Astral Ltd.'s Q4FY26 result was broadly in-line with our estimates on net sales and EBITDA, while PAT was a disappointment. The management indicated that the three-year polymer deflation cycle has bottomed out, giving way to an inflationary trend. Prices are expected to rise further due to the reinstatement of a 7.5% to 8% import duty on polymers effective July 1. Elevated polymer price volatility and working capital constraints are placing severe operational pressure on unorganized, small-scale piping manufacturers. This landscape shift is accelerating market share consolidation in favor of large, organized sector...