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Revenue
₹347 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 35% revenue CAGR over 5 years, reaching ₹5,000 crore by FY31, driven by capacity expansion and new products.
- Management expects Q1 FY27 revenue of ₹400 crore, up 15% QoQ from Q4 FY26's ₹350 crore.
- Total capex for FY27 is estimated at ₹100 crore, primarily for Kisan brownfield expansion and existing plant upgrades.
- Management targets net working capital cycle below 35 days by March 2027, down from 46 days in FY26.
Risks flagged
- PVC prices have been highly volatile, dropping 15% then rallying 75% and falling again. Management expects ±5% fluctuations near-term, which could impact margins.
- Management adopted aggressive pricing to gain volume, leading to lower gross margins. This strategy may persist, delaying margin recovery.
- Kissan's margins remain near breakeven due to underutilization. Management expects improvement only after 1-2 quarters, posing risk to consolidated profitability.
- Analyst noted a large competitor planning a new plant. Management acknowledged rising competition but expressed confidence in strategy.
Key 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.
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