Apollo Pipes navigated a challenging Q3FY26. Revenue dipped 20% YoY to 247 Cr, with sales volume down 6% to 25,386 Ton, leading to a loss of 3.3 Cr.

For 9MFY26, revenue was 758 Cr (-13% YoY), and PAT fell 72% to 6.5 Cr.

EBITDA for Q3 was 12 Cr, a 48% YoY drop.

The company also shifted to a net debt of 28 Cr.

Management cited Delhi-NCR construction bans, a subdued economy, and falling PVC resin prices for the weak quarter.

However, they view these pressures as temporary, anticipating a much better Q4FY26 as PVC prices recover and demand improves.

Strategically, Apollo Pipes is expanding capacity from 226,500 Ton to 286,000 Ton in two years.

Recent moves include acquiring a majority stake in Kisan Mouldings, a partnership with Lubrizol for advanced CPVC resin, and launching new uPVC window door profiles.

The company aims to grow its 3,000+ product portfolio and fund expansion via internal cashflow.