Astral Ltd. share price target

In Q4FY24, Astral reported strong pipes volume growth of 22.8% YoY (3-year CAGR of 16.3%). Consol. revenue grew 7.9% YoY with pipes/adhesives segments growing 8.1%/7.3% YoY.

The management has guided for 15% consolidated revenue growth for the next 5 years. We have HOLD on the stock.

Plumbing volume shines; outlook promising

EBITDA miss by 6% compared to our estimate on continued weak performance of paints and adhesives segment

The management has g The management has guided 15% consolidated revenue growth for the next 5 years.uided 15% consolidated revenue growth for the next 5 years. Recommendation: HOLD

NAM: Strong growth but upside capped cut to HOLD. APOLP: Disappointing result on all fronts. ITC: Cigarette and paperboard businesses disappoint. LT: Order inflow guidance raised; maintain BUY. NTPC: Normal quarter, aggressive expansion; maintain BUY. MRCO: Domestic business still lacklustre. UTIAM: Core earnings miss estimates. ASTRA: Mixed quarter, guidance broadly intact

Topline in line at Rs 13.7bn; miss at EBITDA level on one-off expense and MTM inventory loss