Apollo Pipes Limited (APOLLOPIPE) share price

₹605.10 on NSE as of 2026-09-04. -1.54% on the day. market cap ₹2,665 Cr. 52-week range ₹254.45 to ₹663.75. Capital Goods.

Apollo Pipes Q1 FY27: ₹295 Crore of Revenue, ₹3 Crore of Operating Profit

At a glance

Apollo Pipes sold ₹295.4 crore of pipes in the June 2026 quarter — 7% more revenue than the same quarter last year — and kept ₹3.05 crore of it as operating profit. That is an operating margin of 1.0%. A year ago the same line was 7.5%. The company then paid ₹14.87 crore of depreciation and ₹3.04 crore of interest out of that ₹3.05 crore, which arithmetic handles the way you'd expect: a pre-tax loss of ₹12.64 crore and a net loss of ₹8.57 crore, against a ₹8.14 crore profit a year earlier.

Volumes, meanwhile, barely moved — 24,477 tonnes, down 3% year-on-year. So the tonnage went out the door roughly as usual; the money that came back attached to it did not. Management attributes the gap to inventory write-downs, aggressive pricing, and fixed expenses for the new business, and describes a PVC resin price collapse of ₹32/kg in April — a 30% drop in the first 20 days, on their telling — that sent channel partners into a collective sulk of deferred purchases.

Elsewhere in the quarter: a new chairman named Sanjay Gupta of APL Apollo Tubes, a Crisil rating placed on Watch Positive because of it, a new plant at Mirzapur switched on in April, and a COO who arrived in March and resigned in May. The FY26 full year, for scale, produced ₹1,104.92 crore of revenue and ₹7.49 crore of net profit.

Somewhere in that pile is a company with 240,000 tonnes of capacity and 1,000+ channel partners. It's still there. It just had a very expensive April.

Introduction

Apollo Pipes Limited manufactures and trades cPVC, uPVC and HDPE pipes, PVC taps, fittings, water storage tanks and solvents, serving agriculture, water management, construction, infrastructure and telecom ducting. The company describes itself as among the top 6 leading piping solution providers in India, operating seven manufacturing facilities — Dadri and Sikandrabad in UP, Ahmedabad, Tumkur, Raipur, Mahagaon in Maharashtra, and Silvassa — with total annual capacity of 240,000 tonnes and a portfolio of 3,000+ product varieties.

Crisil records the company as incorporated in 2000 as Apollo Poly Pipes Pvt Ltd by Sameer Gupta and Vinay Gupta, reconstituted under its current name in April 2009, and listed on BSE and NSE through a reverse merger with its holding company in November 2017. It shares the APL Apollo brand with the wider group, whose flagship is APL Apollo Tubes.

The recent stretch has been busy on paper. In March 2024 the company acquired a majority stake in Kisan Mouldings Limited, a Maharashtra-based pipes and fittings maker established in 1982 with roughly 58,000 tonnes of capacity, 300+ dealers and 15,000+ retailers; Apollo's stated investment was ₹156 crore for 61.94%. In June 2026 the board approved a scheme of amalgamation folding Kisan Mouldings and KML Tradelinks into Apollo Pipes, appointed date April 1, 2026, subject to exchange, NCLT, shareholder and creditor approvals.

Capital has been raised in instalments. Warrants of ₹259.6 crore were issued across fiscals 2024 and 2025 per Crisil, and in January 2025 the company received a commitment from Oman-based Kitara Capital for ₹110 crore, allotted as 20,00,000 warrants in April 2025. Of that, ₹27.50 crore has arrived as application money; ₹82.50 crore has not, with the conversion window running to October 2026.

May 2026 brought the boardroom change. Sanjay Gupta, Chairman and Managing Director of APL Apollo Tubes, was appointed Chairman of Apollo Pipes effective May 8; Sameer Gupta, his brother, stepped down as Chairman and continues as Managing Director. Crisil responded by placing its Crisil A / Crisil A1 ratings on Rating Watch with Positive Implications, noting that its analytical approach shifts from standalone to a group notch-up framework, pending clarity on the extent of support available.

Business model

They make hollow plastic cylinders. Extremely large numbers of them, in extremely many diameters, and then they sell them to farmers, plumbers, builders and municipalities.

The catalogue runs to 3,000+ SKUs and reads like a plumbing supply store's inventory audit: CPVC pipes and fittings, uPVC pipes and fittings, PPR-C, agri pipes, SWR drainage systems, uPVC column pipes, well casing pipes, UGD pipes, HDPE pipes and sprinkler systems, PVC-O pipes, PLB duct pipes, gas pipes, garden pipes, DWC pipes, solvent cement, water tanks, kitchen sinks, bath fittings, and — newest addition, started July 2025 — doors and windows. A company that began by extruding pipe now also sells you the window frame the pipe runs past.

The end markets are five: agriculture (casing pipes, drip irrigation, borewell), water management (hot and cold potable distribution), construction (sanitation, sewage, plumbing), oil and gas (edible oils, chemicals, corrosive fluids), and telecom ducting. Management cites construction as roughly 60% of sales and the anchor for post-monsoon recovery. Government infrastructure — the OPVC and HDPE lines — was described as "almost zero" in the quarter and called out as a major drag on volume.

The economics are the reason a good quarter and a bad quarter can look so different. The primary raw material is PVC resin, priced globally and linked to crude. Crisil notes the company imports part of its raw materials with negligible exports, and faces competition characterised by low product differentiation and high price sensitivity. Translation: when resin falls ₹32/kg in a month, the pipe in your warehouse is worth less than the resin you paid for, and every distributor in India simultaneously decides to buy next month instead.

Distribution is the moat, such as it is: 1,000+ channel partners, over 900 dealers and distributors per Crisil, and delivery times the company has cited as compressed to 48 hours from 10–12 days. The brand side is aggressively celebrity-forward — Amitabh Bachchan, Tiger Shroff and Raveena Tandon have all been appointed brand ambassadors, which for a product buried inside a wall is a considerable investment in being remembered by the person who never sees it.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Apollo Pipes Limited.

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