In , Apollo Pipes Ltd (Building Materials - Plastic Pipes) is outperforming Nifty 500 with +59.9% relative strength. Fundamentals: Weak. On a 7-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: New Plant Commencement: Varanasi plant
“Our new plant in Varanasi is on track and is expected to commence next month. This will significantly strengthen our presence in the Eastern India market.”
What: CPVC Mix Target: 25%
Impact: High margin contribution
“the idea is to take CPVC sales mix beyond 25% in next 2, 3 years. And once we achieve that, you will see improvement in our margin.”
What: Q4 Volume Target: 32,000-35,000 tons
“However, the same shall recover with operating leverages, benefits, and better pricing once market share is improved.”
Earnings deceleration risks from management commentary
Trigger: Sharp fluctuations in PVC resin prices triggered cautious behavior and de-stocking.
Impact: PAT impact: 50 million INR inventory loss
Management view: Maintaining minimum inventory levels (60 days target).
Monitor: commodity
Trigger: The government did not conclude the case within the stipulated timeline after final findings.
Management view: Not explained on call
Monitor: regulatory
Trigger: Changes in labor law required a one-time provisioning in employee costs.
Impact: PAT impact: Rs. 1.2 crore
Management view: One-time adjustment.
Monitor: labor
Key quotes from recent conference calls
“And our guidance also stands revised down which we were earlier hoping that we should be doing around 20% plus volume growth. [Previous Volume Growth guidance]”
“you were guiding for low to mid-double-digit volume growth and EBITDA per ton of around INR11,000 for Apollo and Kisan around INR7,000. [Previous EBITDA per ton guidance]”
“the strategy, what we adopted of like kind of more aggressive pricing in Quarter 3. That will also start showing results, right, within Quarter 4. [Initiative: Aggressive Market Share Expansion]”
“So with the help of Lubrizol we will be able to cater new markets where right now Apollo is not able to supply because of quality perception. [Initiative: Lubrizol Tie-up for CPVC]”
Headline numbers from the latest earnings call
Other Highlights
• Housing Pipes segment grew above 10% on Y-o-Y basis in the first 9 months.
• Inventory write-downs for the quarter were approximately 50 million INR.
• A provision of Rs. 1.2 crore was booked in employee costs related to labor law changes.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Kisan Plant Capacity Utilisation
40%
Why: Low demand in Western market and aggressive pricing from peers.
EBITDA per Ton (Apollo Standalone)
₹6,500
Why: Impacted by inventory losses and labor law provisioning.
CPVC Volume Contribution
15%
Housing Pipes Volume Growth (9M)
10%
Why: Strong performance in the housing segment despite overall industry headwinds.
Inventory Days
80 days
Why: Sales volume was lower than expected, leading to higher inventory levels in December.
PVC Resin Price (Dec-25)
₹61/kg
Why: Sharp fall in global/domestic resin prices during the quarter.
Total Installed Capacity Target
2,86,000 tons
Why: Ongoing expansion program including Varanasi and South India plants.
Agri Segment Volume Growth (9M)
-7%
Why: Industry-wide slowdown in the agriculture segment.
Forward-looking targets from management for FY27
OPM Guidance
9000–10000%
Capex Plan
₹150 Cr
Management expects to return to previous EBITDA per ton levels in FY27.
Rs. 150 crores
Varanasi plant and brownfield expansion in OPVC.
Targeting strong Q4 volumes.
Guidance Changes
Annual Volume Growth: 20% plus → High single-digit
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +10% | +6% | Inflection Up |
| PAT (Net Profit) | -101% | -50% | Stable |
| OPM | 5.2% | -244 bps | Contracting |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Apollo Pipes Ltd's latest quarterly results (Mar 2026) show
Apollo Pipes Ltd's profit is declining with an stable trend.
Apollo Pipes Ltd's revenue growth trend is turning around (inflection up).
Apollo Pipes Ltd's operating margin is contracting.
Apollo Pipes Ltd's long-term compounding rates
Apollo Pipes Ltd's earnings growth is stable with mixed signals on a sequential basis.
Apollo Pipes Ltd's trailing twelve month (TTM) performance
Apollo Pipes Ltd appears significantly overvalued based on our fair value analysis.
Apollo Pipes Ltd's current PE ratio is 292.0x.
Apollo Pipes Ltd's current PE is 292.0x.
Apollo Pipes Ltd's price-to-book ratio is 2.7x.
Apollo Pipes Ltd is rated Weak with a fundamental score of 31.22/100. This score is calculated from objective financial metrics
Apollo Pipes Ltd has a debt-to-equity ratio of N/A.
Apollo Pipes Ltd's return ratios over recent years
Apollo Pipes Ltd's operating cash flow is positive (FY2026).
Apollo Pipes Ltd's current dividend yield is 0.14%.
Apollo Pipes Ltd's shareholding pattern (Mar 2026)
Apollo Pipes Ltd's promoter holding has increased recently.
Apollo Pipes Ltd has been outperforming Nifty 500 for 7 consecutive weeks, indicating building momentum.
Apollo Pipes Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Apollo Pipes Ltd has 3 key growth catalysts identified from recent earnings analysis
Apollo Pipes Ltd has 3 key risks worth monitoring
In Q3 FY26, Apollo Pipes Ltd's management highlighted
Apollo Pipes Ltd's management has provided the following forward guidance for FY27
Apollo Pipes Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Apollo Pipes Ltd may be worth studying
Apollo Pipes Ltd investment thesis summary:
Apollo Pipes Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
