Buy APL Apollo Tubes; target of Rs 2065: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on APL Apollo Tubes

APL Apollo Tubes (APAT) is the largest manufacturer of Structural Steel Tubes in India, which finds applications in residential and commercial buildings, warehouses, factories, Agriculture, and other Infrastructure works. It enjoys ~50% market share in India, and operates through a network of 10 plants, over 800 distributors, more than 1,500 SKUs, and 200,000 fabricators serving over 50,000 retailers.

Outlook

We estimate 20%/35% revenue/PAT CAGR over FY21-24E, led by increasing EBITDA/MT and higher sweating of assets. We value the stock at 35x Sep'23E EPS to arrive at our TP of INR2,065. We initiate coverage with a Buy rating.

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