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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,541 Cr
verified against source
Revenue YoY
10.3%
reported change
EBITDA
₹247 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Astral delivered a solid Q3 FY26 with 17% volume growth in pipes and 18.2% EBITDA margin in plumbing, despite polymer volatility and ~INR 20-25 crore inventory loss. Revenue grew 10.3% YoY to INR 1,541 crore, with EBITDA at INR 247 crore (16% margin). Adhesives India grew 14% with 17.3% margin; paints grew 21.6% but remained EBITDA-negative. Management highlighted strong January trends, PVC price uptick, and expects Q4 to be better with potential inventory gains. Key growth drivers include new product launches (PEX, STP Pro), Kanpur/Hyderabad ramp-up, and CPVC backward integration (trial runs by Q3 FY27). Risk: sustained margin pressure if PVC prices reverse or demand softens.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year volume growth to exceed 12-13% nine-month run rate, with Q4 likely better than Q3.
- Pipes EBITDA margin guided in 16-18% range; Q3 was 18.2% including inventory loss, so Q4 could be higher.
- Combined margin for adhesives and paints targeted at 12-14%, though nine-month actual is 10.8% due to UK and paint losses.
- Backward integration CPVC plant on schedule; trial runs in Q3 FY27, regular production by Q4 FY27.
Risks flagged
- If PVC prices decline again, inventory losses may recur and margin guidance could be missed.
- UK business EBITDA is still flattish despite restructuring; management expects mid-single-digit margins but no firm timeline.
- Paint segment posted INR 4 crore EBITDA loss; management cited branding costs but no clear path to profitability.
- OPVC demand depends on JJM allocation; last year actual spend was far below budget, posing risk to volume growth.
Key quotes
- We are breaking away from the pack. Piping in India is largely everyone talks about CPVC and PVC. We are quickly breaking away from the pack, and with our new products that we are launching, we are becoming more and more attractive to our channel partners.
- We are giving growth, but at the same time, we are giving the best margins. That is very important. People have sacrificed yields on margin, but not substantial growth has been given.
- We are not here to enjoy huge margins on the CPVC business. Rather than that, our strategic aim is to make this backward integration and gain market share.
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