APOLLOPIPE / Q1-FY26 / claim-ledger

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Apollo Pipes · Analyst questions, management answers, and the quality of the response where the ledger is available.

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NegativeQ1-FY26 · 2025-08-14Back to quarter ↗

Questions audited

Answered directly

79%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Haramman Agarwal · Money Stories Asset Management

partial

How will PVC industry volumes pick up and competition be?

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.

Surit Bal · Eyesight Fine Trade Private Limited

partial

Plans for housing/infrastructure expansion, smart metering, IoT, recycled polymers?

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.

Bat Kumar · Choice Institutional Equities

direct

What is the CPVC contribution going ahead from current 15%?

We are highly confident that the contribution will improve above 20% in next 1 to 2 years versus 15% today.

Udit Kaji · Yes Security Limited

direct

Why standalone volumes flat but realization down? Resin or competition?

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.

Sneighha · Noama Wealth

partial

Volume growth guidance for FY26 and margin improvement?

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.

yogani · Omega portfolios advisers

direct

Why sales volume degrowth vs peers? Market share and goals?

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.

yogani · Omega portfolios advisers

direct

Update on warrant conversion: amount received and outstanding?

Total investment 110 cr. 25% came last quarter. Rest 75% will come within next 18 months.

Sneha · Noama Wealth

direct

Capex for this year, total gross block, and top-line potential?

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.

Sneha · Noama Wealth

partial

When will competitive intensity ease? Are smaller players exiting?

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.

Karen B · AMC

partial

How will ROCE improve if PVC prices move up or ADD/BIS comes?

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.

Karen B · AMC

direct

How to improve Kisan's profitability from gross to operating profit?

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.

H Modi · Ashika group

direct

Order book for UPVC doors/windows and new products like DWC pipes?

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.