NSE: APOLLOPIPE · BSE: 531761
APOLLO PIPES LIMITED
Manufactures and sells PVC and CPVC pipes used in plumbing and construction, generating FY26 revenue of INR1,104.92 crore. Crossed 1 lakh ton annual sales volume in FY26, with standalone volume up 7% year-on-year. Runs three existing plants (each capable of INR1,000 crore revenue), with a Dadri plant operational since July 2025 and a Varanasi plant operational since April 2026. The CPVC segment grew 10% in FY26 and is targeted to grow more than 20% in FY27, supported by a Lubrizol tie-up. Allied products such as window profiles and bath fittings are being added as new revenue lines, with window profiles guided at 4-5% of construction plumbing revenue in FY27. Distribution runs through dealers, leveraging group-level synergies with the APL Apollo Tubes dealer network. A South India greenfield plant is targeted to go live by FY28 end, and a merger with subsidiary Kisan Mouldings (FY25 turnover INR250 crore) into Apollo Pipes has been approved. PVC resin is the dominant input at 68.2% of revenue, and earnings swung sharply in FY26 as PVC prices dropped 15%, rallied 75%, then fell 25% — settled at INR84/kg — forcing inventory write-downs and a 30% drop in consolidated EBITDA. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PVC pipes, CPVC pipes, Allied products, Kisan Mouldings (subsidiary). Cyclical, commodity-linked (PVC price-sensitive) plastics manufacturer; volume-driven, asset-heavy
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 987 | 1,182 | 1,105 |
| EBITDA (ex other income) | 96 | 96 | 66 |
| margin % | 9.7 | 8.1 | 6.0 |
| Owners' profit | 43 | 33 | 0 |
| EPS, as reported (₹) | 10.84 | 7.74 | 1.06 |
| ROE % · ROCE % | 6.4 · 10.2 | 3.9 · 6.0 | 0.5 · 2.1 |
| Debt / equity (x) | 0.09 | 0.10 | 0.14 |
| Cash from operations | 125 | 29 | 35 |
| Capex | (99) | (139) | (152) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 250 | 308 | 315 | 275 | 236 | 247 | 347 | 295 |
| Profit before tax | 6 | 9 | 13 | 9 | 4 | (5) | 1 | (13) |
| Net profit | 4 | 6 | 10 | 8 | 1 | (5) | (0) | (11) |
| EPS (₹) | 0.95 | 1.45 | 2.24 | 1.85 | 0.31 | (1.08) | (0.03) | (2.52) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED ◆ | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.4 | 1.6 | 33 of 42 | 22% |
| ROCE | 1.0 | 7.0 | 43 of 56 | 24% |
| ROE | 0.5 | 7.6 | 35 of 45 | 23% |
| Debt / Equity | 0.1 | 0.2 | 20 of 45 | 57% |
| EBITDA margin | 1.8 | 11.6 | 37 of 43 | 14% |
| Revenue growth | 7.4 | 10.6 | 28 of 49 | 44% |
| Profit growth | (236.2) | 20.7 | 42 of 47 | 11% |
| Market cap | 2122 | 126 | 8 of 55 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · KITARA PIIN 2401 acquires 4.34% in Apollo Pipes via warrant conversion | ownership changes | medium | — | — |
| 17 Oct 2026 · 20 lakh shares allotted to KITARA PIIN on warrant conversion | fund raising | high | — | — |
| 7 Oct 2026 · Quarterly compliance certificate filed with exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · Apollo Pipes postal ballot: capital hike and warrant issue approved | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · Apollo Pipes unit buys 76 percent in Mazzini Tiles for Rs 40.42 Cr | strategic transactions | high | — | — |
| 18 Sept 2026 · Apollo Pipes acquires 76 percent stake in Mazzini Tiles for Rs 40.42 Crore | strategic transactions | high | — | — |
| 18 Sept 2026 · Newspaper publication of corrigendum to postal ballot notice | compliance | minimal | — | — |
| 17 Sept 2026 · Apollo Pipes incorporates wholly owned subsidiary Apollo Ceramics | strategic transactions | medium | — | — |
| 17 Sept 2026 · Corrigendum to postal ballot - preferential warrants for tiles business | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.