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 ↗
Map

What must happen → what could break it → what we watch

Catalysts · 3
  • Q2FY27 results (Nov-2026): confirmation of the July (+40%) and August (double-digit) volume rebound and adhesives margin normalisation to 15-17%.
    C1
  • Commissioning of the captive CPVC resin plant by Dec-2026 and aluminium patch-machine commercial production after Sep-2026 trials.
    C2
  • Notification of anti-dumping duty on PVC suspension resin by the Ministry of Finance (pending since DGTR final finding).
    C3
Material risks · 3
  • 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.
    R1
  • Valuation: 67x TTM / ~57x FY27E leaves no room for a miss; 5-yr PAT CAGR is only 6% despite 16% sales CAGR.
    R2
  • 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.
    R3
Live monitors
  • Valuation vs approved target
    No target stated
  • Latest reported quarter
    Q Jun-26
  • Results-driven thresholds
    Awaiting approved numbers

Catalysts and risks are the approved one-pager text in full; the register below adds owners and review dates. Monitors read from the price and fundamentals feeds.

Risks as a decision framework

Material risks

Risk register
#Risk (approved text)Owner · next review
01PVC/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.Research · post 2QFY27
02Valuation: 67x TTM / ~57x FY27E leaves no room for a miss; 5-yr PAT CAGR is only 6% despite 16% sales CAGR.Research · post 2QFY27
03Paints 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.Research · post 2QFY27

Exposure mechanism, impact and mitigants are as written in the book. Leading indicators and numeric triggers not stated in the approved text remain research tasks rather than being invented.

Catalysts

Observable events

  • 01Q2FY27 results (Nov-2026): confirmation of the July (+40%) and August (double-digit) volume rebound and adhesives margin normalisation to 15-17%.
  • 02Commissioning of the captive CPVC resin plant by Dec-2026 and aluminium patch-machine commercial production after Sep-2026 trials.
  • 03Notification of anti-dumping duty on PVC suspension resin by the Ministry of Finance (pending since DGTR final finding).
Monitors

Live monitors from available data

  • ClearValuation exceeding the approved range: reference close 1,375 vs base target not stated.
  • DataLatest reported quarter in fundamentals: Q Jun-26. Results-driven monitors (growth below thesis threshold, margin, credit cost) need approved numeric thresholds; none in the book.
  • DataInput-cost and capital-allocation monitors require licensed commodity/filings feeds — not configured.