| Revenue growth | Revenue +31% YoY; volume +13%, balance from price/mix. |
|---|---|
| Margins | Standalone EBITDA ₹7,000/t (Q1 under ₹4,000/t); Kissan ~₹3,700/t loss. |
| Demand visibility | October run-rate similar to Q2; December quarter seen flattish QoQ. |
| Management confidence | Balanced: admits margins 'still below levels we want'; upbeat H2 outlook. |
Growth
Revenue +31% YoY against volume +13%, implying roughly 16% price/mix uplift. EBITDA ₹11.5 Cr versus ₹3 Cr in Q1.
Outlook
Targets ₹4,000 Cr revenue by 2030 (plumbing ₹3,000 Cr, ceramics ₹1,000 Cr). FY27 volume implied at about 105,000 t.
Risks
Kissan loss of about ₹3,700/t EBITDA; PVC price volatility; South India capex delayed two years; October run-rate flat.
Last quarter's promises, checked
Delivered
- Q2 volume double-digit YoY → +13% (= BEAT)
- Q2 EBITDA up QoQ from Q1 → ₹3 Cr to ₹11.5 Cr (= BEAT)
- Capex internally funded, no debt → no debt (= BEAT)
Partly delivered
- Varanasi 30% utilisation FY27 → not disclosed (= PARTIAL)
- ₹200 Cr FY27–28 capex → spend not disclosed (= PARTIAL)
- H2 much better than H1 → Dec qtr flattish QoQ (= PARTIAL)
Missed
- Normalised EBITDA margin 7–8% → 3.7% reported (= MISS)
- ₹5,000 Cr 5-yr revenue (math reaffirmed) → ₹4,000 Cr by 2030 (= MISS)
- South India plant start Q2 FY28 → delayed two years (= MISS)
Earnings Call Transcript filed with NSE, NSE: APOLLOPIPE. Summary written with AI assistance from the document.
Apollo Pipes Ltd: key numbers
- Share price
- ₹498.70
- Market cap
- ₹2,296 Cr
- Revenue (annual)
- ₹1,105 Cr
- Net profit (annual)
- ₹7.49 Cr
- P/E (TTM)
- -262.1×Sector 50.0×
- Promoter holding
- 53.05%+1.33% QoQ
- FII holding
- 3.16%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Apollo Pipes Ltd
All →Apollo Pipes Q2 FY27 Results: Net Profit ₹0.6 Cr, Down 57.1% YoY
Apollo Pipes Ltd reported revenue from operations of ₹309.6 Cr (+31.4% YoY) and net profit of ₹0.6 Cr (-57.1% YoY) for Q2 FY27.
- Key figure
- Net profit ₹0.6 Cr · -57.1% YoY
Apollo Pipes Convertible Warrants
Apollo Pipes converted 20,00,000 fully convertible warrants into equity shares at ₹550 per share (₹110 Crore). Paid-up capital rose from ₹44.05 to ₹46.05 Crore.
- Value
- ₹110.0 Cr
Apollo Pipes Credit Rating
Apollo Pipes Limited's bank facilities worth Rs. 150 Crore were upgraded by ICRA to [ICRA]AA-(Stable)/[ICRA]A1+ from A+. The rationale cites deeper integration with the APL Apollo Group.
Apollo Pipes Board Meeting Date
Apollo Pipes scheduled a board meeting for 5 November 2026 to consider Q2 and half-year results. The trading window reopens on 8 November 2026.
Apollo Pipes Preferential Issue
KITARA PIIN 2401 and PACs received 20,00,000 Apollo Pipes shares upon conversion of preferential allotment warrants. Combined holding rises from 4.01% to 8.35%.
Apollo Pipes Convertible Warrants
Apollo Pipes allotted 20,00,000 equity shares upon conversion of warrants, receiving a balance consideration of ₹82.50 Crore.
- Value
- ₹82.50 Cr