Apollo Pipes Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 25 May 2026 | Industrial Products | Market Cap: ₹2.3K Cr

Q4 FY '26 volume target: 32,000-35,000 tons, aiming to close FY '26 at 106,000-107,000 tons vs. Apollo Pipes anticipates strong Q4 FY '26 sales volume growth, targeting 32,000-35,000 tons for the quarter, potentially closing FY '26 at 106,000-107,000 tons (vs.

From Apollo Pipes Ltd's Q3 FY26 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

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹347 Cr, net profit ₹0 Cr.

Full financials →

📊 Revenue & Sales Performance

→Q4 FY '26 volume target: 32,000-35,000 tons, aiming to close FY '26 at 106,000-107,000 tons vs. 99,000 tons in FY '25.
→Expect high single-digit volume growth for FY '26 due to strong Q4 performance.
→FY '27: Anticipate high double-digit volume growth driven by:
→ - Varanasi plant ramp-up serving East Indian markets.
→ - Kisan Mouldings volume increase (targeting 70% utilization from current 40% within 2 years).
→ - New product lines like UPVC window and door frames.
→ - Increased contribution from water tanks and CPVC segments.
→Housing plumbing segment targeted to grow from 60% to 70-75% of sales in next 2 years.
→Aggressive pricing strategy adopted to capture market share.
→Expansion into West and East Indian markets expected to enhance revenue contribution.
→Overall focus on Housing business with expectation of strong market demand revival.

📈 Profitability & Margins

→Apollo Pipes anticipates strong Q4 FY '26 sales volume growth, targeting 32,000-35,000 tons for the quarter, potentially closing FY '26 at 106,000-107,000 tons (vs. 99,000 tons in FY '25).
→High single-digit volume growth expected for FY '26 after a challenging 9 months.
→FY '27 projected to see high double-digit volume growth driven by capacity ramp-up at Varanasi plant, Kisan acquisition integration, and product additions.
→Focus on increasing Housing Plumbing segment to 70-75% of sales mix, which has shown double-digit growth, enhancing margins.
→EBITDA margins may see short-to-medium-term pressure due to aggressive market share expansion and pricing strategies but expected to recover with operational leverage and better pricing.
→Kisan Mouldings plant aims to improve utilization from ~40% to 70% in two years, aiding profitability.
→Other income stable at Rs. 50-60 lakhs quarterly (excluding asset sale gains).
→Strategic investments and capacity expansion expected to drive sustained earnings growth without additional debt.

See what Apollo Pipes Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→FY '26 CAPEX: Rs. 150 crores (Rs. 125 crores in 9 months + Rs. 25 crores in Q4)
→FY '27 CAPEX Budget: Around Rs. 75-100 crores including:
→ - Rs. 25-30 crores to acquire land for South India plant
→ - Rs. 50 crores for ongoing expansions (new lines and brownfield)
→ - Potential Rs. 25-30 crores additional for Kisan plant modernization
→Kisan Plant: Planned Rs. 30-40 crores investment over next 2 years to modernize and increase capacity by 15-20%
→New Plant: Varanasi plant expected to commence operations soon, targeting incremental sales in Eastern India
→Focus on building Housing Plumbing capacity to 75% of sales mix, with investments aligned accordingly
→No new debt planned for capacity expansion; funding through warrants exercise and internal accruals

💰 Fundraising & Capital Structure

→No new fundraising through debt or equity is currently planned or ongoing.
→The Company raised Rs. 110 crores via warrants in April 2025; 25% has been received upfront.
→The remaining 75% of warrant money is due by October 2026; the investor is committed to this.
→No plans to increase promoter shareholding beyond 50% as of now.
→CAPEX for FY '27 is planned around Rs. 75 to 100 crores funded through internal accruals without adding debt.
→Land acquisition and brownfield expansion form major parts of this CAPEX.
→Overall, the Company is committed to expanding capacity without adding any new debt.

See what Apollo Pipes Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→There was no explicit mention of the exact current or expected orderbook/pending orders during the call.
→Management highlighted that government infrastructure demand remains muted with slow government CAPEX for water infrastructure over the last 24 months.
→Payment clearance for existing government projects is awaited, impacting revival.
→The company is not heavily relying on government demand for FY '27 and FY '28.
→Focus is more on Housing Plumbing segment, which is growing and expected to expand from 60% to 70-75% of sales.
→Seasonality and real estate project closures in Q4 are expected to drive volume growth and sales traction.
→Capacity additions such as the new Varanasi plant starting soon and integration of Kisan are expected to drive demand and volumes.
→Strong sales momentum seen in the last 6 weeks of December and January with 25% volume growth, boosting confidence for Q4.

Key Metrics

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What APOLLOPIPE's management said in earlier quarters

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Frequently Asked Questions

What were Apollo Pipes Ltd Q3 FY26 results?

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?

FY '26 CAPEX: Rs.

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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.