Astral
ASTRAL NSE
Astral
Industrial Products F&ONSE: ASTRAL BSE: 532830 Plastic Products - Industrial
Key Fundamentals
MidcapPlastic Products - IndustrialIndustrial ProductsMarket Cap
₹38,124 Cr
Volatility
Moderate
P/E Ratio
65.86
EBITDA
₹1,109 Cr
Return on Equity
13.18%
Debt to Equity
0.06
Book Value
₹151
EPS
₹20.35
52W High
₹1,768.7
52W Low
₹1,311.6
Tapetide 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 9.34 times its book value
Growth Rate
Revenue Growth
12.64% higher than
3Y
Net Income Growth
3.04% lower than
3Y
Cash Flow Change
77.41% higher than
3Y
ROE
-6.19% lower than
3Y
ROCE
-3.05% higher than
3Y
EBITDA Margin (Avg.)
-0.24% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
Astral Ltd is a nearly debt-free industrial products company with a market cap of ₹38,124 Cr, trading at a PE of 68.1x and 9.67x book value. TTM sales growth has accelerated to 17% with profit growth at 22%, though the 3-year stock CAGR stands at -9%, indicating the market has de-rated the stock from prior peak valuations despite continued business growth.
Bull Case 7
- Company is almost debt free, giving it significant financial flexibility and low interest cost burden relative to peers in the industrial products space
- TTM revenue growth has accelerated to 17%, well above the 3-year compounded sales CAGR of 8%, signalling a recovery in demand momentum
- TTM profit growth of 22% outpaces TTM sales growth of 17%, indicating operating leverage and margin expansion in the current period
- Working capital efficiency has improved meaningfully, with working capital days declining from 17.4 days to 11.0 days, freeing up cash for growth or returns
- Long-term compounded sales CAGR of 15% over 10 years and profit CAGR of 18% over 10 years demonstrate a consistent track record of scaling the business
- 10-year stock CAGR of 22% reflects sustained long-term wealth creation, outperforming broader market indices over the same period
- 5-year ROE average of 17% and 10-year ROE average of 18% indicate the company has historically generated reasonable returns on shareholder equity
Bear Case 8
- PE ratio of 68.1x is significantly elevated, demanding sustained high growth to justify current valuation levels
- Stock trades at 9.67x price-to-book value, a steep premium that leaves little margin of safety if growth disappoints
- 3-year stock CAGR of -9% shows the stock has delivered negative returns over a meaningful medium-term horizon despite underlying business growth
- Last year ROE declined to 14%, down from the 3-year average of 15% and well below the 10-year average of 18%, suggesting return on equity is trending lower
- 3-year compounded profit CAGR of only 6% lags far behind the 10-year profit CAGR of 18%, pointing to a significant growth slowdown in recent years
- Dividend yield of just 0.27% offers negligible income return, making investors almost entirely dependent on capital appreciation
- 5-year compounded profit CAGR of 6% against a 5-year sales CAGR of 16% suggests margins were under pressure for an extended period before the recent TTM recovery
- 1-year stock CAGR of only 1% indicates the market has not rewarded the recent acceleration in sales and profit growth with meaningful price appreciation
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Neutral 1
- 30th AGM approves FY26 dividend Aug 24
Astral Ltd held its 30th AGM on August 24, 2026, approving audited FY26 financial statements, confirming the interim dividend, and re-appointing key directors.
TL;DR: Limited news flow for Astral Ltd with only a routine AGM update. No material headwinds or positive catalysts emerged. The dividend confirmation signals steady capital return, but investors should watch for upcoming quarterly results and demand trends in the industrial products segment for directional cues.
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
Log in to view Astral insights
63 extracted metrics + investor summaries across FY10–FY26.
Documents
1
Board Meeting Intimation for Approval Of Audited Financial Results Of The Company For FY 2025-26 And Recommendation Of Final Dividend, If Any
7 May - Board meeting on 18 May 2026 to approve FY26 audited results and consider final dividend. 7 May - Board meeting on 18 May 2026 to approve FY26 audited results and consider final dividend.
3
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - Astral Ltd says it does not meet Large Corporate criteria for FY 2026-27; borrowing was Rs 29.5 crore. 30 Apr - Astral Ltd says it does not meet Large Corporate criteria for FY 2026-27; borrowing was Rs 29.5 crore.
4
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - Astral Ltd says it does not meet Large Corporate criteria for FY 2026-27; borrowing was Rs 29.5 crore. 30 Apr - Astral Ltd says it does not meet Large Corporate criteria for FY 2026-27; borrowing was Rs 29.5 crore.
5
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Apr - Certificate Under Regulations 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the Quarter ended 31st March, 2026 8 Apr - Certificate Under Regulations 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the Quarter ended 31st March, 2026
Frequently Asked Questions about Astral
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 trades as ASTRAL on the NSE and under code 532830 on the BSE.
Which sector does Astral Ltd belong to?
Astral Ltd is classified under the Industrial Products sector, in the Plastic Products - Industrial industry.
What is the market capitalisation of Astral Ltd?
Astral Ltd has a market capitalisation of ₹38,124 Cr, which places it in the Large Cap band.
What is the PE ratio of Astral Ltd?
Astral Ltd trades at a PE ratio of 65.86, on earnings per share of ₹20.35, against a book value of ₹151 per share.
What is the 52-week high and low of Astral Ltd?
Over the last 52 weeks Astral Ltd has traded between ₹1,311.6 and ₹1,768.7.
Does Astral Ltd pay dividends?
Astral Ltd has a dividend yield of 0.27%.
What is the Return on Equity (ROE) of Astral Ltd?
Astral Ltd reported a return on equity of 13.18%. Its debt-to-equity ratio is 0.06.
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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