Yes, you are correct. Given the strong tailwind of (1) broader end usage and (2) market consolidation - the bigger established players with access to better technology can capture incremental market share on higher margin products.
This is the same playbook we have seen playing out for CPVC players, where despite being a commodity all players (Astral, Supreme, Aashirwad) have faired well.
One should brace for volatility, as we have seen in the past for both APLapollo and JTL.
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