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Revenue
₹1,363 Cr
verified against source
Revenue YoY
16.3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Astral delivered a strong Q2 FY24 with consolidated revenue growth of 16.3% YoY and EBITDA margin expansion to 17.1% (up 390 bps YoY), driven by 28% volume growth in the core pipes business. The plumbing segment EBITDA margin reached 18%, aided by operating leverage and stable polymer prices, despite a ₹20 crore CPVC inventory loss. Management raised full-year volume growth guidance to >20% (from 15%), citing robust demand across regions and new product momentum. The paints business is stabilizing post-SAP implementation, while bathware is nearing breakeven with a ₹8 crore monthly run rate. Key risks include potential PVC price volatility in H2 and slower-than-expected ramp-up in new verticals.
Colored figures show movement against the previous available record.
Guidance to track
- 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 segment expected to reach breakeven within the next two quarters as monthly sales cross ₹10 crore.
- Management reiterated long-term guidance of 15-20% annual growth for the adhesive segment, with potential upside from Dahej ramp-up.
- Capital expenditure for FY25 expected to be ₹250-300 crore, lower than FY24 due to land acquisitions already completed.
Risks flagged
- PVC prices dropped sharply by ₹11/kg in early October, leading to potential inventory losses and channel destocking in Q3.
- Paint revenue declined 6% YoY despite sequential improvement; full recovery depends on successful SAP stabilization and team integration.
- With 28% volume growth, utilization is rising; management acknowledged 85% utilization is possible but may strain operations if demand surges further.
Key quotes
- We have guided that we will be working in the range of 16%-18%. So I'm very happy to say that we are on a higher side of what we have guided.
- We are increasing our guidance from 15% to more than 20% volume. That means minimum 20% plus volume growth for the full year.
- We are not looking of break even INR 1 crore here and there. We are having a vision of next 10 year.
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