Apollo Pipes Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 May 2026 | Industrial Products | Market Cap: ₹2.3K Cr
Apollo Pipes targets 20%-25% volume growth for FY '26 in standalone operations. Apollo Pipes expects EBITDA margins to improve with Apollo Pipes standalone EBITDA per ton increasing by at least INR1,000 in FY '26 versus FY '25; Kisan margins expected to improve more due to low base.
From Apollo Pipes Ltd's Q4 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 targets 20%-25% volume growth for FY '26 in standalone operations.
- →Expect Kisan volumes to increase from around 20,000 tons in FY '25 to 25,000-30,000 tons in FY '26, reaching 35,000 tons by FY '27.
- →Sales growth to be driven by new segments like window profiles launching in June, the upcoming Varanasi plant (H2 FY '26), and oPVC product lines.
- →Existing capacities expected to grow 5%-10% depending on macro factors.
- →Revenue is projected to reach approximately INR 2,500 crores on a capital employed base of INR 850 crores within 2-3 years, with EBITDA margin improving to 10%-11%.
- →Brand investment currently low, focusing on distribution and capacity ramp-up before brand promotion.
- →oPVC contributes a minor 5% in revenue initially, with higher profitability potential.
- →Kisan brand growth focused on fixing infrastructure and distribution, with no large capex until after FY '26.
📈 Profitability & Margins
- →Apollo Pipes expects EBITDA margins to improve with Apollo Pipes standalone EBITDA per ton increasing by at least INR1,000 in FY '26 versus FY '25; Kisan margins expected to improve more due to low base.
- →Apollo Pipes standalone volume growth guidance for FY '26 is 20%, with Kisan also expected to grow from a lower base.
- →The company targets 10%-11% EBITDA margin for Apollo Pipes and 6%-7% for Kisan within 2 years.
- →Overall, they anticipate a 25% CAGR in sales volume driving revenue growth to around INR2,500 crores and EBITDA of INR250-300 crores on a capital employment of INR850 crores.
- →They expect return on capital employed (ROCE) to reach 25% within 2-3 years.
- →Margin improvement drivers include operating leverage from capacity ramp-up, better product mix (including oPVC with higher margins), and integration benefits.
- →EPS growth is implied through higher volumes, improved margins, and cost efficiencies but specific guidance was not provided.
🏗️ Capital Expenditure Plans
- →For the window profile and door profile segment, commercialization is expected soon with product launch lined up for June 2025, with minor capex pending to be completed in 40-50 days.
- →Kisan molding has made minor investments to fix inherited plant issues; plans to ramp up capacity to 30,000-40,000 tons annually in FY '26, with brownfield expansions and potential new lines assessment in early FY '27.
- →Three new product segments driving growth: window profile products launching June 2025, new Varanasi plant starting H2 FY '26 to serve Central and East India, and oPVC with three operational lines and ongoing order book buildup.
- →For oPVC, further capex depends on 2-3 quarters of order visibility; capacity currently 9,000 MTP, with license allowing purchase of more machines as needed.
- →No immediate large branding investments planned; focus on distribution and increasing SKU range.
- →Total capex expected approx INR 100 crores in FY '26.
💰 Fundraising & Capital Structure
📋 Order Book & Pipeline
- →Apollo Pipes expects an improving macro environment in the second half of FY '26, supported by interactions with EPC contractors who have order books from real estate developers.
- →The company anticipates good recovery in orders post-monsoon due to increased real estate activity and construction deadlines.
- →The Varanasi plant, starting in H2 FY '26, will help serve unmet demand in Central and East India, indicating existing strong order inflows that the smaller Raipur plant could not fulfill.
- →oPVC segment has started building an order book with incremental sales expected in FY '26.
- →Despite weak demand in H1, overall guidance reflects confidence in meeting the 20%-25% revenue growth target for FY '26, suggesting a healthy order pipeline.
- →The company remains cautious regarding new JJM projects but is capitalizing on replacement demand within infrastructure, indicating steady orders in that segment.
Key Metrics
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What Apollo Pipes's management said in earlier quarters
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Frequently Asked Questions
What were Apollo Pipes Ltd Q4 FY25 results?
Apollo Pipes targets 20%-25% volume growth for FY '26 in standalone operations. Apollo Pipes expects EBITDA margins to improve with Apollo Pipes standalone EBITDA per ton increasing by at least INR1,000 in FY '26 versus FY '25; Kisan margins expected to improve more due to low base.
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?
For the window profile and door profile segment, commercialization is expected soon with product launch lined up for June 2025, with minor capex pending to be completed in 40-50 days.
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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.