APOLLOPIPE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings, as Monitoring Agency, submitted the Q4FY26 report for Apollo Pipes' Rs. 110 crore preferential warrant issue. The company has received Rs. 27.50 crore so far (25% of total) and fully deployed it by Q2FY26 - Rs. 11.03 crore in Q1FY26 and Rs. 16.47 crore in Q2FY26. No fresh funds were received in Q4FY26, and Rs. 82.50 crore is still pending. The warrant holder has until October 2026 to convert. Both capital expenditure projects are operational: Dadri expansion (running since July 2025) and Varanasi greenfield plant (commissioned April 14, 2026). No deviations from stated objects were observed. Contextually, FY25 revenue grew to Rs. 1,182 crore but operating margins declined to 8.33% due to weak real estate and infrastructure demand, with further margin erosion to 6.39% in 9MFY26.
The warrant issue price of Rs. 550 is currently at a discount to the market price of Rs. 422, creating potential dilution pressure if warrants convert at a higher price. The company faces near-term margin challenges but its expansion projects are now operational, positioning it for future growth once demand recovers.