ASTRAL / Q2-FY26 / claim-ledger

Audit the questions that mattered.

Astral · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ2-FY26 · 2025-11-06Back to quarter ↗

Questions audited

Answered directly

86%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Shravan Shah · Dolat Capital

partial

Can plumbing achieve 17% growth in H2 without ADD?

We have already given a guidance of double digit. We have never said that we are going to deliver 17%. We are standby with the 17%. If ADD will come, that is a bonus to us, and that will be even a much higher number.

Shravan Shah · Dolat Capital

direct

Is October momentum similar to Q2?

October was also very good.

Shravan Shah · Dolat Capital

direct

Is QoQ plumbing realization increase due to product mix?

Product mix has improved. That is the reason you see there is a substantial improvement in the margin compared to Q1. Definitely, the all value-added product contribution has gone up.

Shravan Shah · Dolat Capital

partial

Can India adhesive margin reach 17% in H2?

As of today, we have given the guidance of 15%-16%. We have standby with that. If the growth will be higher, definitely margin can improve.

Sneha Talreja · Nuvama Wealth

direct

What changed between Q1 and Q2 to drive volume growth from 0% to 21%?

Basically, we have changed, as Hiranand and I said, that some of the product mixes definitely changed. Certain products that we manufacture, good demand was there in Q2. Also, we have become a bit more aggressive in terms of our selling in the market and taking the competition head-on.

Sneha Talreja · Nuvama Wealth

evasive

What were ad spends this quarter vs last year?

Ad spend as such is not a big part of the total whatever other expenditures are there. Ad spend is a very minuscule part of it. I think the main thought process is wrong that if the ad spend stops, then the other expense will go down because ad spend contributes to maybe less than 5%-10% of the total other expense.

Keshav Lahoti · HDFC Securities

partial

Why is EBITDA per kg flat YoY despite volume growth and no inventory loss?

Price aggression doesn't mean that we are selling at any price. Price aggression is geography to geography wherever we feel that it is the correction. ... In spite of getting aggression also, we are balancing out.

Praveen Sahay · PL Capital

direct

What is the channel inventory level currently?

Channel inventory levels are still subdued. Channel is still not having the confidence of stocking much inventory. I think after the ADD announcement, some positive channel inventory buildup might be there. As of right now, channel inventory is very low.

Shaleen Kumar · UBS

direct

Is margin expansion expected from new plant scale-up and lower logistics cost?

Shaleen, your understanding is absolutely correct. Because right now we are incurring losses on new plants because utilization is hardly anything. ... Once the market will pick up industry level and our plant utilization will improve maybe 40%, 50% level, then definitely this benefit will be available.

Manan Madlani · MJK Investment

direct

What is the expected margin for paints in FY2027?

It should be single-digit margin in FY2027.

Shravan Shah · Dolat Capital

direct

Is CapEx guidance of INR 300-350 crore for FY26 unchanged?

Whatever we have given the guidance, it is going to remain the same. We are not going to incur more.

Tanya Kothari · AUM Capital Market Private Limited

direct

What is the revenue split for adhesives and paints in H1 and Q2?

H1 revenue for Astral was INR 566 crore. India operation. U.K., INR 192 crore. Paint, INR 107 crore. ... Adhesives, India was INR 305 crore. Adhesives, U.K., INR 97 crore. Paint, INR 57 crore.