Apollo Pipes Limited FY26 Financial and Operational Performance

Reporting Period: Financial Year 2025-26

Financial Performance Summary

Consolidated Results (FY2025-26 vs FY2024-25):

  • Revenue from operations: ₹1,105 crore (₹1,182 crore) - 6% decline
  • EBITDA: ₹66 crore (₹96 crore) - 31% decline
  • Profit After Tax (PAT): ₹7 crore (₹33 crore) - 79% decline
  • Sales volume: 1,03,752 tonnes (99,705 tonnes) - 4% increase

Standalone Results (FY2025-26 vs FY2024-25):

  • Revenue from operations: ₹887.44 crore (₹925.69 crore) - 4% decline
  • Profit Before Tax: ₹1.71 crore (₹4.22 crore) - 59% decline
  • Net Profit After Tax: ₹1.22 crore (₹3.08 crore) - 60% decline
  • EPS: ₹2.77 (₹7.00) - significant decline

Key Operational and Strategic Developments

Capacity Expansion & Manufacturing:

  • Commissioned Greenfield manufacturing facility in Varanasi with 18,000 tonnes capacity
  • Total installed capacity reached 240,000 tonnes across 8 manufacturing facilities
  • Entered uPVC windows and door profiles segment with 3,000 tonnes initial capacity
  • Target to expand to 288,000 tonnes over next two years
  • Capital work-in-progress: ₹89.71 crore as of March 31, 2026

Acquisition Integration:

  • Completed integration of Kisan Mouldings Limited (acquired in FY24)
  • Increased stake from 57.59% to 61.94% through additional equity purchase
  • Invested ₹147.62 crore in Kisan Moulding during FY26
  • Kisan Mouldings currently operating at 40% utilization, targeting 70-75%

Financial Position & Capital Structure:

  • Debt-Equity Ratio: 0.01 (virtually zero debt)
  • Property, Plant and Equipment: ₹389.78 crore net carrying value
  • Investments (Non-Current): ₹222.73 crore, primarily in subsidiaries
  • Cash and Cash Equivalents: ₹80.27 crore (decreased from ₹123.16 crore)
  • Total borrowings: ₹91.87 crore (₹60.47 crore in FY25)
  • Issued 20,00,000 fully convertible warrants at ₹550 per warrant (₹110 crore total)

Dividend and Corporate Actions

  • Board recommended final dividend of 7% (₹0.70 per equity share) for FY26
  • Dividend payout amounts to ₹308.34 lakh subject to shareholder approval
  • ESOP compensation expense of ₹1.52 crore recognized during the year

Contingent Liabilities and Risks

  • Total contingent liabilities: ₹86.60 crore
  • Includes ₹50 crore letter of comfort for subsidiary Kisan Moulding
  • ₹30.67 crore in disputed income tax claims
  • Raw material price volatility (PVC resin) remains key risk factor
  • Working capital requirements for expansion programs

Management and Governance

  • Mr. Sanjay Gupta appointed as Chairman effective May 8, 2026
  • Key Managerial Personnel: Sameer Gupta (CMD), Arun Agarwal (Jt. MD), Ajay Kumar Jain (CFO)
  • Board met 4 times during FY26 with all committees functioning effectively
  • No material penalties or strictures from regulatory authorities

Forward Outlook

  • Target to achieve ₹5,000 crore revenue by FY31
  • Growth driven by government infrastructure programs (Jal Jeevan Mission, PMAY, AMRUT 2.0)
  • Industry outlook: Global PVC pipes market projected to grow from $82.86 billion in 2026 to $123.79 billion by 2034
  • Focus on expanding pan-India presence and improving capacity utilization