Apollo Pipes Ltd. (APOLLOPIPE) AI Stock Analysis

• Market Cap: ₹11.38B
• Dividend Yield: 0.23%
• Average Volume (3M): 9.95K
• Price to Earnings (P/E): 69.9
• Beta (1Y): 0.55
• Revenue Growth: 9.39%
• EPS Growth: -26.87%
• Country: IN
• Employees: 641
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction
• EPS (TTM): -0.70
• Shares Outstanding: 44,048,206
• 10 Day Avg. Volume: 7,371
• 30 Day Avg. Volume: 9,945
• PEG Ratio: -1.64
• Price to Book (P/B): 2.16
• Price to Sales (P/S): 1.45
• P/FCF Ratio: -15.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: ₹265.00 ▼(-8.45% Downside)

Apollo Pipes Ltd. faces challenges with bearish technical indicators and high valuation concerns. While the company demonstrates strong financial performance, cash flow issues and a high P/E ratio limit its attractiveness. Investors should be cautious due to the current downtrend and overvaluation risks.

Positive Factors

Robust operating and gross margins

Sustained gross and strong operating margins indicate manufacturing scale and pricing power in polymer piping. Durable margins provide a buffer against resin cost swings, support reinvestment into capacity and distribution, and underpin long-term profitability across cycles.

Conservative leverage and strong equity base

A high equity ratio and very low debt load give the company financial flexibility to fund capex, absorb downturns, and pursue strategic investments without heavy interest burdens. This stability reduces refinancing risk and supports long-term operational plans.

Diversified end-markets and distribution reach

Exposure across construction, infrastructure, and agriculture lowers revenue concentration risk and smooths demand volatility. A broad distributor and dealer network supports durable market penetration and enables scaling new product introductions across multiple end-markets.

Negative Factors

Declining net income and low return on equity

A falling ROE signals that deployed capital is generating weak returns, suggesting margin pressure, pricing limits, or inefficient capital allocation. Persistently low ROE can constrain the company’s ability to finance growth internally and deter long-term investors.

Negative free cash flow and weaker operating cash

Sustained negative free cash flow reduces the firm's ability to self-fund expansion, service unexpected shocks, or return capital to shareholders. In a manufacturing business, weak cash conversion raises reliance on external financing and limits strategic flexibility over months.

Earnings volatility and sharp EPS decline

A near 50% EPS drop reflects significant earnings volatility, which can stem from raw-material cost swings, margin erosion, or one-off charges. Prolonged EPS weakness undermines reinvestment capacity, dividend potential, and the company’s ability to improve ROE over the medium term.

Apollo Pipes Ltd. Business Overview & Revenue Model

Company Description

Apollo Pipes Limited engages in the manufacturing and trading of polyvinyl chloride (PVC) pipes and fittings under the APL Apollo brand name in India and internationally. The company offers cPVC, uPVC, HDPE, and UPVC pipes and fittings; sprinkler and drainage systems; bath fittings, including faucets, cisterns, showers, seat covers, and other accessories; and solvent cement. Its products are used in urban infrastructure and construction, water management, and agriculture applications. The company was formerly known as Amulya Leasing and Finance Limited and changed its name to Apollo Pipes Limited in December 2017. Apollo Pipes Limited was incorporated in 1985 and is headquartered in New Delhi, India.

How the Company Makes Money

Apollo Pipes generates revenue primarily through the sale of its various plastic piping products, which are distributed through a robust network of dealers and distributors across India. The company's revenue model is based on direct sales to wholesalers and retailers, as well as institutional sales to large construction and infrastructure projects. Key revenue streams include the sale of PVC and CPVC pipes, which are in high demand due to their applications in irrigation and plumbing. Additionally, Apollo Pipes benefits from strategic partnerships with construction firms and government agencies involved in infrastructure development, which further enhances its market presence and sales volume.

Apollo Pipes Ltd. Financial Statement Overview

Summary

Apollo Pipes Ltd. shows strong revenue growth and operational efficiency, with a solid balance sheet and low leverage. However, declining net income and cash flow challenges could impact future growth and return on equity.

Income Statement

Apollo Pipes Ltd. has demonstrated strong revenue growth with a notable 20.31% increase from 2024 to 2025. Gross profit and net profit margins are healthy at 29.95% and 2.76%, respectively, though the net profit margin has declined due to reduced net income. EBIT and EBITDA margins of 22.10% and 8.09% reflect robust operational efficiency, though the decrease in EBITDA margin indicates rising operational costs.

Balance Sheet

The balance sheet shows a solid equity ratio of 64.48%, indicating financial stability. The debt-to-equity ratio is low at 0.12, suggesting prudent leverage management, but the return on equity has declined to 4.12% due to lower net income, which may be a concern for investors looking for high returns.

Cash Flow

Operating cash flow has decreased significantly, affecting liquidity, with a negative free cash flow of -1.11 billion. The free cash flow to net income ratio is unfavorable, highlighting challenges in generating cash. However, the operating cash flow to net income ratio of 0.88 indicates decent cash generation relative to net income, although lower than previous periods.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.82B	9.82B	9.15B	7.81B	5.16B
Gross Profit	3.54B	1.25B	2.22B	1.92B	1.43B
EBITDA	956.70M	997.54M	705.60M	972.75M	828.40M
Net Income	326.48M	428.23M	239.10M	497.60M	444.74M
Balance Sheet
Total Assets	12.29B	10.11B	6.62B	5.44B	4.94B
Cash, Cash Equivalents and Short-Term Investments	1.32B	545.69M	340.20M	419.77M	723.81M
Total Debt	918.27M	820.25M	437.20M	387.18M	629.32M
Total Liabilities	4.37B	4.37B	2.05B	1.39B	1.43B
Stockholders Equity	7.93B	5.74B	4.57B	4.05B	3.51B
Cash Flow
Free Cash Flow	-1.11B	261.33M	-40.30M	-59.98M	-531.59M
Operating Cash Flow	286.65M	1.25B	687.30M	363.27M	314.35M
Investing Cash Flow	-1.51B	-2.14B	-679.60M	-367.48M	-555.60M
Financing Cash Flow	2.05B	-636.88M	-78.00M	-299.98M	-209.60M

Apollo Pipes Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 289.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:APOLLOPIPE, the sentiment is Negative. The current price of 289.45 is above the 20-day moving average (MA) of 278.68, below the 50-day MA of 289.58, and below the 200-day MA of 364.23, indicating a bearish trend. The MACD of -7.93 indicates Positive momentum. The RSI at 43.65 is Neutral, neither overbought nor oversold. The STOCH value of 43.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:APOLLOPIPE.

Apollo Pipes Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VENUSPIPES	70 Outperform	₹20.93B	22.36	―	0.08%	17.45%	-7.82%
GANDHITUBE	67 Neutral	₹8.56B	12.90	―	1.95%	5.35%	14.24%
HARIOMPIPE	66 Neutral	₹12.36B	19.79	―	0.17%	17.98%	-0.62%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
HLEGLAS	59 Neutral	₹25.83B	45.84	―	0.24%	18.87%	99.04%
APOLLOPIPE	55 Neutral	₹11.38B	69.95	―	0.23%	9.39%	-26.87%
RAMASTEEL	55 Neutral	₹12.58B	63.21	―	―	14.51%	-30.02%