ASTRAL / Q3-FY25 / 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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WatchQ3-FY25 · 2025-01-23Back to quarter ↗

Questions audited

9

Answered directly

78%

Numeric claims

6

Consistency

contradicted

Question ledger

What was answered, and how?

Shravan Shah · Dolat Capital

evasive

Revised volume guidance for plumbing this year and next year.

I think it is difficult to give the volume guidance exactly under the current situation because we are too much dependent on how this budget, government spending, and all is happening... So if that is going to come, then definitely volumes will be very high in the Q4. But if that is not going to come, then volume will be slow.

Shravan Shah · Dolat Capital

direct

Whether plumbing margin range of 16%-18% can be revised higher.

No, I think range will remain same. Only now, our focus will going to be more of the volume than the margin only.

Shravan Shah · Dolat Capital

partial

Timeline for adhesive margins to reach 14%-16% including UK.

14%-16%, we have given the Indian operation. U.K. has never given that kind of margin. So our Indian operation will continue to give us that range only. Even if you see that this year number also, the adhesive division has delivered a margin of, I think, 16.36% in this quarter...

Shravan Shah · Dolat Capital

direct

Indian adhesive absolute revenue for Q3 and nine months.

This third quarter, INR 280 crores. Nine months adhesive revenue... INR 697 crores.

Sneha Talreja · Nuvama

partial

How margins improved despite flat volumes and whether discounting will be used.

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. So there is no question of discounting the thing.

Sneha Talreja · Nuvama

declined

Export revenue breakdown and geographies.

We have not differentiated and given these numbers. But we are expecting a positive, and we are getting positive orders for our certain value-added products. But we won't be able to give you numbers on exports.

Abhishek Singh · DSP

direct

Whether market share was maintained despite flat volumes.

Definitely. Because if you see the industry, industry has not grown in this nine-month basis, hardly 3%-4% growth is there. So we have maintained our whatever the market share is there.

Rahul Agarwal · IKIGAI Asset Management

declined

Operating cash flow and CapEx for nine months and full year.

I don't have a handy number. You can call me, maybe post this phone call.

Rahul Agarwal · IKIGAI Asset Management

direct

CapEx budget for FY25 and FY26.

I think we should be closing around INR 450 crore or so for the full year. Next year should be somewhere around INR 250 crore or so.

Keshav Lahoti · HDFC Securities

direct

Pipe capacity additions this year and next year.

I think this year we already added 37,000 metric tons in nine months. I think a little bit more can be added in the Q4. Next year, Kanpur once will be operational, then sizable capacity addition will be there. Another 30,000 or so will be there minimum.

Praveen Sahay · PL Capital

evasive

Losses in bathware segment this quarter and nine months.

I think hardly any losses are there. We don't know separately work out because it is already merged in the pipe. And secondly, many of the pipe-related brass fittings are manufactured at the same plant. So very difficult to segregate the EBITDA of bathware.

Devang Shah · Asit C. Mehta Investment Intermediates

direct

Expected top-line growth in coming years.

So this year, because of the base effect, we are of the view that the value should be better in FY 2026. That is how we will be back to our normal growth of 15% kind of growth.