Transcript of the Conference call held on November 06, 2026

November 11, 2026 The National Stock Exchange of India Limited Department of Corporate Services/Listing Exchange Plaza, 5th Floor, BSE Limited Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Fort, Mumbai – 400 051 Mumbai – 400 001 N SE Symbol: APOLLOPIPE S CRIP Code: 531761 Dear Sir/Madam, Sub: Transcript of the Conference Call With reference to our intimation dated October 29, 2026, regarding the Conference Call, which was held on Friday, November 06, 2026 and pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the aforesaid conference call. This above information is also available on the website of the Company. Kindly take the above information on records. Thanking you. Yours faithfully, For Apollo Pipes Limited Gourab Kumar Nayak Company Secretary and Compliance Officer Encl: A/a “Apollo Pipes Limited Q2 & H1 FY27 Earnings Conference Call” November 06, 2026 MANAGEMENT: MR. SAMEER GUPTA – MANAGING DIRECTOR – APOLLO PIPES LIMITED MR. AJAY KUMAR JAIN – CHIEF FINANCIAL OFFICER – APOLLO PIPES LIMITED MR. ANUBHAV GUPTA – GROUP CHIEF STRATEGY OFFICER – APOLLO PIPES LIMITED MODERATOR: MR. RISHAB BOTHRA – SYSTEMATIX GROUP Page 1 of 12 Apollo Pipes Limited November 06, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Apollo Pipes Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this call is being recorded. I now hand over the call to Mr. Rishab Bothra from Systematix for his opening remarks. Thank you, and over to you, sir. Rishab Bothra: Thank you. Good afternoon and festive greetings to all. It is a pleasure to welcome you all on behalf of Systematix Shares and Stock India to Apollo Pipes Q2 FY27 Earnings Call. I would like to welcome the management and thank them for providing us the opportunity to host this earnings call. Today from the management team, we have with us Mr. Sameer Gupta, Managing Director; Mr. Ajay Kumar Jain, Chief Financial Officer; Mr. Anubhav Gupta, Group Chief Strategy Officer. I shall now hand over the call to Sameer sir for his opening remarks and provide an update on the quarterly performance, followed by a Q&A session. Over to you, sir. Sameer Gupta: Thank you. Good afternoon, everyone. This is Sameer Gupta, MD of Apollo Pipes. I would like to extend a warm welcome to all of you to our Q2 FY27 earnings call. Q2 FY27 saw a gradual improvement in market conditions as polymer price volatility moderated from the levels witnessed in Q1. Geopolitical uncertainties in West Asia continued to influence raw material prices, but government measures, including the minimum import price on suspension grades PVC resin and the withdrawal of customs duty exemptions supported the domestic market. Our focus was to ride this time without hurting our balance sheet and losing market share. Apollo Pipes Q2 FY27 consol sales volume grew 13% Y-o-Y to 24,501 tons and revenue grew 31% Y-o-Y to INR309.6 crores. Our consol EBITDA recovered to INR11.5 crores from INR3 crores in Q1 with a margin of 3.7%. Needless to say, the margins are still below the levels we want. Apollo Pipes standalone, excluding Kisan, delivered a 5.7% EBITDA margin and fixing Kisan's profitability is a key focus. During the quarter, we made our entry into ceramic tiles through Mazzini Tiles, a considered extension of the group's building material journey. Mazzini brings an operating base in Morbi, modern manufacturing capability and established domestic network and a growing export presence. Now the focus is to accelerate volume growth, strengthen our product mix, improve profitability, supported by the newly commissioned Varanasi plant. Looking at the current scenario, I believe the second half will be better than first half as monsoon impact is over, the PVC prices are stabilizing. We are on track to expand capacity to 2,88,000 Page 2 of 12 Apollo Pipes Limited November 06, 2026 tons in the next 2 years from the current level of 2,40,000 tons. And we remain committed to funding this expansion from internal cash flow without leveraging the balance sheet. That concludes our opening remarks. Now we are glad to take questions. Thank you. Moderator: Sir, shall we start with the Q&A. Sameer Gupta: Yes, please. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line Rishab from Systematix. Rishab: Sir, just wanted to understand our thought process behind moving into adjacent categories like tiles. What are we exactly looking at which geographies? And how do we plan to scale up this part of the business? Anubhav Gupta: Rishab. This is Anubhav Gupta. So there are 2 variables, right, in our strategy to get into a newer segment, which is tiles, and we started through Apollo Ceramics a subsidiary of Apollo Pipes Limited. Number 1 is that it's the extension of the broader building material category. Plumbing pipes go into a home building and the architects, contractors and homeowners also, right? So influencers are kind of similar to decide on the brand for the plumbing fittings plus the tiles for flooring. So at some point, it will be good to launch this product into our own brand and distribute it and benefit from the APL Apollo building product umbrella, which is selling almost INR30,000 crores worth of goods in India on an annualized basis. Second thought process is that, I mean, to -- because it will have a long learning curve. We have not had experience of doing business in tiles category. So what we are doing is that we have acquired existing running operational assets, right, in Morbi, which is a hub for tiles manufacturing. These are profitable units, okay, which we have already acquired or we are going to acquire in next few quarters. And they are already supplying the material to branded players, right? Top 7, 8 brands are already registered with those units, and they are already supplying on a regular basis. So our thought process is that through acquisition of such operational assets and being able to service larger brands, our learning curve can be shortened up. And it will give us a lot of experience to enter into branded category whenever we decide. But for next few years, we don't have like immediate vision to launch our own line of brand. First, we need to cater to the existing brands through contract manufacturing. And it's a massive business in Morbi, almost INR25,000 crores to INR30,000 crores worth of tiles are being manufactured. And out of those, we believe that INR10,000 crores worth of tiles are sold to top 10 branded organized tiles manufacturers. So there is good scope of consolidation in Morbi. The branded players will be having much more comfort dealing with an organized player like Apollo versus right now mom-and-pop factories in Morbi. So we see a very large opportunity to consolidate this segment and offer contract manufacturing services to organized brands. And at Page 3 of 12 Apollo Pipes Limited November 06, 2026 some point, whenever we feel there is a need to launch APL Apollo line of products, we will see into it. But right now, there is no focus. And the return on investment, what we are looking to achieve through these investments is between 15% to 20% right at ROC level. And the timelines will not be too much stretch because, like I said, these are already profitable units. We are not acquiring any loss-making or NCLT units. These are operational profitable units with good tie-ups with all the large brands of the country. Rishab: Are these entities exporting as well? Or are we supplying to domestic market o [Showing first 8,000 characters — download PDF for full document]