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Motilal Oswal Report
APL Apollo Tubes Ltd. over the years has created a moat with its strong execution capability, scalability, a wider distributor network, diversified plant locations and innovation of diverse applications for structural tubes.
The company is far ahead of its competitor with large manufacturing capacity of 2.6 metric million tonne (excluding newly commissioned Raipur plant of 1 mmt), a diversified portfolio of over 1,500 stock keeping unites and a huge distribution network of over 800 distributors as on FY22.
The Indian structural tubes market is expected to reach ~22 mmt by CY30E from 4 mmt in CY19 (~17% compound annual growth rate).
APL Apollo Tubes is set to capture a larger share of the growing market by adding capacity and expanding applications in diverse areas.
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