Astral Limited — Q3 FY25
Astral reported a marginal 2% YoY revenue growth to INR 1,397 crore in Q3 FY25, with consolidated EBITDA up 9.3% YoY and margins at 16.5%.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
78%Questions answered1Evaded / deflected9Questions auditedContradictedNumbers vs filing
Evasive
High priority
Revised volume guidance for plumbing this year and next year.
Asked by Shravan Shah, Dolat Capital
Management refused to give a specific revised guidance, citing dependence on budget and anti-dumping duty.
no number givenconditional on external factors
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Question
First, on the plumbing volume, so for nine months, we have done just 4.3%, and we were looking at 10%-15% for this year. So now, what's the revised guidance for this year, and if possible for next year, how much growth one can look at?
Hiranand Savlani, CFO and Executive Director
I think it is difficult to give the volume guidance exactly under the current situation because we are too much dependent on how this budget, government spending, and all is happening... So if that is going to come, then definitely volumes will be very high in the Q4. But if that is not going to come, then volume will be slow.
Answered
Medium priority
Whether plumbing margin range of 16%-18% can be revised higher.
Asked by Shravan Shah, Dolat Capital
Management clearly stated the margin range will remain unchanged and focus shifts to volume.
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Question
In terms of the margin in plumbing, for nine months, it's very good, 18.3%. Our range was 16%-18%. So how one can look at, is there a possibility this margin range 16%-18% can be now on the higher side once it starts building in?
Hiranand Savlani, CFO and Executive Director
No, I think range will remain same. Only now, our focus will going to be more of the volume than the margin only.
Partial answer
Medium priority
Timeline for adhesive margins to reach 14%-16% including UK.
Asked by Shravan Shah, Dolat Capital
Management clarified the 14%-16% refers only to India, not combined, but did not provide a timeline for overall margin.
clarified but did not give timeline for combined margin
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Question
In terms of the adhesive, sir, because though we are saying a 14%-16% margin overall combined everything, but till now, it is just 11.4%. So obviously, you have mentioned that U.K. will start now showing the positive EBITDA. Just trying to see how one can look at in FY 2026 itself, one can start looking at 14%-16% adhesive margin.
Hiranand Savlani, CFO and Executive Director
14%-16%, we have given the Indian operation. U.K. has never given that kind of margin. So our Indian operation will continue to give us that range only. Even if you see that this year number also, the adhesive division has delivered a margin of, I think, 16.36% in this quarter...
Answered
Medium priority
Indian adhesive absolute revenue for Q3 and nine months.
Asked by Shravan Shah, Dolat Capital
Management provided the exact numbers requested.
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Question
Is it possible to share the Indian adhesive absolute revenue for third quarter and for nine months?
Hiranand Savlani, CFO and Executive Director
This third quarter, INR 280 crores. Nine months adhesive revenue... INR 697 crores.
Partial answer
High priority
How margins improved despite flat volumes and whether discounting will be used.
Asked by Sneha Talreja, Nuvama
Management denied discounting but did not explain the margin improvement mechanism.
did not explain how margins improved despite flat volumes
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Question
Firstly, we would like to understand how did you manage to do this margin on a quarter-on-quarter basis higher, given your volumes were flat? And from here, would you be following the strategy of discounting on pricing as done by many other players to gain volumes?
Hiranand Savlani, CFO and Executive Director
We are not discounting anyway. Even you see in the past quarters also, we have not sold any of our product at a discounted rate. So there is no question of discounting the thing.
Declined
Low priority
Export revenue breakdown and geographies.
Asked by Sneha Talreja, Nuvama
Management explicitly declined to provide export revenue breakdown.
refused to share numbers
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Question
Currently, what portion of your revenues is coming from exports? Is it fixed? Is it fitting? Differentiate and give these numbers, please.
Sandeep Engineer, Chairman and Managing Director
We have not differentiated and given these numbers. But we are expecting a positive, and we are getting positive orders for our certain value-added products. But we won't be able to give you numbers on exports.
Answered
High priority
Whether market share was maintained despite flat volumes.
Asked by Abhishek Singh, DSP
Management confirmed market share was maintained with industry context.
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Question
In terms of you have grown, you have basically been flat, but you have maintained your margins well. Is it fair to assume you would have still maintained your market share?
Hiranand Savlani, CFO and Executive Director
Definitely. Because if you see the industry, industry has not grown in this nine-month basis, hardly 3%-4% growth is there. So we have maintained our whatever the market share is there.
Declined
Low priority
Operating cash flow and CapEx for nine months and full year.
Asked by Rahul Agarwal, IKIGAI Asset Management
Management did not provide the number during the call.
deferred to later
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Question
For nine months, what is the operating cash flow and CapEx with the company done?
Hiranand Savlani, CFO and Executive Director
I don't have a handy number. You can call me, maybe post this phone call.
Answered
Medium priority
CapEx budget for FY25 and FY26.
Asked by Rahul Agarwal, IKIGAI Asset Management
Management provided specific CapEx guidance for both years.
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Question
The CapEx budget for the full year, roughly if you have fiscal 2025 and 2026?
Hiranand Savlani, CFO and Executive Director
I think we should be closing around INR 450 crore or so for the full year. Next year should be somewhere around INR 250 crore or so.
Answered
Medium priority
Pipe capacity additions this year and next year.
Asked by Keshav Lahoti, HDFC Securities
Management provided specific capacity addition numbers.
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Question
What sort of pipe capacity will you be adding in this year, plant-wise, and next year also?
Hiranand Savlani, CFO and Executive Director
I think this year we already added 37,000 metric tons in nine months. I think a little bit more can be added in the Q4. Next year, Kanpur once will be operational, then sizable capacity addition will be there. Another 30,000 or so will be there minimum.
Evasive
Low priority
Losses in bathware segment this quarter and nine months.
Asked by Praveen Sahay, PL Capital
Management did not provide a specific loss figure, citing integration.
no number givenclaimed inability to segregate
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Question
If you can give the how much is the losses in the bathware segment for this quarter and nine month?
Hiranand Savlani, CFO and Executive Director
I think hardly any losses are there. We don't know separately work out because it is already merged in the pipe. And secondly, many of the pipe-related brass fittings are manufactured at the same plant. So very difficult to segregate the EBITDA of bathware.
Answered
High priority
Expected top-line growth in coming years.
Asked by Devang Shah, Asit C. Mehta Investment Intermediates
Management provided a clear growth expectation of 15% for FY26.
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Question
Moving forward, what kind of growth as a percentage we expect in the coming years?
Hiranand Savlani, CFO and Executive Director
So this year, because of the base effect, we are of the view that the value should be better in FY 2026. That is how we will be back to our normal growth of 15% kind of growth.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Adhesive India Q3 revenue INR 280 cr | ₹280 cr | ₹1,397 cr | Understated vs filing |
| Adhesive India nine-month revenue INR 782 cr | ₹782 cr | ₹1,397 cr | Understated vs filing |
| Adhesive UK nine-month revenue INR 258 cr | ₹258 cr | ₹1,397 cr | Understated vs filing |
| Adhesive total nine-month revenue INR 1040 cr | ₹1,040 cr | ₹1,397 cr | Understated vs filing |
| Adhesive UK Q3 revenue INR 77 cr | ₹77 cr | ₹1,397 cr | Understated vs filing |
| Adhesive total Q3 revenue INR 357 cr | ₹357 cr | ₹1,397 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.