Kisan Mouldings is a plastic-pipe maker that was pulled back from the brink. After three decades building a recognised brand in Indian plumbing and irrigation, the company was acquired by the larger Apollo Pipes Limited in March 2024 in a deal that cleared its bank debts and handed over control. The recurring idea is simple: make a wide range of pipes and fittings under one roof, sell them through a network of distributors and depots across India, and let the “Kisan” and “KML Classic” brands do the pulling - a one-stop shop for the pipes that carry water into homes, farms and buildings.
Business segments
Two engines, one dominant - a plastic-piping platform that supplies everything from bathroom plumbing to farm irrigation, and a small moulded-furniture line that runs on the same factory floors.
1. Plastic piping systems: the one-stop pipe shop
KML makes the pipes, fittings and solvent cements that plumb a building, drain a field or irrigate a crop - and it sells them as a single basket to distributors who then reach builders, farmers and hardware stores.
- Full-range catalogue - the portfolio spans CPVC pipes for hot and cold water, UPVC pipes for drinking water, soil-and-waste pipes for drainage, irrigation systems, and the solvents used to join them all, together covering plumbing, drainage, agriculture and rainwater harvesting. That breadth lets a distributor buy most of what a construction site or farm needs from one supplier.
- Made in two plants - manufacturing runs at Boisar (Maharashtra) and Khadoli (Silvassa), where the company processes roughly 20,000-40,000 metric tonnes of polymer a year into pipes, fittings and allied products. The CPVC line sits at Boisar and uses resin and technology from Japan, while the UPVC pipes come from Tarapur plants.
- Brand-led distribution - products go to market under the “Kisan” and “KML Classic” names through independent distributors, backed by strategically placed depots and warehouses that push inventory closer to customers. The company also runs dealer meets and plumber-engagement programmes to keep the network sticky.
- Riding government plumbing - demand is tied to public programmes that lay pipes across the country: the Jal Jeevan Mission for tap-water connections, AMRUT for urban water and sewage, Swachh Bharat for sanitation, and PMKSY for farm irrigation. Because roughly half of India’s farmland still depends on the monsoon, irrigation piping gets a structural push every time the government spends on water.
- Sold to the parent too - KML also supplies finished pipes, fittings and tubes to its holding company Apollo Pipes Limited at competitive market prices, so part of the output flows straight into a sister network.
2. Moulded furniture: plastic chairs from the pipe factory
A small side business that turns virgin polypropylene into chairs, dining tables and centre tables for homes and offices, made on the same manufacturing footprint.
- Same plants, different moulds - the furniture is injection-moulded from high-quality virgin polypropylene, using the company’s existing custom-moulding capability. It is a natural extension of the plastics-processing know-how already on the shop floor.
- Sold alongside pipes - the furniture reaches buyers through the same independent-distributor channel that carries the piping range, so it adds a few extra SKUs to the distributor’s truck without needing a separate sales force.
Group structure and partners
KML is now a subsidiary of Apollo Pipes Limited, which holds a 61.94% stake and is in the process of absorbing the company entirely.
- Acquired and debt-cleared - Apollo Pipes took control in March 2024 by subscribing to a preferential allotment of 6.4 crore shares, and the ₹138 crore raised was used to settle dues with Punjab National Bank and three other consortium banks under a one-time settlement.
- Stake built further - Apollo Pipes later bought additional shares from the open market, taking its holding to 69.67% before settling at 61.94% as of the latest annual report.
- Legacy promoters stepping back - the original promoter group has sought and largely received regulatory approval to reclassify itself as public shareholders, so the company is moving toward having no identified promoter group at all.
- Small green-energy side bet - KML has invested about ₹1.26 crore in Sunsure SolarPark Thirty One Private Limited, a move described as strategic for procuring renewable energy.