Apollo Pipes Limited — Q2FY27 earnings call summary

• Q2 FY27 consolidated sales volume grew 13% Y-o-Y to 24,501 tons; revenue up 31% Y-o-Y to INR309.6 Cr; EBITDA INR11.5 Cr (3.7% margin)
• Market share at 4%, with strong North India presence; delayed South India capex by 2 years
• Apollo standalone EBITDA margin target: INR9,000-10,000 per ton in H2 FY27; Kisan aims breakeven in 6-9 months
• Ceramic business plans 4-5 acquisitions, INR400-500 Cr investment for INR1,000 Cr revenue and INR225 Cr EBITDA by 2030
• Plumbing business revenue target INR3,000 Cr by 2030 with INR8,000-12,000 per ton EBITDA spread
• Channel inventory improving; Q4 volumes expected 10%+ higher than Q3
• No near-term plans for adjacent categories beyond ceramics
• Capacity expansion to 2,88,000 tons in 2 years funded internally; new South India plant planned

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