Astral Ltd. is a leading manufacturer of polymer piping systems and adhesives. Known for innovation and uncompromising quality, Astral has expanded its product range to include bathware and paints. They was formerly known as Astral Poly Technik Limited and was incorporated in 1996. They have been operating in India and internationally since then. In 2021 company changed its name to Astral Limited.
The company has established itself as a prominent player in India's infrastructure and building materials sector, offering a comprehensive range of products that cater to residential, commercial, and industrial applications. It has 2535 distributors, 180000 dealers, 9 piping facilities in India and 2 manufacturing plants in UK and USA. This extensive distribution network enables the company to serve customers across India and international markets effectively.
Plumbing (72% in 9M FY25 vs 77% in FY22): The company offers PVC, CPVC and lead-free PVC plumbing systems and fittings including drainage systems, agriculture systems, fire sprinkler systems, electrical conduit pipes, bath-ware, water tanks, etc. It is among India's leading players in the high-margin CPVC pipes and fittings business. The segment revenue grew by 23% between FY22-FY24, driven by a 47% growth in sales volumes, partially offset by a 16% average sales realization decline followed by a decline in raw material prices.
The plumbing division represents the company's core strength, with the plumbing business reported revenue from operations of Rs 990.10 crore in Q3 FY25, down 0.80% YoY. Despite some quarterly fluctuations, the segment maintains its position as the primary revenue contributor.
The company operates in two segments, Plumbing; and Paints and Adhesives. The paints and adhesives business reported revenue from operation of Rs 406.90 crore in Q3 FY25, up 9.35% YoY. This segment has shown consistent growth and represents the company's diversification strategy beyond traditional piping solutions.
The bathware segment represents one of the company's fastest-growing areas. During the quarter, the bathware segment achieved gross sales of Rs. 27.90 crore, compared to Rs. 18.90 crore in the same period last year, resulting in a growth of 47.61%. This impressive growth demonstrates the company's successful expansion into complementary product categories.
The market cap of Astral Ltd (ASTRAL) is ₹41705.54 Cr as of 17th June 2025. The company's stock trades on both NSE and BSE exchanges, with the 52-week high of Astral Ltd (ASTRAL) is ₹2454 and the 52-week low is ₹1232.30.
The stock's valuation metrics reflect its premium positioning in the market. The P/E (price-to-earnings) ratio of Astral Ltd (ASTRAL) is 79.62. The P/B (price-to-book) ratio is 12.76. These multiples indicate investor confidence in the company's growth prospects and market leadership position.
#### Annual Performance (FY25)
For the full year,net profit declined 4.08% to Rs 523.80 crore in the year ended March 2025 as against Rs 546.10 crore during the previous year ended March 2024. Sales rose 3.39% to Rs 5832.40 crore in the year ended March 2025 as against Rs 5641.40 crore during the previous year ended March 2024.
#### Quarterly Performance (Q4 FY25)
Net profit of Astral declined 1.27% to Rs 179.30 crore in the quarter ended March 2025 as against Rs 181.60 crore during the previous quarter ended March 2024. Sales rose 3.46% to Rs 1681.40 crore in the quarter ended March 2025 as against Rs 1625.10 crore during the previous quarter ended March 2024.
#### Key Financial Metrics
• Revenue from Operations: Rs 5,832.40 crore (FY25)
• Net Profit: Rs 523.80 crore (FY25)
• EBITDA: Rs 945.90 crore (FY25)
• Operating Profit Margin: 16.28% (FY25)
• Return on Equity: 14% (as per recent analysis)
The company declared a final dividend of ₹2.25 per share. Additionally, Astral announced that the Board of Directors of the Company at its meeting held on 07 November 2024, has recommended a Interim dividend of Rs.1.50 per share (i.e.150%), subject to the approval of the shareholders. The current dividend yield of Astral Ltd (ASTRAL) is 0.24.
The company has pursued strategic acquisitions to strengthen its market position and expand its product portfolio. The Board of Directors of Company in their meeting held on April 29, 2022 acquired 51% controlling equity stake in Operating Paint Business of Gem Paints Private Limited, which is proposed to be demerged to a wholly owned subsidiary of Gem Paints Private Limited viz. Esha Paints Private Limited with an Appointed Date of April 1, 2022. Consequently, Gem Paints Private Limited and Esha Paint Private Limited became subsidiaries of the Company w.e.f June 21, 2022.
The company has also streamlined its operations through amalgamation activities. During the year 2023, the amalgamation of subsidiaries of the Company, viz. Resinova Chemie Limited and Astral Biochem Private Limited with the Company became effective from September 6, 2022.
The company is certified ISO 9001:2000 and the raw material used is certified by National Sanitary Foundation NSF. These certifications underscore the company's commitment to quality and international standards, which is crucial for maintaining its market leadership position.
The average 12-month price target for Astral Ltd is INR1637.86364, with a high estimate of INR2150 and a low estimate of INR1450. This analyst consensus suggests moderate upside potential from current levels.
The company's strong fundamentals are reflected in its financial health. The company has a reasonable debt to equity of 2%, which signals a healthy balance sheet. As of 31 December 2024, consolidated cash (including cash equivalents) and bank balances stood at 290.30 crore.
Promoter holding in Astral Ltd has gone up to 54.10 per cent as of Mar 2025 from 54.10 per cent as of Jun 2024. This stable promoter holding indicates confidence from the founding management team.
Astral Limited continues to demonstrate its resilience and adaptability in the competitive building materials sector. With its diversified product portfolio, strong distribution network, and strategic focus on high-growth segments like bathware and paints, the company is well-positioned to capitalize on India's infrastructure development and urbanization trends. The company's emphasis on quality, innovation, and customer service has enabled it to maintain its market leadership position while exploring new growth opportunities in complementary business segments.
