APOLLOPIPE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited has submitted its quarterly monitoring report for the Rs. 110 crore preferential warrant issue of Apollo Pipes. The company has received Rs. 27.50 crore so far (in Q1FY26) out of the total issue, and has fully utilized those funds — Rs. 11.03 crore in Q1FY26 and Rs. 16.47 crore in Q2FY26. No further receipts or utilization occurred in Q3 or Q4FY26. The balance Rs. 82.50 crore is yet to be received, with warrant conversion deadline falling in October 2026. Both the Dadri brownfield expansion (operational since July 2025) and Varanasi greenfield project (commissioned April 2026) are progressing as planned. No deviations from the offer document were observed. Financials show FY25 revenue of ~Rs. 1,182 crore but with declining operating margins (8.33% vs 9.94% prior year), and 9MFY26 revenue of ~Rs. 758 crore with further margin compression to 6.39%. The current market price of ~Rs. 422 is below the warrant issue price of Rs. 550.
All proceeds have been properly deployed with no deviations; both expansion projects are on track. However, declining operating margins and the yet-to-be-received Rs. 82.50 crore warrant conversion represent key watch items for investors.