Analysts/Institutional Investor Meet/Con. Call Updates

August 03, 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 July 28, 2026, regarding the Conference Call, which was held on Friday, July 31, 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 Q1 FY27 Earnings Conference Call” July 31, 2026 MANAGEMENT: MR. SAMEER GUPTA –MANAGING DIRECTOR, APOLLO PIPES LIMITED MR. ARUN AGARWAL – JOINT MANAGING DIRECTOR, APOLLO PIPES LIMITED MR. A.K. JAIN – CHIEF FINANCIAL OFFICER, APOLLO PIPES LIMITED MR. ANUBHAV GUPTA – GROUP CHIEF STRATEGY OFFICER, APOLLO PIPES LIMITED MODERATOR: MR. AASIM BHARDE – DAM CAPITAL ADVISORS LIMITED Page 1 of 12 Apollo Pipes Limited July 31, 2026 Moderator: Ladies and Gentlemen, Good Day and Welcome to the Apollo Pipes Q1 FY27 Earnings Conference Call hosted by DAM Capital. 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 calls, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aasim from DAM Capital. Thank you and over to you, sir. Aasim Bharde: Thank you, Shruti, and good afternoon to everyone. It is a pleasure to welcome you all on Apollo Pipes Q1 FY27 Earnings Call. So, we have the leadership team of Apollo Pipes with us who will take us through the quarterly results and then we can open up to questions post the Management Team's comments. I now hand the call to Mr. Sameer Gupta –Managing Director. Over to you, Mr. Gupta. Sameer Gupta: Thank you. Good afternoon, everyone. This is Sameer Gupta. I have joined today with Mr. Arun Agarwal – JMD, Mr. Ajay Kumar Jain – CFO, Mr. Anubhav Gupta, – Group CSO. I would like to extend a warm welcome to all of you to our Q1 FY27 Earnings Call. The start of FY27 has been soft as geopolitical situation continue to disrupt global supply chain. The volatility in PVC resin prices was even higher in Q1 FY27 with prices falling by Rs.32 per Kg in April followed by a little in May, but prices fell again by Rs.5 per Kg in June. Our focus was to ride this tide without hurting our balance sheet and losing market share. Apollo Pipes Q1 FY27 total sales volume was flat YoY. Needless to say that both primary and secondary demand in April were worst due to extreme price drop of 30% in first 20 days, but it started to recover May onwards. Our consol EBITDA was hurt due to inventory write-downs, aggressive pricing and fixed expenses for our new business verticals. Our normalized business EBITDA margins were 7% on consolidated basis. Now, the focus is to sustain EBITDA margins and increased volume in high double-digit. This will be supported by our newly commissioned Varanasi plant and continuous ramp-up of Maharashtra plant. Page 2 of 12 Apollo Pipes Limited July 31, 2026 Looking at the current scenario, I believe the second half will be much better than the first half as the monsoon impact will be over for the construction industry to perform better. That concludes our opening remarks. Now, we are glad to take questions. Thank you. Moderator: We will now begin the question-and-answer session. The first question is from the line of Sneha from Nuvama. Please proceed. Sneha: Hi, team. Good afternoon. Just a couple of questions from my end. I just wanted to gauge the current scenario. What is the impact of the recently imposed MIP as per you? What it does in terms of PVC pricing and how are we passing that on ground at this point of time? Sameer Gupta: Hi, Sneha. The current MIP was applied around 12-days back and it is $766 per MT, which in Indian terms amounts to Rs.82 approximately per Kg on export basis. So, the current reliance price is slightly above this price and the market is again near to the reliance price or you can say 1% or 2% above this market price. So, the overall premium is there right now because of the MIP and because of some shortage because of the steep falls in the Q1. People are not very keen to keep inventories with them because of that disturbed global scenario. So, the market is there despite that monsoon is there, the premium is there and the demand is also good because of the low inventories with the channel partners. So, put together, you can say the prices are stable to little bit of, you can say downwards in the next few weeks, but not too much scope is there because of the MIP that price will be settled to the level of Rs.82. It cannot go below that as MIP has been fixed by the Indian government. So, we feel that the prices should remain stable in the near future. Sneha: And secondly, how is the demand on ground at this point of time? What was the reason for sector in not being in double digits or the way that we were anticipating earlier? Was it agri which was bad or was it the real estate demand which is hit and currently what is the situation on ground? Anubhav Gupta: So, Sneha, Anubhav here. See, I mean if we talk about Quarter 1, April month was pretty bad because of almost 30% decline in the PPC prices. So, both real estate and agri demand suffered because of that. Then in May and June, the prices became slightly stable and that also got into good momentum for sales both at primary and secondary level. July is also doing decently well in line with how May and June performed. And now that monsoon is at its peak, in maybe next 15-20 days, overall demand should be slightly soft. But as the monsoon goes away, the construction activity will pick up strongly and it will push demand at both primary and secondary level. And that is how we also project our sales momentum for FY27, that Q1 was soft of course, flattish YoY, but Quarter 2 will be better than Quarter 1 on QoQ basis and then second half will be quite good compared to the first half. Page 3 of 12 Apollo Pipes Limited July 31, 2026 Sneha: Understood. And lastly, on the margins front, I think in your opening remarks, you did mention that there were certain one-offs related to new businesses. Could you quantify those one-offs? Anubhav Gupta: So, one is the Varanasi plant, which is ramping up. So, some upfront costs linked to that. And secondly, the Window profile business also, because it is a direct D2C product offering. So, there are some additional salary costs, which we took up to build a team at the ground level. Sneha: Could you quantify any of these? Anubhav Gupta: How I would like to tell about margins in Quarter 1 is that the normalized business margins at EBITDA level were like 7% for the consolidated business, out of which 8% was for Apollo standalone and 6% was for Kisan standalone. So, overall, at consol level, it was at 7%. At Apollo standalone level, because of Varanasi and Window profile, 0.5% will be the additional cost, right, due to the new businesses, and rest was the inventory write-down from the P&L. Sneha: I understood. And lastly, where does now your guidance stand at both in terms of volumes as well as margins? Anubhav Gupta: So, in terms of volume, we are confident of high double-digit volume growth for next coming years, including FY27. Okay? Like I said, Quarter 1 was soft, but Q2 is definitely going to be better tha [Showing first 8,000 characters — download PDF for full document]