Apollo Pipes Limited — Q1 FY26
Apollo Pipes reported a flat year-on-year consolidated sales volume in Q1 FY26, with margins under pressure due to low capacity utilization and heightened competition.
bearish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
How will PVC industry volumes pick up and competition be?
Asked by Haramman Agarwal, Money Stories Asset Management
Gave qualitative outlook but no specific volume growth number; deferred to next quarter.
no specific volume growth guidancedeferred to Q2 clarity
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Question
I was saying in the coming year, how would the volumes for PVC industry pick up looked like? ... how do you expect the competition to be?
Anub (management)
Q1 was washed out... our volume is lower by 4% on console basis... we should be growing at double digit in terms of volume... whether low double digit mid double digit... things will be more clear how quarter 2 pans out.
Partial answer
Medium priority
Plans for housing/infrastructure expansion, smart metering, IoT, recycled polymers?
Asked by Surit Bal, Eyesight Fine Trade Private Limited
Gave housing mix target but smart metering answer lacked specifics; deferred to next few months.
no concrete timeline for smart meteringdeferred to future
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Question
How is Apollo pipes planning to expand its footprint into housing and infrastructure... integrate smart metering IoT enabled plumbing systems or recycled polymer solutions?
Alo Gupta (management)
Housing segment contributes 60%... will settle at 70-75% in 3-4 years. Smart metering: evaluating, nothing concrete... maybe in 3-4 months we can tell. Talking to international players.
Answered
Medium priority
What is the CPVC contribution going ahead from current 15%?
Asked by Bat Kumar, Choice Institutional Equities
Provided a specific target (above 20%) and timeline (1-2 years).
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Question
What is the CPVC contribution going ahead like current 15%?
Alo Gupta (management)
We are highly confident that the contribution will improve above 20% in next 1 to 2 years versus 15% today.
Answered
High priority
Why standalone volumes flat but realization down? Resin or competition?
Asked by Udit Kaji, Yes Security Limited
Clearly attributed to both resin price decline and competitive pressure.
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Question
On a standalone basis we have maintained volumes Y on Y but realization has taken a sharp knock. Is it purely because of resin or would you like to elaborate more on the competitive intensity?
Alo Gupta (management)
Both factors. Resin is down by 2-3 rupees a kilo... competitive intensity is high because demand is sluggish and capacities increased. Players are reducing selling prices to fill capacities.
Partial answer
High priority
Volume growth guidance for FY26 and margin improvement?
Asked by Sneighha, Noama Wealth
Gave volume growth range but margin guidance was in absolute per ton terms, not percentage; dependent on volume.
no specific margin percentage guidancedeferred to volume pickup
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Question
Would you like to give some guidance for this year in terms of volume growth... along with some margins improvement?
Alo Gupta (management)
Double digit growth... low to mid double digit. Margins: we look at rupees per ton. Apollo standalone at 9,000/ton, Kisan at 4,000/ton. Apollo can go to 10-11,000/ton, Kisan to 7-8,000/ton.
Answered
High priority
Why sales volume degrowth vs peers? Market share and goals?
Asked by yogani, Omega portfolios advisers
Explained volume degrowth as strategic choice and provided market share numbers and target.
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Question
While we had a slightly negative sales volume yoy, other PVC players have done flattish to positive growth. Is there a reason? ... what is our market share today and goal?
Alo Gupta (management)
Competitors reduced NSR and margins to show volume growth; we stopped that. Market share around 2.5-3%. With 286,000 tons capacity, revenue ~3,000 cr, market share should be ~5% in 3-4 years.
Answered
Medium priority
Update on warrant conversion: amount received and outstanding?
Asked by yogani, Omega portfolios advisers
Provided specific amounts and timeline for warrant conversion.
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Question
Could you give us some color about what's been happening regarding that? Has more money been taken by the company from the warrants?
Alo Gupta (management)
Total investment 110 cr. 25% came last quarter. Rest 75% will come within next 18 months.
Answered
High priority
Capex for this year, total gross block, and top-line potential?
Asked by Sneha, Noama Wealth
Provided specific capex numbers and revenue potential.
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Question
What is the capex which is likely to get completed this particular year and with total gross block where can you see your top line?
Alo Gupta (management)
Residual capex to reach 285,000 tons is ~100 cr. Q1 spent 68-69 cr. Rest 3 quarters another 70-80 cr. FY26 some residual 30-40 cr. Revenue potential 2,500-3,000 cr.
Partial answer
High priority
When will competitive intensity ease? Are smaller players exiting?
Asked by Sneha, Noama Wealth
Described dynamics but did not give a clear timeline for when competition eases.
no specific timeline for easing
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Question
When do you see this competitive intensity easing out? Are you seeing any of these activities actually happening on the ground?
Alo Gupta (management)
Demand slowed, capacity added. Players operating at 5-6% margins, barely breaking even. Weaker players will go away. Already seeing deals for sale. Pain may continue for few quarters.
Partial answer
Medium priority
How will ROCE improve if PVC prices move up or ADD/BIS comes?
Asked by Karen B, AMC
Answered in terms of revenue potential but did not quantify impact of PVC price or ADD.
did not directly address PVC price or ADD impactfocused on capacity utilization
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Question
How do you see the ROCE calculation now assuming PVC prices move up by 5 to 6 rupees if any of these BIS or ADD come through by the year end?
Alo Gupta (management)
ROCE low single digit today because capital employed ~1,000 cr generating 1,200-1,300 cr revenue. Same capital can generate 2,500-3,000 cr revenue and 250-300 cr EBITDA. ROCE will improve sharply.
Answered
Medium priority
How to improve Kisan's profitability from gross to operating profit?
Asked by Karen B, AMC
Explained the issue (low utilization) and path to improvement (revenue growth).
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Question
Kisan has been delivering very strong gross margins but not translated into operating profits. How do we plan to have profitability at EBITDA and PAT levels?
Alo Gupta (management)
Gross spreads are encouraging but low capacity utilization. Revenue should be 500-600 cr vs current 280-300 cr. When revenue jumps 25-30% yoy, you'll see translation to EBITDA.
Answered
Medium priority
Order book for UPVC doors/windows and new products like DWC pipes?
Asked by H Modi, Ashika group
Provided specific revenue target for UPVC and explained strategy for new products.
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Question
Could you highlight more on how our order book is panning out on the UPVC door and window segment? ... also on newer products like DWC pipes?
Alo Gupta (management)
UPVC: just started commercial production. Order booking building up. Full year revenue ~50 cr, mostly in H2. New products like DWC: brownfield capex, diversify portfolio, can contribute 5-10% to revenue.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| UPVC revenue target 50 cr for full year | ₹50 cr | ₹275 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.