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Revenue
₹1,625 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
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Quarter read
What the record says.
Astral reported a strong year with piping volume growth of ~23% and adhesive India revenue of INR 960 crore at 15.7% EBITDA margin. The company is expanding capacity with two new pipe plants (Hyderabad, Kanpur) and entering OPVC pipes with proprietary low-CapEx technology. Paints and Bathware are scaling: paints targeting INR 300+ crore in FY25 with 14-15% EBITDA, Bathware aiming for INR 125-150 crore and breakeven. Key risks include polymer price volatility and execution in new verticals. Management guides 15-20% volume growth for pipes and 20%+ for India adhesives, with potential upside from polymer price recovery and market share gains.
Colored figures show movement against the previous available record.
Guidance to track
- Management guides 15-20% volume growth for pipes, with potential upward revision after H1 based on polymer price and demand trends.
- Paints business targets INR 300+ crore revenue in FY25 with EBITDA margin of 14-15%, leveraging Astral brand and distribution.
- Bathware business aims to achieve revenue of INR 125-150 crore and turn EBITDA positive in FY25.
- Planned CapEx of INR 250 crore for pipes (Hyderabad and Kanpur plants) and INR 50 crore for other businesses, with potential increase if demand is robust.
Risks flagged
- Sharp polymer price increases (10% in Q1) could compress margins if not passed through, though management sees it as positive for organized players.
- Paints and Bathware are still in early stages; achieving revenue and margin targets depends on successful brand building and distribution ramp-up.
- UK adhesive EBITDA halved to INR 19 crore due to inventory losses; management expects 10% margin but recovery is uncertain.
- Entry of a major cement player and price cuts by incumbents could pressure Astral's paint margins and market share.
Key quotes
- We are not here to do magic, but next year, our target is INR 300 crores plus, around that, in paints, and we'll deliver this number.
- Our OPVC CapEx, typically, we are going to invest 1/4 of what our peers have invested in OPVC.
- We are very clear that we don't want to do the business at the cost of balance sheet, so we are very clear. We will be happy with 1% or 2% lesser growth, but we will not dilute our balance sheet.
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