NSE: ASTRAL · BSE: 532830
ASTRAL LIMITED
Manufactures and sells plumbing products and paints, adhesives, and construction chemicals through two reporting segments. The Plumbing segment, which made up 71.2% of FY26 segment revenue at ₹4,678.7 crore, supplies pipes and fittings through a network of 3,990 distributors. The Paints and Adhesives segment generated 28.8% of segment revenue at ₹1,889.9 crore, covering adhesives, sealants, and construction chemicals. The business operates 21 plants, sells in 40 countries, and employs 11,216 people. Materials and components are the largest cost, accounting for 58.7% of revenue, with EBITDA margin of 16.5% in FY26. The Board approved a demerger of the Chemicals Business (₹1,266 crore turnover, 21% of FY26 total) into wholly-owned subsidiary Astral Chemie in June 2026, but withdrew the scheme in late July 2026 after an independent consultant found the demerger unsuitable at current scale. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plumbing (71%), Paints and Adhesives (29%). Multi-product plastic products manufacturer with a dominant plumbing segment
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,394 | 5,159 | 5,641 | 5,832 | 6,569 |
| EBITDA (ex other income) | 755 | 808 | 918 | 946 | 1,039 |
| margin % | 17.2 | 15.7 | 16.3 | 16.2 | 15.8 |
| Owners' profit | 484 | 457 | 546 | 524 | 537 |
| EPS, as reported (₹) | 24.08 | 17.00 | 20.33 | 6.67 | 19.97 |
| ROE % · ROCE % | 20.7 · 27.1 | 16.0 · 20.7 | 16.7 · 22.6 | 14.1 · 19.0 | 13.2 · 18.4 |
| Debt / equity (x) | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 |
| Cash from operations | 543 | 557 | 823 | 630 | 1,117 |
| Capex | (346) | (311) | (554) | (545) | (459) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,370 | 1,397 | 1,681 | 1,361 | 1,577 | 1,542 | 2,089 | 1,578 |
| Profit before tax | 149 | 154 | 236 | 110 | 180 | 144 | 297 | 163 |
| Net profit | 109 | 113 | 178 | 79 | 135 | 108 | 213 | 120 |
| EPS (₹) | 4.10 | 4.25 | 6.67 | 3.02 | 5.02 | 4.01 | 7.93 | 4.47 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Plumbing | 4,679 | 71.2 |
| Paints and Adhesives | 1,890 | 28.8 |
| Total, before eliminations | 6,569 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED ◆ | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.5 | 14.4 | 44 of 46 | 4% |
| P/B | 9.0 | 1.6 | 41 of 42 | 2% |
| ROCE | 16.9 | 7.0 | 11 of 56 | 82% |
| ROE | 13.2 | 7.6 | 9 of 45 | 82% |
| Debt / Equity | 0.0 | 0.2 | 13 of 45 | 73% |
| EBITDA margin | 15.5 | 11.6 | 12 of 43 | 74% |
| Revenue growth | 15.9 | 10.6 | 22 of 49 | 56% |
| Profit growth | 51.8 | 20.7 | 19 of 47 | 61% |
| Market cap | 36600 | 126 | 2 of 55 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA quarterly compliance certificate submitted under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Astral management to attend Arihant Capital conference on 29 Sept 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Astral to attend Nuvama Emerging India CEO Forum on 28 Sept 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Astral Limited files revised AGM voting results after correction | management changes | medium | — | — |
| 24 Aug 2026 · Astral 30th AGM: 5 resolutions passed, MD re-appointment gets 81% support | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Astral 30th AGM held; 5 resolutions tabled including dividend and Managing Director re-appointment | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · Newspaper ad on IEPF share transfer for unclaimed dividends | compliance | minimal | — | — |
| 18 Aug 2026 · Earnings Call Transcript Submitted for 12th August 2026 | investor communications | medium | — | — |
| 13 Aug 2026 · Astral Q1 FY27 results published; profit falls 47 percent YoY | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.