Apollo Pipes share price movement
Apollo Pipes hit a new 52-week high of ₹664.95, soaring 9 per cent on the BSE in Tuesday’s intra-day deals in an otherwise subdued market.
In the past eight trading days, the stock price of the industrial plastic products manufacturer rallied 31 per cent. It zoomed 163 per cent from its 52-week low of ₹252.80 hit on January 21, 2026. The stock hit a record high of ₹798.65 on February 9, 2024.
Mukul Mahavir Agrawal holds over 3% stake in Apollo Pipes
As per the corporate shareholdings filed by the company, Mukul Agrawal held 1.5 million equity shares or 3.41 per cent stake in Apollo Pipes.
Promoters buy 3% stake in Apollo Pipes via open market
According to disclosures, M/s S Gupta Holding Private Limited and Mr Dhruv Gupta, the promoter group company and promoter, acquired 1.35 million equity shares or 3.06 per cent stake in Apollo Pipes via open market in August.
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Apollo Pipes – Overview, outlook
Apollo Pipes is engaged in the manufacturing and trading of Chlorinated polyvinyl chloride (cPVC), Unplasticized Polyvinyl Chloride (uPVC), PPR and High-Density Polyethylene (HDPE) pipes, Water storage tanks, PVC taps, fittings, solvents, doors & windows.
According to the company, the Indian PVC pipes and fittings market is expected to register 15 per cent compound annual growth rate (CAGR) during FY25-FY28. Key growth drivers are the government’s push for cleanliness and sanitation to boost water management sector, increased building of affordable houses and growing housing demand and requirement for infrastructure for irrigation and water supplies.
The PVC industry was impacted during the April to June 2026 quarter (Q1FY27) driven by sharp fluctuations in polymer prices. The steep price correction during April prompted channel partners to defer purchases and rationalize inventories, resulting in subdued demand across Home Plumbing and Bath Fittings industry.
As inventory levels across the distribution channel normalize and demand gradually revives, the company expects business activity and volume growth to improve over the coming quarters. With PVC prices stabilizing, we are confident of delivering a significantly better performance in H2FY27, said the management.
“The company has a robust pipeline of new and value-added products and is confident of delivering an improved performance in the coming year. The company is on track to expand annual capacity to 288,000 ton in the next 2 years from current 240,000 ton. The management said the company remains committed to fund business expansion from internal cash flow generation without leveraging balance sheet,” said the management.
Choice Institutional Equities’ view on Apollo Pipes
Apollo Pipes started FY27 with a marginal volume de-growth, due to weak government infrastructure demand. Also, PVC resin price volatility weighed on performance. EBITDA margin was impacted by inventory losses, aggressive pricing and investments in new business verticals despite healthy growth in CPVC and water tanks. The management expects a strong recovery over the remainder of FY27E, supported by the Varanasi plant ramp-up, post-monsoon demand recovery and stabilisation in PVC resin price.
Analysts at Choice Institutional Equities project a robust 15 per cent volume CAGR over FY26–29E, driven by a strong industry demand, higher infrastructure spending by state and central governments, healthy real estate project completions and continued market share gains from unorganised players in the pipes business.
EBITDA margin improvement of 464 bps over FY26–29E is forecasted to be facilitated by a) Operating leverage benefit owing to potentially strong volume growth, b) Anticipated margin improvement in Kisan Mouldings asset as a result of Apollo Pipes initiatives c) Likely improvement in contribution from higher-margin products, such as CPVC.
“Possibly higher volatility in PVC resin prices and probable slowdown in infra spending by the government are risks to our ‘BUY’ rating,” the brokerage firm said. However, currently, the stock achieved target price of ₹620 per share. Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers’ discretion is advised.
