Apollo Pipes Limited — Q3 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. The PVC pipe industry continues to face headwinds from weak demand and volatile resin prices. Management highlighted a four-pronged strategy: product portfolio expansion (UPVC doors, DWC pipes, PE gas pipes), improving product mix (CPVC target above 20% from 15%), West India plant ramp-up, and East India expansion (Varanasi plant expected to commence operations in coming months). Capex of ₹70 crore was incurred in Q1, with total capacity target of 286,000 tons over two years. Management expects demand improvement from September onwards, driven by post-monsoon construction and government infrastructure spending. Key risk: continued weakness in government spending could delay volume recovery, with competitive intensity remaining high as smaller players struggle.