NSE: APOLLOPIPE · BSE: 531761 · ISIN INE126J01016
Apollo Pipes Limited stock analysis
Apollo Pipes Limited ranks #4213 in the TickerSutra evidence-ranked universe with a score of 35/100 and 87% data confidence. The latest captured fundamentals show ROCE of 1.2%, quarterly sales growth of 7.4% and quarterly profit growth of -205.3%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.15×
- 60.4% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Operating margin has compressed materially
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2016 | ₹233cr | ₹24cr | ₹10cr | 10.0% |
| 2017 | ₹268cr | ₹32cr | ₹16cr | 12.0% |
| 2024 | ₹987cr | ₹97cr | ₹43cr | 10.0% |
| 2025 | ₹1,182cr | ₹97cr | ₹34cr | 8.0% |
| 2026 | ₹1,105cr | ₹67cr | ₹5cr | 6.0% |
| TTM | ₹1,125cr | ₹49cr | ₹-15cr | 4.3% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
The trading window for Dealing in the Equity Shares of the company shall remain closed from October 1, 2026 till the expiry of 48 hours after the decleration of financial result of the ....
RoutinePress ReleaseNSE · 19 Sept 2026Apollo Pipes Limited has informed the Exchange regarding a press release dated September 18, 2026, titled "Apollo Pipes enters ceramic tiles sector through Mazzini Tiles".
RoutineApollo Pipes Ltd - 531761 - Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseBSE · 19 Sept 2026Apollo Pipes enters Ceramic tiles sector through Mazzini Tiles
Positive CatalystApollo Pipes Ltd - 531761 - Announcement under Regulation 30 (LODR)-AcquisitionBSE · 19 Sept 2026Acquisition of controlling interest in Mazzini Tiles LLP by a Subsidiary of the Company.
RoutineAcquisition of 'to be incorporated companies'-XBRLNSE · 18 Sept 2026 · Structured filingAPOLLO PIPES LIMITED has informed the Exchange regarding Acquisition of to be incorporated companies
APOLLO PIPES LIMITED has informed the Exchange regarding Acquisition of to be incorporated companies
Open original XBRL sourceMANAGEMENT COMMENTARY
Signals from filed documents
Karan: This Rs.200 crores of CAPEX, which is like for pending Varanasi, maybe for the south plant, land acquisition or something? Anubhav Gupta: Yes, this Rs.200 crores is for like pending Varanasi, then ongoing Brownfield expansions and new product addition, etc., right, South India will be on top of it. We have not decided, like, we have not like put up a complete game plan yet, but we have started looking at land
So, at the business level, we believe that 7% to 8% EBITDA margin for the next 12 to 15-months is what we are going to achieve. Once the plants stabilize and we start getting the operating leverage benefits, then margins will start inching up. Sneha: Thanks a lot, team and all the very best.
PVC resin prices, linked to global crude oil derivatives, have witnessed volatility in recent periods, impacting industry realisations and inventory cycles. Price corrections have led to margin pressure and cautious inventory management across the value chain. This volatility continues to influence procurement strategies and margin management.
MATERIAL CHANGE Except as stated below, there have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year to which the financial statements relate and the date of this Report. Subsequent to the end of the financial year under review, the Company commenced commercial production at its Greenfield manufacturing facility at Mirzap
And secondly, because of the volatility seen, a lot of small players would have faced some disruptions to manage inventories, right? So, are we seeing initial signs of market share gains and volumes? So, I would like to hear some commentary on that.
Building Momentum for the Near Term Looking ahead to FY 2026-27, we are well positioned to build on our growth momentum through capacity expansion, deeper market penetration and portfolio expansion. Our outlook is supported by the operationalisation of the Varanasi plant, the ramp-up of Kisan Mouldings, sustained demand in the Housing Plumbing segment and a more stable pricing environment. We are expanding our produc
There is always a room to improve our margins by 50 bps to 100 bps. So, we are confident of maintaining this margin at 7% to 8% at company level. And as Varanasi plant and Window profile plant stabilize, margins will further inch up by 50-to-100 bps.
Collectively, these initiatives are expected to increase the Company’s installed manufacturing capacity to nearly 288,000 tonnes over the next two years. Capacity utilisation across the industry remained impacted during the year due to subdued infrastructure demand and pricing pressure. Kisan Mouldings currently operates at nearly 40% utilisation, with the Company targeting utilisation levels of around 70% over the n
The sector employs approximately 46.1% of the workforce and supports an estimated 55% of the population, making it a critical driver of rural livelihoods and consumption.13 India’s position as the second-largest agricultural producer globally, accounting for 13% of global output, indicates both its scale and strategic importance. This scale creates a clear imperative to improve productivity, enhance efficiency and st
Proper systems were devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. Apollo Pipes Limited Annual Report 2025 - 26 56 CORPORATE SOCIAL RESPONSIBILITY (CSR) In line with the provisions of Section 135, Schedule VII of the Act, the Company has framed its Corporate Social Responsibility (CSR) policy for development of programmes and proj
Streamlined dispatch through barcode integration Barcode enabled systems have improved dispatch efficiency by reducing manual errors and accelerating processing timelines. QR code-based traceability QR-enabled labelling enhances product traceability and supports compliance with regulatory requirements. Real-time production monitoring Integration of weighment systems with SAP enables real- time production data capture
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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