Apollo Pipes Limited (APOLLOPIPE)
₹530.00 +0.24% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Apollo Pipes' revenue was ₹295 Cr (+7.4% year on year, -14.9% on the previous quarter), and net profit ₹-11.1 Cr (against a profit a year earlier); the operating margin was 1.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹295 | +7.4% | -14.9% |
| Operating profit | ₹3.0 | -85.3% | -83.1% |
| Net profit | ₹-11.1 | to loss | loss widened |
| EPS (₹) | -2.52 | to loss | loss widened |
| Operating margin | 1.0% | — | — |
APOLLOPIPE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.16% of the APOLLOPIPE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.76%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 44.6% · 48.5% · 38.2% · 36.8% · 40.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Apollo Pipes Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, Beetal Financial & Computer Services Private Limited, on October 05, 2026. It confirms that security certificates received for dematerialization during the quarter were processed, verified, and cancelled within the prescribed timeline of 15 days. This is a standard quarterly administrative filing with no impact on the company's operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarterly period ended September 30, 2026
- Issued by RTA Beetal Financial & Computer Services Pvt Ltd on October 05, 2026
- Confirms securities dematerialization and cancellation completed within 15 days
Apollo Pipes Limited announced the results of its postal ballot concluded on September 30, 2026. Shareholders approved two key resolutions: increasing the authorised share capital and altering the Memorandum of Association, alongside approving a preferential issue of fully convertible warrants to non-promoter entities. Both resolutions passed with near-unanimous approval (99.999% and 99.9996% votes in favour, respectively) with a total of 29,741,789 votes polled across 37,387 total shareholders as on the record date.
- Resolution to increase authorised share capital passed with 99.9999% assent (29,741,750 votes in favour).
- Special resolution for preferential issue of fully convertible warrants to non-promoter category approved with 99.9996% assent.
- A total of 29,741,789 votes were polled out of 44,048,206 outstanding shares (67.52% voting turnout).
- Total shareholder count stood at 37,387 as of the August 28, 2026 record date.
Apollo Pipes, via subsidiary Apollo Ceramics, has completed the acquisition of a 76% controlling stake in Morbi-based Mazzini Tiles LLP for ₹40.42 crore in cash. Mazzini generated ₹87.15 crore in revenue in FY26 (~7.7% of Apollo Pipes' TTM revenue of ₹1,125 crore) and operates a manufacturing capacity of 72 lakh sq. meters per annum. The acquisition forms part of a broader Board-approved investment envelope of up to ₹300 crore to scale the tiles and ceramics platform. This transaction broadens Apollo Pipes' building materials footprint beyond plastic pipes into glazed vitrified tiles.
- Acquired 76% stake and profit sharing rights in Mazzini Tiles LLP for ₹40.42 crore cash consideration
- Mazzini reported FY26 turnover of ₹87.15 crore (compared to ₹76.67 crore in FY25 and ₹78.23 crore in FY24)
- Brings ready installed capacity of 72 lakh square meters per annum in Morbi, Gujarat
- Part of an overall Board-approved investment envelope of up to ₹300 crore for tiles and ceramics
Apollo Pipes has entered the ceramic tiles segment by acquiring a 76% controlling stake in Morbi-based Mazzini Tiles LLP through its subsidiary, Apollo Ceramics Limited, for ₹40.42 crore in cash. Mazzini recorded a turnover of ₹87.15 crore in FY26 (7.7% of Apollo's TTM revenue of ₹1,125 crore) and possesses an installed capacity of 72 lakh square meters per annum. The acquisition has already been completed and forms part of Apollo Pipes' broader Board-approved investment plan of up to ₹300 crore for its tiles and ceramics platform. This transaction broadens Apollo's building materials portfolio beyond plastic pipes into glazed vitrified tiles.
- Acquired 76% stake and profit sharing rights in Mazzini Tiles LLP for a cash consideration of ₹40.42 crore
- Target recorded FY26 turnover of ₹87.15 crore, up from ₹76.67 crore in FY25 and ₹78.23 crore in FY24
- Provides immediate installed annual manufacturing capacity of 72 lakh sq. m. located at Morbi, Gujarat
- Forms part of Apollo Pipes' Board-approved investment plan of up to ₹300 crore for tiles and ceramics business
Apollo Pipes has incorporated a wholly owned subsidiary named Apollo Ceramics Limited on September 17, 2026. The new entity enters the building materials space, specifically focusing on tiles, ceramics, and allied products. It has an authorized share capital of Rs 100 crore and an initial paid-up capital of Rs 5 lakh (50,000 shares of Rs 10 each). This marks an expansion from plastic piping and fitting into a broader home improvement and ceramic building materials basket.
- Incorporated wholly owned subsidiary Apollo Ceramics Limited on September 17, 2026
- Authorized capital set at Rs 100,00,00,000 (10,00,00,000 shares of Rs 10 each)
- Initial paid-up share capital of Rs 5,00,000 (50,000 shares of Rs 10 each)
- 100% shareholding held by Apollo Pipes Limited via cash subscription
- Business line covers manufacturing, contract manufacturing, trading, and distribution of tiles and ceramics
Apollo Pipes has issued a corrigendum detailing the utilization of up to Rs 189.10 crore from its proposed preferential issue of fully convertible warrants. The proceeds will be deployed into proposed subsidiary(ies) by October 2028 to diversify into the tiles and ceramics business. The preferential issue entails issuing 31,00,000 warrants to non-promoters, which, along with 20,00,000 existing warrants, will dilute promoter shareholding from 55.46% to 49.71% post-conversion. The planned Rs 189.10 crore fundraise represents approximately 8.1% of Apollo Pipes' market capitalization of Rs 2,330 crore and 16.8% of its TTM revenue.
- Proposed preferential issue proceeds of up to Rs 189.10 crore dedicated to diversifying into tiles and ceramics.
- Funds to be deployed in proposed subsidiary(ies) latest by October 2028.
- Issuance of 31,00,000 warrants to non-promoter public investors (19,00,000 to individuals, 12,00,000 to bodies corporate).
- Promoter holding to dilute from 55.46% (2,44,30,000 shares) to 49.71% assuming full warrant conversion.
- Total diluted share capital to expand to 4,91,48,206 equity shares from 4,40,48,206 shares.
CRISIL Ratings has upgraded Apollo Pipes Limited's long-term bank facilities rating to 'CRISIL AA-/Stable' from 'CRISIL A' and short-term rating to 'CRISIL A1+' from 'CRISIL A1', covering Rs 280 crore of facilities. The upgrade reflects strong operational and managerial support from the Sudesh Gupta (SG) group following Sanjay Gupta's appointment as Chairman. The rationale notes APL's low gearing (<1x) and comfortable liquidity, alongside capex plans including entering tiles/ceramics (estimated Rs ~300 crore capex) and expanding pipe capacity to 284,000 TPA in fiscal 2027.
- Long-term bank facilities rating upgraded to 'Crisil AA-/Stable' from 'Crisil A' and removed from 'Rating Watch with Positive Implications'
- Short-term bank facilities rating upgraded to 'Crisil A1+' from 'Crisil A1' on Rs 280 crore total rated bank facilities
- APL is raising Rs 110 crore via preferential allotment from Kitara Capital and plans to raise ~Rs 189 crore via warrants to fund a ~Rs 300 crore entry into tiles and ceramics
- Pipe manufacturing capacity expected to expand from 2,40,000 TPA in fiscal 2026 to 284,000 TPA in fiscal 2027
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.
- 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.
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.
- 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)
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.
- 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.
Apollo Pipes has approved the appointment of Mr. Sanjay Gupta as a Non-Executive Director and Chairman, effective August 04, 2026. Mr. Gupta, who is the brother of Managing Director Mr. Sameer Gupta, brings over 30 years of experience in the steel and building materials industry. This appointment formalizes his transition from Additional Director to a permanent board role. The leadership change occurs as the company aims for a 25%+ revenue CAGR and a capacity expansion to 286,000 TPA, despite currently thin TTM margins of 6.0%.
- Appointment of Mr. Sanjay Gupta as Non-Executive Director and Chairman effective August 04, 2026
- Mr. Gupta possesses over 30 years of experience across diverse segments of the steel and building materials industry
- He is the brother of Mr. Sameer Gupta, the current Managing Director of Apollo Pipes
- Company is currently targeting a capacity expansion from 226,500 TPA to 286,000 TPA within two years
- TTM PAT stands at Rs 5 Cr against a TTM Revenue of Rs 1105 Cr, reflecting low current profitability
Apollo Pipes held its 40th Annual General Meeting on August 4, 2026, where shareholders approved all eight proposed resolutions. Key outcomes include the declaration of a ₹0.70 per share final dividend for FY26 and the approval of a new 'Stock Appreciation Rights Scheme - 2026' for employees. Shareholders also ratified material related-party transactions with Kisan Mouldings Limited, a subsidiary in which Apollo Pipes holds a 57.59% stake. Despite a sharp decline in FY26 PAT to ₹4.67 Cr from ₹34.09 Cr in FY25, the company is proceeding with its incentive and leadership plans.
- Approved a final dividend of ₹0.70 per equity share (7% of face value) for the financial year ended March 31, 2026.
- Passed a special resolution to implement the 'Apollo Pipes Limited Stock Appreciation Rights Scheme - 2026' for company and subsidiary employees.
- Authorized material related-party transactions with subsidiary Kisan Mouldings Limited, following the recent acquisition of a 57.59% total stake.
- Appointed Mr. Sanjay Gupta as a Non-Executive Director and Chairman of the Company.
- Total of 24,643,742 valid votes were cast, with the majority of resolutions receiving over 99.9% approval.
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.
- 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.
Apollo Pipes has disclosed the audio recording link for its investor conference call held on July 31, 2026. The call focused on the unaudited financial results for the quarter ended June 30, 2026. This is a routine procedural filing following the earnings announcement. Investors should use the recording to assess management's progress toward their 25% revenue CAGR target and the status of the capacity expansion to 286,000 TPA.
- Conference call conducted on July 31, 2026, at 01:00 P.M. IST
- Discussion centered on unaudited financial results for the quarter ended June 30, 2026
- Company is currently operating with an installed capacity of 226,500 TPA across 7 plants
- Management maintains a long-term target to expand capacity to 286,000 TPA within two years
- TTM PAT stands at a thin ₹5 Cr against a TTM revenue of ₹1105 Cr
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.
- 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.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2FY26 was INR 236 Cr, representing a 6% YoY decrease and a 14% QoQ decline. On a standalone basis (Ex-Kisan), revenue was INR 194 Cr, while the subsidiary Kisan Mouldings contributed INR 47 Cr. The decline was primarily driven by lower revenue realization and an extended monsoon affecting agricultural and home plumbing demand.
Geographic Revenue Split
Not specifically disclosed by region in the provided documents, though the company operates 7 manufacturing plants across India and maintains a distribution network of 1,000+ channel partners and 10,000+ customer touchpoints.
Profitability Margins
Net Profit Margin for FY25 was 2.9%, down from 4.3% in FY24 (a 47% decline). In Q2FY26, consolidated PAT was INR 1.6 Cr, a 61% YoY decrease. Standalone PAT margin was 1.1% (INR 2.1 Cr) while Kisan Mouldings reported a negative PAT margin of -1.2% (loss of INR 0.6 Cr).
EBITDA Margin
Consolidated EBITDA margin for Q2FY26 was 6.7%, a decrease of 106 bps YoY. Standalone EBITDA margin was 8.9% (INR 17 Cr), but was dragged down by Kisan Mouldings which operated at a -2.8% EBITDA margin (loss of INR 1 Cr) due to lower volume run rates and negative operating leverage.
Capital Expenditure
The company plans to expand annual capacity to 286,000 Ton in the next 2 years from the current 226,500 Ton. This expansion is intended to be funded entirely through internal cash flow generation without leveraging the balance sheet.
Credit Rating & Borrowing
ICRA reaffirmed ratings of [ICRA]A+ (Stable) for long-term and [ICRA]A1 for short-term facilities on a total rated amount of INR 150 Cr as of July 14, 2025. The company maintains a net cash position of INR 8 Cr as of Q2FY26.
Operational Drivers
Raw Materials
PVC Resin is the primary raw material. Frequent and sharp fluctuations in PVC resin prices triggered cautious behavior and continuous destocking by channel partners, leading to marginal inventory losses (estimated sub-50 bps of sales).
Import Sources
Lubrizol (partner for CPVC) imports material and supplies it from their local depots in India.
Key Suppliers
Lubrizol is a key strategic supplier and partner for CPVC resin and technology.
Capacity Expansion
Current installed capacity is 226,500 TPA across 7 manufacturing plants. The company is on track to expand this to 286,000 TPA within the next 2 years to support a 25% revenue CAGR target.
Raw Material Costs
Raw material expenses for Q2FY26 were INR 132 Cr for standalone operations (68% of standalone revenue) and INR 32 Cr for Kisan Mouldings (68% of Kisan revenue). Procurement is sensitive to global PVC price volatility.
Manufacturing Efficiency
Average capacity utilization in FY25 stood at 66% for PVC, 21% for OPVC, 78% for Injection Moulding (IMD), and 21% for HDPE. Q2FY26 saw negative operating leverage as volumes (21,685 MT) were below the optimal 26,000-27,000 MT threshold.
Logistics & Distribution
Distribution is handled through 1,000+ channel partners and 10,000+ customer touchpoints to ensure pan-India availability of 3,000+ SKUs.
Strategic Growth
Expected Growth Rate
25%+
Growth Strategy
Growth will be driven by expanding capacity to 286,000 TPA, increasing the CPVC sales mix from 15-18% to over 25% through the Lubrizol tie-up, and scaling high-margin products like OPVC pipes and UPVC windows. The company also aims to turnaround Kisan Mouldings (57.59% stake) to eliminate its current EBITDA drag.
Products & Services
CPVC, UPVC, and HDPE pipes and fittings, PVC-O pipes, PLB ducts, DWC pipes, PE gas pipes, water tanks, solvents, bathroom accessories, and UPVC doors and windows.
Brand Portfolio
Apollo Pipes, APL Apollo (leveraged for window profiles), and Kisan Mouldings.
New Products/Services
Recently launched PLB ducts, DWC pipes, PE gas pipes, and PVC-O pipes. Forayed into UPVC doors and windows, which are expected to be high-margin contributors as they leverage the APL Apollo brand premium.
Market Expansion
Focusing on increasing market presence in the building materials space and infrastructure segment, targeting a sales volume of 100,000 to 105,000 tons for FY26.
Market Share & Ranking
Ranked among the Top 6 leading PVC pipe manufacturers in India.
Strategic Alliances
Strategic tie-up with Lubrizol for CPVC products to improve EBITDA spreads and match top-tier competitors.
External Factors
Industry Trends
The industry is seeing a shift toward organized players who can better manage price volatility. While Q2FY26 was weak due to monsoons, the H2FY26 outlook is positive due to expected pickups in construction and infrastructure projects.
Competitive Landscape
Faces intense competition from other top 5-6 organized players, which has recently put pressure on EBITDA spreads and necessitated higher discounts.
Competitive Moat
Moat is built on a 5-year revenue CAGR of 24%, a massive distribution network of 10,000+ touchpoints, and the 'APL Apollo' brand equity. The Lubrizol partnership provides a technological moat in the CPVC segment.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and private real estate cycles. Low government spend on infrastructure recently resulted in underperformance of the high-margin OPVC segment.
Consumer Behavior
Channel partners exhibit 'cautious behavior' and destock during periods of PVC price volatility to avoid inventory losses.
Geopolitical Risks
Global supply chain disruptions affecting PVC resin availability or pricing could impact the cost structure.
Regulatory & Governance
Industry Regulations
Operations are subject to Section 129(3) of the Companies Act, 2013 for consolidated reporting and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Environmental Compliance
Not specifically disclosed in INR, but the company complies with local statutory requirements for its 7 manufacturing units.
Taxation Policy Impact
Effective tax expense for Q2FY26 was INR 3 Cr on a standalone PBT of INR 5 Cr.
Legal Contingencies
No specific pending high-value court cases or legal disputes were detailed in the provided financial summaries.
Risk Analysis
Key Uncertainties
PVC resin price volatility is the primary risk, impacting margins by causing inventory losses and affecting distributor demand. Kisan Mouldings' integration and turnaround remains a key operational uncertainty.
Geographic Concentration Risk
The company has 7 plants, providing some geographic diversification, though specific regional revenue percentages are not provided.
Third Party Dependencies
Strategic dependency on Lubrizol for CPVC resin and technology to drive the goal of 25% CPVC sales mix.
Technology Obsolescence Risk
The company is mitigating technology risk by investing in new product lines like PVC-O and upgrading to SAP for intelligent operations.
Credit & Counterparty Risk
Maintains a comfortable credit profile with [ICRA]A+ rating; working capital facilities of INR 80 Cr are in place to manage liquidity.
