Apollo Pipes Q2 FY27 results: net profit up 165.7% to ₹5.50 crore, revenue up 30.3%

How did Apollo Pipes perform in Q2 FY27?

Apollo Pipes reported standalone revenue of ₹252.98 crore for Q2 FY27, up 30.3% from ₹194.09 crore in Q2 FY26. Total income rose 32.9% to ₹261.14 crore. EBITDA fell 16.7% to ₹14.35 crore, and the margin declined 3.2 percentage points to 5.7%.

Profit before tax was ₹5.75 crore, up 19.8% from ₹4.80 crore a year earlier, while net profit rose 165.7% to ₹5.50 crore and basic EPS increased to ₹1.25 from ₹0.47. Against Q1 FY27, revenue rose 3.5%, EBITDA rose 82.6% to ₹14.35 crore, and the margin improved 2.5 percentage points to 5.7%. Net profit moved from a loss of ₹4.40 crore to ₹5.50 crore, while EPS moved from -1.00 to ₹1.25. The company also filed consolidated results for the quarter and half year ended 30 September 2026.

The quarter was the second consecutive period of year-on-year revenue growth, according to the trend data. Apollo Pipes’ investor presentation contains consolidated figures for Q2 FY27, while the results discussed here are standalone.

What changed in Apollo Pipes' costs and profit?

Against Q2 FY26, total expenses rose 33.3% to ₹255.39 crore, outpacing the 30.3% increase in revenue. Cost of materials increased ₹36.09 crore to ₹171.51 crore, employee cost rose ₹3.99 crore to ₹21.82 crore, finance costs increased ₹0.67 crore to ₹2.35 crore, depreciation rose ₹1.33 crore to ₹14.41 crore, and other expenses increased ₹7.95 crore to ₹34.59 crore.

Other income increased ₹5.81 crore to ₹8.16 crore. There was no exceptional item in the quarter. Tax expense fell ₹2.48 crore to ₹0.25 crore, while profit before tax rose ₹0.95 crore to ₹5.75 crore and net profit rose ₹3.43 crore to ₹5.50 crore. The filing did not state reasons for the changes in the cost lines or other income.

Against Q1 FY27, cost of materials fell ₹19.55 crore to ₹171.51 crore, while employee cost was nearly unchanged at ₹21.82 crore and finance costs were unchanged at ₹2.35 crore. Depreciation increased ₹0.78 crore to ₹14.41 crore, other expenses rose ₹3.15 crore to ₹34.59 crore, and other income increased ₹5.96 crore to ₹8.16 crore. Total expenses rose only ₹2.94 crore, or 1.2%.

How did the first half of FY27 go?

In the first half of FY27, Apollo Pipes reported standalone revenue of ₹497.3 crore, up 20.1% from ₹414.1 crore in H1 FY26. Total income increased 21.1% to ₹507.67 crore from ₹419.23 crore. Profit before tax moved from ₹13.88 crore to a loss of ₹0.17 crore.

Profit after tax for H1 FY27 was ₹1.1 crore, down from ₹10.19 crore in H1 FY26, while EPS fell to ₹0.25 from ₹2.31. The filing did not state reasons for the year-on-year decline in profit.

What do the balance sheet and cash flow show?

As on 30 September 2026, total assets were ₹1107.11 crore, compared with ₹1132.35 crore on 31 March 2026, and total equity was ₹855.21 crore against ₹844.77 crore. Borrowings fell to ₹60.26 crore from ₹91.87 crore, while cash declined to ₹10.22 crore from ₹80.27 crore.

Inventories rose to ₹177.07 crore from ₹172.09 crore, trade receivables increased to ₹72.61 crore from ₹70.28 crore, and trade payables fell to ₹123.57 crore from ₹128.11 crore. In H1 FY27, operating cash flow was ₹2.74 crore, against ₹25.49 crore in H1 FY26; investing cash flow was -₹33.12 crore against -₹75.0 crore, and financing cash flow was -₹39.26 crore against -₹1.4 crore. Capital expenditure was ₹31.48 crore, compared with ₹66.76 crore a year earlier.

How has Apollo Pipes done over the last 8 quarters?

Revenue reached its highest level in the reported series in Q4 FY26 at ₹278.52 crore and its lowest in Q2 FY26 at ₹194.09 crore. It then fell to ₹244.32 crore in Q1 FY27 before rising to ₹252.98 crore in Q2 FY27, with revenue rising year on year in each of the last three quarters.

Net profit peaked at ₹9.49 crore in Q4 FY25 and bottomed at a loss of ₹4.4 crore in Q1 FY27, before recovering to ₹5.50 crore in Q2 FY27. EBITDA margin peaked at 9.0% in Q4 FY25 and fell to 3.2% in Q1 FY27, then recovered to 5.7% in Q2 FY27.

What else did the company announce?

On 5 November 2026, the board approved Apollo Pipes’ unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the auditors’ limited review reports. The company filed the earnings presentation and press release on the same date.

The same-day filings did not announce a dividend, fund raise or appointment. An earlier filing dated 29 October 2026 had scheduled the board meeting for 5 November 2026 and stated that the trading window was closed from 1 October 2026 and would reopen on 8 November 2026.

What did Apollo Pipes' management say?

In its 5 November 2026 investor presentation, management said Q2 FY27 represented a sequential rebound, with revenue and volume growth alongside continued margin pressure. Management also said its expected recovery depended on a gradual demand rebound and greater stability in PVC prices. It noted that geopolitical uncertainty in West Asia continued to influence raw-material prices, although polymer-price volatility moderated from Q1 FY27 levels.

Management said the company was targeting revenue growth of around 25%+ in FY27 and a 25%+ revenue-growth CAGR over the next three years. It planned to expand annual manufacturing capacity from 2,40,000 Ton to 288,000 Ton in the next two years, including an 18,000 Ton greenfield Varanasi plant by FY27, a 28,000 Ton brownfield expansion and a further 2,000 Ton of window and door profiles capacity by FY27.

Management said expansion would be funded from internal cash flow without leverage. The presentation also covered diversification into tiles and ceramics through Mazzini Tiles and a target of a 4,000+ product basket. The available filing excerpts did not include analysts’ questions.

How did Apollo Pipes shares react?

The stock was trading at ₹515.45 when the filing appeared, down 1.3% after five minutes and up 1.3% after 15 minutes. It was up 0.7% after 30 minutes. From the previous close of ₹512.20, the reaction-day move was 0.5%, while the Plastic Products - Industrial sector’s median move was 0.9%, leaving Apollo Pipes 0.3 percentage points behind the sector.

Earlier reaction-day moves were mixed: the stock rose 0.6% on 30 July 2026, 14.8% on 7 May 2026 and 3.2% on 10 May 2025; it fell 5.0% on 29 January 2026 and 3.6% on 29 October 2025. It was unchanged on 7 August 2025.

How did other Plastic Products - Industrial companies do?

Eighteen other Plastic Products - Industrial companies filed for the quarter, with a median revenue growth of 24.8%. Of these, 10 peers_growing_slower_than_company grew more slowly than Apollo Pipes, while 8 peers_growing_faster_than_company grew faster. Twelve peers reported higher profit, based on 22 peers for the profit comparison.