We recently met the management of APL Apollo Tubes (APL) to understand its business model and long term prospects. APL is one of the leading ERW steel tubes manufacturers in India. The product range of the company comprises four major types of pipes/tubes, viz. hollow section pipes, round pipes (black), pre-galvanised tubes (GP) and galvanised tubes (GI). In terms of product-wise revenue break-up, for 9MFY17, hollow section pipes contributed 46.1% to the topline while pregalvanised (GP), round pipes (black), galvanised tubes (GI) and others (trading & scrap) contributed 22.6%, 14.7%,14.1% and 2.5% of the...