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.
bullish
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.
79%Questions answered1Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Demand scenario and impact of crude prices on PVC.
Asked by Aryan Agarwal, Money Stories Asset Management
Gave qualitative optimism but no hard demand numbers; crude impact was vague.
no specific demand datauncertainty on crude impact
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Question
how the demand scenario is shaping up overall now... what sort of impact can we expect of the by the rise of this crude prices due to the conflict on PBC prices
Management (unidentified speaker)
demand scenario... pretty encouraging... we are targeting 400 cr plus revenue for the quarter 1 fi27... crude prices... will trickle through the PVC prices or not does not look like that should make a difference.
Answered
High priority
Why gross margin declined despite higher realizations.
Asked by Warun Chilasara, 361 Capital
Provided three specific reasons for margin decline.
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Question
despite like 13 14% increase in realization our gross margin uh kind of uh pit orientated... could you just help us explain you know what is the reasons for that
Management (unidentified speaker)
three main reasons... aggressive pricing strategy... window profile business costs... finished good inventory write downs.
Answered
Medium priority
Did the company have inventory gains from PVC price rise?
Asked by Warun Chilasara, 361 Capital
Gave a clear, quantified answer.
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Question
did we have any inventory gain this quarter uh because of the sharp increase in PVC price?
Management (unidentified speaker)
Very minuscule... inventory gains on the raw material inventory was uh nothing significant
Evasive
High priority
April volume growth and impact of PVC price decline.
Asked by Warun Chilasara, 361 Capital
Did not give April volume growth; talked about channel stocks and price outlook.
no specific April volume numberdeflected to price outlook
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Question
how has been April that uh you know weing like 40 45% growth for this quarter uh despite you know PVC coming down... how has been the volume growth for April
Management (unidentified speaker)
channel is already running at a very low price low stocks... we are not very much bearish... it will go towards again to a next level of around 60s
Answered
High priority
How to balance volume and profitability; margin outlook.
Asked by Kesha Vlahoti, HDFC Securities
Provided specific per-ton margin targets for both entities.
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Question
how you want to you know balance the volume and profitability side how should we see the margin going forward.
Management (unidentified speaker)
Apollo standalone target between 8,000 to 10,000 rupees per ton... Kissan first target 5-6,000 rupees per ton... on consolidated basis 6-7-8,000 rupees per ton then journey towards 10-11-12,000.
Partial answer
Medium priority
Channel inventory and April volume impact.
Asked by Kesha Vlahoti, HDFC Securities
Acknowledged impact but did not quantify April volume; referenced Q1 target.
no specific April volume numberdeferred to quarterly target
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Question
channel inventory was you know pretty high on the March end... So that way the April volume should have been bit on the lower side. Can you give some sense on April volume?
Management (unidentified speaker)
channel inventory got heavy towards end of March and it did impact April to some extent... 400 cr revenue for quarter 1 we have factored in... things are pretty much on track.
Answered
High priority
Volume growth target and demand in agri/plumbing.
Asked by Kesha Vlahoti, HDFC Securities
Provided revenue target, NSR, and volume growth indication.
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Question
what sort of maybe not on revenue sort of volume growth you are targeting for this quarter... how is the demand moving right now agree and plumbing demand.
Management (unidentified speaker)
revenue for Q4 was around 350 crores and we are targeting 400 cr... 15% jump QoQ... NSR for Q4 was 110 rupees per kg... volume growth is double digit only.
Answered
Medium priority
Demand in urban vs rural markets.
Asked by Anuparak, Anandrati
Gave clear distinction and relative performance.
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Question
can you uh give me some color regarding how the demand is shaping up in urban and rural market?
Management (unidentified speaker)
rural is all agri... demand is good... construction plumbing rural and urban demand is good in both... rural is outperforming urban in last 2-3 months.
Partial answer
Medium priority
Competitive intensity and new plant from Astral.
Asked by Anuparak, Anandrati
Acknowledged competition but did not address specific competitor's plant impact.
no direct comment on Astral plant impactgeneric strategy response
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Question
how is the competitive intensity in the plastic pipe space... promoter of ashield pipes is planning to come up with a large pipe plant... do you expect the competitive intensity likely to uh remain high?
Management (unidentified speaker)
competition intensity has increased significantly... price war... cleanup at bottom level... we are clear on our strategy... well on track to achieve these numbers.
Answered
High priority
Long-term strategy for Kissan Moldings; potential merger.
Asked by Abhishek Sani, A Investment Managers
Confirmed merger intention and gave timeline indication.
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Question
should investors expect Kissan to continue as a separately listed entity or could there be a merger or consolidation with Apollo pipes... what are the broader strategic plans for Kishan over the next three to five years?
Management (unidentified speaker)
we will ultimately merge Kissan moldings in Apollo Pipes Limited. We are already working on how to go about it. Maybe in next few investor calls you will hear from us about the timelines.
Answered
Medium priority
Product split within pipes and CPVC ramp-up.
Asked by Shashan Sony, Dashia Capital
Provided specific percentage splits and growth rates.
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Question
just on the product split within pipes... what's the current and what do you intend it to be... there's also CPVC... ramping up
Management (unidentified speaker)
plumbing construction 60-65%, agri and govt infra 35%... CPVC growing at 10-12%, water tank 20-30%, window profile expected 4-5% contribution this year.
Answered
Medium priority
Kissan Moldings quarterly performance and reasons.
Asked by Rashan Nay, Antique Stock Broking
Provided revenue, volume, and explanation for margin.
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Question
in molding last performance... more or less similar to last quarter... what has gone wrong in this quarter
Management (unidentified speaker)
Q4 revenue for Kisan was 80 cr vs 60 cr in Q3... volume from 5,000 ton to 7,000 ton... Jan and Feb months were not too good... margin deterioration due to push sales.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q4 FY26 revenue around 350 crores | ₹350 cr | ₹347.02 cr | Matches filing |
| Q1 FY27 revenue target 400 crores | ₹400 cr | ₹347.02 cr | Overstated vs filing |
| Kissan Q4 FY26 revenue 80 crores | ₹80 cr | ₹347.02 cr | Understated vs filing |
| Kissan Q3 FY26 revenue 60 crores | ₹60 cr | ₹347.02 cr | Understated vs filing |
| FY26 revenue 1,100 crores | ₹1,100 cr | ₹347.02 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.