Sustained channel destocking
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.
ASTRAL / Q2-FY25 / risks
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Astral · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
UK adhesives margin recovery delay
UK adhesives posted negative EBITDA of -2% due to customer destocking and US ramp-up costs; recovery may take longer than expected.
Paint business margin pressure
Paint EBITDA margin fell to 5.4% from 22% last year due to new state launches; sustained high costs could delay profitability.
Employee cost inflation from new initiatives
Employee costs rose ~20% YoY due to hiring for paints, US, bathware, and Hyderabad plant; if revenue growth lags, margins may remain under pressure.