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Sustained channel destocking
View Risks →Astral Limited — Q2 FY25
Astral's Q2 FY25 consolidated revenue was flat at INR 1,370 crore (+0.5% YoY), with EBITDA of INR 219 crore (-6% YoY) and margin of 16% (down ~100 bps YoY).
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Astral's Q2 FY25 consolidated revenue was flat at INR 1,370 crore (+0.5% YoY), with EBITDA of INR 219 crore (-6% YoY) and margin of 16% (down ~100 bps YoY). The plumbing segment maintained 18.3% EBITDA margin despite a 13.5% PVC price decline and extended monsoon, which caused channel destocking and flattish volumes. Adhesives India grew 9% with stable 15.5% margin, while UK adhesives turned negative (-2% EBITDA) due to customer destocking and US ramp-up costs. Paint revenue grew 5% to INR 49 crore but margin compressed to 5.4% from 22% last year due to new state launches. Bathware surged 63% to INR 29 crore. Management guided for 10-15% volume growth in pipes for FY25, aided by recent anti-dumping duty on PVC and expected BIS implementation. Key risk: sustained demand weakness if channel destocking persists beyond Q3.
एस्ट्रल की दूसरी तिमाही में कुल आय 1,370 करोड़ रुपये रही, जो पिछले साल के मुकाबले सिर्फ 0.5% बढ़ी। कंपनी की कमाई (EBITDA) 219 करोड़ रुपये रही, जो 6% घटी और मुनाफा दर 16% रही। प्लंबिंग कारोबार में PVC की कीमत 13.5% गिरने और लंबी बारिश के कारण वॉल्यूम सपाट रहा, लेकिन मुनाफा दर 18.3% बनी रही। चिपकाने वाले पदार्थ (Adhesives) का भारत में कारोबार 9% बढ़ा, जबकि UK में ग्राहकों के स्टॉक घटाने से मुनाफा नकारात्मक रहा। पेंट का कारोबार 5% बढ़ा, लेकिन नए राज्यों में लॉन्च के कारण मुनाफा दर 22% से गिरकर 5.4% रह गई। बाथवेयर का कारोबार 63% बढ़कर 29 करोड़ रुपये हो गया। कंपनी को उम्मीद है कि पाइपों की बिक्री 10-15% बढ़ेगी, क्योंकि PVC पर एंटी-डंपिंग टैक्स लगा है। लेकिन अगर ग्राहक स्टॉक घटाना जारी रखेंगे, तो मांग कमजोर रह सकती है।
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Bathware Revenue
INR 29 Cr
+63% YoY
Bathware vertical grew 63% YoY to INR 29 crore in Q2, with monthly run rate reaching INR 10 crore.
Adhesives India Revenue
INR 263 Cr
+9% YoY
India adhesives grew 9% YoY to INR 263 crore, maintaining 15.5% EBITDA margin.
PVC Price Decline
13.5%
-13.5% QoQ
PVC prices fell 13.5% during Q2, causing channel destocking and inventory losses of INR 10-15 crore.
Paint Revenue
INR 49 Cr
+5% YoY
Paint revenue grew 5% YoY to INR 49 crore, but EBITDA margin dropped to 5.4% due to new state launch costs.
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Guidance and risk preview
Management expects 10-15% volume growth in pipes for FY25, with a stretch target of 15% if restocking materializes.
PVC price volatility and extended monsoon led to dealer destocking; if demand does not pick up in Q3, volume growth may miss the 10-15% guidance.
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