Astral
Astral
Industrial Products F&OKey Fundamentals
MidcapPlastic Products - IndustrialIndustrial ProductsTapetide Score
Data-driven rating, 0–100. How it works →
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 8.90 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Astral Ltd has a market capitalisation of about ₹37,399 crore and trades at a P/E of 64.9 and a P/B of 9.21. Its balance sheet is almost debt free, and working capital days fell from 17.4 to 11.0. Recent growth has picked up, with TTM sales up 17% and TTM profit up 22%, but 3-year sales and profit CAGRs were only 8% and 6%, ROE has slipped from a 10-year average of 18% to 14% last year, and the stock's 3-year CAGR is -10%.
- The company is almost debt free, so it can fund capacity expansion and acquisitions largely from internal accruals. That lowers financial risk and interest-rate sensitivity.
- Working capital requirements fell from 17.4 days to 11.0 days, a drop of about 37%. This points to tighter receivables and inventory management and better cash conversion.
- Growth has re-accelerated. TTM sales growth of 17% is roughly double the 3-year sales CAGR of 8%, which suggests demand has recovered after a slower stretch.
- TTM profit growth of 22% is faster than TTM sales growth of 17%. That points to operating leverage and possible margin recovery compared with the 6% 3-year profit CAGR.
- Over 10 years the company has compounded sales at 15% and profit at 18%. This shows it can scale over a full business cycle.
- The 5-year sales CAGR of 16% shows the business kept expanding its revenue base through a volatile raw material and demand environment.
- ROE has stayed in the mid-to-high teens: 18% over 10 years, 17% over 5 years and 15% over 3 years. These returns were earned with almost no leverage.
- Long-term shareholders have seen a 22% 10-year stock CAGR, which reflects a history of value creation.
- A P/E of 64.9 already prices in a lot of future growth. Even with 22% TTM profit growth, the premium leaves little room for disappointment.
- The stock trades at 9.21 times book value (9.26x in another source) while last year's ROE was only 14%. That implies an earnings yield on book of roughly 1.5%.
- Profit growth has lagged sales growth. The 5-year profit CAGR is 6% against a 5-year sales CAGR of 16%, which points to sustained margin pressure.
- ROE has declined steadily, from 18% over 10 years to 17% over 5 years, 15% over 3 years and 14% last year. Capital efficiency is weakening.
- The 3-year sales CAGR of only 8% shows a marked slowdown from the 15% 10-year trend. The current 17% TTM growth may partly reflect a low base.
- Stock returns have been weak: a 3-year CAGR of -10%, a 5-year CAGR of -2% and 1-year growth of 2%. The valuation has de-rated even as the business grew.
- The dividend yield of 0.29% gives shareholders very little income support if the valuation contracts further.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Paint growth guidance raised to 30% Sep 29
Astral raised its paint segment growth forecast to 30%, up from its earlier 20-25% guidance. The company says the revision reflects stronger momentum in the paints business.
- Price hike effective October 1 Sep 29
Astral plans to raise prices from October 1. That should help margins, but how volumes hold up after the increase is still unclear.
TL;DR: Astral's paint business is gaining traction, and management has raised the segment's growth outlook to 30% from 20-25%. The October 1 price hike suggests the company has pricing power and should support margins, though it could slow demand if competitors don't follow. This is based on a single article and doesn't cover the core pipes business, which is the main driver of earnings. The trend in paints is improving; the next check is whether Q3 results show the higher growth and stable volumes after the price increase.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,283 | 1,363 | 1,370 | 1,625 | 1,384 | 1,370 | 1,397 | 1,681 | 1,361 | 1,577 | 1,542 | 2,088 | 1,578 |
| Expenses | 1,082 | 1,143 | 1,165 | 1,334 | 1,169 | 1,160 | 1,178 | 1,380 | 1,176 | 1,321 | 1,304 | 1,706 | 1,347 |
| Operating Profit | 202 | 220 | 205 | 291 | 214 | 210 | 219 | 302 | 185 | 257 | 237 | 383 | 231 |
| OPM % | 16% | 16% | 15% | 18% | 16% | 15% | 16% | 18% | 14% | 16% | 15% | 18% | 15% |
| Other Income | 12 | 13 | 6 | 10 | 12 | 9 | 12 | 9 | 9 | 11 | -7 | 11 | 13 |
| Interest | 6 | 8 | 8 | 8 | 8 | 10 | 14 | 10 | 12 | 16 | 13 | 24 | 6 |
| Depreciation | 46 | 49 | 50 | 52 | 56 | 60 | 63 | 65 | 72 | 72 | 73 | 74 | 75 |
| PBT | 162 | 177 | 154 | 241 | 163 | 149 | 154 | 236 | 110 | 180 | 144 | 297 | 163 |
| Tax % | 26% | 26% | 26% | 25% | 27% | 27% | 27% | 25% | 28% | 25% | 25% | 28% | 26% |
| Net Profit | 119 | 132 | 113 | 181 | 120 | 109 | 113 | 178 | 79 | 135 | 108 | 213 | 120 |
| EPS in Rs | 4.46 | 4.88 | 4.23 | 6.76 | 4.48 | 4.09 | 4.25 | 6.67 | 3.02 | 5.02 | 4.01 | 7.93 | 4.47 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 6,785 |
| 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 | 5,677 |
| Operating Profit | 168 | 208 | 261 | 314 | 382 | 442 | 638 | 754 | 810 | 925 | 946 | 1,062 | 1,108 |
| OPM % | 12% | 12% | 14% | 15% | 15% | 17% | 20% | 17% | 16% | 16% | 16% | 16% | 16% |
| Other Income | 3 | -4 | 8 | 13 | 15 | 11 | 25 | 35 | 37 | 36 | 41 | 25 | 28 |
| Interest | 25 | 30 | 18 | 22 | 32 | 39 | 13 | 13 | 40 | 29 | 41 | 64 | 58 |
| Depreciation | 36 | 42 | 50 | 57 | 81 | 108 | 116 | 127 | 178 | 198 | 243 | 292 | 295 |
| PBT | 110 | 132 | 201 | 248 | 283 | 306 | 533 | 648 | 628 | 734 | 702 | 731 | 784 |
| 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 | 576 |
| EPS in Rs | 2.89 | 3.79 | 5.44 | 6.58 | 7.36 | 9.25 | 15.1 | 18.06 | 17 | 20.33 | 19.5 | 19.97 | 21.43 |
| Div. Payout % | 6% | 5% | 5% | 4% | 4% | 6% | 10% | 12% | 21% | 18% | 19% | 13% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 1,481 |
| Total Liabilities | 1,165 | 1,301 | 1,462 | 1,675 | 2,099 | 2,289 | 2,673 | 3,387 | 4,362 | 4,496 | 5,048 | 5,789 |
| Fixed Assets | 557 | 645 | 741 | 842 | 1,105 | 1,255 | 1,314 | 1,496 | 1,950 | 2,299 | 2,712 | 2,939 |
| CWIP | 27 | 15 | 25 | 73 | 81 | 44 | 57 | 123 | 126 | 151 | 116 | 94 |
| 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 | 2,755 |
| Total Assets | 1,165 | 1,301 | 1,462 | 1,675 | 2,099 | 2,289 | 2,673 | 3,387 | 4,362 | 4,496 | 5,048 | 5,789 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 107 |
| Days Payable | 93 | 96 | 80 | 92 | 86 | 109 | 96 | 93 | 88 | 95 | 92 | 110 |
| 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% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY10–FY27.
Documents
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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]
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