APL Apollo Tubes Ltd. share price target

Recommendation: We recommend a BUY with a near-term TP of Rs 1200 share, implying an upside of 10% from the CMP.

Recommendation: With the Raipur plant moving to positive operating leverage and EBITDA spreads likely to improve further in future, we maintain our BUY rating on the stock.

APL Apollo’s (APL) Q4FY23 EBITDA was 2% and 13% ahead of street and our estimates, respectively. Key takeaways: 1) sales volume touched a record 650kte (up 18% YoY) on higher shipments across segments; 2) profitability improved in all segments driven by favourable costs and higher volumes.

We maintain our BUY rating on the stock and continue to value it at 31x PE of Mar'25E EPS.

APL Apollo’s (APL) Q3FY23 EBITDA was 6% and 13% ahead of street and our estimates, respectively. Key takeaways: 1) Record sales volume of 605kte (up 50% YoY) on higher shipments across segments.