Apollo Pipes Limited — Investor Meet, 15-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Apollo Pipes reported flat EBITDA at INR95 Cr in FY25 despite a 5% decline in the PVC pipes market, supported by 23% volume growth through acquisitions and new capacities. EBITDA margin stood at ~8%, targeting 10-11% within two years. Q4 revenue hit a record INR315 Cr with flat volume sequentially. FY26 volume growth is projected at 20-25%, driven by new revenue streams including oPVC pipes and window profiles launching soon, plus a new Varanasi plant. The oPVC segment, ~15% of capital employed, is poised for strong adoption and better margins than the company average. Government water scheme HDPE volumes fell sharply (~60-65%), with no near-term recovery expected. Focus remains on expanding presence in East/Central and South India and optimizing working capital. Capex for window profiles is nearly complete at ~INR60 Cr. Management aims for 25% ROCE in 2-3 years on INR2,500 Cr revenue and improved margins, anticipating stronger demand momentum in H2 FY26.