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Revenue
₹1,370 Cr
verified against source
Revenue YoY
0.5%
reported change
EBITDA
₹219 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Astral's Q2 FY25 consolidated revenue was flat at INR 1,370 crore (+0.5% YoY), with EBITDA of INR 219 crore (-6% YoY) and margin of 16% (down ~100 bps YoY). The plumbing segment maintained 18.3% EBITDA margin despite a 13.5% PVC price decline and extended monsoon, which caused channel destocking and flattish volumes. Adhesives India grew 9% with stable 15.5% margin, while UK adhesives turned negative (-2% EBITDA) due to customer destocking and US ramp-up costs. Paint revenue grew 5% to INR 49 crore but margin compressed to 5.4% from 22% last year due to new state launches. Bathware surged 63% to INR 29 crore. Management guided for 10-15% volume growth in pipes for FY25, aided by recent anti-dumping duty on PVC and expected BIS implementation. Key risk: sustained demand weakness if channel destocking persists beyond Q3.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 10-15% volume growth in pipes for FY25, with a stretch target of 15% if restocking materializes.
- Management reiterated consolidated EBITDA margin guidance of 15-16%, with pipes at 16-18% and adhesives India at 15%.
- Bathware vertical is on track to achieve full-year revenue of INR 100-125 crore, with monthly run rate already at INR 10 crore.
- Management targets over INR 100 crore revenue from OPVC in the first full year of commercial production, with three machines installed.
Risks flagged
- PVC price volatility and extended monsoon led to dealer destocking; if demand does not pick up in Q3, volume growth may miss the 10-15% guidance.
- UK adhesives posted negative EBITDA of -2% due to customer destocking and US ramp-up costs; recovery may take longer than expected.
- Paint EBITDA margin fell to 5.4% from 22% last year due to new state launches; sustained high costs could delay profitability.
- Employee costs rose ~20% YoY due to hiring for paints, US, bathware, and Hyderabad plant; if revenue growth lags, margins may remain under pressure.
Key quotes
- We are not doing anything burning any cash. We are building business. We are building a very strong Astral with all these four verticals, which will be more stronger in coming time.
- We are not in a game of only to show the number. Whatever the reality is there, we have to say to the market that this is the reality of the market.
- We are not here for this year, one year or two years. We are here for next 25 years or maybe 50 years. So we are looking for a long-term vision of the company.
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