CPVC leader after a destocking year
Astral Limited, a pioneer in polymer piping systems, introduced CPVC pipes in India in 1998. Known for quality and innovation, it has established itself as a trusted brand in the industry.
Astral Limited engages in the manufacture and marketing of pipes and fittings, water tanks, and adhesives and sealants in India and internationally. The company operates in two segments, Plumbing, and Paints and Adhesives. It offers plumbing pipes and fittings, sewerage and drainage pipes and fittings, agriculture pipes and fittings, cable protection system, industrial piping system, fire protection system, urban infrastructure, ancillary products, and column pipe; and roto moulding, blow moulded, loft, and anti-viral copper shield water tanks. It also provides bathware products comprising faucets, sanitarywares, cisterns, and showers; paints, such as interior and exterior emulsions, distempers, enamels, and primer and wall putty undercoats; adhesives and sealants, including epoxy, PVA, rubber, anaerobic tapes, silicone, acrylic, hybrid, instant, solvent, specialty, and industrial adhesives; specialized valves, such as compact true, single union, and industrial ball valves; construction chemicals comprising waterproofing, tile adhesives and grouts, surface protection, construction additives, and repair and rehabilitation products; and infrastructure products comprising drainage, cable protection, and PT duct systems; and specialised fittings, such as electrofusion, compression, PPR pipe fittings, integrated and mechanical clamp, integrated composite strap-on saddles, uPVC conduit fittings. The company was formerly known as Astral Poly Technik Limited and changed its name to Astral Limited in April 2021. Astral Limited was incorporated in 1996 and is headquartered in Ahmedabad, India.
Key people: Mr. Sandeep Pravinbhai Engineer (MD & Chairman of the Board) · Mr. Hiranand A. Savlani (CFO & Whole Time Director) · Ms. Jagruti Sandeep Engineer (Whole-Time Director) · Mr. Kairav S. Engineer (Whole Time Director) · Mr. Girish Bhanubhai Joshi (Whole Time Director) · Mr. Chintankumar Mahendrabhai Patel (Company Secretary & Compliance Officer)
Astral major competitors are Supreme Industries, Finolex Industries, Prince Pipes&Fitting, Apollo Pipes, Prakash Pipes, Kriti Industries (I). Market Cap of Astral is ₹37,677 Crs. While the median market cap of its peers are ₹2,654 Crs.
Astral seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Astral is India's second-largest plastic piping company (CPVC/PVC/PPR pipes and fittings, ~4.21 lakh MT pipes capacity, 5.97 lakh TPA total across divisions) and a leading CPVC brand, sold through 3,990+ distributors and 2.7 lakh+ dealers. Plumbing is ~66% of revenue (Q1FY27 Rs 1,050 cr of Rs 1,578 cr); the rest is adhesives & sealants in India (Resinova, Rs 326 cr) and the UK (Seal-It, Rs 121 cr), a young decorative paints business (Gem Paints, Rs 74.5 cr) and bathware. It is nearly debt-free (borrowings Rs 250 cr vs net worth Rs 4,058 cr) and has paid dividends for 19 consecutive years.
ICICI Sec: FY28E P/E of ~50x vs its historical average of ~80x (79.6x on FY26); stock still trades at 9.9x book (screener). EV/EBITDA n.m.; dividend yield 0.3%.
| Supreme Industries | Supreme is cheaper (43.8x TTM vs 67.3x) and has higher ROE (15.8% vs 13.8%), but Astral is growing faster (Q1FY27 revenue +16%, PAT +52% vs Supreme Q1 PAT Rs 281 cr) and has larger non-pipe growth engines (adhesives, paints). |
| Prince Pipes | Prince is a pure-play with weaker brand pricing power: Q1FY27 volumes fell 7% and EBITDA margin was 13% vs Astral's flat volumes and 18.9% plumbing margin; Prince guides 11-13% margin vs Astral 16-18%. |
| Finolex Industries | Finolex trades at 15.8x with 3.14%-style value optics but has 3.5% 5-yr sales CAGR, 8.6% ROE and is agri-PVC heavy (commodity exposure); Astral's CPVC/plumbing mix and 16% 5-yr sales CAGR justify the premium. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Industrials — 4.8%: stock-specific ideas inside a sector we are cautious on
The house is cautious on the capex complex — defence, railways, capital goods, renewables — not because the businesses are poor but because the valuations already discount years of order-book growth and the retail ownership is crowded. That caution is not a ban. The strategy is sector-agnostic and stock-selective, and four of our industrial positions are exactly that: L&T is the one large-cap engineering franchise whose multiple (28x FY28E) is below its growth (order book ₹7.8 lakh crore, +27% YoY; inflow guidance 10–12%) because the market treats it as a cyclical; Astral is a building-products compounder that sold off with PVC prices; Indo-MIM is the world's largest metal-injection-moulding company and a new listing; Dilip Buildcon is a road contractor at 20x FY28E where the balance-sheet repair is done and the bid pipeline is not. The macro backdrop is supportive at the margin: central capex is ₹12.2 lakh crore in FY27 (+11%), 28% of it already spent in the first months versus 24.5% last year, capital-goods order inflows are up 15–20%, the NHAI awarding target is 4,500 km with a ₹1.4 lakh crore bid pipeline, and manufacturing capacity utilisation at 74–78% is around the level at which private machinery capex historically begins. We would rather own the executors of that spend at reasonable prices than the order-book multiples of defence and railway names.
We own no defence (HAL, BEL, BDL: 40–60x for government-monopsony order books), no railways (RVNL, IRFC, Titagarh) and no renewables (Suzlon, Inox Wind, Waaree) — great businesses for an extended period, but the valuations and investor faith are extreme. Among capital-goods bellwethers, ABB, Siemens and Cummins at 50–70x price a private-capex boom that machinery data (26% of GFCF) does not yet confirm. Bharat Forge is a good company at 40x with a defence premium; we prefer RK Forgings (Autos) for the same end-markets at a cyclical trough. Supreme Industries is owned only in AIF I; in the PMS Astral is the pipes expression.
| Adhesives - Market Share | 4.70 % | as of Mar 23 |
| Adhesives - Market Share in UK | 2.40 % | as of Mar 23 |
| PVC Pipes - Market Share | 9.60 % | as of Mar 23 |
| Water Tanks - Market Share | 0.86 % | as of Mar 22 |