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Astral Ltd Q1FY27 Results

13 Aug 2026, 12:23PM

Revenue stood at Rs. 1,578 crore, up 15.9% YoY, but 4.8% below our estimates. EBITDA came in at Rs. 231 crore, up 25% YoY, but 11.8% below estimates. OPM expanded by 107 bps YoY to 14.7%, though it was also 115 bps below our expectations. Adjusted net profit increased 48.2% YoY to Rs. 120 crore, missing our estimates by 11.6%.
Piping volumes remained flat at 56,164 MT, while realizations increased 10% YoY. Overall demand in the plastic pipes industry remained weak during Q1FY27. Realizations improved as PVC prices have been inching up, while the implementation of MIP is also expected to support stabilization of PVC prices.
Plumbing segment EBITDA margin stood at 18.9% during the quarter, the highest in the industry, supported by a higher mix of value-added products. The backward integration into CPVC resin is expected to commence trial runs by the end of FY27, which should help the company gain market share in the piping segment.

Consolidated Rs. crore

Particulars	Q1FY27	Q1FY26	YoY %	Q4FY26	QoQ %
Net Revenue	1,578.0	1,361.2	15.9	2,088.5	(24.4)
Operating Profit	231.2	184.9	25.0	382.9	(39.6)
Profit Before Tax	162.8	109.8	48.3	296.6	(45.1)
Adjusted PAT	120.2	81.1	48.2	219.1	(45.1)
EPS (Rs.)	4.5	3.0	48.2	8.1	(45.1)
			BPS		BPS
OPM(%)	14.7	13.6	107	18.3	(368)
NPM (%)	7.6	6.0	166	10.5	(287)
Tax rate (%)	26.2	27.9	(170)	28.2	(202)

Actual vs estimates Rs. crore

Particulars	Q1FY27A	Q12027 E	YoY %
Net Revenue	1,578.0	1,658.0	(4.8)
Operating Profit	231.2	262.0	(11.8)
Adjusted PAT	120.2	136.0	(11.6)
EPS (Rs.)	4.5	5.1	(11.6)
			BPS
OPM(%)	14.7	15.8	(115)
NPM (%)	7.6	8.2	(59)