Apollo Pipes Ltd announced ratings upgrades and downgrades across various instruments by ICRA, alongside other financial updates. ICRA upgraded the ratings for Long term/Short term – Fund based - Cash credit, Long term/Short term – Non-fund based - Others, Fund based - Cash credit, and Long term/Short term - Non - fund based - Others, all amounting to a total of Rs. 150.00, from [ICRA]A+(Stable)/[ICRA]A1 to [ICRA]AA - (Stable)/[ICRA]A1+, with RBI involvement for certain facilities; however, ICRA also noted a downgrade in interest coverage (to 6.5 times in FY2026 from 8.0 times in FY2025), total debt/OPBDITA (to 1.7 times in FY2026 from 0.9 times in FY2025), and NCA/total debt (to 46% in FY2026 from 80% in FY2025) for debt amounting to Rs. 123.4 crore, while fund based – Working capital facilities maintain ratings of [ICRA]A and [ICRA]A+ with stable outlooks expiring on October 30, 2026 and July 14, 2025 respectively, and non -fund based limits hold ratings of [ICRA]A and [ICRA]A+ also with stable outlooks expiring on October 30, 2026 and July 14, 2025. The company’s total debt increased to Rs. 123.4 crore as of March 31, 2026, from Rs. 91.8 crore as of March 31, 2025, and a proposed issuance of Fully Convertible Warrants worth Rs. 189.1 crore and Kitara Capital Warrants worth Rs. 82.5 crore are planned to provide funding support.