Q3 2026 Apollo Pipes Ltd Earnings Call Transcript
Key Points
- Apollo Pipes Ltd (BOM:531761) has initiated an aggressive strategy for market share expansion, which has started showing positive results from December onwards.
- The company is confident of a strong Q4 sales performance, expecting a significant improvement in sales volume.
- Apollo Pipes Ltd (BOM:531761) is expanding its product portfolio with new offerings such as PLB Ducts, DWC pipes, PE gas pipes, and PVC-O pipes, enhancing its presence in the building materials space.
- The company has tied up with Lubrizol to strengthen its presence in the high-margin CPVC pipe category, which currently contributes around 15% of its volume.
- Apollo Pipes Ltd (BOM:531761) is expanding its capacity with a new plant in Varanasi, expected to commence soon, which will strengthen its presence in the Eastern India market.
- The Indian PVC pipe industry is facing challenges such as weak end-user demand, volatility in raw material prices, and oversupply in the market.
- Apollo Pipes Ltd (BOM:531761) experienced flat sales volume in the first nine months of FY26, contrary to its expectations of double-digit growth.
- The company's working capital cycle is elevated due to high inventory levels, which may impact financial flexibility.
- There is ongoing pressure from a price war among PVC players, which could affect profitability.
- The government infrastructure spending has been slow, impacting demand in the industry, and there is uncertainty regarding future government-led demand.
Ladies and gentlemen, good day, and welcome to the Apollo Pipes Q3 and nine months FY26 post results earnings conference call hosted by Antique Stockbroking Limited. (Operator Instructions)
Please note that this conference is being recorded. I now hand over the conference to Mr. Manish Mahawar. Thank you, and over to you, sir.
Thank you, moderator. On behalf of Antique Stock Broking, warm welcome to all the participants on the 3Q FY26 earnings call of Apollo Pipes. We have leadership team represented by Mr. Sameer Gupta, Chairman and Managing Director; Mr. Arun Agarwal, Joint Managing Director; Mr. Ajay Kumar Jain, CFO; and Mr. Anubhav Gupta, Group Chief Strategy Officer on the call.
Without any delay, I would like to hand over the call to Mr. Gupta for opening remarks, post which we will open the floor for Q&A. Thank you, and over to Sameer-ji.
Thank you. Good morning,
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