code: 533758).

APL Apollo Tubes has received a maintained Buy rating from Nuvama Securities, with the brokerage setting a revised target price of ₹2,617, down from the earlier target of ₹2,638.

Impact of Regional Disruptions

The company faced volume challenges in Q4 due to disruptions in the Middle East region and gas shortages. These factors particularly impacted the utilisation of APL Apollo's Dubai manufacturing plant, affecting overall operational performance during the quarter.

Financial Performance and Margins

Despite the operational challenges, APL Apollo demonstrated resilient pricing power and maintained healthy spreads that supported the company's margin profile. However, there was a slight decline in the value-added product mix during the period.

Earnings Outlook and Revisions

Nuvama has made EPS cuts for the company, attributing this adjustment to near-term headwinds affecting operations. The brokerage specifically highlighted the impact of Middle East disruptions and gas shortage issues on the company's performance metrics.

Long-term Growth Prospects

Despite the near-term challenges and operational headwinds, Nuvama maintains confidence in APL Apollo's structural growth outlook. The brokerage believes the company's fundamental growth trajectory remains strong, supporting the continued Buy recommendation even amid current operational difficulties.