APL's Q3FY26 performance was above our expectations on all key parameters. Revenue grew 7% YoY to Rs58bn, driven by 11% YoY volume growth, led by strong volumes in general structure segment, despite a challenging macro environment. APL posted highest ever EBITDA, rising 37% YoY to Rs4.7bn, while EBITDA/t increased by 23% YoY to Rs5,145, aided by lower freight cost, operational leverage, robust performance in Dubai operations. Management aims to expand capacity from 5mnT to 8mnT by FY28 and further to 10mnT by FY30. Additionally, volume growth guidance has been revised upward from 10-15% to 20% for Q4FY26...