APL Apollo Tubes: Largest Maker of ERW Pipes in India, Gaining Market Share

Viraj Mehta of Equirus Long Horizon Fund presented his in-depth investment thesis on APL Apollo Tubes (NSE: APLAPOLLO) at Asian Investing Summit 2018.

Thesis summary:

APL Apollo Tubes is the largest manufacturer of electric resistance welded (ERW) pipes in India. It has an installed capacity of 1.8 million tons per annum (MTPA) and is expanding it to 2.5 MTPA in two phases. APL Apollo is the fastest-growing ERW pipe company in India and is more than double the size of the closest competitor. It has consistently grown market share, from 3% to 13% over a decade.

APL has strong competitive advantages, including lowest cost of production, lowest cost of conversion, along with lowest cost of fixed capital formation. Viraj considers those advantages to be sustainable over a long period. APL Apollo has a pan-India presence. It has one of the largest distribution networks in the industry, adding to the company’s competitive position.

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About the instructor:

Viraj Mehta serves as Fund Manager of the Equirus Long Horizon Fund, a long-only fund. Viraj has over eight years of experience in the field of investing. He was selected by the Wall Street Journal as part of “Asia’s Master Stock Picker” series for India. He was previously a member of the fund management team at Franklin Templeton Investments, managing $6 billion in assets. Viraj was the lead analyst for the small companies fund at Franklin Templeton.