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Revenue
₹1,577 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Actual signal trajectory
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Quarter read
What the record says.
Astral delivered a strong Q2 FY2026 with 20% volume growth and 15% value growth, driven by new plant ramp-ups (Hyderabad, Kanpur), improved product mix toward value-added items, and aggressive market share gains despite weak industry demand and volatile polymer prices. Consolidated EBITDA margin remained healthy at 15%-16%, supported by cost controls and higher contribution from CPVC and other specialty products. Management reiterated double-digit growth guidance for FY2026, with H2 expected to be stronger seasonally. The UK adhesives business is recovering, posting 5% revenue growth and improving EBITDA from -2% to 7.33%. The upcoming CPVC plant (by Sep 2026) and potential anti-dumping duty on PVC are key catalysts. Key risk: if ADD does not materialize, polymer prices may remain subdued, limiting value growth and margin expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed guidance of double-digit volume growth for the full year, with H2 expected to be stronger than H1.
- The UK business is expected to return to double-digit EBITDA margins by FY2027, with substantial improvement by March 2026.
- Management guided that the paint segment will reach single-digit EBITDA margins by FY2027, up from current pressure.
- The 40,000 MTPA CPVC plant construction will start next month, with commissioning targeted by September 2026.
Risks flagged
- If the government does not impose ADD by the November 12 deadline, polymer prices may remain low, limiting value growth and margin expansion.
- Hyderabad and Kanpur plants are running at 15-20% utilization, incurring losses; ramp-up may take longer if demand remains weak.
- Opening nine new depots has increased employee and other costs, keeping paint margins under pressure; recovery may be slower than expected.
- While EBITDA improved to 7.33%, the business is still below double-digit margins; new CEO transition and market conditions pose execution risk.
Key quotes
- We are not only chasing margin or we will not only chase volume. We will do a fair mix of maintaining the volume as well as the margin.
- This company is not only looking for the margin, but at the same time, continuously, we want to grow our market share, which we have demonstrated in the last 20 years.
- The best part is that we have not invested any money. If I add this plant, investment will be negative.
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