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Revenue
₹1,397 Cr
verified against source
Revenue YoY
2%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Astral reported a marginal 2% YoY revenue growth to INR 1,397 crore in Q3 FY25, with consolidated EBITDA up 9.3% YoY and margins at 16.5%. The pipes & fittings segment delivered 18.47% EBITDA margin despite flat volumes, driven by value-added products and cost discipline. Adhesives India grew 14.5% with margins of 16.36%, while UK operations remained subdued at 0.65% EBITDA. Paint revenue grew 7.5% but margins were low at 4% due to launch costs. Management expects demand recovery post-budget and anti-dumping duty implementation, targeting 10-15% volume growth in pipes next year. Key risks include delayed government spending and channel destocking due to polymer price volatility.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 10-15% volume growth in pipes next fiscal, aided by a low base and potential demand recovery post-budget.
- Bathware vertical is on track to surpass the guided INR 100-120 crore revenue for FY25, with nine-month sales of INR 83 crore.
- Corrective measures in UK operations are expected to restore EBITDA margins to historical 5-10% range from Q1 FY26 onward.
- Capital expenditure for FY26 is guided at around INR 250 crore, significantly lower than FY25's estimated INR 450 crore.
Risks flagged
- The much-awaited anti-dumping duty on PVC has been delayed, causing uncertainty and channel destocking. If not implemented soon, volume recovery may be delayed.
- Management cited reduced government spending and liquidity issues as key demand headwinds. A slower-than-expected budget allocation could prolong the slowdown.
- Despite corrective steps, UK/US margins remain low (0.65% in Q3). Management expects improvement from Q1 FY26, but execution risk persists.
- Paint EBITDA margin was only 4% in Q3 due to branding and distribution expenses. Management expects improvement only from H2 FY26, with no clear timeline for double-digit margins.
Key quotes
- We are not discounting anyway. Even you see in the past quarters also, we have not sold any of our product at a discounted rate.
- If I want to open the pan India, it would be disaster for Astral, which we will never do by employing so many employees or overstretching in capital expenditures or doing anything for heavy marketing budgets.
- We are not going to lose the market share and maintain the margin. That will never be the mindset of the management.
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