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Revenue
₹1,681 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Astral's Q4 FY25 results reflect a challenging year for the polymer industry, with PVC prices falling 18% YoY. Despite this, the company maintained margins through value-added product mix and brand strength. Consolidated revenue growth was modest, but EBITDA margins were stable. The adhesive business in India grew 14.5% to INR 1,098 crore, while the UK operation faced an abnormal year. Bathware grew 50% to ~INR 130 crore. Management expects volume growth of 10-15% in FY26, aided by potential anti-dumping duty on PVC and BIS implementation. CapEx for FY26 is guided at INR 250-300 crore. Key risks include continued PVC price volatility, delayed government spending recovery, and UK adhesive turnaround uncertainty.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects low double-digit volume growth for pipes in FY26, aided by potential anti-dumping duty and BIS implementation.
- Capital expenditure for FY26 is guided at INR 250-300 crore, mainly for Kanpur plant completion and other expansions.
- Management expects UK operations to deliver positive EBITDA in FY26, with improvements visible from Q2 onwards.
- Paint segment is expected to see small margin improvement in FY26 as volumes increase.
Risks flagged
- PVC prices fell 18% in FY25; anti-dumping duty implementation is uncertain and could impact margins.
- UK operations had zero EBITDA in FY25; management's turnaround plan may take longer than expected.
- Employee costs as a percentage of sales are higher than peers due to expansion in new businesses; attrition at 25% may indicate retention issues.
- New plants in Guwahati, Bhubaneswar, and Hyderabad are operational but at low utilization; revenue contribution may take time.
Key quotes
- In this scenario, as you can see, all the four quarters, we have been giving very good results. The growth has been minuscule, but the margins have been well maintained, improved.
- Astral is the only company in the country which has improved the gross profit margin. We have improved the GP by 1%, and we have maintained our EBITDA. This is what the power of the brand, I can say, Astral in the market.
- We are of the view that the pricing is going to remain volatile. ... So sooner or later, anti-dumping duty will be there.
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