Astral Poly Technik (APTL), a leader in CPVC piping, has 25% market share with total pipe manufacturing capacity of ~1.4 lakh tonnes. Over the years, APTL created a strong brand in Indian plumbing market registering healthy piping volume CAGR of 32% in FY09-16. We believe it will continue recording strong piping volume CAGR of 17% in FY17-19E supported by demand staying intact from various government social schemes & implementation of GST. Further, addition of adhesive business in the kitty is a step to de-risk business from concentration of one product. We expect...