Astral Ltd. share price target

Astral (ASTRA)’s revenue/EBITDA/PAT grew 16%/25%/48% YoY, but missed our estimates by 5-13%. Gross margin stood at 40.6%, hit by partial pass through of RM cost inflation.

We value the company at 49x FY28E EPS and maintain our BUY recommendation on the stock with a TP of Rs 1,680/share.

Astral announced to demerge its Adhesives business to a new to-be listed entity Astral Chemie Ltd

CPVC piping in India. As of FY26, it has 21 manufacturing units with an aggregate capacity of 5.97 lakh TPA (4.2 lakh TPA Pipes, Water tanks & Bathware, 1.4 lakh TPA Adhesives & Sealants, 36000 TPA Paints). It has a strong network of over 2.7 lakh dealers and 3990+ distributors. Demerger of chemical business: Astral, at its board meet held on June 25, 2026, considered and approved the composite scheme of arrangement, wherein 1) its chemical business undertaking would be demerged and transferred to Astral Chemie and 2) Al-Aziz plastics would be amalgamated into Astral. Resultantly, post...

Astral Ltd has announced the demerger of its businesses into Astral Ltd. (Plumbing) and Astral Chemie (Adhesives, Paints & Specialty Chemicals), wherein management outlined the strategic rationale behind creating two focused entities with independent capital allocation, dedicated management teams and enhanced operational efficiency. Management highlighted that the restructuring will enable each business to pursue its own growth strategy while improving financial transparency through separate reporting from Q1FY27 onwards. The Plumbing business is expected to benefit from the upcoming CPVC backward integration, continued product additions and healthy...

Astral’s (ASTRA) Board has approved the business restructuring plan to consolidate its Plumbing and Chemical businesses into separate entities.

Healthy growth outlook across verticals for FY27 Q4FY26 performance: Astral reported strong Q4FY26 performance with consolidated revenue rising 24% YoY to 2,089 crore, driven by both plumbing (revenues up 25% at 1534 crore) and Paints & adhesives (up 22% YoY at 554 crore). Plumbing volumes were up 24% YoY (up 36% QoQ) at 84,041 MT. Consol. EBITDA increased 27% YoY to 383 crore, while EBITDA margins improved 38 bps YoY to 18.3%. EBITDA margins (including other income) for plumbing was up by 252bps YoY at 23% and for paints & adhesives was down by 457bps YoY at 9% (due...

Astral delivered broadly an in-line performance in Q4FY26 with 24.2/26.8/26.9% y/y growth in revenue/EBITDA/APAT. Notably, it has reported industry leading volume growth and margin for the three consecutive quarters.

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...

Our estimates remain broadly in line with the company's double-digit growth guidance and improving margins, supported by capex monetisation. We continue to value the stock at a 51x FY28E to arrive at a TP of Rs 1,750/share, implying an upside of 21% from the CMP. We maintain our BUY rating.

Q4FY26 financial performance: Revenues grew by 24.2% YoY to INR 20.9bn (PLe: INR21.7bn) led by healthy volume growth of 24.2% YoY in plumbing segment (Ple: 25.0%). Gross margin expanded by 80bps to 40.2%, (PLe: 39.1%). EBITDA stood at INR...

Astral Ltd.'s Q3FY26 result was broadly in-line with our estimates on key parameters. above our estimates on key parameters. The polymer industry has faced extreme volatility and uncertainty, though management believes a price bottom has formed with an upward journey now beginning. PVC prices saw a hike of roughly Rs7 in early 2026; the company has passed on Rs5 to the market and expects stabilization after a potential slight further increase. The management observed that on-ground demand started picking up in January and February 2026, leading to a more bullish outlook for the fourth quarter. Q3...

Broadly in-line performance, revenue /EBITDA/ Adj PAT was 2% above our estimates

We maintain our BUY rating on the stock.

Astral reported a decent quarter with volume growth of ~17% YoY to 61.7k MT, whereas realization declined 7% to INR174/kg, resulting in overall revenue growth of ~10% YoY.

CPVC piping in India. As of FY25, it has 26 manufacturing units with an aggregate capacity of 5.49 lakh TPA (3.8 lakh TPA Pipes, Water tanks & Bathware, 1.3 lakh TPA Adhesives & Sealants, 36000 TPA Paints). It has a strong network of over 2.5...

Astral Ltd.'s Q2FY26 result was above our estimates on key parameters. The management guided that overall demand was weak in the industry, and the second quarter was particularly challenging due to very high and extended monsoon, low government spending, and slow construction activity. Despite challenging business environment, Astral delivered healthy performance in Q2FY26, achieving 20% volume growth and 15% value growth on a consolidated basis. The company's decentralized plant structure helped gain market share and resulted in strong growing demand, despite the overall industry weakness....

We maintain our BUY recommendation on the stock.