Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
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Astral Limited
NSE: ASTRALIndustrialsBuilding Products & Equipment
- Last close
- ₹1,357.00
- Day change
- −₹29.50 (−2.13%)vs
- Market cap
- ₹38,772 crIndian rupees
- Research updated
- 1 report
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About Astral
Astral Limited is a prominent manufacturer specializing in polymer-based piping systems, adhesives, bathware, and paints, with a core presence in the Indian building materials sector. Founded in 1998, Astral pioneered the introduction of CPVC piping in India, later expanding its offerings to a wide range of pipes designed for both domestic and industrial applications. The company's portfolio now includes advanced solutions in plumbing, drainage, and infrastructure, recognized for their consistent quality and technological innovation. Astral’s commitment to uncompromising standards has positioned it as a trusted brand among contractors, developers, and end consumers nationwide. Beyond piping, Astral’s diversification into adhesives, bathware, and paints reflects its strategic expansion and drive to provide integrated building material solutions. The company’s operations, marked by a strong focus on R&D and process improvement, aim to leverage global developments for local market needs. Astral Limited’s major role in the financial market is underscored by its significant market capitalization and steady analyst attention, reflecting its impact on construction, infrastructure, and consumer sectors across India.
- Sector
- Industrials
- Industry
- Building Products & Equipment
- Listing
- NSE: ASTRAL
- Employees
- 4,899
- Headquarters
- Ahmedabad, India
- ISIN
- INE006I01046
- Website
- astralltd.com
Public research · Report of
Business model & financial foundation
Astral (NSE: ASTRAL), Building products - plastic pipes and fittings, adhesives and paints: revenue of ₹6,569 crore in FY26 (+12.6% on FY25), an EBITDA margin of 16.9%, net profit of ₹536.6 crore and net cash of ₹790.3 crore.
- Revenue, FY26 (₹ crore)
- 6,569
- consolidated
- Revenue growth, FY26
- +12.6%
- on FY25
- EBITDA margin, FY26
- 16.9%
- EBITDA (EBIDTA as reported) / revenue
- Net profit, FY26 (₹ crore)
- 536.6
- to owners
- Return on equity, FY26
- 13.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -790.3
- Net debt excl. leases, less cash & bank (negative = net cash)
- Market capitalisation (₹ crore)
- 37,141
- at the close of 14 Oct 2026
Company profile
Astral is India's leading branded CPVC and PVC plumbing pipes and fittings maker, which has diversified into water tanks, bathware, valves and infra products, and, through Resinova and the UK/US Seal IT group, into adhesives and sealants, and since FY23 into decorative paints (Gem Paints). It reports two segments, Plumbing and Paints & Adhesives, and sells through a dealer-distributor network across India.
| Item | Value |
|---|---|
| Legal name | Astral Limited (formerly Astral Poly Technik Limited) |
| Exchange and ticker | NSE: ASTRAL; BSE: 532830 |
| ISIN | INE006I01046 |
| CIN | L25200GJ1996PLC029134 |
| Sector | Industrials |
| Industry | Building products - plastic pipes and fittings, adhesives and paints |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co LLP |
| Market capitalisation | ₹37,141 crore (14 Oct 2026) |
| Shares outstanding | 26.87 crore shares (FY26) |
| Price | ₹1,442 (close, 14 Oct 2026) |
| 52-week range | ₹1,312 - ₹1,769 (to 14 Oct 2026) |
| Website | https://www.astralltd.com |
Corporate structure and shareholding
No subsidiary is recorded.
FY26 annual report states the company had no material subsidiary as on 31 Mar 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 54.22% | 54.22% | 54.22% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 15.21% | 14.50% | 13.89% | |
| Domestic institutions | 19.54% | 21.29% | 21.31% | |
| of which mutual funds | 8.54% | 8.67% | 9.20% | |
| Retail | 7.79% | 6.94% | 7.42% | |
| Other | 3.24% | 3.05% | 3.16% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Astral sells branded CPVC/PVC pipes, fittings, tanks, valves and Bathware through dealers (Plumbing) and adhesives, sealants, decorative paints and specialty chemicals (Paints & Adhesives). Plumbing was 4,678.7 cr of FY26 revenue 6,568.6 cr and 916.6 cr of segment EBITDA; P&A was 1,889.9 cr and 192.6 cr. Astral buys PVC and CPVC resin and does not set its price; it controls brand, distribution, product mix and regional plant footprint. The 40,000 t CPVC resin plant (Nexelon, 80%) is the first step of backward integration, now due for completion in December 2026 with trials in Q4 FY27.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Plumbing (pipes, fittings, water tanks, bathware) | 4,679 | 71.2% | 916.6 | 82.6% |
| Paints and Adhesives | 1,890 | 28.8% | 192.6 | 17.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Supreme Industries (SUPREMEIND) | Largest Indian plastic piping company; direct competitor in CPVC/PVC pipes and fittings |
| Finolex Industries (FINPIPE) | Backward-integrated PVC pipe maker; agri-heavy mix, comparison for resin-cycle sensitivity |
| Prince Pipes and Fittings (PRINCEPIPE) | Branded PVC/CPVC pipes and fittings; similar channel and product mix |
| Apollo Pipes (APOLLOPIPE) | Smaller listed PVC pipes player growing capacity |
| Pidilite Industries (PIDILITIND) | Market leader in adhesives and sealants; benchmark for Astral's adhesives segment |
| Kajaria Ceramics (KAJARIACER) | Building-products adjacency; current dated same-basis peer data unavailable |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,384 | 5,145 | 5,641 | 5,832 | 6,569 |
| Cost of revenue (vendor classification) * | 2,998 | 3,524 | 3,565 | 3,519 | 4,077 |
| Other operating costs (vendor classification) * | 385.4 | 492.8 | 699.1 | 1,098 | 659.9 |
| EBITDA (vendor classification) * | 772.1 | 801.4 | 935.4 | 979.2 | 1,045 |
| EBIT * | 652.3 | 629.3 | 755.6 | 735.8 | 757.4 |
| Finance costs including exchange fluctuation | 3.80 | 14.1 | 29.1 | 41.3 | 64.4 |
| PBT after exceptional items | 648.5 | 615.2 | 733.6 | 702.5 | 730.6 |
| Total tax expense | 158.1 | 155.7 | 188.0 | 183.6 | 195.9 |
| PAT before OCI including NCI | 490.4 | 472.5 | 545.6 | 518.9 | 534.7 |
| Diluted EPS (₹) | 18.01 | 17.00 | 20.33 | 19.50 | 19.97 |
| EBIDTA as reported | 960.3 | 987.2 | 1,109 | ||
| PAT attributable to owners | 546.1 | 523.8 | 536.6 | ||
| Materials plus purchases plus inventory changes | 3,459 | 3,519 | 3,951 | ||
| Employee benefits expense | 438.4 | 517.9 | 590.4 | ||
| Other expenses | 825.7 | 849.4 | 965.2 | ||
| Other income | 42.1 | 41.3 | 47.3 | ||
| Depreciation and amortisation | 197.6 | 243.4 | 291.6 | ||
| PAT attributable to NCI | -0.50 | -4.90 | -1.90 | ||
| Share of JV/associate profit or loss | -0.10 | 0.01 | 0.00 | ||
| Exceptional gain or loss (loss negative) | 0.00 | 0.00 | -22.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,364 | 2,959 | 3,269 | 3,693 | 4,058 |
| Borrowings (current + non-current, excl. lease liabilities) | 98.3 | 87.1 | 96.4 | 143.9 | 153.1 |
| Cash, cash equivalents and other bank balances | 641.3 | 529.5 | 609.6 | 608.3 | 943.4 |
| Trade receivables | 269.1 | 354.5 | 375.8 | 435.3 | 475.1 |
| Inventories | 733.4 | 874.6 | 913.4 | 1,011 | 1,117 |
| Trade payables | 748.4 | 800.0 | 871.9 | 858.9 | 1,155 |
| Net property, plant and equipment | 7.20 | 3.80 | 1,765 | 2,142 | 2,367 |
| Capital work in progress | 136.1 | 139.0 | 150.6 | 116.0 | 88.7 |
| Total assets | 3,387 | 4,373 | 4,498 | 5,056 | 5,812 |
| Lease liabilities (current + non-current) | 23.0 | 89.3 | 97.2 | ||
| Net debt excl. leases, less cash & bank (negative = net cash) | -513.2 | -464.4 | -790.3 | ||
| Cash including equivalents and bank balances as reported | 609.6 | 608.3 | 943.4 | ||
| Right-of-use assets, net carrying amount | 70.0 | 139.1 | 171.7 | ||
| Other intangible assets, net carrying amount | 151.5 | 115.8 | 85.0 | ||
| Goodwill | 313.3 | 314.6 | 315.6 | ||
| Equity attributable to owners of parent | 3,188 | 3,617 | 4,058 | ||
| Non-controlling interests in equity | 80.4 | 75.7 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 352.4 | 480.1 | 823.4 | 629.6 | 1,117 |
| Free cash flow (vendor definition) * | 197.1 | 245.9 | 269.5 | 84.8 | 657.9 |
| Dividends paid | -45.1 | -60.3 | -100.7 | -100.7 | -100.7 |
| Purchase of PPE and intangibles (incl. capital advances/creditors) | -344.6 | -309.9 | -553.9 | -544.8 | -459.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 26.86 | 26.86 | 26.86 | 26.86 | 26.87 |
| CFO / total PAT before OCI (x) | 1.51x | 1.21x | 2.09x | ||
| Year end receivable days | 24 | 27 | 26 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,370 | 1,397 | 1,681 | 1,361 | 1,577 | 1,542 | 2,089 | 1,578 |
| Cost of revenue (vendor classification) * | 924.8 | 1,248 | 937.6 | |||||
| Other operating costs (vendor classification) * | 231.7 | 303.2 | 239.7 | |||||
| EBITDA (vendor classification) * | 242.9 | 384.1 | 246.5 | |||||
| EBIT * | 153.0 | 304.0 | 171.1 | |||||
| Finance costs including exchange fluctuation | 10.2 | 13.9 | 9.60 | 12.3 | 16.0 | 12.6 | 23.5 | 5.80 |
| PBT after exceptional items | 148.8 | 154.2 | 236.4 | 109.8 | 179.9 | 144.3 | 296.6 | 162.8 |
| Total tax expense | 40.1 | 41.6 | 58.3 | 30.6 | 45.1 | 36.6 | 83.6 | 42.6 |
| PAT before OCI including NCI | 108.7 | 112.6 | 178.1 | 79.2 | 134.8 | 107.7 | 213.0 | 120.2 |
| Diluted EPS (₹) | 4.10 | 4.25 | 6.67 | 3.02 | 5.02 | 4.01 | 7.93 | 4.47 |
| EBIDTA as reported | 218.9 | 231.2 | 310.8 | 194.0 | 268.2 | 246.8 | 400.2 | 244.0 |
| PAT attributable to owners | 110.0 | 114.1 | 179.3 | 81.1 | 134.8 | 107.7 | 213.0 | 120.0 |
| Materials plus purchases plus inventory changes | 837.8 | 840.0 | 1,019 | 825.1 | 953.0 | 924.8 | 1,248 | 937.6 |
| Employee benefits expense | 128.3 | 129.8 | 133.1 | 141.9 | 146.6 | 147.7 | 154.2 | 169.5 |
| Other expenses | 194.2 | 207.7 | 227.6 | 209.3 | 221.0 | 231.7 | 303.2 | 239.7 |
| Other income | 8.80 | 11.8 | 8.80 | 9.10 | 11.4 | 9.50 | 17.3 | 12.8 |
| Depreciation and amortisation | 59.9 | 63.1 | 64.8 | 71.9 | 72.3 | 73.4 | 74.0 | 75.4 |
| PAT attributable to non-controlling interests | -1.30 | -1.50 | -1.20 | -1.90 | 0.00 | 0.00 | 0.00 | 0.20 |
| Share of JV/associate profit or loss | 0.00 | -0.10 | 0.10 | 0.00 | -0.01 | -0.01 | 0.00 | -0.01 |
| Exceptional gain or loss (loss negative) | n.d. | 0.00 | 0.00 | 0.00 | 0.00 | -16.5 | -6.10 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 38.3% | 17.4% | 9.6% | 3.4% | 12.6% |
| EBITDA margin | 17.0% | 16.9% | 16.9% | ||
| Net margin | 9.7% | 9.0% | 8.2% | ||
| Return on equity | 17.5% | 15.0% | 13.8% | ||
| Return on capital employed | 29.3% | 22.8% | 23.6% | 20.4% | 18.8% |
| Return on assets | 12.3% | 11.0% | 9.9% | ||
| Net debt (₹ crore) | -513.2 | -464.4 | -790.3 | ||
| Net debt / EBITDA | -0.53x | -0.47x | -0.71x | ||
| Interest cover | 171.7x | 44.6x | 26.0x | 17.8x | 11.8x |
| Asset turnover | 1.45x | 1.33x | 1.27x | 1.22x | 1.21x |
| Receivable days | 22 | 25 | 24 | 27 | 26 |
| Inventory days (on revenue) | 61 | 62 | 59 | 63 | 62 |
| Payable days (on revenue) | 62 | 57 | 56 | 54 | 64 |
| Cash conversion | 1.51x | 1.20x | 2.08x | ||
| Capex intensity | 7.9% | 6.0% | 9.8% | 9.3% | 7.0% |
| Free cash flow (₹ crore) | 7.80 | 170.2 | 269.5 | 84.8 | 657.9 |
| Dividend payout | 18.4% | 19.2% | 18.8% | ||
| EPS, diluted (₹) | 18.01 | 17.00 | 20.33 | 19.50 | 19.97 |
| Book value per share (₹) | 88.03 | 110.2 | 121.7 | 137.5 | 151.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (EBIDTA as reported) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excl. leases, less cash & bank (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (EBIDTA as reported).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Astral includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Astral
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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