**Business Performance:** Apollo Pipes reported a tough FY26, with revenue down 6% to Rs 1105 Cr and full-year PAT falling 77% to Rs 7.5 Cr, despite a 4% volume increase.

Profitability was hit by raw material volatility and subdued infrastructure spending.

Q4FY26 showed some recovery, with revenue up 10% YoY to Rs 347 Cr and volumes up 21%, though PAT was Rs 1 Cr. **Growth Drivers/Strategy:** The company targets aggressive capacity expansion from 240,000 to 288,000 Ton in two years.

Strategic initiatives include the Kisan Mouldings acquisition, a Lubrizol partnership for CPVC, and diversifying the product portfolio to 4,000+ items to boost pan-India reach. **Recent Developments:** Highlights include new window/door profiles, PLB Duct, Gas Pipes, and larger water tanks.

Marketing is strengthened by brand ambassadors Tiger Shroff and Raveena Tandon. **Key Financial Metrics:** FY26 shifted to Net Debt of Rs 40 Cr from Rs 46 Cr Net Cash in FY25. **Management Commentary/Outlook:** Management anticipates a "significantly better performance" in FY27 as PVC prices stabilize, aiming for over 25% revenue growth.

Capacity expansion will be funded internally.