ASTRAL / Q3-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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PositiveQ3-FY26 · 2026-02-15Back to quarter ↗

Questions audited

Answered directly

79%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Shravan Shah · Dolat Capital

evasive

Can full-year plumbing volume growth reach 13-14%?

Definitely more than that.

Sonali Salgaonkar · Jefferies

partial

Which sectors are driving volume growth?

I think all, all sectors are doing equally well for us. It is not one particular sector.

Sonali Salgaonkar · Jefferies

direct

Are dealers restocking due to PVC price rise?

No, no, restocking has been there. Restocking has been there.

Sonali Salgaonkar · Jefferies

direct

What is the full-year CapEx guidance?

I think we have given the CapEx guidance for full year, around INR 350 crore.

Shravan Shah · Dolat Capital

direct

How much of the PVC price hike has been passed on?

out of INR 7, we already passed on INR 5. This weekend, we are going to pass on the balance INR 2 also.

Shravan Shah · Dolat Capital

partial

Can Q4 EBITDA margin reach 18%?

Sir, almost this quarter also we are close to that only. So even Q4 will be better.

Shravan Shah · Dolat Capital

direct

When will CPVC backward integration plant start production?

Q3 next fiscal, the trials will happen, and Q4 next fiscal, the plant will be regularized.

Pujan Shah · Molecule Ventures

direct

Will low-price PVC imports impact realizations?

No, right now, there are no major low-price imports coming in.

Shaleen Kumar · UBS India

direct

Is January volume growth above 20%?

Yeah, January, it is more than that. What is you are expecting?

Shaleen Kumar · UBS India

direct

Will the INR 22 crore inventory loss reverse in Q4?

Yes, logically, logically, your understanding is perfect, and that is what in initial comment also I communicated.

Tejas Pradhan · Citigroup

direct

What is the inventory loss for Q3?

We said, approximately INR 20 crore-INR 25 crore will be there.

Keshav Lahoti · HDFC Securities

partial

Why is total EBITDA lower than India operations EBITDA?

I have to check that individual number. You can call me after this call, but it should be 55 crore is adhesive India. Adhesive UK is INR 11 crore, and paint is -INR 4 crore.