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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Industrials/Astral
NSE: ASTRAL· IndustrialsNot in Aug top-30Mid cap

Astral

CPVC leader after a destocking year

Last close
₹1,375.00
29 Sept 2026 · reference
1D · 1M
+0.3% · −10.3%
price-only
Weight
1.0%
31 Jul 2026 · Aug rank —
Thesis review
8 Sep 2026
Why We Own, p53
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p53Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
Broker research · 1 report

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedBUYdailymulti-company
Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)
19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗
Target
₹1,760
At report
₹1,520
Vs our close
+28.0%

Astral appears only in the Valuation Guide appendix (no dedicated commentary), rated BUY.

Key points
  • Valuation Guide: TP Rs 1,760 (16% upside), Mcap $4.3bn, FY27E/FY28E/FY29E EPS Rs 25.0/33.0/37.5, P/E 60.7x/46.1x/40.6x

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft
Strengths
  • Market-share gainer in a down market: Q1FY27 pipe volumes were flat while the industry declined 9-10%, and management guides minimum double-digit volume and >20% value growth in plumbing for FY27 (July volumes +40%, August double-digit).
  • Margin recovery under way: plumbing EBITDA margin rose 250 bps YoY to 18.9% in Q1FY27 and consolidated EBITDA margin to 14.7-15.5%; ICICI Sec models EBITDA growing 17.8% CAGR and PAT 26% CAGR over FY26-28E (EPS Rs 26.5/31.7).
  • Optionality from adjacencies: adhesives India +25% (guided 15-20% growth, 15-17% margin), UK adhesives margin up 470 bps to 4.9% (target 8-10%), paints +49% and at breakeven with plant at 60-65% utilisation; a captive CPVC resin plant (Rs 16 cr spent in Q1, completion targeted Dec-2026) reduces import dependence.
  • Balance sheet: near debt-free (borrowings Rs 250 cr vs equity Rs 4,058 cr), working capital days down from 17.4 to 11.0, FY27 capex Rs 300-350 cr self-funded; ROCE 19.2%.
Weaknesses
  • vs 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).
  • vs 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%.
Opportunities
  • Q2FY27 results (Nov-2026): confirmation of the July (+40%) and August (double-digit) volume rebound and adhesives margin normalisation to 15-17%.
  • Commissioning of the captive CPVC resin plant by Dec-2026 and aluminium patch-machine commercial production after Sep-2026 trials.
  • Notification of anti-dumping duty on PVC suspension resin by the Ministry of Finance (pending since DGTR final finding).
Threats
  • PVC/CPVC resin price declines cause inventory losses (Rs 25 cr in Q1FY26) and defer channel buying; anti-dumping duty on suspension resin has repeatedly failed to be notified.
  • Valuation: 67x TTM / ~57x FY27E leaves no room for a miss; 5-yr PAT CAGR is only 6% despite 16% sales CAGR.
  • Paints and UK adhesives are sub-scale (paints EBITDA margin 0.1%, UK 4.9%) and could dilute group margins if scale-up stalls; real-estate/infra slowdown hits plumbing volumes.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

0 approved · 0 pending · 0 rejected

Only approved reports are readable from the company page; the reviewer must differ from the uploader. Files are hashed (duplicates skipped) and held in the private store.

Internal evidence

Buoyant sources for this name

  • August 2026 top-30 disclosure — rank n/a, Industrials, —. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
  • One-pager, "Why We Own What We Own" — p53, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
  • Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

Company filings

Investor documents (Tijori knowledge base)

annual reports
  • Annual report FY26
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earnings releases
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investor presentations
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conference calls
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Links open the issuer's or exchange's document; fetched only through the user's browser, never by the platform.

Ownership

Shareholding · Jun'26

Promoter54.22%
Indian Promoters54.22%
SANDEEP PRAVINCHANDRA ENGINEER31.57%
SAUMYA POLYMERS LLP8.54%
JAGRUTI SANDEEP ENGINEER7.56%
KAIRAV CHEMICALS LIMITED6.55%
HANSABEN ENGINEER PRIVATE TRUST0.00%
KAIRAV ENGINEER FAMILY TRUST0.00%
JAGRUTI ENGINEER FAMILY MASTER TRUST0.00%
SANDEEP ENGINEER FAMILY MASTER TRUST0.00%
SAUMYA ENGINEER FAMILY TRUST0.00%
KAIRAMYA JOURNEYS LLP0.00%
Public Shareholding45.78%
Institutions35.20%