Annual Sales Volume
1,00,000 tons
+7% YoY
Apollo Pipes standalone crossed 1 lakh tons annual sales volume for the first time.
APOLLOPIPES
Other
15 May 2026
Apollo Pipes Ltd — Q4 FY26
Apollo Pipes reported FY26 revenue of ₹1,100 crore with standalone sales volume up 7% YoY, crossing 1 lakh tons annual sales.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Apollo Pipes reported FY26 revenue of ₹1,100 crore with standalone sales volume up 7% YoY, crossing 1 lakh tons annual sales. Consolidated EBITDA declined 30% due to inventory write-downs, aggressive pricing, and new business costs. Management guided for 35% revenue CAGR to ₹5,000 crore by FY31, backed by three plants with ₹1,000 crore capacity each and a new South India plant. Q1 FY27 revenue target is ₹400 crore (+15% QoQ). Margins are expected to improve gradually as operating leverage kicks in. Key risk: sustained PVC price volatility and competitive intensity could pressure margins.
Key Numbers
Q4 FY26 Revenue
₹350 crore
+13% QoQ
Q4 revenue was ₹350 crore, driven by aggressive pricing and volume push.
Q1 FY27 Revenue Target
₹400 crore
+15% QoQ
Management targets ₹400 crore revenue in Q1 FY27, implying double-digit volume growth.
Market Share
2.2%
+1.3pp target in 3-4 years
Current market share of 2.2% in a ₹55,000 crore industry; targeting 3.5% in 3-4 years.
Management Guidance
35% Revenue CAGR to ₹5,000 crore by FY31
Management targets 35% revenue CAGR over 5 years, reaching ₹5,000 crore by FY31, driven by capacity expansion and new products.
Management guidance revenueQ1 FY27 Revenue Target of ₹400 crore
Management expects Q1 FY27 revenue of ₹400 crore, up 15% QoQ from Q4 FY26's ₹350 crore.
Management guidance revenueCapex of ₹100 crore for FY27
Total capex for FY27 is estimated at ₹100 crore, primarily for Kisan brownfield expansion and existing plant upgrades.
Management guidance capexWorking Capital Cycle Below 35 Days by FY27 End
Management targets net working capital cycle below 35 days by March 2027, down from 46 days in FY26.
Management guidance otherKey Risks
PVC Price Volatility
PVC prices have been highly volatile, dropping 15% then rallying 75% and falling again. Management expects ±5% fluctuations near-term, which could impact margins.
high · management_commentaryAggressive Pricing and Margin Pressure
Management adopted aggressive pricing to gain volume, leading to lower gross margins. This strategy may persist, delaying margin recovery.
medium · management_commentaryKissan Molding Margin Recovery Delays
Kissan's margins remain near breakeven due to underutilization. Management expects improvement only after 1-2 quarters, posing risk to consolidated profitability.
medium · analyst_questionIncreased Competition from New Entrants
Analyst noted a large competitor planning a new plant. Management acknowledged rising competition but expressed confidence in strategy.
medium · analyst_questionNotable Quotes
We have drawn a five-year growth plan to achieve 35% revenue CAGR and hit Rs 5,000 crores revenue by FY31.
We are targeting 400 cr plus revenue for the quarter 1 FY27.
We will ultimately merge Kissan Moldings in Apollo Pipes Limited. We are already working on how to go about it.
Frequently Asked Questions
What was Apollo Pipes's revenue in Q4 FY26?
Apollo Pipes reported revenue of ₹347 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Apollo Pipes management give for FY27?
35% Revenue CAGR to ₹5,000 crore by FY31: Management targets 35% revenue CAGR over 5 years, reaching ₹5,000 crore by FY31, driven by capacity expansion and new products. Q1 FY27 Revenue Target of ₹400 crore: Management expects Q1 FY27 revenue of ₹400 crore, up 15% QoQ from Q4 FY26's ₹350 crore. Capex of ₹100 crore for FY27: Total capex for FY27 is estimated at ₹100 crore, primarily for Kisan brownfield expansion and existing plant upgrades. Working Capital Cycle Below 35 Days by FY27 End: Management targets net working capital cycle below 35 days by March 2027, down from 46 days in FY26.
What are the key risks for Apollo Pipes in FY27?
Key risks include PVC Price Volatility — PVC prices have been highly volatile, dropping 15% then rallying 75% and falling again. Management expects ±5% fluctuations near-term, which could impact margins.; Aggressive Pricing and Margin Pressure — Management adopted aggressive pricing to gain volume, leading to lower gross margins. This strategy may persist, delaying margin recovery.; Kissan Molding Margin Recovery Delays — Kissan's margins remain near breakeven due to underutilization. Management expects improvement only after 1-2 quarters, posing risk to consolidated profitability.; Increased Competition from New Entrants — Analyst noted a large competitor planning a new plant. Management acknowledged rising competition but expressed confidence in strategy..
Did Apollo Pipes meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Apollo Pipes Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.