CPVC leader after a destocking year
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| Astral | Held | 64.56 | 13.22% | 37,157 Cr | CPVC leader after a destocking year | |
| Supreme Industries | Not held | n/a | n/a | n/a | 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). | Screener · Tijori |
| Prince Pipes | Not held | n/a | n/a | n/a | 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%. | Screener · Tijori |
| Finolex Industries | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
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.
All sectors we avoid or underweight →L&T (2.4%, Core): ₹7.8 lakh crore order book (+27% YoY), inflows led by West Asia and energy transition, working-capital discipline, and a multiple below the small-cap capex names it out-executes. Astral (1.0%, Core): the CPVC leader, 10x book but 50x FY28E against an 80x history, buying a volume recovery after a destocking year. Indo-MIM (0.8%, Core): 6.8% global MIM share, 25%+ margins, aerospace/medical/firearms customers, listed July 2026. Dilip Buildcon (0.6%, Cyclical): one of the largest road EPC players, deleveraged via HAM asset sales, 20x FY28E as margins normalise.
| 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 |