Apollo Pipes Limited, incorporated in 1985 and headquartered in Noida, India, was originally known as Amulya Leasing and Finance Limited, changing its name on December 20, 2017. The company is a prominent manufacturer and trader of PVC pipes and fittings, offering a diverse range of products including cPVC, uPVC, and HDPE pipes, PVC taps, fittings, water storage tanks, and solvents.
Positioned among India's top 10 leading piping solution providers, Apollo Pipes' products serve a broad spectrum of industrial applications such as agriculture, water management, construction, infrastructure, and telecom ducting segments. The company's promoters, Meenakshi Gupta and Sameer Gupta, collectively hold a significant 45.7% stake in the total equity.
Apollo Pipes operates across multiple segments of the piping industry, boasting a comprehensive product portfolio. Their offerings include cPVC, uPVC, and PPR-C plumbing systems, uPVC pressure pipes and fittings, uPVC SWR drainage systems, and HDPE pipes, coils, and sprinkler systems. The company also manufactures underground drainage, column, PVC-O, garden, and casing pipes, water tanks, solvent cement, and kitchen sinks. Furthermore, they provide a range of bath fittings, including faucets, showers, health faucets, cisterns, seat covers, accessories, and allied products.
The company has been actively expanding its manufacturing capabilities and making strategic investments in subsidiaries. In June 2025, Apollo Pipes acquired an additional 1.01% stake in Kisan Mouldings for ₹4.95 crore, increasing its total holding to 58.60%. Kisan Mouldings is involved in the manufacturing of PVC pipes, fittings, UV-resistant multi-layer water tanks, and related products.
The company's financial performance demonstrates growth in revenue while navigating profit fluctuations.
For the fourth quarter of fiscal year 2025, Apollo Pipes reported a robust revenue of ₹314.78 crore, marking a 23.15% increase compared to ₹255.60 crore in Q4 FY24. Net profit for the same period significantly rose by 45.54% to ₹9.87 crore, up from ₹6.72 crore in the previous year's corresponding quarter. The operating profit margin for Q4 FY25 stood at 7.64%.
For the full financial year 2025, the company's sales increased by 19.73% to ₹1,181.64 crore, compared to ₹986.95 crore in FY24. However, net profit for FY25 saw a decline of 23.43%, reaching ₹32.65 crore from ₹42.64 crore in FY24.
• Revenue (FY25): ₹1,181.64 crore
• Net Profit (FY25): ₹32.65 crore
• Q4 FY25 Revenue: ₹314.78 crore
• Q4 FY25 Net Profit: ₹9.87 crore
• Operating Profit Margin (Q4 FY25): 7.64%
• Market Capitalization: ₹1,968-1,976 crore (as of June 2025)
• Promoter Holding: 45.7% (Meenakshi Gupta & Sameer Gupta)
• P/B Ratio (June 2025): 2.19 times
• P/E Ratio (June 2025): 60.52 times
Apollo Pipes is classified as a Small Cap company as per Value Research. As of June 2025, it holds a market capitalization of approximately ₹1,968-1,976 crore. The company's valuation metrics include a P/B ratio of 2.19 times and a P/E ratio of 60.52 times as of June 20, 2025.
In its Q4 FY25 earnings call, Apollo Pipes reported a strong 23% volume growth. The company announced a significant capital expenditure (capex) of ₹166 crore and provided guidance for a continued 20-25% volume growth in FY26, highlighting its ambitious expansion plans. Over the last decade, the company has maintained a median sales growth of 16.6%.
Apollo Pipes demonstrates strong financial prudence by being almost debt-free, which offers significant flexibility for future growth initiatives. The company has also shown improvement in its working capital management, with requirements reducing from 35.6 days to 27.4 days. However, it has a relatively low return on equity (ROE) of 5.91% over the last three years.
In April 2025, Apollo Pipes' Board approved the allotment of 2,000,000 fully convertible warrants at an issue price of ₹550 per warrant on a preferential basis. This action is expected to increase the paid-up equity share capital to ₹46.04 crore on a fully diluted basis. Additionally, the company granted 51,900 stock options under its Employee Stock Option Scheme (ESOS) in March 2025.
The company has maintained a conservative dividend policy, with a low payout ratio of 9.72% of profits over the past three years. In the quarter ending March 2024, Apollo Pipes declared a dividend of ₹1, translating to a dividend yield of 0.23%.
Apollo Pipes continues to solidify its position in the Indian piping industry through strategic acquisitions, capacity expansion, and product diversification, underpinned by a robust balance sheet and minimal debt, positioning itself for sustained growth.
