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Apollo Pipes Limited (APOLLOPIPE) Fair Value & Analysis

Industrials · IN · Market cap ₹21.2B

AP Apollo Pipes Limited APOLLOPIPE · NSE
Price₹512.75
Fair Value₹50.71
Upside-90.1%
Quality20/100
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Expensive Growth
Thin margins · 0.7% net margin
Low debt · negative free cash flow
0.14% dividend yield
Trails peers (2/13)
Narrow moat 18/100
Evidence: Medium Range ₹18.61 – ₹64.59 Share as image

Fair value as of: Aug 2, 2026

From 16 valuation models · updated 11 days ago

Share price +0.3% over the past month.

Below-average quality, and screening another 90% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹64.59). The favourable scenario is already priced in.
  • Weak quality (20/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (₹18.61 to ₹64.59). The outcome hinges heavily on assumptions, so read the point estimate with caution.
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Price vs Fair Value (5 years)

₹777.02 ₹254.45 Fair Value ₹50.71 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹254.45 – ₹777.02 · fair‑value band ₹18.61 – ₹64.59 · the ₹512.75 price screens above the ₹50.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Apollo Pipes Limited (APOLLOPIPE) currently trades at ₹512.75, while our model-based Fair Value estimate is ₹50.71, implying the stock looks roughly 90.1% overvalued today. The Quality Score stands at 20/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Apollo Pipes Limited generated revenue of ₹11.0B at a net margin of 0.7%. Revenue grew 10.2% year over year. It earns a return on equity of 0.6%. Net debt stands at ₹400M. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹18.61 (bear case) to ₹64.59 (bull case); at ₹512.75, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 103% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at -90%, APOLLOPIPE screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (₹11.30 to ₹209.48). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹127.21 ₹118.18 ₹85.68 76
ROIC Compounder ₹23.09 ₹24.83 ₹26.35 72
Gordon GGM ₹6.45 ₹13.40 ₹21.26 70
All 16 models by family
Earnings-Based
Graham-Dodd ₹11.59 ₹80.83 ₹113.44 54
Lynch FV ₹41.76 ₹59.66 ₹77.56 50
PEG = 1.0 ₹41.76 ₹59.66 ₹77.56 46
EPV ₹23.09 ₹24.83 ₹26.35 59
Dividend Discount
Gordon GGM ₹6.45 ₹13.40 ₹21.26 70
DDM Multi-Stage ₹6.45 ₹11.30 ₹14.07 61
Multiples
P/E Multiple ₹26.85 ₹35.79 ₹44.74 63
P/S Multiple ₹21.73 ₹28.98 ₹36.22 58
P/B Multiple ₹21.73 ₹28.98 ₹36.22 55
EV/EBIT ₹40.57 ₹49.87 ₹59.17 53
EV/EBITDA ₹160.28 ₹209.48 ₹258.68 54
EV/Revenue ₹32.58 ₹41.12 ₹49.65 43
Asset-Based
NCAV (Graham) ₹93.25 ₹124.96 ₹186.51 50
Economic Profit
Residual Income ₹127.21 ₹118.18 ₹85.68 76
ROIC Compounder ₹23.09 ₹24.83 ₹26.35 72
Growth Earnings
Growth-Adj P/E ₹54.62 ₹78.03 ₹101.44 68

Widest divergence: Asset-Based (₹124.96) versus Dividend Discount (₹11.30). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹11.0B
Revenue growth (YoY) +10.2%
Net margin 0.7%
Return on equity 0.6%
Free cash flow −₹1.3B FY2026
P/E ratio 455.2
More key figures
Operating margin 0.9%
EPS (TTM) ₹1.06
Dividend yield 0.1%
EPS growth (YoY) -89.9%
Net debt ₹400M FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 20/100

Of which business quality 28 · Market factors (momentum, volatility) 70

Profitability 28
Margins and returns on capital today
Quality Growth 12
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 12
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 75
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Apollo Pipes Limited manufactures and trades in polyvinyl chloride (PVC) pipes and fittings in India. The company offers cPVC, uPVC, and PPR-C plumbing systems; uPVC pressure pipes and fittings; HDPE PLB duct pipes and MDPE and HDPE gas piping system; HDPE uPVC SWR drainage system; and HDPE pipes, coils, and sprinkler systems.

Full company description

Apollo Pipes Limited manufactures and trades in polyvinyl chloride (PVC) pipes and fittings in India. The company offers cPVC, uPVC, and PPR-C plumbing systems; uPVC pressure pipes and fittings; HDPE PLB duct pipes and MDPE and HDPE gas piping system; HDPE uPVC SWR drainage system; and HDPE pipes, coils, and sprinkler systems. It also provides underground drainage uPVC column Pipes, PVC-O, garden, and casing pipes; water tanks, solvent cement, and kitchen sink. In addition, the company offers bath fittings, which include faucets, showers, health faucets, cistern, seat covers, accessories, and allied products. It provides its products to agriculture, water management, construction, infrastructure, and telecom ducting industries. Apollo Pipes Limited was incorporated in 1985 and is headquartered in Noida, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Apollo Pipes Limited reported revenue of ₹11.0B in FY2026 versus ₹7.8B in FY2022, a compound +9.1%/yr. Reported net income was ₹74.9M in FY2026, compounding −37.7%/yr from FY2022.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹11.0B
Latest YoY
−6.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.4%
Avg. growth/yr (17Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+43.3%
Revenue +9.1%/yr
FY22 ₹7.8B
FY23 ₹9.1B
FY24 ₹9.8B
FY25 ₹11.8B
FY26 ₹11.0B
Net income −37.7%/yr
FY22 ₹498M
FY23 ₹239M
FY24 ₹428M
FY25 ₹326M
FY26 ₹74.9M
Character of growth · EPS growth decomposed (2015-2026) +3.0 % p.a.
Revenue per share +6.7 pp

of which total revenue +22.2 pp · buybacks/dilution −15.5 pp

EBIT margin +0.6 pp
Tax rate +2.3 pp
Residual (interest, one-offs) −6.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

APOLLOPIPE screens 90% overvalued. Compare with Trane Technologies plc →

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Cite: Fair Value Calculator (2026). "Apollo Pipes Limited Fair Value". https://www.fairvalue-calculator.com/stock/APOLLOPIPE

Peer Group

Building Products & Equipment · 251 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 20 · Bottom 25%
Fair Value upside −90% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets 0% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 1% · Below median
Revenue growth 10% · Above median
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 455.2× · Pricier than 75% of peers
P/B 2.59× · Pricier than median
P/S (TTM) 1.92× · Pricier than 75% of peers
EV/EBITDA 31.0× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 3
FUTURE 51 · sector 8
PAST 2 · sector 22
HEALTH 98 · sector 94
DIVIDEND 3 · sector 30

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $469.98 $212.34 -55%
Johnson Controls International plc JCI $142.81 $45.65 -68%
Carrier Global Corporation CARR $68.61 $17.35 -75%
Compagnie de Saint-Gobain S.A SGO €76.62 €101.60 +33%
Geberit AG GEBN CHF 523.20 CHF 307.66 -41%
Lennox International Inc LII $543.93 $363.09 -33%
Kingspan Group KRX €87.30 €70.76 -19%
Masco Corporation MAS $78.04 $54.36 -30%
PT Impack Pratama Industri Tbk, IMPC 1,420 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 36.03 kr 25.37 -30%

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Frequently asked questions

Is Apollo Pipes Limited (APOLLOPIPE) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹50.71 versus a price of ₹512.75, about −90% (overvalued).
What is the fair value of APOLLOPIPE?
Our model-based fair value for Apollo Pipes Limited is ₹50.71 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹512.75.
What is the quality score of APOLLOPIPE?
Apollo Pipes Limited has a Quality Score of 20/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Apollo Pipes Limited (APOLLOPIPE)?
Apollo Pipes Limited reported trailing-twelve-month revenue of about ₹11.0B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of APOLLOPIPE?
The net profit margin of Apollo Pipes Limited is about 0.7%, meaning it keeps roughly 0.7% of revenue as net income. Based on the latest reported figures.
Does Apollo Pipes Limited pay a dividend?
Apollo Pipes Limited currently shows a dividend yield of about 0.14% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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