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Systematix Research Report
Apollo Pipes Ltd. expanded the fastest among listed peers over FY18-22 at 12% volume and 28% revenue compound annual growth rate. Through its extensive product offerings (pipes to fittings, water tanks and bathware products), the company seeks to achieve 25% plus revenue CAGR over the next three years.
From a north focused company, Apollo Pipes' plants are now located pan India with 125,200 million tonnes per annum total capacity (from 60,000 mtpa in FY18, mostly added in the non-northern markets).
Apollo Pipes will continue to lead industry performance (15%/16%/23%/27% CAGR in volume/revenue/Ebitda/profit after tax over FY22- 25E), in our view, through key long-term growth drivers, which involve-
focusing on the high-margin value-added building product segment, and
fulfilling pan India aspiration of setting up plants in all regions, and achieving higher capacity utilisation.
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