31-Oct-2026 11:41:25

APOLLOPIPE : ICRA UPGRADES CREDIT RATING TO AA- / A1+

• ICRA upgraded ratings on bank facilities aggregating ₹150 Cr to [ICRA]AA- (Stable)/[ICRA]A1+ from [ICRA]A+ (Stable)/[ICRA]A1 • Rationale cites deeper integration with APL Apollo Group, with Sanjay Gupta as Chairman and increased ownership • Expected benefit from APL Apollo Tubes' distribution and dealer network, especially in south and western markets • FY26 revenue declined ~6% YoY on lower PVC resin realisations; consolidated volume rose 4% YoY • Q1 FY27 revenue grew ~7% YoY and volumes ~3% YoY, but operating margin fell to 1.0% on inventory losses and Varanasi ramp-up

Apollo Pipes Limited

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