Astral Limited — Q3 FY26
Astral delivered a solid Q3 FY26 with 17% volume growth in pipes and 18.2% EBITDA margin in plumbing, despite polymer volatility and ~INR 20-25 crore inventory loss.
bullish
high
✓ 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.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Can full-year plumbing volume growth reach 13-14%?
Asked by Shravan Shah, Dolat Capital
CFO said 'more than that' but did not quantify, then deferred to early stage.
no specific number givenvague commitment
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Question
can we look at kind of, 13%-14% kind of a growth for the entire full year?
Hiranand Savlani, CFO
Definitely more than that.
Partial answer
Medium priority
Which sectors are driving volume growth?
Asked by Sonali Salgaonkar, Jefferies
Answered broadly but did not provide sector-wise breakdown as asked.
no sector breakdownvague answer
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Question
can you help us understand which sectors exactly have, you know, are giving you good traction for this kind of a volume growth?
Kairav Engineer, Chairman and MD
I think all, all sectors are doing equally well for us. It is not one particular sector.
Answered
Medium priority
Are dealers restocking due to PVC price rise?
Asked by Sonali Salgaonkar, Jefferies
Directly confirmed restocking is happening.
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Question
have they started restocking because PVC is going up, or are they still in a wait-and-watch situation?
Kairav Engineer, Chairman and MD
No, no, restocking has been there. Restocking has been there.
Answered
Medium priority
What is the full-year CapEx guidance?
Asked by Sonali Salgaonkar, Jefferies
Provided specific number for CapEx guidance.
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Question
CapEx guidance?
Hiranand Savlani, CFO
I think we have given the CapEx guidance for full year, around INR 350 crore.
Answered
High priority
How much of the PVC price hike has been passed on?
Asked by Shravan Shah, Dolat Capital
Provided specific pass-through amounts.
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Question
whether this INR 7 has been passed on to the customers?
Hiranand Savlani, CFO
out of INR 7, we already passed on INR 5. This weekend, we are going to pass on the balance INR 2 also.
Partial answer
High priority
Can Q4 EBITDA margin reach 18%?
Asked by Shravan Shah, Dolat Capital
Did not confirm 18% but said 'close' and 'better' without numbers.
no specific margin guidancevague
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Question
there is a possibility that we can even touch the kind of upper end of the margin, 18%, that way one can look at?
Hiranand Savlani, CFO
Sir, almost this quarter also we are close to that only. So even Q4 will be better.
Answered
High priority
When will CPVC backward integration plant start production?
Asked by Shravan Shah, Dolat Capital
Provided clear timeline for trials and commercial production.
Read the exchange
Question
the CPVC backward integration, I think last time we said by Q2 FY 2027, we will start, but now we said that the trial run will happen and from Q4 FY 2027, the production will start.
Hiranand Savlani, CFO
Q3 next fiscal, the trials will happen, and Q4 next fiscal, the plant will be regularized.
Answered
Medium priority
Will low-price PVC imports impact realizations?
Asked by Pujan Shah, Molecule Ventures
Directly denied low-price imports impacting realizations.
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Question
do you feel that before that, there would be a severe imports been coming up at lower prices, which would ultimately impact the current realization?
Hiranand Savlani, CFO
No, right now, there are no major low-price imports coming in.
Answered
High priority
Is January volume growth above 20%?
Asked by Shaleen Kumar, UBS India
Confirmed January volume growth above 20%.
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Question
is the kind of volume sustained in January as well, 20%+ kind of thing?
Kairav Engineer, Chairman and MD
Yeah, January, it is more than that. What is you are expecting?
Answered
High priority
Will the INR 22 crore inventory loss reverse in Q4?
Asked by Shaleen Kumar, UBS India
Confirmed reversal of inventory loss logically.
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Question
that INR 22 crore, which we had, had an impact last quarter in the Q3, will reverse in Q4, right?
Hiranand Savlani, CFO
Yes, logically, logically, your understanding is perfect, and that is what in initial comment also I communicated.
Answered
Medium priority
What is the inventory loss for Q3?
Asked by Tejas Pradhan, Citigroup
Provided range for inventory loss.
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Question
Can you highlight for the third quarter and nine months?
Hiranand Savlani, CFO
We said, approximately INR 20 crore-INR 25 crore will be there.
Partial answer
Medium priority
Why is total EBITDA lower than India operations EBITDA?
Asked by Keshav Lahoti, HDFC Securities
Did not fully reconcile the mismatch but gave segment EBITDA.
deferred to post-callprovided breakdown but not full reconciliation
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Question
why there is this mismatch? Means, what I'm missing in this?
Hiranand Savlani, CFO
I have to check that individual number. You can call me after this call, but it should be 55 crore is adhesive India. Adhesive UK is INR 11 crore, and paint is -INR 4 crore.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| India operations revenue INR 319 crore | ₹319 cr | ₹1,541 cr | Understated vs filing |
| India operations EBITDA INR 55 crore | ₹55 cr | ₹247 cr | Understated vs filing |
| UK operations revenue INR 90 crore | ₹90 cr | ₹1,541 cr | Understated vs filing |
| UK operations EBITDA INR 11 crore | ₹11 cr | ₹247 cr | Understated vs filing |
| Paint EBITDA loss INR 4 crore | ₹-4 cr | ₹247 cr | Understated vs filing |
| Volume growth 12-13% on nine-month basis | 12.5% | 10.3% | Overstated vs filing |
| EBITDA margin guidance 16-18% for polymer | 17% | 16% | Overstated vs filing |
| EBITDA margin guidance 12-14% for adhesive and paint | 13% | 16% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.