Astral

Astral delivered a solid Q3 FY26 with 17% volume growthCurrent 17% volume growth. Reported change: +17% YoY. in pipes and 18.2% EBITDA marginCurrent reported value: 18.2% EBITDA margin. No comparable prior figure is available in the source record. in plumbing, despite polymer volatility and ~INR 20-25 crore inventory loss. Revenue grew 10.3Current reported value: 10.3. No comparable prior figure is available in the source record.% YoY to INR 1,541Current reported value: 1,541. No comparable prior figure is available in the source record. crore, with EBITDA at INR 247Current reported value: 247. No comparable prior figure is available in the source record. crore (16Current reported value: 16. No comparable prior figure is available in the source record.% margin). Adhesives India grew 14% with 17.3%Current 17.3%. Reported change: +17.3% margin. margin; paints grew 21.6%Current 21.6%. Reported change: +21.6% YoY. but remained EBITDA-negative. Management highlighted strong January trends, PVC price uptick, and expects Q4 to be better with potential inventory gains. Key growth drivers include new product launches (PEX, STP Pro), Kanpur/Hyderabad ramp-up, and CPVC backward integration (trial runs by Q3 FY27). Risk: sustained margin pressure if PVC prices reverse or demand softens.