Apollo Pipes LimitedQ1 FY27 Results & Financial Update
Apollo Pipes Limited: Q1 FY27 consolidated results and company financials – revenue ₹295.43 Cr, PAT ₹-11.11 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Apollo Pipes Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Sales volume stood at 24,477 tonnes for Q1 FY27, declining 3% year-on-year from 25,315 tonnes in Q1 FY26 and decreasing 22% sequentially from 31,366 tonnes in Q4 FY26. Management noted that the domestic PVC industry faced headwinds during the quarter due to sharp fluctuations in polymer prices.
A steep price correction occurring during April prompted channel partners to defer purchases and aggressively rationalize inventories. This destocking cycle subdued demand across home plumbing and bath fittings applications, dragging quarterly EBITDA down to Rs 3.0 crore with an EBITDA margin of 1.0%.
Total expenditures for the quarter reached Rs 292.35 crore, dominated by raw material expenses of Rs 221.49 crore. Employee expenses stood at Rs 28.32 crore, while other expenses were recorded at Rs 43.19 crore, leaving little operating buffer after absorbing fixed overheads and depreciation charges of Rs 14.87 crore.
Standalone financial highlights for Q1 FY27 show that core Apollo Pipes (excluding Kisan Mouldings) generated revenue of Rs 244 crore with an EBITDA of Rs 8 crore and a net loss of Rs 4.4 crore, whereas subsidiary Kisan Mouldings contributed revenue of Rs 65 crore, an EBITDA loss of Rs 5 crore, and a net loss of Rs 6.7 crore.
Management expects business activity and volume growth to recover over the coming quarters as distribution channel inventory normalizes and PVC prices stabilize, projecting a significantly better performance in the second half of fiscal 2027.
01 · Business model
What does Apollo Pipes do?
Apollo Pipes Limited is among the top six leading piping solution providers in India, backed by over three decades of operating experience in the domestic pipe market and strong brand equity.
The company operates seven large manufacturing facilities located at Dadri and Sikandrabad in Uttar Pradesh, Ahmedabad in Gujarat, Tumkur in Karnataka, Raipur in Chhattisgarh, Mahagaon in Maharashtra, and Silvassa in Dadar and Nagar Haveli, bringing total annual capacity to 240,000 tonnes.
Its diversified product portfolio exceeds 3,000 SKUs, encompassing CPVC, uPVC, PPR, HDPE, PVC-O pipes, well casing columns, SWR drainage systems, water storage tanks, PVC taps, fittings, solvent cement, kitchen sinks, bath fittings, and newly introduced door and window profiles.
Products cater to diverse industrial and end-user applications spanning agriculture, water management, building construction, urban infrastructure, and telecom ducting, distributed via an extensive network of over 1,000 channel partners.
02 · Historical context
What shaped the business before this quarter
The company commenced commercial PVC pipe manufacturing operations in 2000 with an initial capacity of 3,000 MTPA in Sikandrabad, Uttar Pradesh, and progressively expanded across multiple states over the subsequent two decades.
On March 26, 2024, Apollo Pipes acquired a majority stake (61.94%) in Kisan Mouldings Limited, adding approximately 58,000 tonnes of manufacturing capacity and a 40-year legacy brand.
The company expanded beyond traditional piping into water tanks and bath fittings in FY21, added PVC-O pipe manufacturing in FY24, and initiated a new product line of window, door, and profile systems in July 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹295.43 Cr |
| Total income | ₹297.65 Cr |
| Profit before tax | ₹-12.64 Cr |
| Profit after tax | ₹-11.11 Cr |
| EPS | ₹-2.52 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Sales volume decreased 3% year-on-year and 22% quarter-on-quarter to 24,477 tonnes, constrained by channel destocking and deferred purchasing by dealers.
A steep price correction in polymer prices during April created buyer hesitation and temporary demand pauses across home plumbing lines.
What drove margins
EBITDA plummeted to Rs 3.0 crore, yielding an EBITDA margin of 1.0%, down from 7.5% in Q1 FY26, as fixed manufacturing overheads were distributed over lower sales volumes.
Raw material expenses consumed Rs 221.49 crore of total revenue, while employee expenses (Rs 28.32 crore) and other expenses (Rs 43.19 crore) further squeezed operating profitability.
05 · Demand, customers & order book
Where demand is coming from
Distribution is anchored by an extensive network of over 1,000 channel partners across India, complemented by Kisan Mouldings' dealer network of over 300 dealers and 15,000 retailers.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Standalone Apollo Pipes (excluding Kisan Mouldings) posted revenue of Rs 244 crore, EBITDA of Rs 8 crore, and a net loss of Rs 4.4 crore on sales volume of 20,816 tonnes. Subsidiary Kisan Mouldings generated revenue of Rs 65 crore, an EBITDA loss of Rs 5 crore, and a net loss of Rs 6.7 crore on sales volume of 5,268 tonnes.
Geography and market mix
The company operates seven manufacturing plants across Dadri and Sikandrabad (Uttar Pradesh), Ahmedabad (Gujarat), Tumkur (Karnataka), Raipur (Chhattisgarh), Mahagaon (Maharashtra), and Silvassa (Dadra and Nagar Haveli).
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Aggregate installed manufacturing capacity stands at 240,000 tonnes per annum across all plants.
Projects, capex and execution
The company remains on track to expand its total annual capacity to 288,000 tonnes over the next two years from the current 240,000 tonnes through a mix of greenfield expansion (such as the Varanasi plant targeting 18,000 tonnes by FY27), brownfield additions, and profile expansions.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company maintains a strategic collaboration with Lubrizol for the supply of CPVC resin manufactured using proprietary TempRite Technology, aimed at strengthening product performance and institutional project win rates.
Apollo Pipes utilizes high-profile brand ambassadors including Amitabh Bachchan, Tiger Shroff, and Raveena Tandon alongside digital campaigns on platforms like JioHotstar and Meta to drive consumer awareness and brand recall.
09 · Reported developments
What changed operationally
Inventory destocking across distribution channels is stabilizing as polymer prices settle, setting the stage for a stronger second half of fiscal 2027.
10 · Pressure points & risks
What is not going smoothly
The company recorded a consolidated net loss of Rs 11.11 crore for Q1 FY27, weighed down by sharp polymer price fluctuations and depressed sales volumes.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital days stood at 44 days in Q1 FY27, comparing favorably with 45 days recorded in FY26.
Capital allocation & funding
Net debt was recorded at Rs 59 crore in Q1 FY27, shifting from a net cash position of Rs 40 crore at the end of FY26.
12 · Management guidance & targets
What management is targeting from here
Management stated an aspiration to achieve a revenue growth CAGR of around 25%+ over the next three years and expects business activity and volume growth to improve over coming quarters as channel inventory normalizes.
Management reiterated its commitment to fund business expansion primarily from internal cash flow generation without over-leveraging the balance sheet.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Sustainability Rating
Apollo Pipes achieved the 67th percentile in its industry in the S&P Global Corporate Sustainability Assessment (CSA) 2025.
14 · Previous-quarter changes
What changed since the previous quarter
Sales volume declined 22% sequentially from 31,366 tonnes in Q4 FY26 to 24,477 tonnes in Q1 FY27 due to April price corrections.
15 · Key Q&A
The quarter, answered directly
What does Apollo Pipes do?
Apollo Pipes Limited is among the top six leading piping solution providers in India, backed by over three decades of operating experience in the domestic pipe market and strong brand equity.
What is the clearest takeaway from Q1 FY27?
Sales volume stood at 24,477 tonnes for Q1 FY27, declining 3% year-on-year from 25,315 tonnes in Q1 FY26 and decreasing 22% sequentially from 31,366 tonnes in Q4 FY26. Management noted that the domestic PVC industry faced headwinds during the quarter due to sharp fluctuations in polymer prices.
What drove revenue or demand?
Sales volume decreased 3% year-on-year and 22% quarter-on-quarter to 24,477 tonnes, constrained by channel destocking and deferred purchasing by dealers.
What mattered most for margins or profitability?
EBITDA plummeted to Rs 3.0 crore, yielding an EBITDA margin of 1.0%, down from 7.5% in Q1 FY26, as fixed manufacturing overheads were distributed over lower sales volumes.
What changed operationally beyond the headline numbers?
Aggregate installed manufacturing capacity stands at 240,000 tonnes per annum across all plants.
What is management guiding or targeting from here?
Management stated an aspiration to achieve a revenue growth CAGR of around 25%+ over the next three years and expects business activity and volume growth to improve over coming quarters as channel inventory normalizes.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Varanasi Greenfield Progress: Track execution milestones and commissioning updates for the greenfield Varanasi plant expansion toward its 18,000-tonne target.
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