Apollo Pipes Limited reported a consolidated revenue of ₹1,105 crore for the financial year ended March 31, 2026, a 6% decline year-on-year. EBITDA stood at ₹66 crore with a margin of 6.0%, while profit after tax was ₹7 crore. The company commissioned its Greenfield manufacturing facility at Varanasi and completed the integration of Kisan Mouldings Limited.

The performance was impacted by volatility in PVC resin prices, cautious channel restocking behaviour and subdued infrastructure spending. Despite these headwinds, the company delivered resilient performance in its core housing and plumbing verticals. Sales volume for the year was 1,03,752 tonnes, a 4% improvement over the previous year.

Strategic Developments

The company commissioned its Greenfield manufacturing facility at Varanasi, adding 18,000 tonnes of capacity to strengthen its presence in Eastern India. The integration of Kisan Mouldings Limited was completed across procurement, IT, finance and sales functions. Additionally, the company entered the uPVC windows and door profiles segment with an initial capacity of 3,000 tonnes.

A strategic partnership was forged with Lubrizol for the supply of CPVC resin based on TempRite technology to strengthen positioning in high-margin segments.

Financial Position

The balance sheet remained supported by internal accruals and financial discipline. Shareholders’ funds stood at ₹819 crore as of March 31, 2026, while the net debt position was ₹40 crore. The company’s total installed capacity reached approximately 240,000 tonnes, with plans to scale up to nearly 288,000 tonnes over the next two years.

Operational Highlights

The company maintained zero fatalities across operations for the sixth consecutive year. It invested in capability building through structured learning initiatives and HR digitisation. The workforce increased to 719 employees during the year.

Outlook

The company’s five-year growth roadmap targets ₹5,000 crore in revenue by FY2031. The Board has recommended a final dividend of ₹0.70 per equity share for the financial year 2025-26, subject to shareholder approval.

Apollo Pipes Limited has approved a Scheme of Arrangement to amalgamate Kisan Mouldings Limited and KML Tradelinks Private Limited with itself, aiming to consolidate operations and enhance operational efficiencies. The appointed date for the scheme is April 1, 2026. The amalgamation will occur in two steps: first, the merger of wholly owned subsidiary KML Tradelinks into Kisan Mouldings, followed by the merger of Kisan Mouldings into Apollo Pipes. The scheme is subject to approvals from shareholders, creditors, stock exchanges, SEBI, and the National Company Law Tribunal.

The Board of Directors approved the scheme based on recommendations from the Independent Directors and the Audit Committee. M/s. Corporate Professionals Capital Private Limited provided a fairness opinion on the share exchange ratio recommended by the Registered Valuer, M/s. Axiology Valuetech Private Limited. The transaction is classified as a related party transaction but is considered to be at arm's length, based on valuations by independent registered valuers and the fairness opinion from an independent merchant banker.

The share exchange ratio for the amalgamation of Kisan Mouldings with Apollo Pipes is 4.96 equity shares of face value ₹10 each for every 100 equity shares of face value ₹10 each held in Kisan Mouldings. No consideration will be paid for the amalgamation of KML Tradelinks as it is a wholly owned subsidiary of Kisan Mouldings. The rationale for the merger includes realizing economies of scale, rationalizing operations, improving cash flow management, and reducing administrative and compliance burdens.

Financials of Entities Involved

The following table presents the paid-up share capital, turnover, and net worth for the companies involved in the scheme for the year ended March 31, 2026:

(Amount in ₹ Crore)

Shareholding Pattern

The amalgamation will alter the shareholding pattern of Apollo Pipes. Pre-arrangement, promoters held 51.72% of the equity shares, while the public held 47.99%. Post-arrangement, the promoter holding is expected to decrease to 49.20%, and public holding is expected to increase to 50.52%. The total number of equity shares for Apollo Pipes will rise from 4,40,48,206 to 4,63,03,174 upon completion of the scheme.