APOLLOPIPE

Apollo Pipes share price & financials

Among India's top-6 PVC/CPVC pipe makers, selling 3,000+ SKUs via 1,000+ channel partners nationwide.

Price: ₹499.5
Market cap: ₹2.3k Cr
Sector: Capital Goods
Calls analysed: 6

Latest concall · Q1 FY27 · call held 31 Jul 2026

Apollo Pipes Limited Q1 FY27

Total Sales Volume Growth 0% Consolidated Normalized EBITDA Margin 7% Apollo Standalone Normalized EBITDA Margin 8% Kisan Standalone Normalized EBITDA Margin 6%

What went well

Normalized consolidated EBITDA margin stood at 7% despite market volatility.
Company anticipates high double-digit volume growth for FY27 and subsequent years, with Q2 FY27 expected to show double-digit YoY growth.
CPVC segment demonstrated YoY growth in Q1 FY27.

What to watch

Q1 FY27 saw a soft start with flat YoY sales volume due to geopolitical disruptions and high PVC resin price volatility.
PVC resin prices fell by ₹32/Kg in April and ₹5/Kg in June, impacting profitability.

Read the full call →

What Apollo Pipes Limited does

Apollo Pipes Limited manufactures and markets PVC and allied piping solutions - cPVC, uPVC, PVC-O and HDPE pipes, PPR-C pipes, fittings, water storage tanks, taps, bath fittings and solvent cement - sold under the Apollo brand through a pan-India dealer and retailer network. It earns by supplying these products into agriculture (casing, drip irrigation, borewell pipes), water management, construction/plumbing, oil & gas conveyance and telecom ducting end-markets, and has recently entered window & door profiles (fenestration). The company holds a 61.94% majority stake in Kisan Mouldings Limited, a legacy plastic pipes and fittings maker, which operates as a separate manufacturing and distribution arm alongside the parent.

Segments

Agriculture
Water Management
Construction
Oil & Gas
Telecom Ducting
Fenestration

Market position: Among the top 6 leading piping solution providers in India
Installed manufacturing capacity: 2,40,000 tonnes per annum (240,000 MTPA)
Manufacturing plants: 7 large facilities across 6 locations: Dadri & Sikandarabad (UP), Ahmedabad (Gujarat), Tumkur (Karnataka), Raipur (Chhattisgarh), Mahagaon/Yavatmal (Maharashtra), Silvasa (Dadra & Nagar Haveli)
Product portfolio: 3,000+ product varieties (SKUs) across cPVC, uPVC, PVC-O, PPR and HDPE pipes, fittings, water tanks and solvents
Distribution network: 1,000+ channel partners pan-India
Stake in Kisan Mouldings Limited: 61.94% majority stake, acquired March 2024

Headquarters Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 24 tracked 2 delivered 3 missed 19 open

FY26 Volume Growth missed said Q4 FY25 Promised: 20% to 25% volume growth for FY '26 Q1 FY27: Historical promise, not mentioned. Superseded by new FY27 guidance.
Return on Capital Employed (ROCE) at risk said Q4 FY25 Promised: Confident of achieving 25% ROCE in next 2 years Q1 FY27: Management reiterates a 25% ROCE target, but ties it to a long-term (FY31) INR 5,000 cr revenue goal. The original 2-year promise (by Q4 FY27) is highly unlikely given current 7% normalized EBITDA margins.
Capacity Expansion on track said Q1 FY26 Promised: Expand total installed capacity to 2,86,000 tons over the next 2 years, without adding any debt Q1 FY27: Reiterated FY27 capex of INR 100cr to be funded from operating cash flow, with the company being 'almost net cash'.

All 24 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.3%, net profit down 237.5% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	250	308	315	275	236 −6%	247 −20%	347 +10%	295 +7%
Expenses	231	285	291	254	220	235	329	292
EBITDA	19	23	24	21	16 −16%	12 −48%	18 −25%	3 −86%
Margin	8%	8%	8%	8%	7%	5%	5%	1%
Other income	1	0	3	3	5	1	1	2
Interest	4	3	2	2	3	2	3	3
Depreciation	11	12	12	12	14	15	15	15
Profit before tax	6	9	13	9	4 −33%	-5 −156%	1 −92%	-13 −244%
Tax rate	32%	26%	25%	11%	66%	-6%	110%	-12%
Net profit	4	6	10	8	1 −75%	-5 −183%	0 −100%	-11 −237%
EPS	1.01	1.41	2.22	1.85	0.37	-0.74	0.22	-1.95

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +38.4% 1Y

1Y: ₹401 on 10 Sept 2025 → ₹554.9. High ₹663.75 (25 Aug 2026), low ₹254.45 (21 Jan 2026).

How the price took the results

close before → close after

Q1 FY27: +4.0%; 31 Jul
Q4 FY26: −0.4%; 8 May
Q3 FY26: +1.2%; 30 Jan
Q2 FY26: −3.2%; 30 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.1%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹915 Cr	₹987 Cr	₹1.2k Cr	₹1.1k Cr
Operating profit	₹68 Cr	₹95 Cr	₹95 Cr	₹67 Cr
Operating margin	7.4%	9.7%	8.0%	6.1%
Interest	₹9 Cr	₹5 Cr	₹11 Cr	₹10 Cr
Depreciation	₹28 Cr	₹29 Cr	₹45 Cr	₹56 Cr
Net profit	₹24 Cr	₹43 Cr	₹34 Cr	₹4 Cr
Net margin	2.6%	4.3%	2.9%	0.4%
Cash from operations	₹69 Cr	₹125 Cr	₹29 Cr	₹35 Cr
Free cash flow	₹-2 Cr	₹28 Cr	₹-101 Cr	₹-85 Cr
ROCE	—	—	7.0%	1.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹13 Cr	₹39 Cr	₹39 Cr	₹39 Cr	₹44 Cr	₹44 Cr
Reserves	₹338 Cr	₹366 Cr	₹418 Cr	₹535 Cr	₹798 Cr	₹775 Cr
Borrowings	₹63 Cr	₹39 Cr	₹44 Cr	₹69 Cr	₹38 Cr	₹124 Cr
Other liabilities	₹80 Cr	₹100 Cr	₹161 Cr	₹357 Cr	₹171 Cr	₹332 Cr
Total liabilities	₹494 Cr	₹544 Cr	₹662 Cr	₹1.0k Cr	₹1.1k Cr	₹1.3k Cr
Fixed assets	₹221 Cr	₹236 Cr	₹281 Cr	₹497 Cr	₹431 Cr	₹571 Cr
Capital work in progress	₹8 Cr	₹7 Cr	₹6 Cr	₹8 Cr	₹56 Cr	₹90 Cr
Investments	₹0 Cr	₹4 Cr	₹40 Cr	₹52 Cr	₹213 Cr	₹68 Cr
Other assets	₹265 Cr	₹296 Cr	₹336 Cr	₹443 Cr	₹351 Cr	₹546 Cr
Total assets	₹494 Cr	₹544 Cr	₹662 Cr	₹1.0k Cr	₹1.1k Cr	₹1.3k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth trap

To justify its price of ₹555, this stock must grow earnings at 41% every year for 7 years. Our analysis caps realistic growth at ~-67%. At that growth it is worth ₹3 — downside of 100%.

Growth the price implies: 41.3% a year; for 7 years, fading to 4%
It has actually compounded at: Not enough history
The gap: 1.1 pp; -100% downside if it only repeats history

Price today ₹554.9 Value at the reference growth ₹2.72 Cyclical — a peak-earnings base overstates value

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Apollo Pipes Limited

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