APL Apollo Tubes Ltd's performance for the March quarter (Q4FY26) revealed a 9% year-on-year increase in consolidated volumes, reaching 925 kilo tonnes (kt). However, this fell short of the management's ambitious 20% growth target, pulling the full-year growth down to 11% with total volumes at 3.5 million tonnes. The stock has experienced a 5% decline since the earnings announcement on 1 April. Two main factors contributed to this shortfall: the ongoing conflict in West Asia, which affected about 10% of volumes, and natural gas shortages at the Raipur facility, leading to a 10-20% reduction in galvanized pipe production. Despite these challenges, analysts suggest that these disruptions are likely temporary. APL Apollo's scale and pricing power remain strong, with expectations for Ebitda per tonne to stay robust at over ₹5,500. The company has been shifting towards higher-margin structural applications and plans to expand its capacity from 5 million tonnes to 8 million tonnes by FY28. However, uncertainties surrounding input costs and geopolitical factors could lead to continued volatility in quarterly throughput. Investors should monitor the recent decline in the value-added product mix, which fell to 55%.