{"id":182505,"date":"2026-05-08T03:10:51","date_gmt":"2026-05-08T07:10:51","guid":{"rendered":"https:\/\/alphastreet.com\/india\/apollo-pipes-ltd-apollopipe-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T03:58:48","modified_gmt":"2026-05-08T07:58:48","slug":"apollo-pipes-ltd-apollopipe-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/apollo-pipes-ltd-apollopipe-q4-2026-earnings-call-transcript\/","title":{"rendered":"Apollo Pipes Ltd (APOLLOPIPE) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Apollo Pipes Ltd (NSE: APOLLOPIPE) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Sameer Gupta<\/strong> \u2014 Chairman & Managing Director<\/em><\/p>\n

Anubhav Gupta<\/strong> \u2014 Group Chief Strategy Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Biplab Dev Barma<\/strong> \u2014 Analyst<\/em><\/p>\n

Aryamaan Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Utkarsh Nopany<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Apollo Pipes Limited Q4FY26 earnings conference call hosted by MK Global Financial Services Limited. As a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touched on phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Biplab Dev Barma, MK Global Financial Services Ltd. Thank you. And over to you sir.<\/p>\n

Biplab Dev Barma<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good morning everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Sameer Gupta, Chairman and Managing Director, Mr. Arun Agarwal, Joint Managing Director, Mr. Ajay Kumar Jain, Chief Financial Officer and Mr. Anubhav Gupta, Group Chief Strategy Officer. I shall now hand over the call to the management for the opening remarks. Over to you gentlemen.<\/p>\n

Sameer Gupta<\/strong> \u2014 Chairman & Managing Director<\/em><\/p>\n

Good morning everyone. This is Sameer Gupta, CMD of Apollo Pipes. I have joined today with Mr. Arun Agarwal, JMD, Mr. A.K. Jain, CFO and Mr. Anubhav Gupta Group CSO. I would like to extend a warm welcome to all of you to our Q4 FY26 earnings call. The FY26 earnings was the year full of roller coaster rides. The PVC prices dropped by 15% in the first eight months, then rallied 75% in next four months and then again fell by 25% in two months to settle down at the current price of rupees 84 rupees per kg.<\/p>\n

I believe my team maneuvered this tide well wherein we crossed 1 lakh ton of annual sales volume. Apollo Pipe standalone sales volume increased by 7% and Khe Sanh was flat on yoy basis. Needless to say that the demand remained impacted due to slowdown in both the private real estate sector and government passenger spendings throughout the year. Our consol EBITDA declined 30% for the full year due to inventory write downs, aggressive pricing and fixed expenses for our new business verticals. As we move forward, we have drawn a five year growth plan to achieve 35% revenue CAGR and hit Rs.<\/p>\n

5000 crores revenue by FY31. We are ready with three plants which can give revenue of 1000 crores each. We will set up a new plant of thousand crore capacity in South India and then 1000 crore from Allied products such as windows and bath fittings. And to support this vision, our group’s chairman, Mr. Sanjay Gupta had joined board. I am sure that under his guidance and supervision we will be able to achieve these targets. That concludes our opening remarks. Now we are glad to take questions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Participants to ask question. You may press star and one. First question is from the line of Aryaman Agarwal from Money Stories Asset Management.<\/p>\n

Please go ahead.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Congratulations on a good set of numbers this quarter. What I want you to understand is how the demand scenario is shaping up overall. Now this quarter looked more encouraging than the previous few years. And also what sort of impact can we expect of the by the rise of this crude prices due to the conflict on PBG prices and overall demand and supply scenario.<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

Hi Aryaman. Morning. So if you look at the demand scenario or the current trends, we feel they are pretty encouraging. Okay. So whatever happened with the settlement of PVC prices and of course last two years had been pretty slow in terms of the end demand from the construction sector or from the government infrastructure. So we believe that industry is sitting at very like low base. Okay. So this gives us strong headroom to increase our sales at least. Okay. And we have been very aggressive like in last four, five months.<\/p>\n

And you could see the results as well in terms of our volume and revenue in quarter four, FY26. So we want to carry this momentum into quarter one of FY27 which normally is like strong quarters within the financial year. So we are targeting 400 crore plus plus revenue for the quarter one FY27 and all our strategies in terms of pricing, marketing, branding, we want to achieve this number. We already got Mr. Mitabhachan as our brand ambassador renewed. Okay. So that will also help us in pushing for our brand towards our dealer network, channel partners, plumbers and consumer.<\/p>\n

So we are pretty bullish on FY27 now. And not only FY27, we want to carry this momentum over the next four, five years. Like Swamiji mentioned that now Sanjay Gupta ji is the chairman. So under his supervision guidance we will leverage the group network. Like we are already talking to large dealers within the group and they have already come forward and started taking up PVC pipe dealerships. Right. So the group synergies in last four or five years, whatever we felt that can be leveraged upon now we are working very closely on those benefits.<\/p>\n

And like I said next four, five years we want to grow our business by 35% on CHR basis. And there is a very good platform which has been established in terms of 1100 crore worth of revenue in FY26 and the capacity which is already with us is 3000 crore rupees. And then one plant in South India will come in next two years and the other ancillary allied products. What we are building up in terms of portfolio, whether it is window profiles, whether it is water tank, whether it is bath fittings, so plus plus basis we are very confident of delivering 35% revenue CAGR for the next five years<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

And any the near term crude prices this time let trickle through the PVC prices or does not look like that should make a difference.<\/p>\n

Sameer Gupta<\/strong><\/p>\n

It may impact but it is very uncertain right now to predict anything about the PVC resin or any other polymer prices because markets or the situations are very uncertain. We are not sure what exactly will happen tomorrow. So we cannot give any clear guidance regarding the pricing. But of course it will remain under pressure for the next few months. We are not very much bullish about the price.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Varun Jalasaria from 361 Capital. Please go ahead.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Yeah, hi sir. So I just wanted to understand for this quarter, despite like 1314 increase in realization, our gross margin kind of deteriorated from you know both quarter and quarter and yoy. So could you just help us explain, you know what is the reason for that?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So there are three main reasons Varun. Number one being that of course, I mean like in our last earnings call we did mention that we want to be very aggressive in terms of pricing. Okay. Because we want to catch up on the momentum of volume growth first and then once the base is set then we’ll look at the pricing. So in despite like the NSR going up, despite PVC prices going up, we continued with our aggressive pricing strategy because I mean that’s what we had like promise with our dealers. Okay?<\/p>\n

So we continued with that. We didn’t want to be very opportunistic that prices are going up. So we pull out of our aggressive strategy just to maintain the dealer confidence level and this will benefit us in quarter one. So one is that second second is because the window profile business is getting built up. So there were some like costs associated to that whether they were like sampling etc at various showrooms we had to give. Right. So some, some of that which got accounted in the, in the, in the gross margin and third now that I mean we want to have, we want to have a base okay which can deliver 35% volume CAGR.<\/p>\n

So there were some like finished good inventory which was lying in the books right in our plants basically. Okay. Which was like dead inventory which was unsold inventory. So we thought that now that the volume we have to catch up we had to clear some space right. So there was some like sell out of the finished good inventory which was like unsold finished good inventory. So there was some write downs on that.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay. And sir did we have any inventory gain this quarter because of the sharp increase in PVP price?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

Very minuscule because we were clearing the inventory right. So, so inventory gains on the raw material inventory, nothing significant.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

And for this quarter like you mentioned you know around 400 crore turnover you’re expecting. So how has been April that you know we’re guiding like 40, 45% growth for this quarter despite you know PVC coming down. So like how has been the volume growth for April looking like so far<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

We are on track<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Because what we understand is this is fair bit of you know restocking again because of you know declining prices. So has that not impacted? Anyway<\/p>\n

Sameer Gupta<\/strong><\/p>\n

The channel is already running at a very low price and low stocks so that is not a big challenge right now because already channel has, is cautious regarding the prices and again there is not, not very sharp drop we are expecting in the 2 or 4% maximum here and there and again it will be again up to that next month only the duty exemption which is up 30th of June will be the last date and again 8.25% duty will be again hitting up the cost of imports. So we expect that that will not long to last.<\/p>\n

So we are not very much bearish regarding that. It will go to again to a next level of around 60s in the coming in the near future.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay and so how much like Kavik currently what is the procurement cost for us in terms of PVC price,<\/p>\n

Sameer Gupta<\/strong><\/p>\n

Reliance price as per Delhi lending it is somewhere around 8485 rupees whereas the local trade market is around 79 rupees you can say.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay, thank you sir, I’ll join the studio. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Before we move to the next Question A reminder to the participants. To ask a question you may press star and one next question is from the line of Keshav Lahoti from HDFC Securities. Please proceed.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Hello. Hi. Thank you for the opportunity. So one, two little things as you highlighted, you know you’re getting aggressive for volume. So how you want to, you know, balance the volume and profitability side, how should we see the margin going forward?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So if you look at like Apollo pipes, right on standalone basis our target is between 8,000 rupees per ton to 10,000 rupees per ton depending on like what kind of sentiments market has. If it is like a lot of push then margins could be like 8 to 9,000 rupees per ton. If there is natural pull then it could be 10 to 11,000 rupees a ton. So Apollo, we are like targeting 10% margin like around 10,009 to 10,000 rupees per ton at EBITDA level. Kisan, I mean in the year one the margins were at like 4,5000 rupees per ton.<\/p>\n

But last year it was like barely ebitda. Positive reason being that there was a lot of pressure on the demand. There was no pull from the market so there was a lot of push sales. Assuming that FY27 will be better than FY26. So for Kisan the first target is to take it to 5,6000 rupees per ton on sustainable basis. And then eventually as the further ramp up takes place beyond 5, 600 crore rupees of revenue from Kisan, then the margins will improve further towards 10,000 rupees per ton. So on console basis you can assume that 6,7,000, 8,000 rupees per ton then the journey towards 10, 11, 12,000 rupees per ton in next 2, 3 years.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Understood. Got it. So normally our understanding was just correctly, channel inventory was you know, pretty high on the March end because PVC prices were going up that point of time. However, due to correction now the channel inventory is low. So is that assessment right how a channel inventory moves? So that way the Apple volume should have been bit on the lower side. Is this from symptom?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

See definitely channel inventory got like heavy right towards end of March and it did impact April to some extent. Right. But like I said, I mean 400 crore of revenue for quarter one we have factored in like you know, whatever April went through. Okay. And there was expectation that yes, after strong March, April will be light and but then from May, June again things will pick up. So we are already seeing pickup in inventory in Channel filling up. Right. So. So yes, I mean things are pretty much on track.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay. Can you give a sense, you know what sort of maybe not on revenue sort of volume growth you are targeting for this quarter. So what industry growth you are building and what is your target for this quarter and how is the demand moving right now? Agri and plumbing demand.<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So if you look at like the revenue for the port of 4 was around 350 crores and we are targeting 400 crore. So it’s like 15% jump somewhat. Right. On quarter, on quarter basis. And I think NSR for the like for the. For the full quarter of Q4 was 110 rupees per kilogram. So I don’t think there’ll be like much of hardly 2, 4 rupees here and there. So you can expect that the volume growth is like double digit only.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Understood. Got it. So that is helpful. Thank you so much. Lastly, I also ask of the demand side flavor on demand. How is it moving?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

Demand is like April. April was good. Okay. It could have been better but it was expected because of heavy March, May, June, it’s a seasonal quarter for the industry. Okay. Demand from agri is good. Projects which got spilled over as in like the construction projects we got spilled over in quarter four. So contractors are now rushing towards closure of those projects. So demand is good so far.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Anuparak from Anandrati. Please go ahead.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Yeah. Hi sir. Thank you for the opportunity. Can you give me some color regarding how the demand is shaping up in urban and rural market?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So see, I mean so let’s break the demand in two segments. One is plumbing construction. Second is Agrippa. And so rural is all agree. Okay. So that demand is good because of the main season for the water pipes. Okay. So that segment is doing fine. Now in terms of construction, plumbing, rural and urban. I mean I would say that demand is good in both the regions. Yes. I mean Rudle is outperforming urban in last two, three months. This is what we are witnessing.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. Also just wanted to understand how is the competitive intensity in the plastic pipes space given that the spike promoter of Ashurbad pipes is planning to come up with a large pipeline in FY27. So do you expect the competitive intensity likely to remain high over the medium term?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

See, I mean competition intensity has increased significantly in the last three, four years. Okay. And that’s why out of the pressure all the top players in the industry they started reducing pricing. They got into price War and everyone fighting for its share. So that’s continuing. At the same time a lot of cleanup at the bottom level has also happened because the larger players, organized players are having very aggressive pricing. So the margins in the industry go down and then the players with higher cost in the unorganized segment with zero brand value, they suffer and then they shut down also.<\/p>\n

So a lot of capacity gets cleaned up as well. So I guess and after two, three years of like flattish volume growth for the industry at some point industry will benefit from the low base also. Right? If it’s a 50 60,000 crore industry in size today and it starts growing at 7,8% so every year 4,5000 crore worth of new market will be created and yes, I mean competition will come and go. Okay, we are clear on our strategy that how we have to ramp up our plants which are three in number today. The main north India plant, then the west India plant and the new one environment sea.<\/p>\n

We have to take these plants to 1000 crore revenue in next five years. Then we want to put up a large plant in South India which is going to give me another thousand crore rupees revenue. So within piping segment with the SQ range with the new products, the distribution network, the brand Apollo, support from the group dealer network, guidance from Mr. Sanjay Gupta and then on top of it Amitabh Bachchan as a brand ambassador I think we are pretty we are well on track to achieve these numbers. Irrespective of completion will go will come and go.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. And sir, what is the PVC region price outlook for the next 23 months<\/p>\n

Sameer Gupta<\/strong><\/p>\n

Prices like I told before earlier the prices should be right now in on the lower side it may go down by 3 or 4%. Not too much downward is there again again on the higher side there’s no too much scope also there. So again I said 4 or 5% plus side we see. So we are not see too much of ups and downs in the PVC prices in the near future it should remain stable in the within given range of plus minus 5% only.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay. And for this last question what is the status of channel inventory now? Is it normal or below normal?<\/p>\n

Sameer Gupta<\/strong><\/p>\n

Right now the channel inventory after March stocking and then again the prices fell down. The channel has max the stock themselves and they are running on a very low inventory with the increase on first they have tried to a little bit of you can say increase the inventory at their end but that is not on a very higher side. And again the seasonal demand is there so we don’t see that channel is running on a very high inventory. It should be on a normal or you can say below normal inventory only.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Okay sir. Thank you so much. That’s it from my time.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, to join the question queue you may press star and 1. Next question is from the line of Abhishek Sanghi from Equinova Investment managers. Please proceed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. I wanted to understand management’s long term strategy for Kishan Mouldings. So promote Apollo Pipes has steadily increased its stake in the last few quarters. So should investors expect Kisan to continue as a separately listed entity or could there be a merger or consolidation with Apollo Pipes to be considered in the near future? And what are the broader strategic plans for Kishan over the next three to five years?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

Okay, so I’ll address second question first. Kisan molding plant right now is capable of generating 4, 500 crore of revenue. I mean we closed at around 200, 250 crore last year. Okay, so first strategy is to take this to like 500 crore rupees. For that there is some like 30, 40 crore of capex which we have already incurred. Right. Then we want to build capacity for 1000 crore rupees within this plant. And for that another 50, 60 crore will be spent for brownfield expansion within the premises. So we want to take Kisan plant to 1000 crore revenue with minimum 10 to 12% kind of EBITDA margin.<\/p>\n

Because that’s the product SQ range they have. That’s the brand value it carries within the western Indian markets during this time. I mean we will ultimately merge Kissan Mouldings in Apollo Pipes limited. We are already working on like how to go about it. Maybe in next few investor calls you will hear from us like about the timelines about the merger.<\/p>\n

Operator<\/strong><\/p>\n

Okay,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Amea Teos Thali from Value Equity. Please go ahead.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Thanks for the opportunity. So I just wanted to know what do you think about the market structure going forward? I think because of a lot of sector weakness we should be seeing or targeting for some market share gains, right. In the next one or two years. I wanted to know what you think about this.<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

Yes. So see, I mean if you look at my revenue base of 1100 crore rupees on market size of say 55,000 today we are at around 2,2 and a half percent market share. Right? And given the ramp up which is going to happen from the existing plants plus our new South India plant and then Varanasi plant has to show results Right. Which it will. So we are looking at like 3, 3 and a half percent market share. Okay. In next three, four years, assuming industry will grow at 7, 8%. So that’s how we’re going to achieve our 35% revenue CAGR what we are guiding today.<\/p>\n

And market share will, I mean come at the cost of the smaller, weaker, unorganized players. Okay. Still there is a long tail which keeps on getting disrupted because of whatever is happening within the like sector. Right. In terms of price volatility, etc. And on top of it, the formalization of sector keeps on happening and then consumer awareness towards brands, formalized channels. So all that will keep on helping us to take market share from smaller players.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you participant. If you wish to ask a question, you may press star and one next question is from the line of Shashant Soni from Thresher Capital. Please proceed.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Hi, thank you for taking my question. I just had like a two part question. One is just on the product split within pipes. If you could just let us know broadly what’s the current and what do you intend it to be. Right. There’s also cpvc, I’m assuming ramping up.<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So if you look at our sales split. Right. Let’s start from the top. So one is the plumbing construction. Second is agriculture and government infra. So plumbing construction is around 60, 65%. Okay. Of the total pie and then rest 35% is agri and government infra. Within, within, within the. The construction plumbing. See, I mean CPVC is growing at like 10, 12%. Water tank is growing at 20, 30% window profile. Business is like ramping up like quarter four contribution was small. But this year we expect minimum like 4, 5% contribution in the total revenue.<\/p>\n

Okay. For the construction plumbing segment. And then yes, the demand uptick in the base products which are like UPVC pipes and fittings that also will drive volume growth for FY27.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Got it. And given your recent tie up with Lubrizol, are you seeing early signs of the benefit that you’re giving? Because what we also see from your competitors, right, they’re kind of doing the compounding in house and passing on that benefit to you, to the customers. Right. So how do you see that play out in the actual working.<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So like I said, I mean CPVC grew for us by 10% in FY26. And with this all tie up and support, okay. We are expecting more than 20% growth in FY27 within CPVC segment.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Got it. That’s very helpful. Thank You. And maybe just one last bookkeeping question. Your other expenses kind of increased a bit more, right in Q4. Was it related to maybe like as you mentioned earlier in the call, right. Some starting off expenses for the window or was there like a particular reason for the increase in other expenses?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

Of course, yes, mainly that only.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay, thank you so much and best of luck.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Roshan Nair from Antique Stockbroking. Please go ahead.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Yeah, thanks for the opportunity. Roshan, your<\/p>\n

Operator<\/strong><\/p>\n

Voice is very low.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Is it audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please proceed.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Yeah, so in Kissan molding the last quarter coming to was that the performance shows, you know, we should start seeing improvement in Q4. But yet the performance is more or less similar to last two quarters. So maybe it can help to understand what has gone wrong in this quarter.<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

Can you? Okay, so as I could understand you’re asking about Kisan mouldings quarterly performance. So see, I mean quarter four revenue for Kisan was 80 crore rupees which was like 60 crore in. In quarter three. Okay. So. So there is a good jump on quarter on quarter basis. In terms of volume also from 5000 ton did like 7000 ton on quarter on quarter basis. So. So yes, I mean there is in terms of volume ramp up and revenues there was a good jump in margin. Yes, there was some disappointment. Reason being the like the Jan and Feb.<\/p>\n

Months were not too good in terms of like demand. Demand only recovered towards like you know, end of February and March month. So there was a lot of push sales and aggressive sales in the first two months which led to like margin deterioration. But that was the strategy what we adopted. And now that the plant ramp up is happening, right. The operating leverage benefits will start coming in. And from quarter one you will start seeing improvement in the margins as well.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay, that’s helpful. The next question is. Mr.<\/p>\n

Operator<\/strong><\/p>\n

Russian, your audio is not very clear, sir.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Is it better?<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Yeah. So the next question is as you have indicated that you know the import duty is likely to you know come back by June. So are you witnessing any higher imports from China or Europe exposure are expected to be there in May and +4.5% PvP price volatility that is in this higher imports that can come from China in the month of May.<\/p>\n

Sameer Gupta<\/strong><\/p>\n

Yeah. Mr. Roshan. Yeah, we expect that that may come. The higher imports may come because on account of seeing duty being. You can say that that no duty being removed. And again the duty will be there from 1st of July. So they may be. There may be high level of imports in the you can say next 15 or 20 days, 30 maximum 30 days. You can say that. But again the channel will be cautious regarding that because once again with the higher level of imports the traders always faces losses because of those things higher inventories.<\/p>\n

So I don’t think that they will be too much observation stocks in the you can say channel for the resin inventories with the traders. But of course they will definitely take a bet on that thing and we’ll try to make higher imports and will try to make money on account of that. But seeing a monsoon season post for July or August, you can say that the demand will be under pressure in that quarter two so I don’t think that it will be at a very high level. Of course it will be at their but not at very high level.<\/p>\n

So it can be a yes or no both ways. But we are not very much bullish about that thing.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay, thank you. And we have questions from my side. What is the FY27?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

I mean we spent 150 crore rupees for the FY26. FY27. Our commitments are to ensure that Kisan plant has the capacity to throw thousand crore kind of revenue and plus some downfield expansions in the existing plants which are going on. So for FY27 the total capex requirement would be near about 100 crore rupees.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

That’s all from.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Sneha Talreja from Nuama. Please go ahead.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Good afternoon team and thanks a lot for the opportunity. Just couple of questions from my end or you said from quarter one onwards you shall see margin improvement. But while what we understand is there have been aggressive pricing which season you have opted for even you know the competitive intensity continues to remain high. With share of agri being higher in quarter one. How do you plan to achieve higher margins here?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So Sneha, see I mean in terms of if you look at the ebitda, right look at Apollo standalone and look at Kisan. So Apollo standalone has been in the range of 8,000 to 10,000 rupees per ton on regular basis. Given that I mean volume will increase within standalone stand on Apollo there will be a lot of operating leverage benefits we will see. So that’s the like I would say positive tone which we highlighted that there will be like gradual improvement in the spreads for Apollo standalone from 8 to 8,500 9,000 rupees per ton.<\/p>\n

So that much improvement you will keep on seeing. Kisan right now is at like barely breaking even. The reason being the plants are being like highly underutilized. So a lot of work is happening how to increase sales etc and initially of course sales will come at lower NSRs. Kisan will take 1, 2 quarters to show like improvement. Significant improvement, but yes, I mean we’ll pull it out of like you know, minus one, minus two which it is being throwing for last four quarters.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Understood. And where is this confidence on the volume growth coming? And is it any improvement on the sectoral demand that you are seeing? And you have also invested into opvc? Have you started seeing any interest in coming in or is it just purely the plumbing and the ECRI side of it where you’re seeing things pick up now?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

I think that’s the core business which shows positive signs. Okay. For such growth guidance. Government infra still remains low. Right. Although a lot of promises have come towards like release of payments etc. And kickstart that capex. But we have not seen anything significant coming on ground as of now. Our positive sense is coming from the core existing products, our dealer network, addition of new dealers from the group, then the pricing, aggressive pricing, what we adopted six, four, five months ago, that is started to play.<\/p>\n

So all the factors at the micro level make us bullish on our volume numbers.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Sure. Can you? Unfortunately. Would you give the distributed edition number? Probably FY25 versus FY26. Where do we stand at?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So see, I mean net net addition will be like 4, 5%. Because now that, I mean we are looking for a very strong set of distributors who can run along with us. Right. To match our growth commitments of 35% on annual basis. So there will be a lot of cleanup which will take place and we’ll make some relevant large dealers like how we operate in Apollo Steel pipes. So that’s the kind of strategy we’re going to adopt here. And we’re going to filter down smaller dealers and we’ll attach them to the larger ones.<\/p>\n

Plus yes, there’ll be like some addition from the group. That number will be more relevant to give after say maybe two quarters.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Noted. And lastly on the working capital days, we’ve seen some amount of increase in this particular quarter. Could you help us understand when can they normalize and what was the reason for increase this quarter?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So see, I mean FY25 was a very solid year with the 35 days of working capital cycle. This year FY26 we closed at 46 days. 45 days. So there is like 10 days of increase in the net working capital cycle which has mainly come from the inventory days inventory was 17, FY25 and 80 days in FY26. So as plants are ramping up, right? And some clarity on the PVC price settlement this inventory day shall come down by like five to 10 days during the financial year. And our channel financing program is also undergoing pretty smoothly.<\/p>\n

So I guess FY27 we should be like closing below 35 days. And although our internal target is 30 days, right as at March 27th. But yes, it’ll be like touching the FY25 number minimum.<\/p>\n

Utkarsh Nopany<\/strong><\/p>\n

Got that. Thanks. Thanks north team and all the very best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next follow up question is from the line of Varun Chillasaria from 361 capital. Please go ahead.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Yeah. Hi sir. Just to follow up on the south plant, when do we plan what is the progress here? Like because we have the warrant expiring this year. So like what is the plan? Because in the capex you mentioned there’s only 100 crore for this year. So are we factoring anything for the south now?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

So South. See, I mean right now we have a plant within Bangor region, okay. Tumkur to be precise. I mean what we believe is that whenever we go and set up the base it will be near that area only. Malu Tumkur, Bangalore belt. I think the work for that will start after one year. In terms of land acquisition etc. First I mean this year from the target is to ramp up Varanasi which is now fully operational. Okay? So once we have like confidence, conviction that yes, Varanasi is on track then immediately we will start working on South India plant.<\/p>\n

I mean as far as experience and expertise, what we have built in the project execution, we believe that within 18 months from like the day we finalize the land and 18 months from that date we can have the plant go live. So you can expect that South India plant will come somewhere in like you know, FY28 end. Towards FY28 end.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

For the window and the door profile business. How is the realization for this segment and you know which are the areas that you are targeting initially? Hello.<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

See I mean we sell window profiles on per length basis. Okay. It doesn’t get sold on a per kg basis.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

But this volume gets added, right? I mean for our overall volume for the segment which we mentioned, right?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

160 plus. Yeah, that’s right. It is like contributing like around one one and a half percent to the total sales.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

And which are the geographies where we have penetrated initially?<\/p>\n

Anubhav Gupta<\/strong><\/p>\n

Right now we are at North India and South India. North and south. Here<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Okay, sir. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, to ask a question, you may press star and one. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for the closing comments.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Hello, everyone. I thank you all for joining us today for this con call. We appreciate your continued support and interest in our company. We look forward to updating<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You on our<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Progress<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And future calls.<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

If<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You have any further questions,<\/p>\n

Aryamaan Agarwal<\/strong><\/p>\n

Please feel free to reach to us. Thank you and have a great day.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much, sir. On behalf of MK Global Financial Services limited That concludes this conference. Thank you all for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Apollo Pipes Ltd (NSE: APOLLOPIPE) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Sameer Gupta \u2014 Chairman & Managing Director Anubhav Gupta \u2014 Group Chief Strategy Officer Analysts: Biplab Dev Barma \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":118084,"url":"https:\/\/alphastreet.com\/india\/apollo-pipes-ltd-apollopipe-q4-fy21-earnings-concall\/","url_meta":{"origin":182505,"position":0},"title":"Apollo Pipes Ltd (APOLLOPIPE) Q4 FY21 Earnings Concall","author":"Sahil Anand","date":"May 5, 2021","format":false,"excerpt":"Apollo Pipes Ltd (NSE:APOLLOPIPE) Q4 FY21 Earnings Concall dated May 05, 2021","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":124849,"url":"https:\/\/alphastreet.com\/india\/apollo-pipes-ltd-apollopipe-q1-fy22-earnings-concall\/","url_meta":{"origin":182505,"position":1},"title":"Apollo Pipes Ltd (APOLLOPIPE) Q1 FY22 Earnings Concall","author":"Sahil_Anand","date":"July 27, 2021","format":false,"excerpt":"Apollo Pipes Ltd (NSE:APOLLOPIPE) Q1 FY22 earnings concall dated Jul. 27, 2021","rel":"","context":"In "Other Industries"","block_context":{"text":"Other Industries","link":"https:\/\/alphastreet.com\/india\/category\/other-industries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Apollo-Pipes-Ltd-Q1-FY22-Earnings-Concall.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Apollo-Pipes-Ltd-Q1-FY22-Earnings-Concall.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Apollo-Pipes-Ltd-Q1-FY22-Earnings-Concall.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Apollo-Pipes-Ltd-Q1-FY22-Earnings-Concall.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Apollo-Pipes-Ltd-Q1-FY22-Earnings-Concall.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Apollo-Pipes-Ltd-Q1-FY22-Earnings-Concall.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":126868,"url":"https:\/\/alphastreet.com\/india\/apollo-pipes-ltd-q3-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182505,"position":2},"title":"Apollo Pipes Ltd Q3 FY22 Earnings Conference Call Insights","author":"Praveen","date":"January 28, 2022","format":false,"excerpt":"https:\/\/www.youtube.com\/watch?v=knVpkwQc3sg Key highlights from Apollo Pipes Ltd (APOLLOPIPE) Q3 FY22 Earnings Concall Management Update: The company reported a stable performance during the quarter. 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