Apollo Pipes Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Apollo Pipes Ltd trades at ₹515, in a confirmed uptrend and 17 weeks into that stage. That is +20.0% against its own 200-day average. It sits at 97% of a 52-week range of ₹263 to ₹523. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 17 of stage 2, confirmed. At ₹515 it trades +20.0% versus its 200-day average and sits at 97% of its 52-week range (₹263–₹523).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,383% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-24) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Apollo Pipes Ltd trades at 300.5× P/E, about the priciest it has ever traded. Its long-run median P/E is 44.9×, measured across 10.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 300.5× is about the priciest it has ever traded, against a long-run median of 44.9× measured over 10.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −77.1% against a +27.3% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +5.3%/yr price move, ~−25.6%/yr came from earnings growth and ~+30.9 pp from the multiple (expanding); over 10y, of the +22.3%/yr price move, ~−11.9%/yr came from earnings growth and ~+34.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Apollo Pipes Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −2.0% latest against +331.1% at its 12-quarter best), ROCE slipping at 1.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

32.4/100 — rank 5 of 5 in Building Materials - Plastic Pipes · 77% evidence confidence

Apollo Pipes Ltd scores 32.4 out of 100 against the 5 companies it is compared with in Building Materials - Plastic Pipes, ranking 5. Price leads the evidence: RS versus the benchmark is 30%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 1.3 + 1.1 + 10 + 20 = 32.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Apollo Pipes Ltd reported ₹295 Cr of revenue in the Jun 26 quarter, +7.3% year on year. That is the 2nd straight quarter of year-on-year growth. Over 11 years it has compounded at 24.4% a year. The last full year, FY26, came in at ₹1,105 Cr. The last four reported quarters add to ₹1,125 Cr.

FY26 revenue came in at ₹1,105 Cr (−6.5% on the year), capping 11 years at 24.4% compound. The latest quarter (Jun 26) printed ₹295 Cr, +7.3% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged −2.0% growth against the decade's 24.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −2.0% over the last 4 quarters against +25.2%/yr over the last 8 — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Apollo Pipes Ltd's operating margin is 1.0% in the Jun 26 quarter, −7.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 6.0% to 12.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 1.0%, −7.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 6.0%–12.0%.

🚨 Why the margin moved: operating margin went −6.5 pp year on year while gross margin went −4.8 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Apollo Pipes Ltd posted a net loss of ₹11.0 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹5.0 Cr. The 11-year compound rate is −7.7%. That loss is 3.7% of the quarter's revenue. The same quarter a year earlier earned ₹8.0 Cr. 2 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−11.0 Cr, −237.5% year on year. On the full year, FY26 printed ₹5.0 Cr (−85.3%), and the 11-year compound rate is −7.7%.

🚨 Why profit moved: revenue contributed +7.3% and the margin −7.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −148.9% vs revenue −2.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 230% of Apollo Pipes Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹35.0 Cr of operating cash against ₹5.0 Cr of profit. After ₹126 Cr of capital spending, ₹−91.0 Cr was left as free cash.

FY26: operating cash of ₹35.0 Cr against reported profit of ₹5.0 Cr, leaving free cash of ₹−91.0 Cr after ₹126 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 230% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 230%: the cash cycle tightened 93 days between FY15 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Apollo Pipes Ltd's cash conversion cycle runs 58 days in FY26, down from 151 days in FY15. Capital spending ran ₹267 Cr over the last 3 years. At FY26 sales of ₹1,105 Cr each day of that cycle holds about ₹3.0 Cr, so roughly ₹176 Cr sits inside the business at any moment.

FY26: debtors at 34 days, inventory at 114 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 58 days, tighter than FY15's 151.

The full loop: cash goes out to suppliers and production on day 0; stock waits 114 days to sell; customers pay about 34 days after that; and suppliers themselves are paid at 90 days — netting out to the 58-day cycle.

In money terms: at FY26 sales of ₹1,105 Cr, each day of the cycle holds about ₹3.0 Cr — so the 58-day loop keeps roughly ₹176 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹267 Cr over the last 3 fiscal years against ₹107 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹90.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Apollo Pipes Ltd earns a ROCE of 1% in FY26. Return on invested capital clears the cost of that capital by −12.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.5% net margin on 0.87× asset turns.

FY26 ROCE is 1%.

🚨 Why the return is what it is — the wiring (FY26): 0.5% net margin × 0.87× asset turns × 1.56× balance-sheet leverage ≈ 0.7% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: −0.6% − 12.0% = a −12.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Apollo Pipes Ltd carries total debt of ₹124 Cr against shareholder equity of ₹893 Cr as of Mar 26, a debt-to-equity of 0.14 — effectively unlevered. On the annual view that ratio went from 0.10 in FY22 to 0.14 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹124 Cr against shareholder equity of ₹893 Cr — a debt-to-equity of 0.14. On the annual view, debt-to-equity went from 0.10 (FY22) to 0.14 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 10.0 points of Apollo Pipes Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 7.2% of the company. Promoters moved +5.8 points over the same window, to 51.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −10.0 points over 8 quarters to 7.2%; Promoters: +5.8 points over 8 quarters to 51.7%; Foreign institutions: −1.6 points over 8 quarters to 2.5%.

🚨 Why the register moved: domestic institutions drove it (−10.0 points), absorbed on the other side by promoters (+5.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Apollo Pipes Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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