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Astral reported a strong Q1FY27 performance with consolidated revenue rising 16% YoY

ICICIdirect Research 13 Aug 2026 DISCLAIMER

News: Astral reported a strong Q1FY27 performance with consolidated revenue rising 16% YoY to ₹ 1,578 crore, driven by both Plumbing (revenue up 10% at ₹ 1,051 crore) and Paints & Adhesives (up 30% at ₹ 528 crore). Plumbing volumes were largely flat at 56,146 MT. Consol. EBITDA grew 25% YoY to ₹ 231 crore, with margin expanding 107 bps to 14.7%. EBITDA margins (including other income) for plumbing was up by 247 bps at 18.9% and for paints & adhesives was down by 54 bps at 8.7%. PAT grew 52% YoY to ₹ 120 crore, with PAT margin improving to 7.6% (up by 180 bps). 

View: Astral’s outlook remains positive, with strong traction across Plumbing, Paints & Adhesives and continued market-share gains. Plumbing volumes remained flat despite a ~10% industry decline, while better product mix and utilization at Kanpur and Hyderabad supported margins; CPVC grew in the high-single digits. Paints revenue saw strong growth of 47%, while demand strengthened sharply in July with plumbing volumes up ~40%. The upcoming CPVC resin plant, new high-value products and improving demand provide further scope for growth and margin expansion, with management retaining its existing guidance.

Impact: Positive

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