APL's Q1FY26 performance was below our expectations. Revenue grew 4% YoY to Rs51.7bn, driven by 10% YoY volume growth, which was offset by 6% YoY decline in realizations due to a drop in steel prices. EBITDA rose 23% YoY to Rs3.7bn, while EBITDA/t increased by 12% YoY to Rs4,683 but declined by 4% QoQ due to higher employee cost related to ESOP expenses and lower volumes. Management expects performance to improve in H2 with conclusion of monsoon and increased govt. spending boosting money supply. However, management has reduced FY26 volume growth guidance to 10%-15% from 15%20% and expect EBITDA/t to range between Rs4,600-Rs5,000/t. We revise our...