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Stock Analysis

Description

Apollo Pipes is engaged in manufacturing and trading of cPVC, uPVC, and HDPE pipes, PVC taps, fittings, water storage tanks, and solvents. It is among the top 10 leading piping solution providers in India, catering to sectors like agriculture, water management, construction, and telecom ducting.

Key Growth Triggers

Expansion of manufacturing capacity, including the upcoming Varanasi plant, aiming for 286,000 TPA.
Investment of `1.3 crore in R&D infrastructure to enhance product development and sustainable solutions.
Introduction of new product lines such as MDE pipes, DWC pipes, UPVC doors/windows, and antimicrobial water tanks.
Increased renewable energy consumption (28.13% of total in FY24-25) and focus on energy efficiency.
Commitment to circular economy principles with 100% waste reuse and recycling.
Continued community development through Project PAHAL, impacting over 15,567 children.
Equity infusion to support capacity expansion and balance sheet strengthening.

Order Book

Currently no data available for Order Book.

Key Red Flags

The company experienced a challenging FY2024-25 marked by economic volatility and market headwinds, impacting operational performance.
Past financial quarters (Q1/Q2 FY26) indicated declining revenues and profits due to sluggish demand and margin pressures.
Low Return on Equity (ROE) of 4.30% as per company data.
A disparity between the current market price and the warrant issue price was noted in monitoring reports.

Key Dates To Watch

The ESG report covers the financial year 2024-25 (April 1, 2024, to March 31, 2025).
The ESG report was filed on January 9, 2026.

Corporate Announcements

14th Apr 26

Impact Rating: 8

Apollo Pipes Limited announced that its new manufacturing plant at Mirzapur, Uttar Pradesh, began commercial production on April 14, 2026. This follows earlier updates on the plant's development.

8th Apr 26

Impact Rating: 5

Apollo Pipes Limited has confirmed compliance with SEBI Regulation 74(5) for the quarter ended March 31, 2026, by submitting a certificate from its registrar. This confirms processing of dematerialization requests and cancellation of physical share certificates.

31st Mar 26

Impact Rating: 6

Apollo Pipes Limited has decided to postpone the commencement of commercial production at its new Mirzapur plant, previously guided for earlier dates. The company now targets end-April 2026 for operations to begin.

24th Mar 26

Impact Rating: 7

Apollo Pipes Limited will close its trading window for equity shares starting April 1, 2026, adhering to SEBI insider trading regulations until 48 hours post financial results.

2nd Mar 26

Impact Rating: 6

Apollo Pipes Limited has appointed Mr. Parag Dadeech as Chief Operating Officer (COO), effective March 02, 2026. With over 28 years of global manufacturing experience, he brings expertise in operations, supply chain, and business excellence.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Supreme Inds.	3485.20	52.21	44271.40	0.98	164.74	-20.26	2393.87	5.32	22.04	10540.03	12.73	847.95	164.74	7.74	13.45	0.06
2.	Astral	1462.60	77.15	39292.77	0.26	134.80	22.55	1577.40	15.11	19.71	6017.00	16.00	509.30	134.80	10.41	10.52	0.07
3.	Finolex Inds.	175.51	24.90	10889.99	1.14	119.20	131.73	858.74	3.66	8.77	4074.94	11.74	437.35	119.20	1.88	5.50	0.00
4.	Shaily Engineer.	2132.80	67.06	9801.30	0.09	51.25	133.80	256.65	33.67	19.52	918.75	26.99	146.16	51.25	15.42	10.85	0.30
5.	Time Technoplast	182.32	21.39	8999.96	0.69	117.23	17.36	1511.11	10.26	17.35	5720.24	14.54	420.82	115.44	2.72	9.25	0.22
6.	Garware Hi Tech	2913.00	21.63	6767.60	0.41	91.23	-12.50	569.69	-8.20	20.57	2078.99	19.94	312.86	91.23	2.70	13.23	0.01
7.	Kingfa Science	4340.60	37.36	5882.11	0.00	41.14	10.41	465.69	11.32	30.55	1837.54	12.53	157.46	41.14	4.54	14.22	0.01
8.	Apollo Pipes	290.25	49.86	1278.50	0.24	2.07	-53.69	194.09	-3.25	6.78	898.96	8.74	25.64	2.07	1.52	3.17	0.05
–	Median: 39 Co.	175.51	21.63	369.86	0.0	4.24	14.44	79.73	9.55	16.16	290.1	10.64	13.07	4.24	2.47	6.21	0.3

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	207.02	236.68	251.94	260.33	249.45	221.56	245.79	240.23	200.60	244.64	240.22	220.01	194.09
Expenses	204.53	220.60	222.52	234.16	225.31	201.43	220.88	215.90	182.48	223.63	218.54	201.34	176.87
Operating Profit	2.49	16.08	29.42	26.17	24.14	20.13	24.91	24.33	18.12	21.01	21.68	18.67	17.22
Other Income	0.40	0.02	0.72	1.18	1.31	1.09	0.33	0.82	0.52	0.15	3.30	2.78	2.35
Profit before tax	-6.32	6.61	20.14	19.18	17.52	12.33	15.42	14.79	6.29	8.23	12.83	9.08	4.81
Tax %	-24.05%	26.48%	25.42%	27.37%	26.20%	26.36%	57.78%	26.44%	28.93%	27.46%	26.03%	10.57%	56.76%
Net Profit	-4.80	4.86	15.03	13.92	12.92	9.08	6.52	10.88	4.47	5.97	9.49	8.11	2.07
EPS in Rs	-1.22	1.24	3.82	3.54	3.29	2.31	1.66	2.63	1.08	1.36	2.15	1.84	0.47

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1	1	0	241	284	362	408	518	784	915	977	926	899
Expenses	0	0	0	210	251	323	361	444	690	846	881	839	820
Operating Profit	1	1	-0	31	33	39	47	74	94	69	96	87	79
Other Income	0	0	0	2	8	10	10	8	3	2	4	5	9
Interest	0	0	0	4	3	6	6	5	4	9	6	10	7
Depreciation	0	0	0	5	7	10	13	18	26	28	30	39	45
Profit before tax	1	0	-0	24	31	34	38	61	67	33	64	42	35
Net Profit	0	0	-0	16	22	24	29	44	50	24	42	31	26
EPS in Rs	0.24	0.14	-0.07	10.46	6.66	6.65	7.26	11.32	12.65	6.08	10.78	7.00	5.82
Dividend Payout %	0%	0%	0%	0%	0%	5%	0%	0%	8%	10%	9%	10%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	5	5	5	11	11	12	13	13	39	39	39	44	44
Reserves	4	5	4	80	102	218	293	338	366	418	534	761	798
Borrowings	0	0	0	20	238	112	90	63	39	44	62	61	38
Other Liabilities	0	0	0	30	49	49	85	80	100	161	188	184	171
Total Liabilities	10	10	10	142	401	391	482	494	544	662	824	1,049	1,051
Fixed Assets	0	0	0	70	79	117	154	221	236	281	345	398	431
Gross Block	0.00	0.00	0.00	94.36	109.67	157.17	207.08	291.39	331.84	404.08	496.98	587.77	–
Accumulated Depreciation	0.00	0.00	0.00	24.54	31.08	40.39	52.94	70.41	95.43	123.40	151.64	189.54	–
CWIP	0	0	0	0	15	12	30	8	7	6	8	37	56
Investments	0	10	10	0	1	0	0	0	4	40	170	206	213
Other Assets	10	0	0	72	307	262	297	265	296	336	300	408	351
Total Assets	10	10	10	142	401	391	482	494	544	662	824	1,049	1,051

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	10	-0	24	15	26	12	21	36	69	123	70
Cash from Investing Activity	-10	0	-9	-27	-44	-52	-56	-37	-68	-214	-141
Cash from Financing Activity	0	0	-15	215	-39	20	-21	-30	-8	76	180
Net Cash Flow	-0	0	-0	203	-57	-19	-56	-30	-7	-14	109

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	0	0	–	52	49	36	53	44	33	26	19	19
Inventory Days	–	–	–	47	80	73	104	79	84	90	83	87
Days Payable	–	–	–	39	70	50	86	49	35	59	60	70
Cash Conversion Cycle	0	0	–	60	59	59	71	74	82	57	42	36
Working Capital Days	-85	-62	–	47	-44	16	20	42	54	39	0	19
ROCE %	6%	7%	-1%	45%	15%	12%	12%	16%	17%	9%	12%	7%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	52.03%	52.03%	50.80%	50.80%	50.80%	50.77%	45.90%	45.90%	46.49%	46.84%	46.84%	46.84%
FIIs	2.38%	2.71%	2.56%	2.67%	3.23%	4.24%	4.14%	4.47%	4.03%	3.47%	4.28%	3.71%
DIIs	12.17%	12.65%	13.09%	14.87%	14.70%	14.68%	17.19%	16.59%	15.26%	14.08%	15.26%	14.59%
Public	32.78%	32.07%	33.01%	31.11%	30.74%	29.87%	32.37%	32.62%	33.83%	35.29%	33.31%	34.57%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Apollo Pipes Commences Commercial Production at New Mirzapur Plant

14th April 2026, 6:14 pm

Apollo Pipes Confirms SEBI Regulation 74(5) Compliance for March 2026 Quarter

8th April 2026, 4:04 pm

Apollo Pipes Postpones New Plant Operations to End April 2026

31st March 2026, 11:32 pm

Apollo Pipes Announces Trading Window Closure from April 1, 2026

24th March 2026, 4:14 pm

Apollo Pipes Appoints Mr. Parag Dadeech as New Chief Operating Officer

2nd March 2026, 6:32 pm

Published by Other Websites

External media mentions & references

Apollo Pipes Plant Goes Live, Stock Surges 50%+ Year-to-Date

14th April 2026, 9:20 pm

Nexus Sells ₹530 Cr Delhivery Stake Amidst Stock Rally

8th April 2026, 10:51 pm

3 Stocks Break Out: Apollo Pipe, Aster DM, NLC India Rally Signals

30th March 2026, 11:13 am

Infosys Buys US Firms, LIC Faces Tax Demand, Stocks Surge & Dip

27th March 2026, 7:11 am

Societe Generale Buys ₹76 Cr Stake; Reva Diamonds Promoter Buys 2.2%

25th March 2026, 10:06 pm

News Articles

Editorial & research coverage

China Imports Surge as India Delays Key Rules: Plastic Pipe Stocks Face Pressure!

15th December 2025, 3:27 pm

Apollo Pipes Expands Amidst Margin Squeeze and Warrant Price Concerns

Apollo Pipes Posts 226% Revenue Surge Amidst Massive ₹506 Cr Quarterly Loss

Documents

Announcements

Environmental, Social And Governance Report For The Financial Year 2024-25

9 Jan - FY2024-25 ESG report; 6% revenue growth, 23% volume rise, 28.13% renewables, Varanasi plant 30,000 MT

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

9 Jan - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018

Closure of Trading Window

General-Updates

12 Dec 2025 - Unaudited consolidated and standalone Q2 FY26 results approved Oct 29, 2025; H1 revenue Rs51,071.48 lakh; H1 consolidated profit Rs954.79 lakh.

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

4 Nov 2025 - Q2 FY26 transcript: H1 capex INR92 crore; capacity target 2,86,000t; FY26 guidance ~100,000–125,000t; Lubrizol CPVC tie-up.