Anti-dumping duty (ADD) on PVC may not be imposed
If the government does not impose ADD by the November 12 deadline, polymer prices may remain low, limiting value growth and margin expansion.
ASTRAL / Q2-FY26 / risks
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New plants operating at low utilization
Hyderabad and Kanpur plants are running at 15-20% utilization, incurring losses; ramp-up may take longer if demand remains weak.
Paint business margin pressure from expansion costs
Opening nine new depots has increased employee and other costs, keeping paint margins under pressure; recovery may be slower than expected.
UK adhesives turnaround may not sustain
While EBITDA improved to 7.33%, the business is still below double-digit margins; new CEO transition and market conditions pose execution risk.