Adhesive volume growth 15-20% for FY24
Management expects adhesive business to grow 15-20% in volume terms for the full year, with EBITDA margin above 15%.
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Pipe EBITDA per kg of INR 35-40 for FY24
CFO guided that pipe EBITDA per kg should be in the range of INR 35-40 for the year, excluding inventory and bathware losses.
CapEx of INR 350 crore in FY24 and INR 250 crore in FY25
Capital expenditure for capacity expansion is expected to be around INR 350 crore in FY24 and INR 250 crore in FY25.
Paint business to launch Astral Synergy brand from Q3
The demerged paint entity will operate under the Astral Synergy brand, with full operations expected from Q3 FY24.
Volume growth of 15%+ for FY25
Management reiterated its 15%+ volume growth guidance for the full year, with potential upside if H2 performs well.
Plumbing EBITDA margin of 16%-18% for FY25
Management guided for plumbing EBITDA margin in the range of 16%-18% for the full year.
Adhesives India EBITDA margin of 16% for FY25
Management expects to maintain 16% EBITDA margin in India adhesives for the full year.
CapEx of INR 350 crore for FY25
Management guided for capital expenditure of approximately INR 350 crore for the full year.
Double-digit volume growth for FY2026
Management is confident of achieving double-digit volume growth for the full year, supported by improving demand from July onwards.
Bathware to maintain 27% growth momentum
Bathware aims to sustain similar growth momentum in coming quarters, targeting 27% growth.
Paint business to grow at least 20% in FY2026
Paint business targets minimum 20% top-line growth for the full year, reaching around INR 240 crore run rate.
CPVC resin plant commissioning by Q2 FY2027
The 40,000 MT CPVC resin plant will be commissioned by Q2 FY2027, with total investment of INR 150 crore (Astral's share INR 120 crore).
FY24 volume growth guidance raised to >20%
Management increased full-year volume growth guidance from 15% to over 20% for the pipes business, driven by strong H1 performance and demand outlook.
Bathware breakeven at ₹10-11 Cr monthly run rate
Bathware segment expected to reach breakeven within the next two quarters as monthly sales cross ₹10 crore.
Adhesive business 15-20% annual growth
Management reiterated long-term guidance of 15-20% annual growth for the adhesive segment, with potential upside from Dahej ramp-up.
FY25 CapEx guidance of ₹250-300 Cr
Capital expenditure for FY25 expected to be ₹250-300 crore, lower than FY24 due to land acquisitions already completed.
Pipe volume growth 10-15% for FY25
Management expects 10-15% volume growth in pipes for FY25, with a stretch target of 15% if restocking materializes.
Consolidated EBITDA margin 15-16%
Management reiterated consolidated EBITDA margin guidance of 15-16%, with pipes at 16-18% and adhesives India at 15%.
Bathware revenue INR 100-125 crore for FY25
Bathware vertical is on track to achieve full-year revenue of INR 100-125 crore, with monthly run rate already at INR 10 crore.
OPVC revenue target >INR 100 crore in first full year
Management targets over INR 100 crore revenue from OPVC in the first full year of commercial production, with three machines installed.
Double-digit volume growth for FY2026
Management reaffirmed guidance of double-digit volume growth for the full year, with H2 expected to be stronger than H1.
UK adhesives to achieve double-digit EBITDA margin by next fiscal
The UK business is expected to return to double-digit EBITDA margins by FY2027, with substantial improvement by March 2026.
Paint business to achieve single-digit margin in FY2027
Management guided that the paint segment will reach single-digit EBITDA margins by FY2027, up from current pressure.
CPVC plant commissioning by September 2026
The 40,000 MTPA CPVC plant construction will start next month, with commissioning targeted by September 2026.
Plumbing volume growth of 20%+ for FY24
Management revised guidance to 20%+ volume growth for the full year; 9M already at 24%.
Plumbing EBITDA margin of 16-17% for FY24
Guidance maintained; 9M margin at 17%+ and Q4 expected to be robust, potentially exceeding guidance.
Adhesives India EBITDA margin of 14-15% for FY24
9M margin at 16%, already surpassing guidance; full year expected to be at or above the range.
CapEx of INR 250-300 crore for FY25
Primarily for pipe capacity expansion; other divisions' CapEx largely completed.
Pipe volume growth of 10-15% in FY26
Management expects 10-15% volume growth in pipes next fiscal, aided by a low base and potential demand recovery post-budget.
Bathware revenue to exceed INR 120 crore in FY25
Bathware vertical is on track to surpass the guided INR 100-120 crore revenue for FY25, with nine-month sales of INR 83 crore.
UK adhesives EBITDA to improve to 5-10% from Q1 FY26
Corrective measures in UK operations are expected to restore EBITDA margins to historical 5-10% range from Q1 FY26 onward.
Capex of ~INR 250 crore in FY26
Capital expenditure for FY26 is guided at around INR 250 crore, significantly lower than FY25's estimated INR 450 crore.
Double-digit volume growth for FY26
Management expects full-year volume growth to exceed 12-13% nine-month run rate, with Q4 likely better than Q3.
EBITDA margin guidance of 16-18% for pipes
Pipes EBITDA margin guided in 16-18% range; Q3 was 18.2% including inventory loss, so Q4 could be higher.
Adhesives and paints margin guidance of 12-14%
Combined margin for adhesives and paints targeted at 12-14%, though nine-month actual is 10.8% due to UK and paint losses.
CPVC plant trial runs by Q3 FY27, commercial production Q4 FY27
Backward integration CPVC plant on schedule; trial runs in Q3 FY27, regular production by Q4 FY27.
Piping volume growth 15-20% in FY25
Management guides 15-20% volume growth for pipes, with potential upward revision after H1 based on polymer price and demand trends.
Paints revenue target INR 300+ crore in FY25
Paints business targets INR 300+ crore revenue in FY25 with EBITDA margin of 14-15%, leveraging Astral brand and distribution.
Bathware revenue INR 125-150 crore and breakeven in FY25
Bathware business aims to achieve revenue of INR 125-150 crore and turn EBITDA positive in FY25.
CapEx of ~INR 300 crore in FY25 for pipe expansion
Planned CapEx of INR 250 crore for pipes (Hyderabad and Kanpur plants) and INR 50 crore for other businesses, with potential increase if demand is robust.
Volume growth of 10-15% in FY26
Management expects low double-digit volume growth for pipes in FY26, aided by potential anti-dumping duty and BIS implementation.
CapEx of INR 250-300 crore for FY26
Capital expenditure for FY26 is guided at INR 250-300 crore, mainly for Kanpur plant completion and other expansions.
UK adhesive business turnaround in FY26
Management expects UK operations to deliver positive EBITDA in FY26, with improvements visible from Q2 onwards.
Paint business EBITDA improvement
Paint segment is expected to see small margin improvement in FY26 as volumes increase.