Press Release
APOLLOPIPE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Apollo Pipes reported a challenging FY26 with revenue declining 6% YoY to Rs 1,105 Cr, impacted by volatile raw material prices (PVC resin), unseasonal rainfall, and subdued infrastructure spending. Full-year EBITDA fell 31% to Rs 66.5 Cr with margin compressing to 6.0% from 8.1% in FY25. PAT dropped 77% YoY to just Rs 7.5 Cr. The company swung from net cash of Rs 46 Cr in FY25 to net debt of Rs 40 Cr in FY26, indicating balance sheet pressure. Q4FY26 showed sequential recovery with sales volume up 24% QoQ to 31,366 MT and revenue up 40% QoQ to Rs 347 Cr. Kisan Mouldings (61.94% subsidiary) contributed losses in Q4. Management remains optimistic about FY27 with PVC prices stabilizing and plans to expand capacity to 288,000 MTPA from current 240,000 MTPA, targeting 25%+ revenue growth CAGR.
FY26 was a difficult year for Apollo Pipes with significant profit erosion and margin compression. While Q4 showed sequential recovery, the stock faces headwinds from industry headwinds and balance sheet deterioration (net cash to net debt). Recovery depends on PVC price stabilization and successful execution of capacity expansion plans.