Navigating market challenges

03 Apr 2024
5 Min read 
  • APL Apollo Tubes ended FY24 with a healthy sales volume growth of ~15% YoY.
  •  The overall demand scenario in the domestic structural tubes industry is expected to remain weak.
  •  Majority of dealers are operating with minimum inventory levels due to weak demand and high holding costs.
  •  Demand is expected to recover strongly post-general elections, aided by infrastructure spending and restocking of inventory.
  •  APL Apollo Tubes is expanding internationally with a manufacturing plant in Dubai and warehouses in key cities.
  •  FY24E EPS is reduced by 5%, but the stock is valued at 32x FY26E EPS with a TP of INR1,800.
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