APOLLOPIPE / Q3-FY26 / claim-ledger

Audit the questions that mattered.

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

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WatchQ3-FY26 · 2025-08-12Back to quarter ↗

Questions audited

11

Answered directly

68%

Numeric claims

1

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 evolve?

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.

Surit Deep Patel · Eyesight Fine Trade Private Limited

partial

Plans for housing/infrastructure expansion and smart metering/IoT?

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.

Bhat Kumar · Choice Institutional Equities

direct

What is the CPVC contribution target from current 15%?

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

Udit Kaji · Yes Security Limited

direct

Why standalone volumes maintained but realization dropped?

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.

Udit Kaji · Yes Security Limited

evasive

How do you see standalone realization moving for the year?

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.

Udit Kaji · Yes Security Limited

direct

What is the agri vs non-agri product mix for the quarter?

60% is housing 40% is agri for this quarter.

Sneha · Noama Wealth

partial

Volume growth guidance for this year including Kisan?

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.

Sneha · Noama Wealth

partial

Where do you see margins going?

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.

Yograani · Omega Portfolios Advisor

direct

Why did Apollo's sales volume degrow when peers grew?

Competitors are reducing NSR and compromising on margins way too much to demonstrate sales volume growth, which we at some point stopped.

Yograani · Omega Portfolios Advisor

direct

What is current market share and target?

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%.

Yograani · Omega Portfolios Advisor

direct

Update on warrant conversion and quantum received?

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

Mha (Sneha follow-up) · Noab (likely Noama Wealth)

partial

Capex for this year and when will competitive intensity ease?

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.