Apollo Pipes Q4 Revenue Rs 347 Crore Up 10 Percent as Volume Recovery Begins
- May 8, 2026
- Posted by: Neeraj Pandey
- Category: News
Apollo Pipes Q4 results for FY26 announced on 7 May 2026 showed a meaningful sequential and year-on-year recovery with revenue rising 10% to Rs 347 crore in the March quarter. The Apollo Pipes Q4 volume grew 21% year on year and 24% quarter on quarter to 31,366 metric tonnes, reflecting a recovery in construction sector demand after a prolonged period of weakness caused by raw material price volatility and unseasonal rainfall.
Investors monitoring Apollo Pipes Q4 results FY26 will note that while the quarterly trend turned positive, the full-year FY26 numbers remained under pressure with revenue declining 6% to Rs 1,104.9 crore and profit after tax falling 77% to Rs 7.5 crore due to sustained PVC resin price weakness and subdued infrastructure spending through the first three quarters. The Apollo Pipes Q4 management has guided for over 25% revenue growth in FY27.
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Apollo Pipes Q4 FY26 Results at a Glance
| Metric | Q4 FY26 / FY26 | Change |
|---|---|---|
| Q4 Revenue | Rs 347 crore | +10% YoY, +40% QoQ |
| Q4 Volume | 31,366 MT | +21% YoY, +24% QoQ |
| FY26 Revenue | Rs 1,104.9 crore | -6% YoY |
| FY26 PAT | Rs 7.5 crore | -77% YoY |
| FY26 EBITDA | Rs 66.5 crore | -31% YoY |
| FY26 EBITDA Margin | 6.0% | -208 bps YoY |
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Key Highlights from Apollo Pipes Q4 FY26
Q4 Sequential Recovery Signals Turning Point
The Apollo Pipes Q4 results confirm that the worst of the sector downcycle is behind, with volume growing 24% quarter on quarter and revenue up 40% sequentially. The Apollo Pipes Q4 numbers benefited from improved government spending on infrastructure projects in Q4, the seasonal recovery in construction activity, and the absence of the extended monsoon that had weighed on Q2 and Q3 performance.
Capacity Expansion Plans for FY27
Despite the FY26 headwinds, the Apollo Pipes Q4 period saw management reaffirm its capacity expansion target from the current 2,26,500 tonnes per annum to 2,88,000 tonnes over the next two years. The Apollo Pipes Q4 management sees this capex as foundational for capturing the expected demand pickup in FY27, with 25% revenue growth guidance underpinned by government infrastructure capex acceleration and recovery in real estate construction activity.
PVC Resin Dynamics and Margin Recovery
The Apollo Pipes Q4 results were shaped by a difficult raw material environment through most of FY26, with PVC resin prices falling and limiting realisations even as volumes recovered. Cash profit for FY26 stood at Rs 64.4 crore, down 17%, but the Apollo Pipes Q4 trajectory suggests margin recovery is underway as the product mix shifts toward higher-value agricultural piping and bath fittings.
Risks to Monitor
- PVC resin price volatility: A sustained decline in PVC resin prices reduces realisations and compresses margins, as seen through most of FY26 in the Apollo Pipes Q4 period.
- Infrastructure spending dependence: Delays in government project execution or a slowdown in real estate construction would directly impact Apollo Pipes Q4 volume growth.
- Capacity expansion funding: The Rs 2,88,000-tonne expansion plan requires capital deployment and execution discipline, with risks of cost overruns or timeline slippage.
- Competitive pricing pressure: Larger peers and regional players competing on price in the mid-segment piping market can limit the pricing recovery assumed in FY27 guidance.
Conclusion
The Apollo Pipes Q4 results FY26 signal a recovery in progress with Q4 revenue up 10% to Rs 347 crore and volume up 21% year on year. While full-year FY26 performance remained challenged with PAT down 77% to Rs 7.5 crore on raw material and demand headwinds, the Apollo Pipes Q4 sequential trajectory and management’s 25% FY27 revenue growth guidance suggest the worst is behind.
The single most important variable for Apollo Pipes Q4 investors is whether PVC resin prices stabilise or improve through FY27, as this determines whether the company can convert its volume recovery into meaningful PAT expansion and justify the ongoing capacity expansion investment.
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Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice. Univest analysts are SEBI-registered research analysts (SEBI RA: INH000012449). Investments in the securities market are subject to market risk. Consult a SEBI-registered financial advisor before making any investment decisions.
Frequently Asked Questions
What was Apollo Pipes Q4 FY26 revenue?
Apollo Pipes Q4 FY26 revenue from operations stood at Rs 347 crore, up 10% year on year and up 40% quarter on quarter. Volume grew 21% YoY and 24% QoQ to 31,366 metric tonnes.
What is Apollo Pipes FY26 full-year PAT?
Apollo Pipes FY26 full-year profit after tax declined 77% year on year to Rs 7.5 crore due to PVC resin price volatility, subdued infrastructure spending, and extended monsoon impact through Q2 and Q3 FY26.
What is Apollo Pipes Q4 FY26 EBITDA margin?
FY26 EBITDA for Apollo Pipes stood at Rs 66.5 crore with an EBITDA margin of 6.0%, reflecting a 208 basis points contraction year on year from raw material and demand pressure. The Apollo Pipes Q4 recovery in volume is expected to support margin normalisation in FY27.
What is Apollo Pipes’ capacity expansion plan?
Apollo Pipes Q4 management has confirmed capacity expansion from the current 2,26,500 tonnes to 2,88,000 tonnes per annum over the next two years. The company targets over 25% revenue growth in FY27 and is funding the expansion from internal cash flows.
Why did Apollo Pipes FY26 revenue decline?
Apollo Pipes Q4 and full-year FY26 revenue declined 6% year on year due to weak PVC resin pricing that reduced realisations, extended monsoon impact in Q2 and Q3, and subdued government infrastructure spending through the middle of the fiscal year.
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