Apollo pipes Limited has submitted a formal clarification to the National Stock Exchange of India Limited and BSE Limited regarding recent price movement in its shares. The response, dated February 10, 2026, addresses surveillance queries from both exchanges concerning the company's stock performance.

Exchange Communication Details

The company received communications from both major exchanges on the same date:

Regulatory Compliance Statement

In its response to the exchanges, Apollo Pipes Limited emphasized its commitment to regulatory compliance. The company stated that all requisite information and announcements required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been properly disclosed to the exchanges.

The company confirmed that it has consistently provided timely disclosures and will continue to do so as and when required. Management indicated there was nothing additional to disclose regarding the price movement beyond what has already been communicated through proper channels.

Company Leadership

The clarification was signed by Gourab Kumar Nayak, Company Secretary and Compliance Officer, who digitally signed the document on February 10, 2026. The response demonstrates the company's proactive approach to addressing exchange queries and maintaining transparency with regulatory authorities.

Corporate Structure

Apollo Pipes Limited operates from multiple locations across India, with its registered office in Delhi and corporate office in Noida. The company maintains manufacturing units in Dadri, Sikandrabad, Ahmedabad, Tumkur, and Raipur, reflecting its pan-India presence in the pipes and fittings sector.

Apollo Pipes Limited has filed its monitoring agency report for the quarter ended December 31, 2025, under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, prepared by CARE Ratings Limited and approved by the company's Audit Committee on January 29, 2026, provides details on the utilization of proceeds from the company's preferential issue of warrants.

Issue Details and Fund Status

The monitoring report covers Apollo Pipes' preferential issue of warrants worth Rs. 110.00 crore, with an 18-month conversion period from the allotment date. The warrants are convertible into equity shares at Rs. 550.00 per share, significantly above the current market price of approximately Rs. 295.00.

Fund Utilization Progress

According to the monitoring agency report, no funds were received or utilized during Q3FY26. The company has received Rs. 27.50 crores in Q1FY26 and is yet to receive the balance amount of Rs. 82.50 crores from the allottee.

Project Implementation Status

The warrant proceeds are earmarked for two primary objectives: capital expenditure for expansion projects and working capital requirements. The company has made significant progress on its expansion initiatives:

• Dadri Brownfield Expansion: Already operational since July 2025
• Varanasi Greenfield Project: Expected to be commissioned by March 2026, progressing as per scheduled timeline

The capital expenditure component of Rs. 33.00 crores has been fully utilized with the Rs. 27.50 crores received, while the working capital requirement of Rs. 77.00 crores awaits the balance fund receipt.

Compliance and Monitoring

The monitoring agency report confirms no deviations from the disclosed objects of the issue. All utilization has been as per the disclosures in the offer document, with no material deviations requiring shareholder approval. The company has obtained all necessary government and statutory approvals related to the project objectives.

Financial Performance Context

The report notes that Apollo Pipes reported a total operating income of approximately Rs. 1,182 crores in FY25 compared to Rs. 989 crores in the previous year. However, during H1 FY26, the company reported total operating income of approximately Rs. 511 crores against Rs. 559 crores in H1 FY25, with operating margins declining to 7.14% from 8.65% due to weaker demand in private real estate and government infrastructure segments, along with increased competitive intensity.

The monitoring agency report has been submitted to both NSE and BSE as per regulatory requirements, with CARE Ratings Limited continuing its role as the monitoring agency for the preferential issue.