ASTRAL
Mid CapAstral Limited
Industrials
Astral Limited is an Indian manufacturer of plumbing, drainage, and fire protection piping systems. The company has diversified into adhesives, sealants, and paints, emphasizing innovation, backward integration, and expanding its product portfolio and distribution network across these segments.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +24% YoY · PAT +20% YoY · +35% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,088 Cr | +24.2% | +35.4% |
| EBITDA | ₹383 Cr | +26.8% | +61.6% |
| Operating margin | 18.0% | +0 bps | +300 bps |
| PAT | ₹213 Cr | +19.7% | +97.2% |
| PAT margin | 10.2% | -39 bps | +320 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Management projects strong FY27 value growth for piping (18-25%) driven by polymer price inflation and 8-15% volume growth. Adhesive and paint segments target 15-20% and 25-30% growth respectively, with UK business turning EBITDA positive.
Management is executing on strategic diversification and backward integration, with key projects like CPVC resin manufacturing nearing commissioning. While some segments faced past challenges (UK, Paints), they are now showing signs of recovery and growth. The focus on innovation and distribution expansion supports long-term growth.
CPVC Backward Integration
Backward integration of CPVC which is going to be a game changer for Astral. Our margins were 12% EBITA. We increased from 12% today to 16 to 18%. Now we are going further backward integration which is more better.
New Product Launches & Innovation
Continuously investing into the R&D and try to see that how best way we can bring new products on to the table. We have more than 56 products. On the bathware side, we are growing at 25-30% sort of CAGAR.
Distribution Expansion & Depth
Last year itself we've added 20% more channel partners. Added 300 new distributors last year, 7,000 retailers, 100 plus geographies.
Adhesive & Paints Scale-up
Adhesive is growing at a good pace. The vision is to touch 2000 as fast as we can and we are sure that in next 3 to four years we'll be touching 2000 plus in Indian revenue. Targeting to reach 1,000 crores in next 3 to four years and even cross that for paints.
CPVC Resin Plant
CPVC R&D started four years back. Machineries have also started arriving in. By December trials will start. Q4 we should be ready for the commercial production. Initial capacity 40,000 metric ton, expandable to one lakh.
PEX Aluminum PEX Line
PEX line is one of the most advanced lines in India. Machines arrived last week, by September should be up and running. Single line can take care of about 350 to 400 odd crores of top line.
Kanpur and Hyderabad Plants
Last year we commissioned the Kanpur plant and the Hyderabad also. This is helping us to gain market share due to proximity to market.
Polymer Price Inflation
This is the first time after 3 year we are seeing that now there is a regular inflationary trend will start and this year we are expecting at least 10% kind of inflation will be there. This will boost top line.
Industry Consolidation
Bigger players are going to get more and more bigger. Smaller companies are getting butchered in this environment because if the polymer prices are going to go up, there is going to be a big challenge of working capital.
Government Infrastructure Spending
Lot of infrastructure spending announcement government has done, including Jal Jeevan mission and Pradhan Mantri Awas scheme. Budgetary allocation is very high.
Polymer Price Volatility
Polymer cycle is still we are not expecting to be a stable kind of cycle. Still volatility is going to be there. Till the war kind of situation is not going to be completely settled down.
Competition in New Segments
Challenging the legacy brand is always a big big challenge but we are lucky that we are now getting into the right direction (Paints).
Past Mismanagement (UK)
UK had its own issues. Our promoter who was with us cashed out most of it and then there was a bit of mismanagement done.
Execution Risk for CPVC Plant
End of the day it is a chemical plant. So maybe one or two month can be here and there. So safely you can project in your number for the next year full year.
Polymer Price Volatility
Till the war kind of situation is not going to be completely settled down. We are of the view that polymer is going to be remain on a volatile side and more on the upward side than the downward side.
New Product Acceptance & Copycats
People will follow Astral. People will do copy for Astral but copy doesn't have a brain. Most of the players have done lot of copy of Astral but there they have miserably failed also.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for assessing the impact of strategic shifts, annual growth targets, and the cyclical nature of polymer prices. QoQ is relevant for monitoring the sequential ramp-up of new capacities and the turnaround of specific businesses like UK operations.
Piping Volume Growth (FY27 Outlook)
Industry should grow somewhere around 8% kind of volume in FY27. FY27 we are expecting that the volume should be in the range of 10 to 15%.
Piping Value Growth (FY27 Outlook)
If the volume growth will be 8%, then the value will be 18%. If 15% volume growth comes if 10% bottom even if come then also value growth will be 20%.
Piping Capacity Utilization (Q4)
Utilization of plant in the last quarter Q4 our capacity is 4 lakh something and we have sold 84000 Matrix almost more than 80% utilization.
Faucets Project Order Pipeline
Project pipeline is more than 100 crores as of today.
Vision 2050 for New Products
Products that are first in India, relatively low competition, predominantly imported and sold in India, and products that have a good future considering how the Indian construction industry is evolving.
Diversification Complete, Focus on Scale
We also are not looking at any other segments now than whatever the four segments we are in. The foundation is ready, platform is ready, now the time has come to scale.
Digitalization & Channel Partner Support
Spending lot of money into the digitalization. More transparency will be there. Giving the fastest credit note to our distributor because we understand that for any distributor the working capital is the key.
M&A Strategy
M&A side activity will continue. If we get a good opportunity or right opportunity at a right valuation we are always ready to take and grab that opportunity.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CPVC Resin Plant Commercial Production | Trials expected by December, Q4 FY27 commercial production targeted. | Timely commissioning and ramp-up of the 40,000 MT CPVC resin plant, and subsequent expansion to 1 lakh MT. |
| Paints Segment EBITDA Positivity | FY26 saw 23% growth, last quarter 31%. | Achievement of positive EBITDA for the paints business in FY27, alongside 25-30% growth. |
| Adhesive India Revenue Target | India CAGR more than 15% over last decade. | Progress towards the vision of touching 2000 crores in Indian adhesive revenue within the next 3-4 years. |
| UK Business Growth & EBITDA | Last quarter 22.9% growth in bond product, 6.5% positive EBITDA. | Sustained double-digit growth and 8-10% plus EBITDA margin for the UK business in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +1.5% / mo
Technical chart
ASTRALdaily · 5Y-1.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -302.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 8/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 80th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 80th pctile, median 68 · Mid: 56th pctile, median 76
61 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.5%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 73.70
- P/B
- 10.01
- EV/EBITDA
- 30.18
- Market Cap
- 40609.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 19.90%
- ROA
- 9.21%
- Dividend Y
- 0.25%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 16.59×
- Altman Z
- 8.96
- Book Value
- 151.00
Cash Flow
- FCF Yield
- 1.50%
- FCF Positive Y
- 10/5
- OCF
- 1117.00 Cr
- EPS TTM
- 19.90
Shareholding
- Promoter Hold
- 54.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 49%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.