AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Astral to attend Nuvama Emerging India CEO Forum in Mumbai on 28 September 2026.
Source: Bse
Astral Limited (ASTRAL)
Mid CapIndustrials stocks · Mid cap · NSE
Astral Limited is an Indian manufacturer of plumbing, drainage, and fire protection piping systems. The company has diversified into adhesives, sealants, and paints, emphasizing innovation, backward integration, and expanding its product portfolio and distribution network across these segments.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result12 Aug, 04:00 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -5.3% / mo · MACD +
Stock trend: 41
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ASTRALD candles · FIT view-8.6%Latest close ₹1428.00 on 2026-10-19
Bar
+0.4%
RSI
51
MACD hist
7.96
52W pos
25%
2026-10-19O ₹1422.80H ₹1438.20L ₹1418.50C ₹1428.00Vol 2.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ASTRALNifty India ManufacturingNifty 500
- ASTRAL
- +2.3%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +7.9 pp
Chart stats
19 Oct 2026- From 52W high
- -19.3%
- 52W range position
- 25%
- ATR (14)
- 2.2%
- Volume vs 20D
- 0.56x
- Avg traded value
- ₹53.3 Cr
- 20D price channel
- ₹1,316.1 - ₹1,469.4
₹1,768.7
₹1,311.6 - ₹1,768.7
₹32.1
Latest completed session
20-session average
21.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +15.9% · PAT +51.9% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model-373.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +16% YoY · PAT +52% YoY · margin expansion · operating leverage
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,578 Cr | +15.9% | -24.4% |
| EBITDA | ₹231 Cr | +24.9% | -39.7% |
| Operating margin | 15.0% | +100 bps | -300 bps |
| PAT | ₹120 Cr | +51.9% | -43.7% |
| PAT margin | 7.6% | +180 bps | -260 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 65.40
- P/B
- 9.56
- EV/EBITDA
- 27.81
- Market Cap
- 38772.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 19.20%
- ROA
- 9.95%
- Dividend Y
- 0.28%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 6.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 19.10×
- Altman Z
- 9.03
- Book Value
- 151.00
Cash Flow
- FCF Yield
- 1.58%
- FCF Positive Y
- 10/5
- OCF
- 1117.00 Cr
- EPS TTM
- 21.43
Shareholding
- Promoter Hold
- 54.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,578-24.4% vs prev
Net Profit
₹ CrLatest: 120-43.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 51.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 51 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 19% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
58
RS percentile
Stage 4 Downtrend
1M return
+0.0%
3M return
+2.3%
6M return
-10.2%
1Y return
-1.5%
RS 1D
-1
RS 20D
+19
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 4.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.3%.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 107.11+1.08%
RS vs Nifty 500107
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth8/25
Quality9/20
Balance Sheet10/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -373.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 8/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
65.4
PB
9.6
EV/EBITDA
27.8
ROE
13.8%
ROCE
19.2%
FCF Yield
1.6%
Debt/Equity
0.1
MoS
-373.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-373.0%
Previous: -373.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
40
40
40
40
39
39
39
39
39
39
39
39
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹269.83
-429.2% MoS
Growth-justified P/E
14.1
Growth-justified Value
₹301.95
-373.0% MoS
PEG
10.90
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SHAILY
Micro
Shaily Engineering Plastics Limited
Plastics
match 48
56
81.2
26.9%
-105%
FAIR VALUE
FINPIPE
Micro
Finolex Industries Limited
Plastics
match 48
37
15.3
8.6%
-237%
WATCHLIST
KINGFA
Small
Kingfa Science & Technology (India) Limited
Plastics
match 47
53
40.0
17.4%
+2%
FAIR VALUE
BEPL
Small
Bhansali Engineering Polymers Limited
Plastics
match 46
48
13.2
17.3%
-282%
FAIR VALUE
PLASTIBLEN
Small
Plastiblends India Limited
Plastics
match 46
43
10.1
7.6%
-54%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T19:02:15.638Z
Management commentary snapshot
Management projects strong FY27 value growth for piping (18-25%) driven by polymer price inflation and 8-15% volume growth. Adhesive and paint segments target 15-20% and 25-30% growth respectively, with UK business turning EBITDA positive.
Management is executing on strategic diversification and backward integration, with key projects like CPVC resin manufacturing nearing commissioning. While some segments faced past challenges (UK, Paints), they are now showing signs of recovery and growth. The focus on innovation and distribution expansion supports long-term growth.
Growth engines
CPVC Backward Integration
Backward integration of CPVC which is going to be a game changer for Astral. Our margins were 12% EBITA. We increased from 12% today to 16 to 18%. Now we are going further backward integration which is more better.
New Product Launches & Innovation
Continuously investing into the R&D and try to see that how best way we can bring new products on to the table. We have more than 56 products. On the bathware side, we are growing at 25-30% sort of CAGAR.
Distribution Expansion & Depth
Last year itself we've added 20% more channel partners. Added 300 new distributors last year, 7,000 retailers, 100 plus geographies.
Adhesive & Paints Scale-up
Adhesive is growing at a good pace. The vision is to touch 2000 as fast as we can and we are sure that in next 3 to four years we'll be touching 2000 plus in Indian revenue. Targeting to reach 1,000 crores in next 3 to four years and even cross that for paints.
Capacity and execution
CPVC Resin Plant
CPVC R&D started four years back. Machineries have also started arriving in. By December trials will start. Q4 we should be ready for the commercial production. Initial capacity 40,000 metric ton, expandable to one lakh.
PEX Aluminum PEX Line
PEX line is one of the most advanced lines in India. Machines arrived last week, by September should be up and running. Single line can take care of about 350 to 400 odd crores of top line.
Kanpur and Hyderabad Plants
Last year we commissioned the Kanpur plant and the Hyderabad also. This is helping us to gain market share due to proximity to market.
Tailwinds
Polymer Price Inflation
This is the first time after 3 year we are seeing that now there is a regular inflationary trend will start and this year we are expecting at least 10% kind of inflation will be there. This will boost top line.
Industry Consolidation
Bigger players are going to get more and more bigger. Smaller companies are getting butchered in this environment because if the polymer prices are going to go up, there is going to be a big challenge of working capital.
Government Infrastructure Spending
Lot of infrastructure spending announcement government has done, including Jal Jeevan mission and Pradhan Mantri Awas scheme. Budgetary allocation is very high.
Headwinds
Polymer Price Volatility
Polymer cycle is still we are not expecting to be a stable kind of cycle. Still volatility is going to be there. Till the war kind of situation is not going to be completely settled down.
Competition in New Segments
Challenging the legacy brand is always a big big challenge but we are lucky that we are now getting into the right direction (Paints).
Past Mismanagement (UK)
UK had its own issues. Our promoter who was with us cashed out most of it and then there was a bit of mismanagement done.
Risk radar
Execution Risk for CPVC Plant
End of the day it is a chemical plant. So maybe one or two month can be here and there. So safely you can project in your number for the next year full year.
Polymer Price Volatility
Till the war kind of situation is not going to be completely settled down. We are of the view that polymer is going to be remain on a volatile side and more on the upward side than the downward side.
New Product Acceptance & Copycats
People will follow Astral. People will do copy for Astral but copy doesn't have a brain. Most of the players have done lot of copy of Astral but there they have miserably failed also.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing the impact of strategic shifts, annual growth targets, and the cyclical nature of polymer prices. QoQ is relevant for monitoring the sequential ramp-up of new capacities and the turnaround of specific businesses like UK operations.
Sector KPIs management disclosed
Piping Volume Growth (FY27 Outlook)
Industry should grow somewhere around 8% kind of volume in FY27. FY27 we are expecting that the volume should be in the range of 10 to 15%.
Piping Value Growth (FY27 Outlook)
If the volume growth will be 8%, then the value will be 18%. If 15% volume growth comes if 10% bottom even if come then also value growth will be 20%.
Piping Capacity Utilization (Q4)
Utilization of plant in the last quarter Q4 our capacity is 4 lakh something and we have sold 84000 Matrix almost more than 80% utilization.
Faucets Project Order Pipeline
Project pipeline is more than 100 crores as of today.
Management forward view
Vision 2050 for New Products
Products that are first in India, relatively low competition, predominantly imported and sold in India, and products that have a good future considering how the Indian construction industry is evolving.
Diversification Complete, Focus on Scale
We also are not looking at any other segments now than whatever the four segments we are in. The foundation is ready, platform is ready, now the time has come to scale.
Digitalization & Channel Partner Support
Spending lot of money into the digitalization. More transparency will be there. Giving the fastest credit note to our distributor because we understand that for any distributor the working capital is the key.
M&A Strategy
M&A side activity will continue. If we get a good opportunity or right opportunity at a right valuation we are always ready to take and grab that opportunity.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CPVC Resin Plant Commercial Production | Trials expected by December, Q4 FY27 commercial production targeted. | Timely commissioning and ramp-up of the 40,000 MT CPVC resin plant, and subsequent expansion to 1 lakh MT. |
| Paints Segment EBITDA Positivity | FY26 saw 23% growth, last quarter 31%. | Achievement of positive EBITDA for the paints business in FY27, alongside 25-30% growth. |
| Adhesive India Revenue Target | India CAGR more than 15% over last decade. | Progress towards the vision of touching 2000 crores in Indian adhesive revenue within the next 3-4 years. |
| UK Business Growth & EBITDA | Last quarter 22.9% growth in bond product, 6.5% positive EBITDA. | Sustained double-digit growth and 8-10% plus EBITDA margin for the UK business in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 88th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
30 docs text-extracted · 16 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Industrials: 88th pctile, median 68 · Mid: 67th pctile, median 76
Evidence depth
Financial-only
30 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Astral Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - Astral Ltd to attend Arihant Capital Bharat Connect virtual investor meeting on 29 September 2026.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
Concall transcriptAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Earnings Call Transcript 18 Aug - Transcript of Earnings Call held on 12th August, 2026
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Acquisition 11 Jun - ACL to acquire 60% of DSS for ₹39.11 crore; completion expected by 31 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug - Newspaper Advertisement - Transfer of Equity Shares to Investor Education Protection Fund (IEPF)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Restructuring 5 Jul - Board approved independent review of composite scheme; final decision pending advisor report within 30 days.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper Advertisements Pertaining of Unaudited Financial Result for the First Quarter ended 30th June, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 Aug - Astral reported Q1 FY27 revenue up 15.9%; acquired 60% in DSS and advanced 40,000 MT CPVC resin plant.
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Earnings Call Transcript 1 Jul - Transcript of Concall with Analyst/Institutional Investor held on 27th June, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Restructuring 25 Jun - Board approved 1:1 demerger of chemicals business into Astral Chemie and Al-Aziz Plastics merger.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 20 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.