Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

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-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.1

Profitability

2.9

Balance sheet

4.3

Cash conversion

4.5

Valuation

0.0

Sales6,569 cr FY26

Net Profit537 cr FY26

Operating margin16.2% FY26

ROCE19.1% FY26

Revenue CAGR 3y

8.4%

5y 15.6%

Net profit CAGR 3y

5.5%

5y 5.9%

Operating margin

16.2%

3y avg 16.1%

CFO / PAT, 3y

1.60x

FCF ₹1,024 cr cumulative

ROCE

19.1%

3y avg 20.2%

Debt / equity

0.04x

interest cover 12.3x

Cash conversion cycle

14 days

23 days three years earlier

P/E

64.7x

PEG 11.8 on 3y PAT growth

Promoter holding

54.2%

FII 13.9% · DII 20.9%

Growth. Revenue compounded 8.4% a year over FY23–FY26, net profit 5.5%; the latest year grew 12.6% (profit 2.5%). · Tijori P&L, annual
Margins. Operating margin 16.2% in FY26, +0.1 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.60x reported profit across the last three years; free cash flow of ₹1,024 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 19.1% and ROE 13.2% in FY26 (three-year average ROCE 20.2%). · Tijori ratios sheet
Balance sheet. Effectively debt-free. · Tijori ratios sheet
Valuation. 64.7x trailing earnings, 38.0x EV/EBITDA, 10.6x book — 11.8x the three-year profit growth rate; dividend yield 0.3%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 15.9% YoY, net profit 48.0% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

ROE: Asset turnover is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Capex vs ROCE: Roce of the company has decreased even without significant capex
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Astral

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	13.22%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	13.22%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	13.80%
Net profit	Tijori P&L	FY26	consolidated, annual	₹537 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹576 cr
	Tijori screener	TTM	trailing 12 months	₹575 cr
	House model (one-pager)	FY26	standalone, annual	₹535 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹120 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	64.50x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	80.06x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	68.40x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	9.16x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	10.59x
Market cap	BSE master	2026-09-25	BSE full market cap	₹37,547 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹37,157 cr
	House one-pager	31-Jul-26	as printed	₹39,543 cr
Promoter holding	Tijori screener	latest filing	% of shares	54.22%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	5,641	5,832	6,569
EBITDA (₹ cr)	925	946	1,062
Net profit (₹ cr)	546	519	535
ROE (%)	n.a.	n.a.	13.8

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	2,073	2,507	2,578	3,176	4,394	5,159	5,641	5,832	6,569	6,785
Operating Expenses	1,756	2,122	2,135	2,532	3,639	4,349	4,723	4,887	5,507	5,677
Raw Material	1,402	1,690	1,666	1,920	2,997	3,316	3,436	3,426	3,839	4,096
Material Cost (%)	66.74	65.72	61.90	61.99	65.16	64.51	59.38	58.26	58.19	58.08
Employee Cost	106	139	175	191	245	319	438	518	590	618
Power & Fuel Cost	53	65	70	64	78	102	131	133	156	—
Operating Profit	317	385	443	645	755	810	918	946	1,062	1,108
Other Income	13	15	12	25	35	27	42	41	47	51
OPM (%)	15.28	15.35	17.18	20.29	17.19	15.70	16.28	16.22	16.17	16.33
Depreciation and Amortisation	57	81	108	117	127	178	198	243	292	295
Interest	22	32	39	13	13	40	29	41	64	58
Profit Before Tax	248	283	306	533	649	615	734	703	731	784
Tax	72	86	57	125	158	156	188	184	196	208
Net Profit	175	196	248	404	484	457	546	524	537	576
Number of shares(Crs)	12	12	15	20	20	27	27	27	27	—
Dividend Payout Ratio(%)	4.10	4.29	6.09	9.94	12.46	20.62	18.47	19.26	20.05	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	11.91	12.50	9.88	8.77	41.69	51.27	16.38	26.21	18.01	12.34
Cash Conversion Cycle	53.22	64.20	54.90	49.37	28.58	16.07	22.92	20.75	20.54	13.67
Inventory Days	47.13	54.54	54.90	66.36	58.17	50.07	56.89	57.84	60.22	59.13
Days Receivable	48.52	55.92	47.01	40.13	28.99	22.67	22.06	23.63	25.38	25.29
Days Payable	42.43	46.26	47.00	57.13	58.58	56.67	56.03	60.71	65.06	70.76
Debt to Equity Ratio	0.27	0.19	0.22	0.12	0.04	0.04	0.03	0.03	0.04	0.04
Free Cash Flow/Sales (%)	-2.40	4.73	4.88	7.45	15.52	4.52	4.79	4.84	1.55	10.06
Free Cash Flow(est) (Crs)	-45.48	97.97	122.00	192.00	493.00	199.00	247.00	273.00	90.20	661.00
Gross Margin (%)	31.20	33.26	34.28	38.10	38.01	34.84	35.49	40.62	41.74	41.81
Op Profit Margin (%)	13.92	15.28	15.35	17.18	20.29	17.19	15.70	16.28	16.22	16.17
Net Profit Margin (%)	7.64	8.45	7.81	9.62	12.73	11.01	8.85	9.68	8.98	8.17
ROCE (%)	22.09	23.01	21.09	20.73	27.87	27.12	20.79	22.60	19.05	19.05
ROIC (%)	15.89	16.36	15.38	18.00	27.39	26.66	20.94	19.81	16.09	17.43
ROE (%)	17.08	17.19	15.32	16.49	21.33	20.71	16.84	17.13	14.48	13.22
Net Profit Margin (%)	7.64	8.45	7.81	9.62	12.73	11.01	8.85	9.68	8.98	8.17
P/E	45.32	61.27	70.99	56.31	80.36	84.06	78.76	98.05	66.40	80.06
Price to Book	7.75	10.56	11.54	9.30	17.16	17.42	13.28	16.81	9.62	10.59
EV/EBITDA	24.80	33.00	35.17	30.80	47.92	50.76	42.27	55.22	34.76	38.02
Dividend Yield (%)	0.09	0.07	0.06	0.11	0.12	0.15	0.26	0.19	0.29	0.25

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.