Apollo Pipes Ltd. (APOLLOPIPE) AI Stock Analysis

• Market Cap: ₹17.95B
• Dividend Yield: 0.23%
• Average Volume (3M): 9.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.33
• Revenue Growth: 9.39%
• EPS Growth: -26.87%
• Country: IN
• Employees: 641
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction
• EPS (TTM): -0.74
• 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): 4.41
• Revenue Forecast (FY): ₹11.39B

• Rating: 72 Outperform
• Price Target: ₹472.00 ▲(63.07% Upside)
• Action: Upgraded Date: 03/12/26
• Date: Action: Upgraded 03/12/26

The score is driven primarily by solid financial footing and strong revenue growth, but is held back by declining profitability and meaningful cash-flow weakness (negative free cash flow). Technicals show strong momentum with the stock well above key moving averages, though overbought RSI increases short-term risk. Valuation is constrained by a negative P/E and a minimal dividend yield.

Positive Factors

Revenue Growth

Sustained double-digit top-line growth (+20.31% YoY) suggests expanding end-market penetration across plumbing, infrastructure and agriculture. Over a 2–6 month horizon this scale growth supports better fixed-cost absorption, stronger distributor relationships and funding capacity for incremental capacity or product expansion.

Operational Efficiency / Margins

High EBIT and gross margins indicate efficient manufacturing and favorable product mix that are durable advantages in commoditized piping markets. Strong operating margins enable reinvestment in distribution, margin cushions against resin price swings, and support sustainable operating cash generation over time.

Conservative Capital Structure

Very low leverage and a strong equity ratio provide financial flexibility to fund capex, weather construction-cycle volatility, and pursue strategic investments without high interest burden. A conservative balance sheet reduces refinancing risk and supports long-term operational continuity.

Negative Factors

Negative Free Cash Flow

Material negative free cash flow signals that reported profits are not fully converting to cash; this can limit self‑funded expansion, raise reliance on external financing, and constrain dividends or buybacks. Over months this impairs balance sheet flexibility and increases funding cost risk.

Weak Return on Equity

A falling ROE near single digits indicates the company’s invested capital is generating modest returns, reducing shareholder value creation potential. Persistently low ROE makes it harder to justify reinvestment and leaves less cushion for cyclical downturns in construction and infrastructure demand.

Operating Cash & Margin Pressure

Declining operating cash flow alongside a falling EBITDA margin points to cost pressures or working-cap inefficiencies. These structural operational headwinds can erode resilience to raw-material volatility, reduce funding for distributor/channel expansion, and constrain margin recovery over coming quarters.

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 makes money primarily by manufacturing and selling plastic pipes and fittings. Revenue is generated from (1) sale of piping products across applications such as plumbing, water supply, drainage/sewerage, and agriculture/irrigation, typically sold through a network of distributors, dealers, retailers, and plumbing/civil contractors; and (2) sale of complementary fittings and accessories that attach to or complete piping systems, which can increase average order value per project. The company’s earnings are influenced by demand from real estate/construction activity and infrastructure spending, product mix (e.g., plumbing-focused vs. agriculture-focused lines), and raw-material cost dynamics (polymer resins), with margin performance depending on procurement, manufacturing efficiency, and the ability to pass through input-cost changes via pricing. Specific details on significant partnerships (if any) are null.

Apollo Pipes Ltd. Financial Statement Overview

Summary

Strong revenue growth (+20.31% from 2024 to 2025) and solid operational efficiency (EBIT margin 22.10%) are positives, supported by low leverage (debt-to-equity 0.12) and a healthy equity ratio (64.48%). Offsetting these strengths are declining net income, weaker ROE (4.12%), and notable cash-flow pressure with negative free cash flow (-1.11B), which reduces the score.

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	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	10.73B	11.82B	9.82B	9.15B	7.81B	5.16B
Gross Profit	2.42B	3.54B	1.25B	2.22B	1.92B	1.43B
EBITDA	802.97M	956.70M	997.54M	705.60M	972.75M	828.40M
Net Income	162.69M	326.48M	428.23M	239.10M	497.60M	444.74M
Balance Sheet
Total Assets	12.25B	12.29B	10.11B	6.62B	5.44B	4.94B
Cash, Cash Equivalents and Short-Term Investments	780.00M	1.32B	545.69M	340.20M	419.77M	723.81M
Total Debt	1.06B	918.27M	820.25M	437.20M	387.18M	629.32M
Total Liabilities	3.22B	4.37B	4.37B	2.05B	1.39B	1.43B
Stockholders Equity	8.21B	7.93B	5.74B	4.57B	4.05B	3.51B
Cash Flow
Free Cash Flow	-912.67M	-1.11B	261.33M	-40.30M	-59.98M	-531.59M
Operating Cash Flow	337.33M	286.65M	1.25B	687.30M	363.27M	314.35M
Investing Cash Flow	-1.29B	-1.51B	-2.14B	-679.60M	-367.48M	-555.60M
Financing Cash Flow	198.91M	2.05B	-636.88M	-78.00M	-299.98M	-209.60M

Apollo Pipes Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 289.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 Positive. The current price of 289.45 is below the 20-day moving average (MA) of 354.42, below the 50-day MA of 313.57, and below the 200-day MA of 356.98, indicating a bullish trend. The MACD of 26.71 indicates Negative momentum. The RSI at 69.08 is Neutral, neither overbought nor oversold. The STOCH value of 75.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:APOLLOPIPE.

Apollo Pipes Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
APOLLOPIPE	72 Outperform	₹17.95B	-99.18	―	0.23%	9.39%	-26.87%
VENUSPIPES	70 Outperform	₹20.32B	23.46	―	0.08%	17.45%	-7.82%
GANDHITUBE	67 Neutral	₹9.89B	11.81	―	1.95%	5.35%	14.24%
HARIOMPIPE	66 Neutral	₹9.80B	25.01	―	0.17%	17.98%	-0.62%
HLEGLAS	64 Neutral	₹20.36B	267.77	―	0.24%	18.87%	99.04%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RAMASTEEL	56 Neutral	₹9.21B	176.56	―	―	14.51%	-30.02%

Apollo Pipes Ltd. Corporate Events

Apollo Pipes Promoter Group Ups Stake with ₹76.6 Crore Share Purchase

Apollo Pipes Limited has reported a continual disclosure under Regulation 7(2)(b) of SEBI’s Prohibition of Insider Trading Regulations, 2015, relating to a change in shareholding by a member of the promoter group, S Gupta Holding Private Limited. The promoter group entity acquired 525,000 equity shares of Apollo Pipes through market purchases on the NSE, resulting in a post-transaction holding of 5.18% in the company, signaling increased promoter group stake and potentially reinforcing confidence in the firm’s prospects.

The acquisition, valued at approximately ₹76.64 crore excluding charges, was executed between February 13, 2026 and the same date noted for the transaction window, with intimation to the company recorded on February 17, 2026. This move may be viewed positively by investors as higher promoter group ownership is often interpreted as a stronger alignment of interests between controlling shareholders and minority investors, although it does not, by itself, indicate any immediate change in control or strategy.