Apollo Pipes Limited has filed its Monitoring Agency Report for the quarter and year ended March 31, 2026, pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was prepared by CARE Ratings Limited in its capacity as the designated Monitoring Agency and was reviewed and approved by the company's Audit Committee at its meeting held on May 07, 2026. The filing pertains to the company's preferential issue of warrants convertible into equity shares, aggregating to Rs. 110.00 crore.

Issue Overview and Fund Utilisation Status

The preferential issue, with an issue period of 18 months ending in October 2026 from the date of allotment (April 23, 2025), was structured to fund two primary objectives: capital expenditure for expansion and working capital requirements. The report confirms that out of the total issue size of Rs. 110.00 crore, the company received Rs. 27.50 crores in Q1FY26. Of this amount, Rs. 11.03 crore was utilised during Q1FY26 and the remaining Rs. 16.47 crore was utilised in Q2FY26. No funds were received or utilised during Q4FY26, leaving Rs. 82.50 crores yet to be received from the allottee.

The following table summarises the progress in utilisation of issue proceeds as at the end of Q4FY26:

Objects of the Issue and Cost Allocation

The proceeds from the preferential issue were earmarked for two defined objectives, as detailed below:

No cost revisions have been reported for either objective. The Monitoring Agency confirmed nil utilisation for both heads during the quarter ended March 31, 2026.

Project Commissioning and Operational Updates

The warrant proceeds were earmarked for the Dadri brownfield expansion and the Varanasi greenfield project, in addition to working capital support. According to the report, the Dadri project became operational in July 2025, while the Varanasi greenfield project was commissioned on April 14, 2026. No deviation from the objects of the issue was observed, and the Monitoring Agency confirmed that all government and statutory approvals have been obtained.

Financial Performance Context

The Monitoring Agency report also highlighted relevant financial performance data for context. Apollo Pipes reported a total operating income (TOI) of approximately Rs. 1182 crores in FY25, compared to Rs. 989 crores in the previous year. However, operating margins declined to 8.33% in FY25 from 9.94% in the prior year, attributed to weaker demand in private real estate and government infrastructure segments, as well as higher competitive intensity. During 9MFY26, the company reported TOI of approximately Rs. 758 crores against Rs. 867 crores in 9MFY25, with operating margins at 6.39% compared to 8.27% in the corresponding prior period.

Compliance and Deviation Status

The report confirms full compliance with the terms of the preferential issue, with no material deviations observed. Key compliance findings are summarised below:

• Deviation from objects: Nil
• Range of deviation: Nil
• Change in means of finance: No
• Major deviation over earlier monitoring agency reports: No
• Shareholder approval for material deviation: Not Applicable
• Deployment of unutilised proceeds: Nil (as Rs. 82.50 crores is yet to be received)
• General Corporate Purpose utilisation: Not Applicable

The report was signed by Sahil Goyal, Assistant Director at CARE Ratings Limited, and is based on a CA certificate from Vaps & Company dated April 15, 2026, along with bank statements and management undertakings. The Audit Committee of Apollo Pipes reviewed and approved the report on May 07, 2026, with no comments received from the Board of Directors on any of the monitored parameters.

Apollo Pipes Limited announced the re-appointment of its Cost Auditor and Internal Auditor for the Financial Year 2026-27, following a Board of Directors meeting held on Thursday, May 07, 2026. The meeting commenced at 01:40 P.M. and concluded at 03:00 P.M., during which the Board, acting on the recommendation of the Audit Committee, approved both appointments. The disclosures were made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Appointments Approved by the Board

The Board approved the re-appointment of two audit firms to oversee cost and internal audit functions for FY 2026-27. The details of both appointments are summarised below:

Profile of Appointed Firms

Both firms bring substantial professional experience to their respective roles at Apollo Pipes Limited.

• M/s. HMVN & Associates — Established in 2011 by Mr. Hari Krishan Goel, a Fellow Member of the CMA Institute and a practicing Cost Accountant since 1993. The firm possesses extensive experience in cost audit and costing assignments across industries.
• M/s. Alok Mittal & Associates — A professionally managed Chartered Accountants firm known for its quality-driven and client-focused approach. The firm is led by CA Alok Kumar Mittal, who brings over 41 years of experience.

Regulatory Compliance

The appointments were disclosed to the National Stock Exchange of India Limited and BSE Limited in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The disclosure, along with enclosures, has been made available on the company's website at www.apollopipes.com . The filing was signed by Gourab Kumar Nayak, Company Secretary and Compliance Officer of Apollo Pipes Limited.