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Swing Capital

Apollo Pipes Ltd

NSE: APOLLOPIPE BSE: 531761Infra

Apollo Pipes is engaged in manufacturing and trading of cPVC, uPVC, and HDPE pipes, PVC taps, fittings, water storage tank and solvent etc. It is among the top 10 leading piping solution providing Company in India. The products cater to an array of industrial applications such as Agriculture, Water Management, Construction,Infrastructure,and Telecom ducting segments.

₹507
52W: ₹252 — ₹540
PE 183 · Book ₹192 · +164% vs book
Market Cap₹2,233 Cr
Stock P/E183Price to Earnings
ROCE2.69%Return on Capital
ROE1.48%Return on Equity
Div. Yield0.13%Face Value ₹10

Strengths

  • +Promoter holding has increased by 4.88% over last quarter.

Weaknesses

  • −Stock is trading at 2.63 times its book value
  • −The company has delivered a poor sales growth of 11.4% over past five years.
  • −Company has a low return on equity of 4.14% over last 3 years.
  • −Dividend payout has been low at 14.9% of profits over last 3 years

Shareholding Pattern

Promoters51.72%
FIIs2.22%
DIIs10.77%
Public35.01%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.9%45.9%46.49%▲0.646.84%▲0.446.84%46.84%46.84%51.72%▲4.9
FIIs4.14%4.47%▲0.34.03%▼0.43.47%▼0.64.28%▲0.83.71%▼0.63.58%▼0.12.22%▼1.4
DIIs17.19%16.59%▼0.615.26%▼1.314.08%▼1.215.26%▲1.214.59%▼0.712.43%▼2.210.77%▼1.7
Public32.37%32.62%▲0.333.83%▲1.235.29%▲1.533.31%▼2.034.57%▲1.336.86%▲2.335.01%▼1.9

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales221.56245.79240.23200.6244.64240.22220.01194.09194.82278.52
Expenses201.43220.88215.9182.48223.63218.54201.34176.87181.32259.23
Operating Profit20.1324.9124.3318.1221.0121.6818.6717.2213.519.29
OPM %9.09%10.13%10.13%9.03%8.59%9.03%8.49%8.87%6.93%6.93%
Net Profit9.086.5210.884.475.979.498.112.07-1.243.24
EPS ₹2.311.662.631.081.362.151.840.47-0.280.74

AI Insights

Revenue Trend

Mar 2026 revenue at ₹887Cr, down 4.2% YoY. OPM at 8%.

Debt Position

Borrowings at ₹92Cr. Debt-to-equity ratio: 0.11x. Healthy balance sheet.

Capex Cycle

CWIP at ₹90Cr (21% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 10.77% (-2.32pp change). FIIs: 2.22% (-0.34pp change). Promoters hold 51.72%.

Margin & Efficiency

ROCE declining from 7% (Mar 2015) to 3% (Mar 2026). Working capital days: 13.

Valuation

PE 183x with 2.69% ROCE. Price is 164% above book value of ₹192. Dividend yield: 0.13%.

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