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
| ₹ 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) |
| ₹ 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) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 42,745 | 41.2 | 6.93 | 26.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,967 | 65.9 | 9.36 | 34.3 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,077 | 41.5 | 6.05 | 31.9 | 12.7 | 16.4 | 16.5 | 30.3 |
| FINOLEX INDUSTRIES LTD | 9,504 | 15.4 | 1.53 | 11.1 | 9.6 | 11.8 | 3.5 | 20.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · Postal Ballot Notice Published in Newspapers for Shareholders | compliance | minimal | — | — |
| 31 Aug 2026 · Apollo Pipes seeks shareholder nod for warrant issue and capital hike | corporate actions | medium | — | — |
| 31 Aug 2026 · Apollo Pipes to issue Rs 189 cr warrants, invest Rs 300 cr in tiles biz | fund raising | high | — | — |
| 31 Aug 2026 · Apollo Pipes board approves Rs 300 cr tiles foray, Rs 189 cr warrants | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Board meeting on Aug 31 to consider fund raising proposal | fund raising | medium | — | — |
| 7 Aug 2026 · Promoter group raises stake in Apollo Pipes by 3.06% via open market | ownership changes | high | — | — |
| 4 Aug 2026 · Sanjay Gupta appointed Chairman and Non-Executive Director of Apollo Pipes | management changes | high | — | — |
| 4 Aug 2026 · Apollo Pipes 40th AGM: 8 resolutions passed; 7% dividend approved | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Apollo Pipes AGM held on Aug 4, 2026; voting results submitted | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Apollo Pipes 40th AGM: All 8 resolutions passed; 7% dividend declared | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| TIME TECHNOPLAST LTD. | 8,934 | 17.6 | 2.14 | 10.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| KINGFA SCI & TEC IND LTD. | 8,422 | 37.3 | 6.02 | — | 13.2 | 17.7 | — | 16.9 |
| PRINCE PIPES FITTINGS LTD | 2,950 | 28.9 | 1.79 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED ◆ | 2,444 | — | 2.74 | 32.3 | 0.5 | 1.0 | — | 1.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.7 | 1.8 | 35 of 43 | 19% |
| ROCE | 1.0 | 7.1 | 44 of 57 | 23% |
| ROE | 0.5 | 7.6 | 37 of 48 | 23% |
| Debt / Equity | 0.1 | 0.1 | 23 of 48 | 53% |
| 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 | 2444 | 130 | 8 of 56 | 87% |
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| 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 |
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