Apollo Pipes Ltd(APOLLOPIPE)

NSE: APOLLOPIPEBSE: 531761

₹ 467.9-3.10%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,061 crWebsite: www.apollopipes.comUpdated: 24 Oct 2026

About

Apollo Pipes Ltd, part of the APL Apollo Group and headquartered in Noida, makes CPVC, UPVC and HDPE pipes and fittings, along with bathroom accessories, water tanks and solvents. Its portfolio has more than 2,600 offerings. The company describes itself as one of the Top 5 plastic pipe manufacturers in India. Revenue was Rs 1,104.92 Cr in FY26, and total installed capacity was 2,40,000 MTPA as of Q1 FY27.^[1][2][3]

Business segments

Pipes and fittings is the company's only reported segment (FY25 annual report).^[1]
Housing plumbing (pipes, fittings, CPVC, water tanks) was about 60% of consolidated revenue in 9M FY26 and grew more than 10% YoY. Agri and HDPE/infrastructure made up the rest, and their volumes declined.^[4]
CPVC was 15% of total volume in Q2 FY26 and was growing at high double-digit rates YoY. Management targets a CPVC share above 25% within 2-3 years.^[5]
The uPVC door and window profile vertical started commercially in July 2025. It was about 1.5% of total sales in Q4 FY26, with a target of 7-8% of consolidated revenue in FY27.^[3]

Products and brands

As of FY25, the portfolio had more than 2,600 offerings: CPVC, UPVC and HDPE pipes and fittings, bathroom accessories, water tanks and solvents.^[1]
The product range covers PVC pressure and drainage pipes, CPVC, HDPE and PVC-O pipes, water tanks, fittings, PLB ducts, DWC pipes, PE gas pipes and uPVC door and window profiles.^[4]
In Q2 FY26 the company signed an exclusive CPVC resin supply agreement with Lubrizol under the TempRite brand, becoming Lubrizol's third licensee in India.^[5]
The company serves agriculture, water management, construction, oil and gas, and telecom ducting. Amitabh Bachchan and Raveena Tandon are its brand ambassadors (FY25 annual report).^[1]

Operations and installed capacity

Total installed capacity was 2,40,000 MTPA as of Q1 FY27. Plants are in North India (Dadri/Raipur), West India (Kisan Tarapur) and at the newly commissioned Varanasi greenfield site.^[6]
In FY25 there were five plants with a combined capacity of 2,25,500 TPA, at Dadri and Sikandrabad (UP), Ahmedabad, Tumkur and Raipur. This included 60,000 tons from Kisan Mouldings.^[1]
The Varanasi greenfield plant started commercial operation in Q1 FY27. It has revenue potential of about Rs 300 Cr at full utilisation, and the FY27 utilisation target is 30%.^[6]
As of Q3 FY26, Kisan Mouldings (Tarapur) was running at about 40% utilisation: about 21,000-22,000 MT a year against about 50,000-60,000 MT of capacity.^[4]
Dadri makes PLB duct, PE gas and DWC pipes (Q3 FY26). Raipur makes PVC-O pipe, and a 450 kg/hr OPVC extruder was added at an existing plant in FY25.^[4][1]
A centralised R&D facility was set up for product development and testing (FY25).^[1]

Key operating numbers

Consolidated sales volume was 24,477 MT in Q1 FY27, down 3% YoY. FY26 volume was 103,752 MT, the first year above 1 lakh tonnes.^[6]
Kisan Mouldings volume was 5,268 MT in Q1 FY27 and has stayed broadly flat at about 5,500 MT a quarter for four quarters.^[6]
Apollo standalone EBITDA per tonne was about Rs 6,500 in Q3 FY26 because of inventory losses. The company says its normal range is Rs 9,000-10,000 per tonne.^[4]

Raw material and demand

PVC resin prices fell 15% over 8 months, rose 75% over 4 months, then fell 25% over 2 months in FY26. They settled at about Rs 84/kg by Q4 FY26.^[3]
About 12 days before the July 2026 earnings call, the government set a Minimum Import Price of $766/MT (about Rs 82/kg) on PVC resin.^[6]
Government infrastructure demand (PVC-O and HDPE) was described as almost zero in Q1 FY27 because of delayed Nal Se Jal disbursements.^[6]

Customers and distribution

In FY25 the distribution network had more than 1,000 channel partners and 10,000 customer touchpoints.^[1]
As of FY25 the company was among the Top 3 PVC pipe and fittings players in North India, with an aim to be Top 3 in India over the medium term.^[1]
APL Apollo Group Chairman Sanjay Gupta joined the Board in Q4 FY26. Group dealers have started taking PVC pipe dealerships.^[3]

Expansion and capex

Capex guidance is about Rs 100 Cr in FY27 and about Rs 100 Cr in FY28. It covers completing Varanasi, brownfield expansions and new products, funded from operating cash flows.^[6]
Installed capacity is targeted to reach 2,88,000 MTPA within two years, up from 2,40,000 MTPA, without adding debt.^[6]
South India greenfield plant: land acquisition is planned in FY27, and construction is guided to start from Q2 FY28.^[6]
Expanding Kisan to Rs 1,000 Cr capacity needs Rs 50-60 Cr more capex, on top of Rs 30-40 Cr already spent as of Q4 FY26.^[3]

Recent developments

The Kisan Mouldings merger scheme had been filed with regulators as of July 2026. Management expects a consolidated cost synergy of about 1%.^[6]
Kisan Mouldings Ltd became a listed subsidiary as of March 31, 2024.^[7]
CRISIL reaffirmed A/Stable (long-term) and A1 (short-term) ratings on Rs 280 Cr of bank facilities (FY24 annual report).^[7]
Ramping up the window profile business added about 0.5% of EBITDA margin drag at Apollo standalone in Q1 FY27.^[6]

Market Cap

₹2,061 Cr

High / Low

₹670 / 253

Stock P/E

-174.3

Price / Book

2.6

Book Value

₹186

EPS

₹1.1

No. of Shares

4.4 Cr

ROCE

2.0%

ROE

0.6%

OPM

1.8%

Debt / Equity

0.15

Sales

₹1,105 Cr

Net Profit

₹5 Cr

Promoter holding

55.5%

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