Astral (ASTRAL) · mywealthgrid

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About

Astral is the leading CPVC pipes manufacturer extending into complementary building products—adhesives, tanks, and sanitaryware. With a market cap of ₹42,020 Cr and minimal debt (D/E 0.04), the company has demonstrated consistent profitability with operating margins of 16.17%. Product diversification aims to reduce concentration risk in core CPVC pipes.

Founded: 1996
Face value: ₹1

Market cap

₹36,288 Cr

P/E

63.1×

P/B

8.9×

Dividend yield

0.3%

ROE

14%

ROCE

19.9%

Debt / equity

0.04

OPM

16.2%

EPS (TTM)

₹21.4

Book value

₹150.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation multiple of PE 73.01 implies narrow room for earnings surprises; any disappointment could trigger significant downside
Operating margins fluctuate between 14.65% and 20.28% quarterly, suggesting sensitivity to costs, volumes, or product mix without demonstrated pricing cushion
Building products sector exposure to construction cycles and infrastructure spending variability—researcher should verify current and near-term macro conditions
New product categories (adhesives, tanks, sanitaryware) lack demonstrated scale or profitable track record

Generated analysis · source review pending

Growth drivers

Entry into adhesives, tanks and sanitaryware (company description) extends product reach into adjacent building categories, reducing concentration in core CPVC pipes
Minimal financial leverage (D/E ratio 0.04) provides capacity for investment in new categories without external capital
Operating margins of 16–20% (quarterly range) generate cash for reinvestment in growth and market expansion

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,344.0-2.3%1Y

Quick read

rule-based

Pros

+High return on capital employed of 21.2%
+Revenue CAGR of 15.6% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 12.7×

Cons

−Expensive at 63.1× trailing earnings
−Trading at 8.9× book value

Research score

Structured signal from quality, growth, valuation and momentum.

42/100

Business quality: 61
Growth: 55
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hindustan AeronauticsHALHAL	₹3,08,267 Cr	₹3,08,267 Cr	₹33,785 Cr	₹10,014 Cr	29.5%	₹9,321 Cr	27.6%	16.1%	24%	713
Bharat ElectronicsBELBEL	₹2,80,046 Cr	₹2,80,046 Cr	₹28,717 Cr	₹8,199 Cr	29.2%	₹6,146 Cr	22%	34.8%	27.6%	342
Tata Motors LimitedTMCVTMCV	₹1,53,008 Cr	₹1,57,825 Cr	₹87,197 Cr	₹8,812 Cr	9.1%	₹4,191 Cr	3.6%	31.3%	24%	-54
Bharat Heavy Electricals LimitedBHELBHEL	₹1,46,596 Cr	₹1,54,783 Cr	₹35,993 Cr	₹3,383 Cr	6.9%	₹2,432 Cr	4.7%	6.8%	6.3%	119
ABB IndiaABBABB	₹1,46,211 Cr	₹1,46,211 Cr	₹13,611 Cr	₹1,902 Cr	15.5%	₹2,988 Cr	12.6%	30%	22.4%	21
Hitachi Energy India LimitedPOWERINDIAPOWERINDIA	₹1,39,553 Cr	₹1,39,553 Cr	₹9,163 Cr	₹1,424 Cr	15.4%	₹1,150 Cr	12.1%	28.8%	21%	-42
Cg Power And Industrial Solutions LimitedCGPOWERCGPOWER	₹1,38,443 Cr	₹1,38,443 Cr	₹12,821 Cr	₹1,638 Cr	13.1%	₹973 Cr	9.7%	26.2%	20.4%	48
Siemens IndiaSIEMENSSIEMENS	₹1,35,460 Cr	₹1,35,460 Cr	₹18,849 Cr	₹2,013 Cr	11.4%	₹3,421 Cr	11.1%	22%	20.3%	23
Cummins India LimitedCUMMINSINDCUMMINSIND	₹1,34,719 Cr	₹1,34,719 Cr	₹12,662 Cr	₹2,588 Cr	21.4%	₹2,367 Cr	19.5%	34.7%	29.5%	60
Polycab India LimitedPOLYCABPOLYCAB	₹1,20,329 Cr	₹1,20,462 Cr	₹31,188 Cr	₹4,284 Cr	13.9%	₹2,864 Cr	9.4%	33.9%	24.5%	114
Siemens Energy India LimitedENRINENRIN	₹1,18,724 Cr	₹1,18,724 Cr	₹9,436 Cr	₹2,024 Cr	19.3%	₹1,488 Cr	14.1%	33.8%	29%	-175
Ge Vernova T&D India LimitedGVT&DGVT&D	₹1,08,882 Cr	₹1,08,882 Cr	₹6,712 Cr	₹1,757 Cr	27.1%	₹1,305 Cr	19.9%	73.2%	55.3%	90

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,139	2,507	2,578	3,176	4,394	5,159	5,641	5,832	6,569
COGS	1,383	1,648	1,596	1,969	2,928	3,435	3,459	3,519	3,951
Gross profit	756	860	982	1,207	1,466	1,724	2,182	2,313	2,618
	441	475	541	570	713	915	1,264	1,367	1,556
	314	385	441	638	753	808	918	946	1,062
OPM %	14.7%	15.4%	17.1%	20.1%	17.2%	15.7%	16.3%	16.2%	16.2%
Depreciation	57	81	108	117	127	178	198	243	292
Interest	22	32	39	13	13	40	29	41	64
	13	12	12	25	35	38	42	41	25
Profit before tax	248	283	306	533	649	628	734	703	731
Tax	72	86	57	125	158	156	188	184	196
Tax %	29.2%	30.4%	18.5%	23.4%	24.4%	24.8%	25.6%	26.1%	26.8%
	176	197	250	408	490	473	546	519	535
PAT margin %	8.2%	7.9%	9.7%	12.9%	11.2%	9.2%	9.7%	8.9%	8.1%
EPS (₹)	14.6	16.3	16.5	20.1	24.1	17	20.3	6.7	20
EPS adjusted (₹)	—	7.3	9.2	15.1	18.1	17	20.3	19.5	20
	4.1%	4.3%	6.1%	9.9%	12.5%	20.6%	18.4%	56.2%	20%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	12	15	20	20	27	27	27	27
Reserves	1,266	1,488	1,876	2,317	2,684	3,161	3,590	4,031
Minority interest	15	17	21	28	248	80	76	—
	194	127	67	85	77	96	144	153
	613	643	689	938	1,337	1,133	1,219	1,601
Total equity & liabilities	2,099	2,289	2,673	3,387	4,373	4,498	5,056	5,812
	1,105	1,214	1,255	1,496	1,951	2,299	2,712	2,939
CWIP	81	44	57	123	126	151	116	89
Investments	0	0	0	0	0	0	0	0
	913	1,030	1,362	1,768	2,297	2,048	2,228	2,784
Total assets	2,099	2,289	2,673	3,387	4,373	4,498	5,056	5,812

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Plumbing	4,678.7	686.9	3,177	1,057.3	2,119.7	32.41
Paints and Adhesives	1,889.9	103.4

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.3%	38.1%	38%	33.4%	33.4%	38.7%	39.7%	39.8%
EBITDA margin %	15.4%	17.2%	20.3%	17.2%	15.7%	16.3%	16.2%	16.2%
EBIT margin %	12.1%	13%	16.6%	14.3%	12.2%	12.8%	12%	11.7%
PAT margin %	7.9%	9.7%	12.9%	11.2%	9.2%	9.7%	8.9%	8.1%
Working capital
Receivable days	49	32	32	22	25	24	27	26
Inventory days	88	124	88	91	93	96	105	103
Payable days	—	—	—	93	85	92	89	107
NWC days	—	—	—	20	33	29	43	23
Leverage
Current ratio	1.48	1.57	1.84	1.85	1.72	1.77	1.88	1.76
Debt to EBITDA	0.5	0.29	0.1	0.11	0.1	0.1	0.15	0.14
Debt to equity	0.15	0.08	0.04	0.04	0.03	0.03	0.04	0.04
Interest coverage	10	8.8	42.2	51.4	16.5	26.2	18	12.7
Asset turnover	1.19	1.13	1.19	1.3	1.18	1.25	1.15	1.13
Return ratios
Return on assets %	9.4%	10.9%	15.3%	14.5%	10.8%	12.1%	10.3%	9.2%
Return on capital employed %	21.1%	21.8%	30.2%	29.9%	23.4%	23.3%	20.4%	19.9%
Return on equity %	15.4%	16.6%	21.5%	21%	17.4%	17.1%	14.3%	13.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.85%	54.1%	54.1%	53.67%	54.14%	53.89%	54.75%	54.19%	54.21%	54.22%	54.22%	54.22%
	18.5%	19.79%	21.22%	17.02%	17.37%	17.22%	17.76%	16.53%	16.61%	15.21%	14.5%	13.89%
	13.21%	13.66%	12.85%	12.33%	11.38%	11.9%	12.36%	11.44%	17.49%	19.2%	20.92%	20.94%
	0%	0%	0%	0%	0%	0%	0%	0%	0.3%	0.34%	0.37%	0.37%
	12.44%	12.45%	11.83%	16.98%	17.1%	16.99%	15.12%	17.84%	11.39%	11.03%	9.99%	10.58%
No. of shareholders	—	—	—	—	—	—	—	—	2,97,582	2,79,726	2,58,441	2,64,925

Promoter holding down 1.63 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
SAUMYA POLYMERS LLPPromoter Group	BuyMarket Purchase	50,000	₹7.16 cr	6.52% → 6.54%	25 Sept 20257(2)
KAIRAV CHEMICALS LIMITEDPromoter Group	BuyMarket Purchase	1,00,000	₹13.16 cr

42 deals · 19 Sept 2022 – 31 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
31 Aug 2026	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Buy	37,33,051	₹1,522.79	₹568.47 Cr
31 Aug 2026	SOCIETE GENERALE	Bulk	NSE	Buy	13,89,981	₹1,526.56	₹212.19 Cr
31 Aug 2026	SOCIETE GENERALE	Bulk	NSE	Sell	39,421	₹1,547.19	₹6.10 Cr
24 Nov 2025	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Buy	15,38,923	₹1,473.35	₹226.74 Cr
20 Dec 2023	SAUMYA POLYMERS LLP	Bulk	NSE	Sell	36,20,737	₹1,889.80	₹684.25 Cr
20 Dec 2023	SAUMYA POLYMERS LLP	Block	NSE	Sell	36,20,737	₹1,889.80	₹684.25 Cr
20 Dec 2023	MORGAN STANLEY INSTITUTIONAL FUND INC EMERGING MARKETS PORTFOLIO	Block	NSE	Buy	13,22,890	₹1,889.80	₹250.00 Cr
20 Dec 2023	NIPPON INDIA MUTUAL FUND	Block	NSE	Buy	12,00,000	₹1,889.80	₹226.78 Cr
20 Dec 2023	KAIRAV CHEMICALS LIMITED	Block	NSE	Sell	10,60,000	₹1,889.80	₹200.32 Cr
20 Dec 2023	GOVERNMENT OF SINGAPORE	Block	NSE	Buy	8,83,690	₹1,889.80	₹167.00 Cr

1–10 of 42

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Mr. SANDEEP PRAVINCHANDRA ENGINEERExecutive Director-Chairperson-MD
Mrs. JAGRUTI SANDEEP ENGINEERExecutive Director
Mr. GIRISH BHANUBHAI JOSHIExecutive Director
Mr. KAIRAV SANDEEP ENGINEERExecutive Director
Mr. HIRANAND ASANDAS SAVLANIExecutive Director
Mr. VIRAL MAHESHBHAI JHAVERINon-Executive - Independent Director
Mr. CHIKMAGALUR KALASHEETY GOPALNon-Executive - Independent Director
Mr. CHETAS GULABBHAI DESAINon-Executive - Independent Director
Mr. DHINAL ASHVINBHAI SHAHNon-Executive - Independent Director
Mrs. TANVI VISHAL RANGWALANon-Executive - Independent Director
Mr. RAJENDRA KISHORE MARIWALANon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,370.4 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,371.9	-9.3	-0.7%	₹1,371.9	12,046	+10	606	425
23 Nov 2026	₹1,376.8	-10.2	-0.7%	₹1,376.8	218	+16	29	425
29 Dec 2026	₹1,386.0	-9.4	-0.7%	₹1,392.1	2	+2	2	425

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

30

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	1,120

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

5.59%

of the company's equity

All mutual funds

9.2%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

57 schemes · 13 fund houses

		Shares
Aggressive Hybrid FundNEW	SBI Mutual Fund	53 L	806.77	0.91%	1.963%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	20 L	304.44	0.58%	0.741%	—
Large and Midcap Fund	SBI Mutual Fund	20 L	304.44	0.72%	0.741%	+12.64 L
Franklin India Mid Cap Fund (Formerly known as Franklin India Prima Fund) ^	Franklin Templeton Mutual Fund	11.95 L	181.84	1.39%	0.442%	+80,000
Midcap Fund	Axis Mutual Fund	8.23 L	125.31	0.35%	0.305%	-0
ELSS Tax Saver FundNEW	SBI Mutual Fund	8 L	121.78	0.38%	0.296%	—
Mid Cap FundNEW	ICICI Prudential Mutual Fund	4.23 L	64.44	0.77%	0.157%	—
Multi Cap FundNEW	ICICI Prudential Mutual Fund	4.23 L	64.37	0.33%	0.157%	—

1–8 of 57

1 / 8

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

25 Aug 2026, 10:29 amAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.3%	38.1%	38%	33.4%	33.4%	38.7%	39.7%	39.8%
EBITDA margin %	15.4%	17.2%	20.3%	17.2%	15.7%	16.3%	16.2%	16.2%
EBIT margin %	12.1%	13%	16.6%	14.3%	12.2%	12.8%	12%	11.7%
PAT margin %	7.9%	9.7%	12.9%	11.2%	9.2%	9.7%	8.9%	8.1%
Working capital
Receivable days	49	32	32	22	25	24	27	26
Inventory days	88	124	88	91	93	96	105	103
Payable days	—	—	—	93	85	92	89	107
NWC days	—	—	—	20	33	29	43	23
Leverage
Current ratio	1.48	1.57	1.84	1.85	1.72	1.77	1.88	1.76
Debt to EBITDA	0.5	0.29	0.1	0.11	0.1	0.1	0.15	0.14
Debt to equity	0.15	0.08	0.04	0.04	0.03	0.03	0.04	0.04
Interest coverage	10	8.8	42.2	51.4	16.5	26.2	18	12.7
Asset turnover	1.19	1.13	1.19	1.3	1.18	1.25	1.15	1.13
Return ratios
Return on assets %	9.4%	10.9%	15.3%	14.5%	10.8%	12.1%	10.3%	9.2%
Return on capital employed %	21.1%	21.8%	30.2%	29.9%	23.4%	23.3%	20.4%	19.9%
Return on equity %	15.4%	16.6%	21.5%	21%	17.4%	17.1%	14.3%	13.2%

Calls	Strike	Puts
0	0	0	₹0.0	1,120

Date	Category	Subject	Filing
25 Aug 2026, 10:29 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
24 Aug 2026, 7:22 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
24 Aug 2026, 7:19 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
21 Aug 2026, 5:58 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
18 Aug 2026, 6:44 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
12 Aug 2026, 7:02 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
1 Aug 2026, 12:31 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
31 Jul 2026, 6:22 pm	Company Update General	Shareholders Communication On TDS	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	342	405	664	543	557	823	630	1,117
	-293	-318	-454	72	-480	-541	-513	-507
	-5	-163	-153	-44	-189	-203	-118	-328
Net cash flow	44	-75	57	571	-112	80	-1	282
Free cash flow	—	—	492	197	246	270	85	658
CFO / Operating profit %	88.9%	91.5%	103%	71.9%	68.8%	89.7%	66.6%	105.2%

Astral

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

30

Fund holders

Documents

Announcements

Events

Announcements

3

30

Announcements

Annual reports

Investor Presentation and earnings call

36

1

3

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Adhesives · revenue

Astral

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Futures3

Option chain30

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Futures3

Option chain30

Announcements

Annual reports

Investor Presentation and earnings call

Dividends36

Board meetings1

Stock splits3

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Adhesives · revenue

3

30

3

30

36

1

3