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Latest filing: 2026-08-31 20:49
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Apollo Pipes Seeks Approval for Non-Promoter Warrant Issue at ₹610/Warrant, Hikes Capital
Apollo Pipes Limited has issued a Postal Ballot notice seeking shareholder approval to raise its authorized share capital from ₹50 crore to ₹60 crore. Additionally, the company proposes a preferential issue of fully convertible warrants to eight non-promoter allottees at a price of ₹610 per warrant (against the regulatory minimum of ₹609.49). Remote e-voting commences on September 1, 2026, and ends on September 30, 2026, with the cut-off date set as August 28, 2026. The preferential capital raise will bolster liquidity to fund operational growth and capacity targets.
Confidence: HIGH
What changedThe company initiated a postal ballot to increase its authorized equity base to ₹60 crore and issue convertible warrants on a preferential basis to non-promoter entities.
Why it mattersProvides fresh equity funding to support ongoing capacity expansion (targeting 286,000 TPA) without increasing debt leverage.
Warrant Issue Price: ₹ 610 per warrantCurrent Market Price: ₹ 635.0Increase in Authorized Capital: ₹ 10 crore (1 crore shares)E-voting Conclusion Date: September 30, 2026
📅 Short termThe ₹610 issue price establishes a supportive equity valuation benchmark near the current market price of ₹635.
📈 Long termEquity infusion enhances balance sheet strength, enabling execution of high-margin product growth (CPVC/OPVC) and capacity scaling.
⚠ Risk flags
- Equity dilution for existing shareholders upon conversion of warrants into equity shares.
Key Highlights
Preferential issue of fully convertible warrants priced at ₹610 per warrant (minimum valuation floor ₹609.49).
Authorized share capital expanded from ₹50 crore (5 crore shares) to ₹60 crore (6 crore shares).
Eight non-promoter allottees named, including AGDG Enterprises LLP and Sukumar Srinivas.
Remote e-voting window open from September 1, 2026, to September 30, 2026.
👀 What to Watch
Track the final voting results post September 30, 2026, and company disclosures detailing the aggregate warrants issued and total capital raised.
Apollo Pipes to Raise ₹189.10 Cr via Warrants and Invest ₹300 Cr in Tiles & Ceramics Foray
Apollo Pipes' Board approved an investment plan of up to ₹300 crore to enter the tiles and ceramics business via new subsidiaries, including potential M&A of operating units. To fund growth, the company approved a preferential issue of up to 31,00,000 convertible warrants at ₹610 per warrant to non-promoter investors, aggregating ₹189.10 crore. Post-conversion over an 18-month tenure, the new warrants will represent 6.31% of the fully diluted equity base. The Board also approved expanding authorized share capital from ₹50 crore to ₹60 crore.
Confidence: HIGH
What changedApollo Pipes approved a strategic diversification into tiles and ceramics with an investment envelope of ₹300 crore and initiated an equity-linked fundraise of ₹189.10 crore via convertible warrants.
Why it mattersThe ₹300 crore capital deployment marks a significant diversification beyond plastic piping into adjacent building materials, while the ₹189.10 crore fundraise bolsters the balance sheet to finance capex/acquisitions.
Warrant fundraise amount: ₹189,10,00,000Warrant issue price: ₹610 per warrantWarrants offered: 31,00,000Tiles & ceramics investment plan: ₹300 croreInvestment vs TTM revenue: ~26.7%Post-issue warrant dilution: 6.31%
📅 Short termShareholders will vote on the warrant issuance and capital clause alteration; receipt of 25% upfront warrant subscription money will provide immediate liquidity.
📈 Long termEntering the tiles and ceramics market leverages the company's distribution network in building materials, though execution efficiency and profitability in a competitive ceramics market will dictate return on capital.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution and integration risks entering a new competitive business segment (tiles & ceramics)
- Equity dilution of 6.31% upon warrant conversion over the 18-month tenure
- Subject to shareholder and statutory approvals
Key Highlights
Approved investment plan of up to ₹300 crore (~26.7% of TTM revenue) to enter tiles and ceramics segment
Preferential issue of up to 31,00,000 convertible warrants at ₹610 each, raising up to ₹189.10 crore
Warrant issue represents a 6.31% fully diluted stake across 8 non-promoter investors
Authorized share capital increased from ₹50 crore to ₹60 crore (6 crore shares of ₹10 face value)
👀 What to Watch
Track shareholder approval via postal ballot/EGM for the preferential issue and subsequent announcements regarding incorporation or acquisitions in the tiles subsidiary.
Apollo Pipes approves ₹300 Cr tiles entry & ₹189.1 Cr preferential warrant issue
Apollo Pipes' Board has approved an investment plan of up to ₹300 crore to enter the tiles and ceramics business via a newly incorporated subsidiary, including potential acquisitions of profitable manufacturing units. To support growth and funding, the company also approved a preferential issue of up to 31,00,000 fully convertible warrants at ₹610 per warrant (aggregating to ₹189.10 crore) to non-promoter investors. The proposed warrants will represent a 6.31% equity dilution on a fully diluted basis upon conversion over an 18-month period.
Confidence: HIGH
What changedApollo Pipes is diversifying beyond PVC/CPVC pipes into tiles and ceramics with a ₹300 crore investment plan, funded partly via a ₹189.10 crore preferential warrant issue.
Why it mattersThe ₹300 crore planned outlay represents ~26.7% of TTM revenue (₹1,125 crore) and ~35.5% of net worth (₹845 crore), signaling a major strategic push into building materials.
Tiles & Ceramics Investment Plan: ₹300 croresInvestment vs TTM Revenue: ~26.7%Fundraise via Warrants: ₹189.10 croresWarrant Issue Price: ₹610Post-Conversion Equity Dilution: 6.31%
📅 Short termNear-term focus will be on shareholder voting on the warrant issuance and the terms of initial capital deployment into the subsidiary.
📈 Long termSuccessful entry into tiles could leverage the company's existing building materials distribution network, though entry into a competitive sector entails execution and integration risks.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution and market integration risks in a new and highly competitive tiles/ceramics sector
- Equity dilution of 6.31% upon warrant conversion within 18 months
Key Highlights
Board approved an investment plan of up to ₹300 crore into a new subsidiary for tiles and ceramics business.
Approved issuance of up to 31,00,000 convertible warrants at ₹610 each, raising up to ₹189.10 crore.
Preferential allotment to 8 non-promoter investors resulting in 6.31% post-conversion diluted equity holding.
Authorized share capital increased from ₹50.00 crore to ₹60.00 crore to accommodate conversion.
👀 What to Watch
Track shareholder approval via upcoming EGM/postal ballot and monitor detailed capital allocation timelines and execution milestones for the new tiles and ceramics subsidiary.
Apollo Pipes Q1 FY27: 7% Normalized EBITDA Margin Amid PVC Price Volatility
Apollo Pipes reported a soft Q1 FY27 with flat year-on-year sales volumes, heavily impacted by a 30% drop in PVC resin prices during early April. Normalized consolidated EBITDA margins stood at 7%, while the company faced inventory write-downs and upfront costs for the new Varanasi plant and window profile business. Management maintains a high double-digit volume growth guidance for FY27, supported by a Rs 200 Cr capex plan for brownfield expansions and new products. The imposition of a Minimum Import Price (MIP) at $766/MT is expected to provide price stability in the near term.
Confidence: HIGH
What changedManagement provided detailed commentary on Q1 margin pressure due to inventory losses and confirmed a Rs 200 Cr capex plan while setting a 7-8% EBITDA margin target for the next 12-15 months.
Why it mattersThe company is navigating a low-profitability phase (TTM PAT of Rs 5 Cr) by aggressively expanding capacity to 286,000 TPA and diversifying into higher-margin building materials like UPVC windows.
Normalized Consol EBITDA Margin: 7%Planned Capex: Rs 200 CrCapex vs Net Worth: 23.7%PVC Price Drop (April): Rs 32/kgMIP Floor Price: $766/MTWindow Revenue Target: 7-8%
📅 Short termThe stock may remain range-bound as the market processes the soft Q1 results and inventory losses, though the MIP implementation provides a floor for PVC prices.
📈 Long termStructural growth is tied to the successful ramp-up of the Varanasi plant and the planned South India expansion, aiming for a 25% revenue CAGR through capacity and product mix improvements.
⚠ Risk flags
- PVC resin price volatility
- Execution risk in South India plant land acquisition
- Integration risks with Kisan Mouldings
Key Highlights
PVC resin prices experienced a sharp decline of Rs 32 per Kg in April 2026, leading to inventory write-downs.
Normalized EBITDA margins were 8% for Apollo standalone and 6% for Kisan standalone, resulting in a 7% consolidated margin.
Management outlined a Rs 200 Cr capex for the Varanasi plant, brownfield expansions, and new product additions.
Window profile business is projected to contribute 7% to 8% of total revenue in FY27.
Minimum Import Price (MIP) for PVC has been fixed at $766 per MT (approx. Rs 82 per Kg) to stabilize domestic markets.
👀 What to Watch
Investors should monitor the volume ramp-up at the Varanasi and Maharashtra plants and the impact of the Kisan Mouldings merger on consolidated margins. The key metric to watch is the improvement in the CPVC and window profile sales mix, which are intended to drive higher margins.
Apollo Pipes Q1 FY27: Net Loss of ₹8.6 Cr as EBITDA Margins Collapse to 1.0%
Apollo Pipes reported a weak Q1 FY27, swinging to a net loss of ₹8.6 Cr from a profit of ₹8.1 Cr in Q1 FY26. While revenue grew 7% YoY to ₹295.4 Cr, EBITDA plummeted 85% to ₹3.0 Cr as margins contracted by 649 bps to just 1.0%. The performance was severely impacted by sharp polymer price fluctuations which led to channel destocking and a 3% YoY decline in sales volumes to 24,477 MT. The company also moved from a net cash position of ₹40 Cr in FY26 to a net debt of ₹59 Cr this quarter.
Confidence: HIGH
What changedThe company has transitioned from a profitable, net-cash entity to a loss-making, net-debt entity in Q1 FY27 due to inventory losses and weak demand.
Why it mattersThe sharp margin contraction highlights the company's vulnerability to raw material price volatility and negative operating leverage when volumes fall below the 26,000-27,000 MT threshold.
Q1 Revenue: ₹295.4 CrEBITDA Margin: 1.0%Net Loss: ₹8.6 CrSales Volume: 24,477 MTQ1 Revenue vs TTM Revenue: 26.7%Net Debt: ₹59 Cr
📅 Short termNegative sentiment is likely in the short term due to the unexpected loss and significant margin erosion, despite the slight YoY revenue growth.
📈 Long termLong-term prospects depend on the successful integration of Kisan Mouldings and the Lubrizol partnership to increase the high-margin CPVC mix to over 25%.
⚠ Risk flags
- PVC resin price volatility
- Negative operating leverage
- Increased debt levels
- Inventory losses
Key Highlights
Reported a net loss of ₹8.6 Cr in Q1 FY27 compared to a profit of ₹8.1 Cr in the previous year's quarter.
EBITDA margins crashed to 1.0% from 7.5% YoY, a decline of 649 basis points.
Sales volumes decreased 3% YoY to 24,477 MT, with a sharper 22% decline on a sequential (QoQ) basis.
Net debt stood at ₹59 Cr as of June 2026, reversing the net cash position of ₹40 Cr held at the end of FY26.
Capacity expansion target reaffirmed at 288,000 Ton within 2 years, up from the current 240,000 Ton.
👀 What to Watch
Investors should monitor PVC resin price stability and volume recovery in H2 FY27, as management expects normalization of channel inventories. The high P/E ratio of 450+ makes the stock sensitive to these earnings misses and margin volatility.
₹8.6 Cr Net Loss in Q1FY27 as EBITDA Margins Collapse to 1.0%
Apollo Pipes reported a weak Q1FY27, swinging to a net loss of ₹8.6 Cr from a profit of ₹8.1 Cr in Q1FY26. While revenue grew 7% YoY to ₹295.4 Cr, EBITDA plummeted 85% to ₹3.0 Cr as margins contracted by 649 bps to just 1.0%. Management attributed the poor performance to sharp PVC price fluctuations which led to channel destocking and deferred purchases. Despite the quarterly setback, the company is maintaining its expansion target to reach 288,000 TPA capacity within two years.
Confidence: HIGH
What changedThe company swung from profitability to a net loss in Q1FY27, with EBITDA margins hitting a multi-quarter low of 1.0%.
Why it mattersThe results highlight the company's high sensitivity to PVC price volatility and inventory losses, which currently outweigh its volume growth and brand-building efforts.
Q1FY27 Net Loss: ₹8.6 CrEBITDA Margin: 1.0%Q1 Revenue vs TTM Revenue: 26.7%Current Capacity: 2,40,000 TonKisan Mouldings Stake: 61.94%
📅 Short termThe stock may face pressure due to the unexpected net loss and sharp margin contraction, with recovery contingent on PVC price stabilization.
📈 Long termLong-term value depends on shifting the product mix toward high-margin CPVC and value-added products like UPVC windows to reduce commodity price sensitivity.
⚠ Risk flags
- PVC resin price volatility
- Inventory loss risk
- Negative operating leverage
- Increased net debt
Key Highlights
Reported a net loss of ₹8.6 Cr in Q1FY27 compared to a profit of ₹8.1 Cr in Q1FY26
EBITDA margins eroded significantly, falling from 7.5% in Q1FY26 to 1.0% in Q1FY27
Sales volumes declined 3% YoY to 24,477 MT, reflecting subdued demand in home plumbing
Net debt position shifted to ₹59 Cr in Q1FY27 from a net cash position of ₹40 Cr in FY26
Capacity expansion on track to reach 288,000 Ton in 2 years from the current 240,000 Ton
👀 What to Watch
Investors should monitor PVC resin price trends and volume recovery in H2FY27 as guided by management. Key execution milestones to watch include the ramp-up of the Lubrizol CPVC partnership and the integration of the Kisan Mouldings acquisition to restore margins.
Apollo Pipes Q1 Results: Consolidated Net Loss of ₹11.11 Cr on Revenue of ₹295.43 Cr
Apollo Pipes reported a weak Q1 FY27, swinging to a consolidated net loss of ₹11.11 Cr from a profit of ₹8.16 Cr in the same quarter last year. While consolidated revenue grew 7.4% YoY to ₹295.43 Cr, profitability was severely impacted as total expenses (₹310.29 Cr) outpaced total income. The standalone business also reported a loss of ₹4.40 Cr, indicating that the subsidiary Kisan Mouldings continues to be a significant drag on consolidated margins. The company is currently processing a scheme of arrangement to merge these entities.
Confidence: HIGH
What changedThe company has transitioned from a profitable state to a significant consolidated loss despite a marginal increase in top-line revenue.
Why it mattersThe results highlight severe margin pressure and the financial burden of integrating Kisan Mouldings, which is currently diluting the parent company's performance. The loss of ₹11.11 Cr in a single quarter is more than double the total TTM PAT of ₹5 Cr.
Consolidated Revenue (Q1): ₹295.43 CrConsolidated Net Loss (Q1): ₹11.11 CrQ1 Revenue vs TTM Revenue: 26.73%Warrant Issue Price: ₹550Cost of Materials Consumed: ₹230.54 Cr
📅 Short termThe stock is likely to face downward pressure in the near term due to the unexpected swing to a net loss and contraction in operating margins.
📈 Long termLong-term recovery depends on the successful integration of Kisan Mouldings, achieving the target capacity of 286,000 TPA, and increasing the high-margin CPVC sales mix to over 25%.
⚠ Risk flags
- Subsidiary losses dragging consolidated performance
- High raw material cost sensitivity
- Negative operating leverage
Key Highlights
Consolidated revenue from operations grew 7.4% YoY to ₹295.43 Cr from ₹275.00 Cr.
Reported a consolidated net loss of ₹11.11 Cr against a profit of ₹8.16 Cr in Q1 FY26.
Total expenses surged to ₹310.29 Cr, with cost of materials consumed at ₹230.54 Cr.
Standalone revenue stood at ₹244.32 Cr, contributing ~83% to consolidated revenue but resulting in a ₹4.40 Cr loss.
Warrants worth ₹110 Cr (20,00,000 units at ₹550) are in process, with ₹27.50 Cr already received as application money.
👀 What to Watch
Watch for management commentary on the turnaround timeline for Kisan Mouldings and the impact of PVC resin price volatility on margins. Monitor the progress of the NCLT approval for the scheme of arrangement involving the subsidiary.
Apollo Pipes Proposes ₹0.70 Dividend, ₹200 Cr Subsidiary Support, and New SAR Scheme
Apollo Pipes has issued a notice for its 40th AGM on August 4, 2026, proposing a final dividend of ₹0.70 per share. Key agenda items include the approval of a new Stock Appreciation Rights (SAR) Scheme 2026 involving up to 25 lakh shares, which could lead to approximately 6% equity dilution. Most significantly, the company is seeking approval for material related party transactions with its subsidiary, Kisan Mouldings Limited, including a ₹200 Cr limit for loans and guarantees, representing nearly 24% of Apollo Pipes' net worth.
Confidence: HIGH
What changedThe company has formalized its FY26 dividend proposal and set specific financial exposure limits for its subsidiary Kisan Mouldings, alongside a new equity-linked incentive plan.
Why it mattersThe ₹200 Cr loan/guarantee limit is substantial relative to the company's ₹845 Cr net worth, indicating a heavy financial commitment to turning around or scaling the Kisan Mouldings acquisition.
Proposed Dividend: ₹0.70 per shareMax SAR Units: 25,00,000RPT Loan/Guarantee Limit: ₹200 CrRPT Limit vs Net Worth: ~23.7%RPT Sale of Goods Limit: ₹75 Cr
📅 Short termThe stock may see neutral to slightly cautious movement as investors digest the potential 6% dilution from the SAR scheme and the large RPT limits.
📈 Long termThe success of the Kisan Mouldings integration and the ability to hit the 25% CAGR target through the proposed capacity expansions remain the primary long-term drivers.
⚠ Risk flags
- Potential equity dilution of ~6% from the SAR scheme
- Significant financial exposure (₹200 Cr) to subsidiary Kisan Mouldings
- Related party transaction concentration
Key Highlights
Proposed final dividend of ₹0.70 per equity share (7% of face value) for FY26.
Seeking approval for loans, guarantees, or comfort letters to subsidiary Kisan Mouldings up to ₹200 Cr.
Introduction of SAR Scheme 2026 for up to 25,00,000 equity shares for employees and directors.
Proposed related party transactions include ₹75 Cr in sales and ₹30 Cr in purchases with Kisan Mouldings.
Appointment of Mr. Sanjay Gupta as Non-Executive Chairman effective May 08, 2026.
👀 What to Watch
Investors should monitor the AGM voting results, specifically the approval of the ₹200 Cr financial support limit for Kisan Mouldings and the details of the SAR scheme's vesting period.
₹0.70 Final Dividend: Apollo Pipes Sets July 17, 2026, as Record Date
Apollo Pipes has fixed July 17, 2026, as the record date for a final dividend of ₹0.70 per equity share for FY 2025-26. This dividend, representing 7% of the ₹10 face value, is subject to shareholder approval at the upcoming 40th Annual General Meeting on August 04, 2026. At the current market price of ₹465.1, the dividend yield is approximately 0.15%. Notably, the dividend payout is high relative to the TTM EPS of ₹1.11, representing a payout ratio of approximately 63%.
Confidence: HIGH
What changedThe company has finalized the administrative timeline (Record Date and AGM date) for the dividend payment previously recommended in May 2026.
Why it mattersThe dividend confirms a commitment to shareholder returns despite the company reporting a small net loss of ₹0.128 Cr in the March 2026 quarter and a ₹4.75 Cr loss in December 2025.
Dividend per share: ₹0.70Record Date: 17-Jul-2026Dividend Yield: ~0.15%Dividend vs TTM EPS: ~63%Face Value: ₹10
📅 Short termThe stock price may see a minor adjustment on the ex-dividend date, though the small yield suggests minimal impact on trading sentiment.
📈 Long termLimited. The dividend is routine; long-term value will be driven by the company's ability to scale capacity to 286,000 TPA and improve margins through the Lubrizol tie-up.
⚠ Risk flags
- High P/E ratio of 419.0 indicates expensive valuation
- Recent quarterly losses (Mar 2026 and Dec 2025) impact margin stability
- Dividend payout is high relative to current low profitability
Key Highlights
Final dividend of ₹0.70 per equity share recommended for FY 2025-26
Record date for dividend eligibility fixed as Friday, July 17, 2026
40th Annual General Meeting scheduled for August 04, 2026, via video conferencing
Dividend represents a ~63% payout ratio against TTM EPS of ₹1.11
Face value of equity shares is ₹10 per share
👀 What to Watch
Investors seeking the dividend must hold shares before the ex-dividend date (typically one business day prior to the July 17 record date). Monitor the AGM for management commentary on the turnaround from recent quarterly losses.
Apollo Pipes to Merge Kisan Mouldings; Announces 4.96:100 Share Swap Ratio
Apollo Pipes Limited (APL) has approved a two-step merger involving KML Tradelinks and Kisan Mouldings (KML) into itself. Under the scheme, APL will issue 4.96 equity shares for every 100 shares held in KML, expanding its equity base from 4.40 crore to 4.63 crore shares. The merger integrates KML's ₹250.07 crore turnover business with APL's ₹887.44 crore operations to achieve operational synergies and economies of scale. Post-merger, APL's promoter holding will slightly decrease from 51.72% to 49.20%.
Key Highlights
Share swap ratio set at 4.96 equity shares of Apollo Pipes for every 100 shares of Kisan Mouldings.
Consolidates Kisan Mouldings' ₹250.07 Cr turnover and ₹148.65 Cr net worth into Apollo Pipes.
Apollo Pipes' total equity share capital to increase to 4,63,03,174 shares post-merger.
Promoter shareholding in the combined entity will be 49.20%, down from 51.72% pre-merger.
The merger aims to integrate the 'KISAN' brand and optimize logistics and distribution networks.
👀 What to Watch
Investors should view this as a positive consolidation that enhances Apollo Pipes' market share and product portfolio in the piping industry. Monitor the regulatory and NCLT approval timeline for completion of the merger.
Apollo Pipes to Merge Kisan Mouldings; Swap Ratio Set at 4.96:100
Apollo Pipes (APL) has approved a two-step merger involving its subsidiary Kisan Mouldings (KML) and KML's subsidiary KML Tradelinks. The deal involves a share swap ratio where KML shareholders will receive 4.96 shares of APL for every 100 shares held in KML. This consolidation aims to integrate the 'KISAN' brand, achieve operational synergies, and scale the combined turnover, which stood at ₹1,137.51 Cr (pro-forma) for FY26. Post-merger, APL's promoter holding will slightly decrease from 51.72% to 49.20%.
Key Highlights
Share swap ratio fixed at 4.96 equity shares of Apollo Pipes for every 100 shares of Kisan Mouldings.
Combined FY26 turnover of APL (₹887.44 Cr) and KML (₹250.07 Cr) reaches approximately ₹1,137.5 Cr.
Promoter holding in Apollo Pipes to adjust from 51.72% to 49.20% post-amalgamation.
Integration of 'KISAN' and 'KML CLASSIC' brands into Apollo Pipes' portfolio to enhance market reach.
The Appointed Date for the scheme is April 01, 2026, subject to NCLT and regulatory approvals.
👀 What to Watch
Investors should view this as a strategic consolidation that brings the 'Kisan' brand under one roof and improves operational scale. Monitor the progress of regulatory approvals and the impact on consolidated margins post-integration.
Apollo Pipes COO Parag Dadeech Resigns Effective May 20, 2026
Apollo Pipes Limited has announced the resignation of Mr. Parag Dadeech from the position of Chief Operating Officer (COO) and Senior Management Personnel. The resignation was tendered via email on May 20, 2026, and is effective from the close of business hours on the same day. Mr. Dadeech cited personal health reasons for his inability to continue in the role. This leadership change represents a sudden transition in the company's operational management team.
Key Highlights
Mr. Parag Dadeech resigned as Chief Operating Officer effective from the close of business on May 20, 2026.
The resignation was attributed to personal health reasons as per the formal communication dated May 20, 2026.
The company has filed the necessary disclosures under Regulation 30 of SEBI Listing Regulations.
The transition is immediate, with the resignation being accepted on the same day it was formally submitted.
👀 What to Watch
Investors should monitor the company's upcoming announcements regarding a successor to the COO role to ensure operational continuity. While the departure is for personal reasons, the speed of finding a replacement will be critical for maintaining execution momentum.
Apollo Pipes Targets INR 5,000 Cr Revenue by FY31; Guides for INR 400 Cr+ in Q1 FY27
Apollo Pipes has announced an ambitious 5-year growth plan to achieve a 35% revenue CAGR, aiming for INR 5,000 crores by FY31. Despite a 30% decline in consolidated EBITDA in FY26 due to PVC price volatility and inventory write-downs, the company crossed 1 lakh tons in annual sales volume. Management is guiding for a strong Q1 FY27 with revenue expected to exceed INR 400 crores, driven by aggressive pricing and group synergies. The company is expanding its capacity with a new plant in South India and focusing on allied products like bath fittings and windows.
Key Highlights
Targeting 35% revenue CAGR to reach INR 5,000 crore revenue by FY31 from current INR 1,100 crore base.
Guided for Q1 FY27 revenue of INR 400+ crores, representing a 15% sequential growth over Q4 FY26.
Consolidated EBITDA for FY26 declined 30% due to aggressive pricing strategies and inventory write-downs.
Plans to set up a new INR 1,000 crore capacity plant in South India to support long-term growth.
Aims to improve EBITDA margins to INR 10,000-12,000 per ton over the next 2-3 years from current lower levels.
👀 What to Watch
Investors should watch for the execution of the 35% CAGR growth plan and the stabilization of margins as the company scales its Kisan and allied business verticals. The stock remains a high-growth prospect in the plastic piping sector given the aggressive expansion and group-level management support.
Apollo Pipes Recommends ₹0.70 Dividend; FY26 Net Profit Drops 86% to ₹4.66 Crore
Apollo Pipes reported a significant decline in financial performance for FY26, with consolidated net profit falling 86.3% to ₹4.66 crore from ₹34.09 crore in the previous year. Revenue from operations also decreased slightly to ₹1,104.92 crore. Despite the profit slump, the board recommended a final dividend of ₹0.70 per share. The company also announced a leadership transition with Mr. Sanjay Gupta appointed as Chairman and the introduction of a new Stock Appreciation Rights (SAR) scheme for employees.
Key Highlights
Recommended a final dividend of ₹0.70 per equity share (7% of face value) for FY26.
Consolidated Net Profit plummeted 86.3% YoY to ₹4.66 crore from ₹34.09 crore.
Revenue from operations declined to ₹1,104.92 crore in FY26 compared to ₹1,181.64 crore in FY25.
Management transition: Mr. Sanjay Gupta appointed as Chairman; Mr. Sameer Gupta continues as Managing Director.
Approved 'SAR Scheme 2026' with a pool of 25,00,000 units to incentivize employees across the group.
👀 What to Watch
Investors should exercise caution as the sharp decline in profitability and EPS (from ₹7.74 to ₹1.06) indicates significant margin pressure. Monitor the impact of the new leadership and the effectiveness of the SAR scheme in driving future performance.
Apollo Pipes FY26 Net Profit Plummets 86% to ₹4.66 Cr; ₹0.70 Dividend Declared
Apollo Pipes reported a weak financial performance for FY26, with consolidated net profit crashing 86% to ₹4.66 crore from ₹34.09 crore in FY25. The company faced severe margin pressure, resulting in a net loss of ₹12.80 lakhs in Q4 FY26 compared to a profit of ₹9.87 crore in the same quarter last year. Annual revenue also saw a 6.5% decline to ₹1,104.91 crore. Despite the profit drop, the board recommended a final dividend of ₹0.70 per share and announced a leadership transition with Mr. Sanjay Gupta taking over as Chairman.
Key Highlights
FY26 Consolidated Net Profit fell 86.3% YoY to ₹4.66 crore from ₹34.09 crore.
Q4 FY26 Revenue grew 10.2% YoY to ₹347 crore, yet the company slipped into a net loss of ₹12.80 lakhs.
Board recommended a final dividend of ₹0.70 per equity share (7% of face value).
Full-year revenue from operations decreased to ₹1,104.91 crore from ₹1,181.63 crore in FY25.
Management changes: Mr. Sanjay Gupta appointed as Chairman; SAR Scheme 2026 introduced with a 25 lakh share pool.
👀 What to Watch
The significant erosion in profitability and the Q4 loss are major red flags; investors should exercise caution and monitor management's strategy for margin recovery.
Apollo Pipes Q4FY26 Revenue Up 10% to ₹347 Cr; FY26 PAT Drops 77% Amid Margin Pressure
Apollo Pipes reported a recovery in Q4FY26 with revenue growing 10% YoY to ₹347 Cr and sales volumes increasing 21% to 31,366 MT. However, the full-year FY26 performance was weak, with PAT declining 77% to ₹7.5 Cr and EBITDA falling 31% to ₹66.5 Cr. The company has transitioned from a net cash position of ₹46 Cr to a net debt of ₹40 Cr following the acquisition of Kisan Mouldings. Despite bottom-line pressure, management is targeting 25%+ revenue growth in FY27, supported by a total capacity of 2,40,000 MTPA and new product launches.
Key Highlights
Q4FY26 sales volume grew 21% YoY to 31,366 MT, while revenue increased 10% to ₹347 Cr.
FY26 EBITDA margin contracted by 208 bps YoY to 6.0%, leading to a 77% drop in annual PAT to ₹7.5 Cr.
Manufacturing capacity expanded to 2,40,000 MTPA across 7 plants, including the 61.94% stake in Kisan Mouldings.
Net debt stood at ₹40 Cr as of March 2026, compared to a net cash position of ₹46 Cr in the previous year.
Management targets 25%+ revenue growth for FY27 with a focus on value-added products and pan-India expansion.
👀 What to Watch
Investors should monitor the company's ability to restore margins and successfully integrate the Kisan Mouldings acquisition. While volume growth is robust, the significant decline in profitability and shift to a debt position warrant a cautious outlook until earnings stabilize.
Apollo Pipes Q4FY26: Revenue Up 10% to ₹347 Cr; FY26 PAT Drops 77% to ₹7.5 Cr
Apollo Pipes reported a mixed performance for Q4FY26, with revenue growing 10% YoY to ₹347 Cr driven by a 21% increase in sales volume. However, the full-year FY26 results show significant pressure, with PAT declining 77% YoY to ₹7.5 Cr and EBITDA margins contracting by 208 bps to 6.0%. The company has transitioned from a net cash position of ₹46 Cr to a net debt of ₹40 Cr following the acquisition of Kisan Mouldings. Despite the annual profit slump, Q4 showed a sequential recovery, returning to a profit of ₹1.0 Cr from a loss in Q3FY26.
Key Highlights
Q4FY26 sales volume increased 21% YoY to 31,366 MT, while revenue rose 10% to ₹347 Cr.
Full-year FY26 PAT plummeted 77% to ₹7.5 Cr from ₹33 Cr in the previous fiscal year.
EBITDA margins for FY26 contracted to 6.0% compared to 8.1% in FY25.
Total manufacturing capacity reached 2,40,000 MT following the 61.94% stake acquisition in Kisan Mouldings.
Company targets 25%+ revenue growth in FY27 with a total capacity goal of 288,000 MT within two years.
👀 What to Watch
Investors should focus on the company's ability to restore margins and successfully integrate the Kisan Mouldings acquisition. While volume growth is robust, the significant decline in annual profitability and the shift to a net debt position warrant a cautious 'watch' approach until margin stability is evident.
Apollo Pipes FY26 Net Profit Drops 86% to ₹4.66 Cr; Announces ₹0.70 Dividend & New Chairman
Apollo Pipes reported a significant decline in financial performance for FY26, with consolidated net profit falling to ₹4.66 crore from ₹34.09 crore in FY25. Revenue from operations also saw a contraction, ending the year at ₹1,104.92 crore compared to ₹1,181.64 crore previously. Despite the profit slump, the board recommended a final dividend of ₹0.70 per share. In a major leadership shift, Mr. Sanjay Gupta has been appointed as the new Chairman, while the former Chairman, Mr. Sameer Gupta, will continue as Managing Director.
Key Highlights
Consolidated Net Profit for FY26 plummeted 86.3% YoY to ₹4.66 crore from ₹34.09 crore.
Annual Revenue from operations declined to ₹1,104.92 crore from ₹1,181.64 crore in FY25.
Recommended a final dividend of ₹0.70 per equity share (7% on face value of ₹10).
Mr. Sanjay Gupta appointed as Chairman effective May 08, 2026, succeeding Mr. Sameer Gupta.
Approved 'SAR Scheme 2026' with a pool of 25,00,000 units for employee stock appreciation rights.
👀 What to Watch
Investors should exercise caution as the sharp decline in profitability indicates significant margin pressure. Monitor the new leadership's strategy to revive growth and the impact of the new SAR scheme on equity dilution.
Apollo Pipes FY26 Net Profit Drops 77% to ₹7.49 Cr; Recommends ₹0.70 Dividend
Apollo Pipes reported a weak financial performance for FY26, with consolidated net profit attributable to owners falling sharply to ₹7.49 crore from ₹32.65 crore in FY25. Annual revenue also saw a decline of 6.5%, dropping to ₹1,105 crore, although Q4 FY26 revenue showed a slight year-on-year recovery. The board recommended a final dividend of ₹0.70 per share and announced a leadership shift with Mr. Sanjay Gupta becoming the new Chairman. To retain talent, the company introduced a new Stock Appreciation Rights (SAR) scheme involving up to 25 lakh equity shares.
Key Highlights
Consolidated Net Profit for FY26 plummeted 77% YoY to ₹748.61 Lakhs compared to ₹3,264.82 Lakhs in FY25.
Annual Revenue from operations decreased by 6.5% to ₹1,10,491.55 Lakhs from ₹1,18,163.54 Lakhs.
Recommended a final dividend of ₹0.70 per equity share (7% on Face Value of ₹10).
Management transition: Mr. Sanjay Gupta appointed as Chairman effective May 08, 2026, while Mr. Sameer Gupta continues as MD.
Approved 'SAR Scheme 2026' with a total pool of 25,00,000 units convertible into equity shares for employees.
👀 What to Watch
The significant erosion in profitability and margins is a major red flag despite the dividend payout. Investors should exercise caution and wait for signs of operational efficiency improvements under the new Chairman before making new commitments.
Apollo Pipes Commences Commercial Production at New Mirzapur Plant
Apollo Pipes Limited has officially commenced commercial production at its new manufacturing facility in Mirzapur, Uttar Pradesh, as of April 14, 2026. This strategic expansion, located near Varanasi, follows a series of planned developments first disclosed in May 2024. The plant is expected to significantly enhance the company's production capacity and market penetration in Northern India. This milestone marks the completion of a multi-year investment cycle aimed at scaling the company's piping and plumbing business.
Key Highlights
Commencement of commercial operations at the Mirzapur plant effective April 14, 2026.
Project execution follows a timeline of regulatory disclosures dating back to May 20, 2024.
Strategic location near Varanasi to optimize distribution and logistics in the Uttar Pradesh region.
The expansion is intended to cater to rising demand in the building materials and infrastructure sectors.
👀 What to Watch
Investors should monitor the plant's capacity utilization rates and its impact on volume growth in the upcoming quarterly financial results. The expansion strengthens the company's competitive position in the regional market.
