Apollo Pipes Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 15 Jul 2026 | Industrial Products | Market Cap: ₹2.3K Cr
Apollo Pipes expects a 25% CAGR in sales volume and revenue over the next 2 to 3 years. Apollo Pipes aims for a 25% revenue CAGR over the next 2 to 3 years driven by new product segments (OPVC, window profiles) and new plant contributions (Varanasi, South India Greenfield).
From Apollo Pipes Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹602
Market Cap
₹2.3K Cr
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Apollo Pipes Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹347 Cr, net profit ₹0 Cr.
Full financials →📊 Revenue & Sales Performance
- →Apollo Pipes expects a 25% CAGR in sales volume and revenue over the next 2 to 3 years.
- →Growth drivers include ramp-up from the Varanasi plant, OPVC pipe segment, and new window profile product segment.
- →The company plans to increase total capacity to 360,000 tons with the upcoming Greenfield South India plant.
- →Demand recovery is anticipated in Q4 due to price stabilization and seasonal infrastructure activities.
- →Government focus on water connectivity and housing is expected to support volume growth.
- →Expanded presence in new geographies and product categories will contribute to growth.
- →The company aims for self-funded future growth with capex fully funded through equity and operational cash flow, avoiding debt.
- →New product lines like OPVC and window profiles are expected to significantly contribute to revenues in the coming years.
📈 Profitability & Margins
- →Apollo Pipes aims for a 25% revenue CAGR over the next 2 to 3 years driven by new product segments (OPVC, window profiles) and new plant contributions (Varanasi, South India Greenfield).
- →Operating margins are expected to improve by INR 500 to INR 1,000 per ton in FY26 due to better product mix and operating leverage.
- →EBITDA margins at standalone operations are currently around 9% with an expectation to reach low teens as capacities ramp up.
- →Kisan segment margins are improving, with plans to increase contribution margins from INR 3,000-4,000 per ton to INR 6,000-7,000 per ton over 2.5 years.
- →Operating cash flow generation of INR 300 crores over 2-2.5 years is expected post full capacity utilization (63,000-70,000 tons).
- →The company targets 25% ROCE within 2 years driven by volume growth and margin expansion.
- →Apollo Pipes intends to remain debt-free, funding capex through equity infusion and strong operating cash flows.
🏗️ Capital Expenditure Plans
- →Apollo Pipes has a planned capex outlay of INR 400 crores over the next 2 to 3 years to complete ongoing projects and set up a Greenfield plant in South India.
- →The South India Greenfield plant will have a capacity of about 40,000 to 50,000 tons, with an additional 20,000 to 30,000 tons from brownfield expansions across existing products.
- →Total capacity aims to reach approximately 360,000 to 370,000 tons within 2 to 3 years.
- →Funding plan includes operating cash flows of around INR 250-300 crores over 2 to 2.5 years and an equity infusion of INR 100 crores from a preferential issue to remain debt-free.
- →Investment also includes capex of close to INR 100 crores already incurred on three OPVC production lines.
- →Preference for equity infusion over debt to maintain financial stability and avoid pressure during downturns.
- →Potential inorganic growth opportunities being evaluated in new product segments.
💰 Fundraising & Capital Structure
- →Apollo Pipes plans a capex outlay of INR400 crores for the next 2 to 3 years for ongoing projects and a Greenfield South India plant.
- →They intend to fund this through:
- → - Operating cash flows of INR300 crores expected over the next 2 to 2.5 years.
- → - Equity infusion for the residual INR100 crores to avoid taking on debt.
- →Recently, an Oman-based fund, Kitara Capital, invested INR110 crores via a preferential equity issue at a 30% premium.
- →The company is committed to remaining debt-free to better handle downturns and maintain financial stability.
- →Once their capacities of 63,000 to 70,000 tons are fully utilized, they expect to generate INR300+ crores EBITDA annually, enabling all future growth to be self-funded.
- →No current plans for additional debt or equity fundraising beyond this.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Apollo Pipes Ltd Q3 FY25 results?
Apollo Pipes expects a 25% CAGR in sales volume and revenue over the next 2 to 3 years. Apollo Pipes aims for a 25% revenue CAGR over the next 2 to 3 years driven by new product segments (OPVC, window profiles) and new plant contributions (Varanasi, South India Greenfield).
What is Apollo Pipes Ltd share price analysis?
Apollo Pipes Ltd currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹2,250 Cr. Investors should review the full earnings analysis for detailed insights.
Is Apollo Pipes Ltd planning capital expenditure?
Apollo Pipes has a planned capex outlay of INR 400 crores over the next 2 to 3 years to complete ongoing projects and set up a Greenfield plant in South India.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.