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.
neutral
medium
✓ 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.
68%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
How will PVC industry volumes pick up and competition evolve?
Asked by Haramman Agarwal, Money Stories Asset Management
Management gave qualitative outlook but no precise volume growth guidance.
no specific volume growth numberdeferred 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 uh the previous year was a little dull for the industry and how do you expect the competition to be?
Management (likely CFO or MD)
Q1 was pretty much washed out... on Y basis our volume is lower by 4% on console basis... we are having lot of levers... we believe that for FI26 we should be growing at double digit in terms of volume.
Partial answer
Medium priority
Plans for housing/infrastructure expansion and smart metering/IoT?
Asked by Surit Deep Patel, Eyesight Fine Trade Private Limited
Management gave housing mix target but was vague on smart metering timeline.
no timeline for smart meteringdeferred to next 3-4 months
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Question
How is Apollo Pipe planning to expand its footprint into housing and infrastructure and are you planning to integrate smart metering IoT enabled plumbing systems or recycled polymer solutions?
Management (likely CFO or MD)
Housing segment contributes around 60% to our overall revenue... eventually it should settle at around 70% 75% in next 3 4 years. Smart metering... we are evaluating this segment... nothing concrete is on drawing board as of now.
Answered
Medium priority
What is the CPVC contribution target from current 15%?
Asked by Bhat Kumar, Choice Institutional Equities
Management gave a clear target of above 20% in 1-2 years.
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Question
Like what is the CPVC contribution going ahead like current 15%.
Management (likely CFO or MD)
We are highly confident that the contribution will improve above 20% in next 1 to two years versus 15% today.
Answered
High priority
Why standalone volumes maintained but realization dropped?
Asked by Udit Kaji, Yes Security Limited
Management directly attributed to both resin price decline and competition.
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Question
On a standalone basis do we have maintained the volumes Y on Y but that realization has taken a sharp knock. So is it purely because of resin or competitive intensity?
Management (likely CFO or MD)
Both factors. Resin is down by 2-3 rupees a kilo... competitive intensity is high at the moment because demand is sluggish and each PVC pipe company has increased capacities.
Evasive
Medium priority
How do you see standalone realization moving for the year?
Asked by Udit Kaji, Yes Security Limited
Management declined to provide realization outlook, focusing on spreads instead.
refused to give guidancedeflected to EBITDA spreads
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Question
How do you see specifically the standalone or Apollo pipes realization moving for the year and so on?
Management (likely CFO or MD)
NSR we don't give too much weightage... we try to protect our EBITDA spreads in terms of rupees per ton or rupees per kg. No comments on how NSR would appear with movement in PVC prices.
Answered
Low priority
What is the agri vs non-agri product mix for the quarter?
Asked by Udit Kaji, Yes Security Limited
Management gave exact mix for Q1.
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Question
In terms of your product mix for the quarter or for the year what would be the agri non-agri mix?
Management (likely CFO or MD)
60% is housing 40% is agri for this quarter.
Partial answer
High priority
Volume growth guidance for this year including Kisan?
Asked by Sneha, Noama Wealth
Management gave range but no precise guidance, conditional on macro.
no specific numberdepends on Q2
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Question
Would you like to give some guidance for this year in terms of volume growth both Kisan and Apollo put together?
Management (likely CFO or MD)
We are looking for double digit growth... low to mid double digit. We are ready for high double digit growth also for the rest of the 8 months.
Partial answer
High priority
Where do you see margins going?
Asked by Sneha, Noama Wealth
Management gave per-ton EBITDA but avoided percentage margin outlook.
no percentage margin guidancegave per ton numbers
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Question
What about the margins? Where do you see margins going?
Management (likely CFO or MD)
We don't look at percentage basis, we look at rupees per ton. Apollo standalone at around 9,000 rupees a ton and Kisan at 4,000 a ton in Q1. Apollo will go towards 10 to 11,000 a ton.
Answered
High priority
Why did Apollo's sales volume degrow when peers grew?
Asked by Yograani, Omega Portfolios Advisor
Management directly explained the volume decline as a strategic choice to protect margins.
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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 why Apollo has degrown slightly?
Management (likely CFO or MD)
Competitors are reducing NSR and compromising on margins way too much to demonstrate sales volume growth, which we at some point stopped.
Answered
Medium priority
What is current market share and target?
Asked by Yograani, Omega Portfolios Advisor
Management gave current and target market share with revenue assumptions.
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Question
What is our market share today and what is our goal for market share couple of years later?
Management (likely CFO or MD)
Our market share is around 2 and a half 3%... at 3,000 cr revenue with industry size of 50,000 crores our market share should be like 5%.
Answered
Medium priority
Update on warrant conversion and quantum received?
Asked by Yograani, Omega Portfolios Advisor
Management provided exact amounts and timeline.
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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?
Management (likely CFO or MD)
Total investment is 110 cr rupees. 25% money came last quarter. Rest 75% will come in within next 18 months.
Partial answer
High priority
Capex for this year and when will competitive intensity ease?
Asked by Mha (Sneha follow-up), Noab (likely Noama Wealth)
Management gave capex numbers but avoided top line guidance and was vague on when competition eases.
no top line projectionvague timeline for easing
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Question
What is the capex which is likely to get completed this particular year and with the total gross block where can you see your top line? Also when do you see this competitive intensity easing?
Management (likely CFO or MD)
Residual capex to achieve 285,000 tons is around 100 cr rupees. In Q1 we spent 68-69 cr. Rest of 3/4 we should be another 70-80 cr. Competitive intensity... it is just a matter of few quarters that we'll see lot of cleanup.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| UPVC window revenue target 50 cr for full year | ₹50 cr | ₹247.18 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.