The call ran from 12:01 PM to 12:46 PM IST (45 min).
Key takeaways
Q2 FY27 revenue rose 31% YoY to ₹309.6 Cr on 13% volume growth. EBITDA recovered to ₹11.5 Cr (3.7% margin) from ₹3 Cr in Q1, but management says margins are still below target. Kissan remains loss-making.
| Revenue growth | Revenue +31% YoY; volume +13%, balance from price/mix. |
|---|---|
| Margins | Standalone EBITDA ₹7,000/t (Q1 under ₹4,000/t); Kissan ~₹3,700/t loss. |
| Demand visibility | October run-rate similar to Q2; December quarter seen flattish QoQ. |
| Management confidence | Balanced: admits margins 'still below levels we want'; upbeat H2 outlook. |
Growth
Revenue +31% YoY against volume +13%, implying roughly 16% price/mix uplift. EBITDA ₹11.5 Cr versus ₹3 Cr in Q1.
Outlook
Targets ₹4,000 Cr revenue by 2030 (plumbing ₹3,000 Cr, ceramics ₹1,000 Cr). FY27 volume implied at about 105,000 t.
Risks
Kissan loss of about ₹3,700/t EBITDA; PVC price volatility; South India capex delayed two years; October run-rate flat.
Last quarter's promises, checked
Delivered
- Q2 volume double-digit YoY → +13% (= BEAT)
- Q2 EBITDA up QoQ from Q1 → ₹3 Cr to ₹11.5 Cr (= BEAT)
- Capex internally funded, no debt → no debt (= BEAT)
Partly delivered
- Varanasi 30% utilisation FY27 → not disclosed (= PARTIAL)
- ₹200 Cr FY27–28 capex → spend not disclosed (= PARTIAL)
- H2 much better than H1 → Dec qtr flattish QoQ (= PARTIAL)
Missed
- Normalised EBITDA margin 7–8% → 3.7% reported (= MISS)
- ₹5,000 Cr 5-yr revenue (math reaffirmed) → ₹4,000 Cr by 2030 (= MISS)
- South India plant start Q2 FY28 → delayed two years (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Apollo Pipes Q2 FY27 Results: Net Profit ₹0.6 Cr, Down 57.1% YoY
Apollo Pipes Ltd reported revenue from operations of ₹309.6 Cr (+31.4% YoY) and net profit of ₹0.6 Cr (-57.1% YoY) for Q2 FY27.
- Key figure
- Net profit ₹0.6 Cr · -57.1% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting 35% revenue CAGR; Q1 FY27 revenue target ₹400cr+; FY27 capex ₹100cr; new South India plant by FY28.
Growth they described
Standalone sales volume grew 7% Y-o-Y; Consol EBITDA declined 30% due to inventory write-downs and aggressive pricing.
Call details
| Company | Apollo Pipes Limited |
|---|---|
| NSE symbol | APOLLOPIPE |
| ISIN | INE126J01016 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 6 November 2026 |
| Time | 12:00 PM IST |
| Length | 45 min |
| Audio | Our stream on YouTube ↗ |
Apollo Pipes Limited: key numbers
- Share price
- ₹498.70
- Market cap
- ₹2,296 Cr
- Revenue (annual)
- ₹1,105 Cr
- Net profit (annual)
- ₹7.49 Cr
- P/E (TTM)
- -262.1×Sector 50.0×
- Promoter holding
- 53.05%+1.33% QoQ
- FII holding
- 3.16%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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