External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We expect it continue to trade at such premium multiple and initiate coverage on APL with a BUY rating at a TP of INR2,226/share (35x FY24E EPS). APL Apollo Tubes (APL) is Indias leading structural steel tube manufacturer with a capacity of 2.6 million tonne per annum (mtpa) and a pan-India presence. APLs market share enhanced from 27% in FY16 to 50% in FY21, led by a strong distribution network, branding, offering of customized &amp; innovative products and capacity enhancement. APLs strategy to focus on rural areas and tier 2/3 cities paid off well during the reverse migration last year.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We expect it continue to trade at such premium multiple and initiate coverage on APL with a BUY rating at a TP of INR2,226/share (35x FY24E EPS). APL Apollo Tubes (APL) is Indias leading structural steel tube manufacturer with a capacity of 2.6 million tonne per annum (mtpa) and a pan-India presence. APLs market share enhanced from 27% in FY16 to 50% in FY21, led by a strong distribution network, branding, offering of customized &amp; innovative products and capacity enhancement. APLs strategy to focus on rural areas and tier 2/3 cities paid off well during the reverse migration last year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APL Apollo Tubes (Initiating coverage): Journey from a semi-commodity player to a branded one. BUY

Apl Apollo Tubes

APL Apollo Tubes (Initiating coverage): Journey from a semi-commodity player to a branded one. BUY