Astral Ltd. share price target

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...

We maintain our BUY rating on the stock.

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

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...

We maintain our BUY recommendation on the stock.

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....

Reported strong performance for core pipe as well as the domestic adhesive business in Q2

The company plans to start its CPVC resin plant in Sep’26, leveraging low-cost operational capacity in India, where supply is currently limited.

We recommend a BUY on the stock with a target price of Rs 1,570/share, implying an upside of 10% from the CMP.

PVC pipe demand is expected to rebound from Q2FY26 after a subdued start in Q1, which was hit by declining PVC prices, early monsoons, lower government spending and inventory losses.

Astral reported a lower-than-expected Q1FY26 with pipe volume growth of 0.5% YoY (6-year CAGR of 10%). Consol. revenue fell 1.6% YoY with pipes/adhesives segments being -6.7%/+8.6% YoY. Pipes’ reported EBITDA/kg declined 14.3% YoY to INR 27.9/kg (adjusted for inventory losses of INR 250mn, it was flat YoY).

Astral Ltd.'s Q1FY26 result was below our estimates on key parameters. Though Q1 typically sees higher PVC volume due to agricultural demand, this quarter was impacted due to early monsoon which reduced CPVC volume and valueadded products. Further, plumbing segment volume remained flat in Q1 due to low demand, early monsoon, and low government spending. During the quarter polymer prices were volatile resulting into inventory losses and affected on realization. Despite headwinds, the management is confident of achieving double-digit growth for FY26. We have reduced our net sales/EBITDA estimates by 6%/14% and 6%/11% respectively over FY26E/FY27E. Maintain BUY with a...

We maintain our BUY recommendation on the stock.

Astral Ltd (ASTRA) has reported flat volume growth of 0.5% in the plastic pipe segment due to weak demand scenario and delays in ADD on PVC resin. Its plumbing EBITDA margin contracted by 150bps YoY to 16.4%, with EBITDA per kg for the plastic pipe segment at Rs 27.9 after inventory loss of Rs 250mn in Q1FY26. During the quarter, PVC prices declined by 14% YoY. However, from Q2FY26, prices stabilized, and volumes began to recover. In July'25, the company recorded a 30% YoY volume growth. We anticipate ASTRA will...

Reported weak performance for its core pipe business as well as the non-pipe segments in Q1

We recommend a BUY on the stock with a TP of Rs 1,680/share, implying an upside potential of 12% from the CMP.