Astral Ltd logo

Astral Ltd

ASTRAL NSE

Astral Poly Technik Ltd was established in 1996, with the aim to manufacture pro-India plumbing and drainage systems in the country. The company is into manufacturing of Pipes, water tanks, bathware, specialised valves, paints, adhesives and sealants, infrastructure solutions, specialised fittings and construction chemicals.[1]

AI Verdict: HOLD Confidence: 5%

Astral Ltd is a quality franchise with 15% sales CAGR over 10 years and near-zero debt, but at 78.7x PE and 10.36x book value, the stock prices in significant future growth that recent profit CAGR of 7% over 5 years does not fully support. With 80% analyst buy ratings, the market expects reacceleration, but risk-reward is stretched at current valuations.

Key Fundamentals

MidcapPlastic Products - IndustrialIndustrial Products
Market Cap
₹40,432 Cr
Volatility
Moderate
P/E Ratio
74.42
EBITDA
₹1,039 Cr
Return on Equity
16.69%
Debt to Equity
0.05
Book Value
₹151
EPS
₹20.35
52W High
₹1,768.7
52W Low
₹1,263.7

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company's working capital requirements have reduced from 17.4 days to 11.0 days

Weaknesses

1
  • Stock is trading at 10.2 times its book value

Growth Rate

Revenue Growth
11.83% ↘
Net Income Growth
3.04% ↘
Cash Flow Change
-23.54% ↘
ROE
-15.82% ↘
ROCE
-15.85% ↘
EBITDA Margin (Avg.)
-6.54% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

Astral Ltd is a quality franchise with 15% sales CAGR over 10 years and near-zero debt, but at 78.7x PE and 10.36x book value, the stock prices in significant future growth that recent profit CAGR of 7% over 5 years does not fully support. With 80% analyst buy ratings, the market expects reacceleration, but risk-reward is stretched at current valuations.

Bull Case 7
  • Company is almost debt free, providing strong balance sheet flexibility and low financial risk in a rising rate environment
  • 10-year compounded sales CAGR of 15% demonstrates consistent long-term revenue growth and market share gains
  • 80% of 30 analysts rate the stock a Buy, reflecting strong institutional conviction in the business model
  • Working capital days reduced from 17.4 to 11.0 days, indicating improving operational efficiency and better cash conversion
  • 10-year stock CAGR of 22% shows sustained long-term wealth creation for shareholders
  • TTM sales growth of 13% indicates reacceleration from the 3-year CAGR of 8%, suggesting demand recovery
  • 10-year compounded profit CAGR of 19% demonstrates the company's ability to scale profitably over long cycles
Bear Case 8
  • PE ratio of 78.7x is extremely elevated, leaving little margin of safety if growth disappoints even marginally
  • Price-to-book of 10.36x means investors pay a steep premium over asset value, increasing downside risk in corrections
  • ROE has declined from 18% (10-year average) to 14% last year, signaling diminishing return on equity for shareholders
  • 5-year profit CAGR of only 7% versus 16% sales CAGR indicates margin compression and rising cost pressures
  • 3-year stock CAGR of -8% shows the stock has destroyed value for medium-term investors despite business growth
  • 1-year stock return of -1% underperforms broader market indices which returned 10-15% over the same period
  • Dividend yield of just 0.1% offers negligible income support, making total returns entirely dependent on capital appreciation
  • TTM profit growth of 9% lags TTM sales growth of 13%, suggesting ongoing inability to fully convert revenue into earnings

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 3
  • 60% stake in DSS LLP Jun 11

    Astral acquired 60% of DSS LLP for ₹39.11 crore, gaining India's only manufacturer of specialty polyamines, bismaleimides and benzoxazines with 5,200 MT annual capacity. Consolidation expected from current quarter into Chemicals segment.

  • Strong Q4 FY26 earnings Jun 11

    Astral reported 20% jump in consolidated net profit to ₹213 crore and 24% YoY revenue growth to ₹2,089 crore in Q4 FY26.

  • Investec Buy, ₹1,710 target Jun 12

    Investec maintained Buy rating with ₹1,710 target price, viewing DSS acquisition as strategic backward integration in specialty chemicals with cost efficiency potential.

Neutral 3
  • DSS revenue ramp-up unclear Jun 12

    Investec noted that revenue ramp-up visibility from DSS remains awaited; DSS reported turnover of only ₹32.10 million in FY26 vs ₹64.08 million in FY25, showing a decline.

  • Citi India Conference investor meet Jun 02

    Astral management met institutional investors on June 5, 2026 in Mumbai during the Citi India Conference 2026.

  • Stock down 5% over one month Jun 11

    Astral shares ended at ₹1,490.20 on announcement day, down 0.75%; stock has fallen 5% over the past month though up 4% YTD.

TL;DR: Astral is executing a clear diversification strategy into specialty chemicals via the DSS acquisition, complementing strong Q4 FY26 results with 24% revenue growth. The DSS deal brings unique Indian manufacturing capabilities but is small-scale with declining turnover, so near-term revenue contribution is uncertain. The stock trades below Investec's ₹1,710 target at ₹1,490 with modest short-term weakness. The trend is cautiously positive as Astral builds optionality in high-growth verticals like aerospace and electronics, though execution on DSS ramp-up will be the key monitorable.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,506
1,283
1,363
1,370
1,625
1,384
1,370
1,397
1,681
1,361
1,577
1,542
2,088
Expenses
1,199
1,082
1,143
1,165
1,334
1,169
1,160
1,178
1,380
1,176
1,321
1,304
1,706
Operating Profit
307
202
220
205
291
214
210
219
302
185
257
237
383
OPM %
20%
16%
16%
15%
18%
16%
15%
16%
18%
14%
16%
15%
18%
Other Income
12
12
13
6
10
12
9
12
9
9
11
-7
11
Interest
3
6
8
8
8
8
10
14
10
12
16
13
24
Depreciation
44
46
49
50
52
56
60
63
65
72
72
73
74
PBT
272
162
177
154
241
163
149
154
236
110
180
144
297
Tax %
24%
26%
26%
26%
25%
27%
27%
27%
25%
28%
25%
25%
28%
Net Profit
206
119
132
113
181
120
109
113
178
79
135
108
213
EPS in Rs
7.66
4.46
4.88
4.23
6.76
4.48
4.09
4.25
6.67
3.02
5.02
4.01
7.93
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,410
1,678
1,895
2,073
2,507
2,578
3,176
4,394
5,158
5,641
5,832
6,569
Expenses
1,242
1,470
1,633
1,759
2,126
2,136
2,539
3,640
4,349
4,717
4,886
5,507
Operating Profit
168
208
261
314
382
442
638
754
810
925
946
1,062
OPM %
12%
12%
14%
15%
15%
17%
20%
17%
16%
16%
16%
16%
Other Income
3
-4
8
13
15
11
25
35
37
36
41
25
Interest
25
30
18
22
32
39
13
13
40
29
41
64
Depreciation
36
42
50
57
81
108
116
127
178
198
243
292
PBT
110
132
201
248
283
306
533
648
628
734
702
731
Tax %
29%
22%
28%
29%
30%
18%
23%
24%
25%
26%
26%
27%
Net Profit
78
102
145
176
197
250
408
490
472
546
519
535
EPS in Rs
2.89
3.79
5.44
6.58
7.36
9.25
15.1
18.06
17
20.33
19.5
19.9
Div. Payout %
6%
5%
5%
4%
4%
6%
10%
12%
21%
18%
19%
13%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
12
12
12
12
12
15
20
20
27
27
27
27
Reserves
607
696
835
1,006
1,266
1,488
1,876
2,316
2,684
3,161
3,590
4,031
Borrowings
203
197
229
189
275
191
80
98
87
119
233
250
Other Liabilities
344
397
386
468
546
595
697
952
1,564
1,188
1,198
1,504
Total Liabilities
1,165
1,301
1,462
1,675
2,099
2,289
2,673
3,387
4,362
4,496
5,048
5,812
Fixed Assets
557
645
741
842
1,105
1,255
1,314
1,496
1,950
2,299
2,712
2,945
CWIP
27
15
25
73
81
44
57
123
126
151
116
89
Investments
0
0
0
0
0
0
0
0
0
0
0
0
Other Assets
582
641
695
759
913
990
1,302
1,768
2,286
2,046
2,220
2,778
Total Assets
1,165
1,301
1,462
1,675
2,099
2,289
2,673
3,387
4,362
4,496
5,048
5,812
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
117
226
114
282
342
405
664
543
557
823
630
1,117
Investing
-343
-203
-158
-185
-291
-318
-454
72
-478
-541
-513
-506
Financing
237
16
12
-71
-5
-163
-153
-44
-191
-202
-118
-328
Net Cash Flow
11
38
-32
25
46
-75
57
571
-112
80
-1
282
Free Cash Flow
32
91
-45
98
122
192
493
198
247
273
90
661
CFO/OP
85
123
60
110
110
110
122
94
89
108
85
123
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
60
49
65
54
49
32
32
22
25
24
27
26
Inventory Days
92
84
76
94
88
124
88
91
96
100
109
103
Days Payable
93
96
80
92
86
109
96
93
88
95
92
107
Cash Conversion Cycle
60
38
61
56
51
47
23
20
33
29
44
23
Working Capital Days
64
30
39
37
27
42
12
13
17
16
25
11
ROCE %
21%
18%
22%
23%
23%
21%
29%
29%
24%
23%
20%
20%

Shareholding Pattern

As of Mar 2026
Promoters 54.22%
DIIs 21.29%
FIIs 14.50%
Public 8.36%
Others 1.63%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
55.74%
55.74%
55.73%
55.73%
55.73%
55.73%
55.85%
55.85%
55.85%
55.85%
55.85%
54.10%
54.10%
54.10%
54.10%
54.10%
54.10%
54.10%
54.21%
54.22%
54.22%
FIIs
2.21%
2.17%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
18.50%
19.79%
21.22%
22.48%
22.32%
21.08%
20.17%
20.14%
16.61%
15.22%
14.50%
DIIs
7.25%
7.50%
10.04%
10.91%
12.01%
12.82%
13.03%
15.23%
16.50%
15.87%
13.21%
13.66%
12.85%
12.45%
12.47%
13.92%
14.76%
14.90%
17.79%
19.54%
21.29%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
10.23%
10.06%
10.51%
10.90%
11.33%
11.85%
11.45%
11.87%
11.83%
10.86%
10.67%
10.75%
10.21%
9.45%
9.65%
9.47%
9.61%
9.43%
9.80%
9.37%
8.36%
Others
24.57%
24.53%
23.72%
22.46%
20.93%
19.60%
19.67%
17.05%
15.83%
17.43%
1.77%
1.70%
1.61%
1.52%
1.46%
1.43%
1.36%
1.42%
1.59%
1.66%
1.63%
No. of Shareholders
0
78,140
1,24,057
1,71,566
1,99,756
2,41,931
2,72,680
2,70,045
3,13,284
2,92,672
2,95,456
2,93,602
2,85,688
2,62,050
2,93,911
2,97,527
3,09,714
2,98,456
2,97,582
2,79,726
2,58,441

Documents

Frequently Asked Questions about Astral Ltd

What does Astral Ltd do?
Astral Poly Technik Ltd was established in 1996, with the aim to manufacture pro-India plumbing and drainage systems in the country. The company is into manufacturing of Pipes, water tanks, bathware, specialised valves, paints, adhesives and sealants, infrastructure solutions, specialised fitting...
Where is Astral Ltd (ASTRAL) listed?
Astral Ltd is listed on the Indian stock exchanges. It is listed on NSE: ASTRAL and BSE: 532830. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Astral Ltd belong to?
Astral Ltd operates in the Industrials sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Astral Ltd?
Astral Ltd has a market capitalisation of approximately ₹40431.85 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Astral Ltd?
The Price-to-Earnings (PE) ratio of Astral Ltd is 74.42. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Astral Ltd?
Over the past 52 weeks, Astral Ltd has traded between a low of ₹1,263.7 and a high of ₹1,768.7. This range helps investors understand the stock's price volatility and recent trading levels.
Does Astral Ltd pay dividends?
Yes, Astral Ltd has a dividend yield of 0.10%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Astral Ltd?
Astral Ltd has a Return on Equity (ROE) of 16.69%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Astral Ltd on Tapetide?
On Tapetide, you can view Astral Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Astral Poly Technik Ltd was established in 1996, with the aim to manufacture pro-India plumbing and drainage systems in the country. The company is into manufacturing of Pipes, water tanks, bathware, specialised valves, paints, adhesives and sealants, infrastructure solutions, specialised fittings and construction chemicals.[1]

Website astralpipes.com
CEO Mr. Sandeep Pravinbhai Engineer
Listed 2007-03-20
Face Value ₹ 1
Issued Size 26,86,50,163

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