Apollo Pipes Limited — PPTs, 10-05-2025: Investor Presentation

1. Financial Highlights:

Apollo Pipes posted 23% volume growth to 99,705 tons, lifting revenues 20% to ₹1,182 Cr. EBITDA held steady at ₹96 Cr, with margins softening to 8.1%. PAT fell 23% to ₹33 Cr due to resin price volatility and weak demand in some segments. Q4 was strong with volumes up 22%, revenues rising 23% to ₹314.8 Cr, and PAT spiking 45% to ₹9.8 Cr. Working capital days stretched to 36 from 19, driven by higher inventory and receivables. The net cash position improved to ₹46 Cr from net debt last year.

2. Strategic Initiatives & Growth Drivers:

Apollo is aggressively expanding capacity, aiming for 286,000 tons in 2-3 years through greenfield and brownfield projects, including a new 30,000-ton plant in Varanasi. Focus on value-added products like window and door profiles should help volume and margin growth. The company is leveraging its pan-India footprint with enhanced marketing and digital efforts.

3. Business Developments:

Acquisition of a 57.6% stake in Kisan Mouldings boosts Western India footprint with an additional 60,000-ton capacity and wider product mix. New product launches include PVC-O pipes, bath fittings, water tanks, and duct pipes, broadening Apollo’s presence beyond traditional PVC-U pipes into agriculture, construction, and infrastructure sectors.

4. Market Position & Competitive Advantage:

Apollo ranks among India’s top 6 PVC pipe makers, with 225,500-ton capacity, 2,600+ SKUs, and 1,000+ channel partners ensuring wide reach. Its diversified portfolio, efficient manufacturing, and strong brand support competitive positioning. Capacity additions and expanded distribution aim to strengthen pan-India leadership.

5. Investor Implications:

Strong volume growth and acquisitions point to encouraging growth potential backed by disciplined capital use and deeper market penetration. Margin pressures and elevated working capital need watching. Capacity expansions are expected to drive 25%+ revenue CAGR, but execution and input cost stability will be crucial for margin recovery and sustained profitability.