ASTRAL

Astral share price & financials

Price
₹1,377.8
Market cap
₹39.9k Cr
Sector
Capital Goods
Calls analysed
5
Latest concall · Q1 FY27 · call held 12 Aug 2026

Astral Limited Q1 FY27

Consolidated EBITDA Margin 15.5% +1%

What went well

  • Astral achieved 10% value growth and flat volume growth in Q1 FY27, against an industry degrowth of approximately 10%.
  • Consolidated EBITDA margin improved to 15.5% in Q1 FY27 from 14.3% in Q1 FY26.
  • Plumbing business registered a 10.1% growth in revenue to INR 1,050 crores with an EBITDA margin of 18.9%.

What to watch

  • The polymer industry experienced high volatility and approximately 10% degrowth in Q1 FY27.
  • Adhesive India margins were under pressure in Q1 at 12.2% (vs 14% last year) due to high inventory costs from the previous quarter.
Read the full call →

What Astral Limited does

Astral Limited manufactures plastic piping systems (PVC, CPVC, HDPE) along with water tanks, bathware/faucets and specialised fittings for plumbing, drainage, agriculture, cable-protection, fire-protection and industrial applications, sold under the Astral Pipes brand. It also makes adhesives, sealants and construction chemicals (Bondtite, Resinova, Seal It, Bond It brands) and decorative and industrial paints (Astral Paints, Gem Paints). Products are manufactured at plants across India, the UK and the USA and reach customers through a network of depots, distributors and dealers, plus exports to over 40 countries.

Segments

  • Pipes, Fittings, Water Tanks & Bathware
  • Adhesives, Sealants & Construction Chemicals
  • Paints & Coatings
Manufacturing units
21
Manufacturing presence
India, UK and USA (3 countries)
Installed production capacity
597,089 MT per annum across pipes/tanks, adhesives and paints
Depots
54
Distributors
3,990+
Dealers
2,70,000+
Founded 1996Employees 9,500 (FY26 (March 2026)) Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 2 delivered 2 missed 16 open
  • Adhesives EBITDA Margin at risk said Q4 FY25 Promised: 14 to 16% we have communicated Q1 FY27: Adhesive India margin was 12.2%, below the guided range, due to high-cost inventory. Management expects recovery but the quarter is a miss against the full-year target range.
  • Paint Business Top-line Growth delivered said Q1 FY26 Promised: at least 20% kind of top-line growth for the full year Q4 FY26: Achieved 23% full-year growth in the paints business, exceeding the 20% guidance.
  • FY26 Capital Expenditure missed said Q4 FY25 Promised: 250 to 300 crore max Q4 FY26: Actual FY26 capex was Rs. 360 crores, exceeding the revised guidance of Rs. 300-350 crores.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.9%, net profit up 51.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,370 1,397 1,681 1,361 1,577 +15%1,542 +10%2,088 +24%1,578 +16%
EBITDA210 219 302 185 257 +22%237 +8%383 +27%231 +25%
Net profit109 113 178 79 135 +24%108 −4%213 +20%120 +52%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −1.9% 1Y

₹1.3k₹1.4k₹1.5k₹1.6k₹1.7kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q4 FY26 — 20 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹1,438.4 on 10 Sept 2025 → ₹1,411.4. High ₹1,746.3 (11 Mar 2026), low ₹1,317.1 (9 Jul 2026).

How the price took the results

close before → close after

Q1 FY27
+2.7%
12 Aug
Q4 FY26
−0.4%
20 May
Q2 FY26
+6.7%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.4% a year over 3 years, FY23 to FY26. Operating margin held at 16.2%.

Year endingFY23FY24FY25FY26
Revenue₹5.0k Cr₹5.6k Cr₹5.8k Cr₹6.6k Cr
Operating profit₹797 Cr₹918 Cr₹945 Cr₹1.1k Cr
Operating margin15.9%16.3%16.2%16.2%
Interest₹38 Cr₹30 Cr₹42 Cr₹65 Cr
Depreciation₹170 Cr₹197 Cr₹244 Cr₹291 Cr
Net profit₹463 Cr₹545 Cr₹520 Cr₹535 Cr
Net margin9.2%9.7%8.9%8.1%
Cash from operations₹557 Cr₹823 Cr₹630 Cr₹1.1k Cr
Free cash flow₹247 Cr₹273 Cr₹90 Cr₹661 Cr
ROCE24.0%23.0%20.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹20 Cr₹20 Cr₹27 Cr₹27 Cr₹27 Cr₹27 Cr
Reserves₹1.9k Cr₹2.3k Cr₹2.7k Cr₹3.2k Cr₹3.7k Cr₹4.0k Cr
Borrowings₹80 Cr₹98 Cr₹87 Cr₹119 Cr₹256 Cr₹250 Cr
Other liabilities₹697 Cr₹952 Cr₹1.6k Cr₹1.2k Cr₹1.2k Cr₹1.5k Cr
Total liabilities₹2.7k Cr₹3.4k Cr₹4.4k Cr₹4.5k Cr₹5.2k Cr₹5.8k Cr
Fixed assets₹1.3k Cr₹1.5k Cr₹1.9k Cr₹2.3k Cr₹2.8k Cr₹2.9k Cr
Capital work in progress₹57 Cr₹123 Cr₹126 Cr₹151 Cr₹186 Cr₹94 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹6 Cr₹0 Cr
Other assets₹1.3k Cr₹1.8k Cr₹2.3k Cr₹2.0k Cr₹2.2k Cr₹2.8k Cr
Total assets₹2.7k Cr₹3.4k Cr₹4.4k Cr₹4.5k Cr₹5.2k Cr₹5.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −6.26 pp while DIIs added +6.22 pp. The shareholder count shrank 11% to 2,64,925.

Promoters
54.2%
FIIs
13.9%
DIIs
20.9%
Government
0.4%
Public
10.6%

Since Jun 2025

  • FIIs −6.26 pp
  • DIIs +6.22 pp
  • Public −0.26 pp

How it drifted, 12 quarters

Over this window DIIs went from 13.2% to 20.9% — +7.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.9%, FIIs 18.5%, DIIs 13.2%, Public 12.4%.Dec '23: Promoters 54.1%, FIIs 19.8%, DIIs 13.7%, Public 12.4%.Mar '24: Promoters 54.1%, FIIs 21.2%, DIIs 12.8%, Public 11.8%.Jun '24: Promoters 54.1%, FIIs 22.5%, DIIs 12.4%, Public 11.0%.Sep '24: Promoters 54.1%, FIIs 22.3%, DIIs 12.5%, Public 11.1%.Dec '24: Promoters 54.1%, FIIs 21.1%, DIIs 13.8%, Government 0.1%, Public 10.9%.Mar '25: Promoters 54.1%, FIIs 20.2%, DIIs 14.6%, Government 0.1%, Public 11.0%.Jun '25: Promoters 54.1%, FIIs 20.1%, DIIs 14.7%, Government 0.2%, Public 10.8%.Sep '25: Promoters 54.2%, FIIs 16.6%, DIIs 17.5%, Government 0.3%, Public 11.4%.Dec '25: Promoters 54.2%, FIIs 15.2%, DIIs 19.2%, Government 0.3%, Public 11.0%.Mar '26: Promoters 54.2%, FIIs 14.5%, DIIs 20.9%, Government 0.4%, Public 10.0%.Jun '26: Promoters 54.2%, FIIs 13.9%, DIIs 20.9%, Government 0.4%, Public 10.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Astral Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Sandeep Pravinchandra Engineer 31.57%newly disclosed
Saumya Polymers Llp 8.54%unchanged
Jagruti Sandeep Engineer 7.56%unchanged
Kairav Chemicals Limited 6.55%unchanged
Life Insurance Corporation Of India - Ulif004200910Licend+Grw512 Insurer6.46%−0.33 pp
SBI Nifty Midcap 150 Index Fund Mutual fund2.06%unchanged
UTI-Unit Linked Insurance Plan Insurer1.91%−0.15 pp
Tree Line Asia Master Fund (Singapore) Pte. Limited FPI fund1.56%+0.22 pp
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Midcap Fund Mutual fund1.51%newly disclosed
SBI Life Insurance Co. Ltd Insurer1.26%+0.10 pp
Axis Max Life Insurance Limited Pure Growth Fund Insurer1.16%unchanged
Nippon Life India Trustee Ltd-A/C Nippon Power & Infra Fund Mutual fund1.11%−0.32 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ASTRAL

Filings to Aug 2026

2 new, 9 added, 1 trimmed, 1 sold out — net +21.71 L shares (+24.8%).

Held by funds
₹1.7k Cr
16 schemes
Biggest holder
SBI Aggressive Hybrid Fund
₹807 Cr · 0.9% of that fund
SchemeHoldingLast month
SBI Aggressive Hybrid Fund SBI Mutual Fund₹807 Crheld
SBI Large and Midcap Fund SBI Mutual Fund₹304 Cr+12.64 L
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹304 Cr+4.59 L
SBI ELSS Tax Saver Fund SBI Mutual Fund₹122 Crnew
Nippon India Power & Infra Fund Nippon India Mutual Fund₹62 Crheld
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹18 Cr+0.07 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹12 Cr+0.01 L
SBI Long Term Advantage Fund - Series V SBI Mutual Fund₹10 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

9 added, 1 trimmed — net +21.71 L shares (+24.8%)

Funds are sitting on
-11%
vs est. average cost
Held by funds
₹1.7k Cr
16 schemes · ≈ 3.8% of the company
Biggest holder
SBI Aggressive Hybrid Fund
₹807 Cr · 0.9% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 8m · since Jan '19

Shares held by these funds +703%

Aug '23 87.55 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1411, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹305 — downside of 78%.

Growth the price implies
36.3% a year
for 7 years, fading to 4%
It has actually compounded at
4.9% a year
net profit, FY23–FY26 · EPS 6.2%
The gap
0.3 pp
-78% downside if it only repeats history
Price today ₹1,411.4 Value at the reference growth ₹305.33

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Astral Limited

Guides on how to read this kind of business and the numbers that matter.