Apollo Pipes (APOLP) is engaged in manufacturing of PVC pipes, HDPE products and fittings since the last two decades. In the last 5 years, revenues/EBITDA/PAT grew 32.2%/37.8%/15.7% on back of 15% volume growth. The key takeaways from our discussion with the management are: 1) Expect 30% volume CAGR over FY19-21 on back of industry growth of 78% driven by government investment in irrigation, housing & sanitation. 2) The Nal se Jal campaign (operational from FY21) will benefit PVC pipe manufacturers as it will be used for last mile connectivity. APOLP is in the process of registering with state boards such as Punjab, Uttaranchal,...