Astral Q2 FY27 Share Price & Earnings Call Analysis
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- Market cap
- ₹33,678 Cr
- P/E
- 56.93
- ROE
- 13.91%
- PEG
- 10.00
- Price to sales
- 4.68
- Debt to equity
- 0.08
- 52W high / low
- ₹1,746 / ₹1,254
- Sales growth (5Y)
- 15.64%
- EBITDA margin
- 15.45%
- Net profit margin
- 8.10%
- Promoter holding
- 54.22%
- Sales (last year)
- ₹7,196 Cr
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]
Guidance scorecard · Q2 FY27 call
What Astral's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ2 FY27 call
20–40%- Astral expects continued strong growth in the second half of FY2027, with double-digit volume and value growth across verticals.
- Plumbing business: Targeting full-year volume around 290,000 to 300,000 tons with robust double-digit growth; Q3 and Q4 expected to outperform H1.
- Adhesive business India: 25% growth in H1, with guidance to exceed original 15%-20% revenue growth; confident of maintaining momentum.
- Adhesive UK: 28% growth in H1, with expected margin improvement and continued revenue growth.
- Paint business: Very fast growth (43.9% in Q2, 51% H1); focusing on stabilizing margins around 9%-10% by year-end.
- New product launches and increased distribution expected to drive growth.
2 more points from Astral's call on revenue
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MarginsQ2 FY27 call
FlatSee what Astral said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Astral has sufficient land and building capacity to support expansion, enabling quick capacity additions (100 KT within 6-9 months).
- Recent capex done: INR 260 crores in H1 FY2027; total capex expected around INR 400 crores for the full year, exceeding earlier guidance of INR 300-350 crores.
- INR 40 crores of this capex is related to the Nexelon CPVC plant, expected to commission by end of Q4 FY2027.
- Future capex will be lower with land already acquired and focus shifting to machinery additions.
- Brownfield expansions are preferred, significantly reducing incremental capex compared to greenfield expansions.
2 more points from Astral's call on capex
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FundraisingQ2 FY27 call
See what Astral said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- Astral is experiencing strong demand across all verticals, with unprecedented sales growth in October and positive demand outlook for Q3 and Q4.
- The company is confident of delivering industry-leading growth and continues to gain market share in new geographies.
- Capex and capacity expansions are aligned with expected demand growth, indicating preparedness for future orders.
2 more points from Astral's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Astral latest results (Sep 2026)
Revenue
₹1,988 Cr
+26% YoY
Net profit
₹127 Cr
-6% YoY
Operating margin
13%
EPS
₹4.73
Astral shareholding (Sep 2026)
Promoters
54.22%
unchanged QoQ
FIIs
11.09%
−2.80 pp QoQ
DIIs
23.76%
+2.83 pp QoQ
Public
10.56%
−0.03 pp QoQ
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹403 Cr | 12.8 | |
| 2 | 40%+ | Up 0–2% | ₹1,158 Cr | 12.7 | |
| 3 | 40%+ | Flat | ₹6,675 Cr | 74.6 | |
| 4 | 40%+ | Flat | ₹6,247 Cr | 15.4 | |
| 5 | 40%+ | Flat | ₹4,948 Cr | 25.0 | |
| 6 | 40%+ | Flat | ₹4,816 Cr | 53.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingAstral announcements
All announcements →- Acquisition / mergerMajor developmentAstral Q1 FY27 consolidated revenue up 15.9%, PAT up 51.8% to Rs. 1,202 million
- Acquisition / mergerNotableAstral Limited withdraws Composite Scheme of Arrangement as per Board decision
- Acquisition / mergerNotableAstral Limited Board approves review and advisor appointment for Composite Scheme
- Acquisition / mergerNotableAstral Limited approves Composite Scheme for Chemical Demerger and Subsidiary Amalgamation
- Acquisition / mergerNotableAstral board approves Composite Scheme of Arrangement for demerger and amalgamation
Financials of Astral
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Astral
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 54.10% | 54.10% | 54.10% | 54.10% | 54.10% | 54.10% | 54.10% | 54.21% | 54.22% | 54.22% | 54.22% | 54.22% |
| FIIs + | 19.79% | 21.22% | 22.48% | 22.32% | 21.07% | 20.17% | 20.15% | 16.61% | 15.21% | 14.50% | 13.89% | 11.09% |
| DIIs + | 13.66% | 12.85% | 12.45% | 12.48% | 13.76% | 14.60% | 14.71% | 17.49% | 19.19% | 20.92% | 20.93% | 23.76% |
| Government + | 0.00% | 0.00% | 0.00% | 0.00% | 0.15% | 0.15% | 0.20% | 0.30% | 0.34% | 0.37% | 0.37% | 0.37% |
| Public + | 12.44% | 11.81% | 10.96% | 11.11% | 10.90% | 10.97% | 10.85% | 11.38% | 11.03% | 9.99% | 10.59% | 10.56% |
| No. of Shareholders | 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 | 2,64,925 | 2,51,854 |
Financials of Astral
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,363 | 1,370 | 1,625 | 1,384 | 1,370 | 1,397 | 1,681 | 1,361 | 1,577 | 1,542 | 2,088 | 1,578 | 1,988 |
| YoY Sales growth | +16% | +8% | +8% | +8% | +1% | +2% | +3% | -2% | +15% | +10% | +24% | +16% | +26% |
| Expenses + | 1,143 | 1,165 | 1,334 | 1,169 | 1,160 | 1,178 | 1,380 | 1,176 | 1,321 | 1,304 | 1,706 | 1,347 | 1,728 |
| Operating Profit | 220 | 205 | 291 | 214 | 210 | 219 | 302 | 185 | 257 | 237 | 383 | 231 | 260 |
| OPM % | 16% | 15% | 18% | 16% | 15% | 16% | 18% | 14% | 16% | 15% | 18% | 15% | 13% |
| Other Income + | 13 | 6 | 10 | 12 | 9 | 12 | 9 | 9 | 11 | -7 | 11 | 13 | 2 |
| Interest | 8 | 8 | 8 | 8 | 10 | 14 | 10 | 12 | 16 | 13 | 24 | 6 | 12 |
| Depreciation | 49 | 50 | 52 | 56 | 60 | 63 | 65 | 72 | 72 | 73 | 74 | 75 | 79 |
| Profit before tax | 177 | 154 | 241 | 163 | 149 | 154 | 236 | 110 | 180 | 144 | 297 | 163 | 172 |
| Tax % | 26% | 26% | 25% | 27% | 27% | 27% | 25% | 28% | 25% | 25% | 28% | 26% | 26% |
| Net Profit + | 132 | 113 | 181 | 120 | 109 | 113 | 178 | 79 | 135 | 108 | 213 | 120 | 127 |
| EPS in Rs | 4.88 | 4.23 | 6.76 | 4.48 | 4.09 | 4.25 | 6.67 | 3.02 | 5.02 | 4.01 | 7.93 | 4.47 | 4.73 |
Financials of Astral
Profit & Loss
Annual income statement trend
| 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 | 7,196 |
| Sales growth | +33% | +19% | +13% | +9% | +21% | +3% | +23% | +38% | +17% | +9% | +3% | +13% | +20% |
| 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 | 6,084 |
| Operating Profit | 168 | 208 | 261 | 314 | 382 | 442 | 638 | 754 | 810 | 925 | 946 | 1,062 | 1,112 |
| OPM % | 12% | 12% | 14% | 15% | 15% | 17% | 20% | 17% | 16% | 16% | 16% | 16% | 15% |
| Other Income + | 3 | -4 | 8 | 13 | 15 | 11 | 25 | 35 | 37 | 36 | 41 | 25 | 19 |
| Interest | 25 | 30 | 18 | 22 | 32 | 39 | 13 | 13 | 40 | 29 | 41 | 64 | 54 |
| Depreciation | 36 | 42 | 50 | 57 | 81 | 108 | 116 | 127 | 178 | 198 | 243 | 292 | 302 |
| Profit before tax | 110 | 132 | 201 | 248 | 283 | 306 | 533 | 648 | 628 | 734 | 702 | 731 | 776 |
| 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 | 568 |
| EPS in Rs | 2.89 | 3.79 | 5.44 | 6.58 | 7.36 | 9.25 | 15.10 | 18.06 | 17.00 | 20.33 | 19.50 | 19.97 | 21.14 |
| Dividend Payout % | 6% | 5% | 5% | 4% | 4% | 6% | 10% | 12% | 21% | 18% | 19% | 13% |
Financials of Astral
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 15 | 20 | 20 | 27 | 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 | 4,212 |
| Borrowings + | 203 | 197 | 229 | 189 | 275 | 191 | 80 | 98 | 87 | 119 | 233 | 250 | 333 |
| Other Liabilities + | 344 | 397 | 386 | 468 | 546 | 595 | 697 | 952 | 1,564 | 1,188 | 1,198 | 1,481 | 1,302 |
| 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 | 5,875 |
| Fixed Assets + | 557 | 645 | 741 | 842 | 1,105 | 1,255 | 1,314 | 1,496 | 1,950 | 2,299 | 2,712 | 2,939 | 3,033 |
| CWIP | 27 | 15 | 25 | 73 | 81 | 44 | 57 | 123 | 126 | 151 | 116 | 94 | 210 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 |
| Other Assets + | 582 | 641 | 695 | 759 | 913 | 990 | 1,302 | 1,768 | 2,286 | 2,046 | 2,220 | 2,755 | 2,624 |
| 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 | 5,875 |
Financials of Astral
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 117 | 226 | 114 | 282 | 342 | 405 | 664 | 543 | 557 | 823 | 630 | 1,117 |
| Cash from Investing Activity + | -343 | -203 | -158 | -185 | -291 | -318 | -454 | 72 | -478 | -541 | -513 | -506 |
| Cash from Financing Activity + | 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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 85% | 123% | 60% | 110% | 110% | 110% | 122% | 94% | 89% | 108% | 85% | 123% |
Financials of Astral
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How Astral's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
10 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | −19.1% | 30% |
| Last 6 months | −19.1% | 13% |
| Last 3 months | −19.4% | 10% |
The price is 47.9% below its all-time high of ₹2,406.25 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 19 became 10.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Astral: 0.4 × 30 + 0.4 × 13 + 0.2 × 10 = 19, halved to 10 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Astral: frequently asked questions
What is Astral share price today?
Astral last traded at ₹1,254, with a market capitalisation of ₹33,678 Cr and a P/E ratio of 56.9.
What were Astral's latest quarterly results?
For the quarter ended Sep 2026, Astral reported revenue of ₹1,988 Cr (+26% year on year) and net profit of ₹127 Cr, with an operating margin of 13%.
Is Astral's profit growing?
Net profit was ₹127 Cr in Sep 2026 against ₹135 Cr in Sep 2025, a change of -6%.
What is Astral's EPS?
Astral's earnings per share for the quarter ended Sep 2026 was ₹4.73.
What is the promoter holding in Astral?
Promoters held 54.22% of Astral in Sep 2026 (unchanged versus Jun 2026).
How much do FIIs and DIIs hold in Astral?
In Sep 2026, foreign institutional investors held 11.09% and domestic institutions (including mutual funds) held 23.76% of Astral.
What is Astral's ROE and ROCE?
Astral's return on equity is 13.9% and its return on capital employed is 19.2%.
Does Astral pay a dividend?
Yes. Astral's dividend yield is 0.32% at the current price. The full payout history is on the Astral dividends page.
Which sector does Astral belong to?
Astral is in the Industrial Products sector. Its peer comparison and sector ranking are on this page.
What did Astral's management say on the latest earnings call?
Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from Astral's management.
How does Arthneeti AI analyse Astral?
Arthneeti reads Astral's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.
Continue your research
What Astral's management said in earlier quarters
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