# Astral (ASTRAL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/astral

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,253.6
- Change: -9.68%
- As of: 2026-11-06
- 1D return: -9.68%
- 5D return: -6.58%
- 1M return: -11.00%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

As of the close on November 5, 2026, ASTRAL trades at ₹1388.0, reflecting a -2.5% daily decline and a -20.5% drawdown from its recent high. The technical setup is predominantly bearish across shorter timeframes: the stock is trading below all supplied moving averages (EMA/SMA 20/50/200) and the Supertrend indicator on daily and weekly charts. Daily trend strength is weak (ADX 18.1), with the minus DI (16.21) exceeding the plus DI (21.33), indicating selling pressure despite low conviction. Conversely, the monthly chart shows a bullish Supertrend direction, though price remains below key moving averages, suggesting a longer-term consolidation or reversal context.

Price positioning is near the lower end of its 252-day range (+16.7%) and mid-20-day range (+40.3%). Immediate resistance sits at ₹1391.13 (0.23% above), while support is found at ₹1386.4 (0.12% below). Recent anomalies include downward gaps on October 22 and 28, coinciding with inactive bearish candlestick patterns like Bearish Engulfing and Shooting Star formations in late October. Volatility is elevated at an annualized 29.9%, with an ATR of 2.74%. The setup remains unconfirmed as neutral; a sustained move above ₹1408.07 (1.45% resistance) would be required to challenge the short-term bearish structure, while a break below ₹1358.57 (2.12% support) could extend losses toward the next level at ₹1341.63.

- Trend Structure: Bearish on daily and weekly horizons (price below MAs and Supertrend); Monthly Supertrend remains bullish, creating a timeframe conflict.
- Momentum & Strength: Weak trend conviction (Daily ADX 18.1); Downward gaps recorded on Oct 22 (-0.7%) and Oct 28 (-1.1%).
- Key Levels: Immediate resistance at ₹1391.13; Support at ₹1386.4. Breakout confirmation requires holding above ₹1408.07.
- Risk Profile: Current drawdown of -20.5%; Annualized volatility at +29.9%; Trading near the lower end of the 252-day range.

- Harami
- Shooting Star
- Bearish Engulfing Reversal
- Hammer
- Inside Bar

### News Context

Astral reported Q2 FY27 consolidated net profit of ₹127 crore, a 5.9% year-on-year decline driven by EBITDA margin contraction from 16.3% to 13.1%, despite robust 26.1% revenue growth. The company attributed margin pressure to rising polymer prices but expects recovery in Q3 after passing on cost hikes, while maintaining guidance for double-digit volume growth in plumbing. Management also announced an interim dividend of ₹1.50 per share and progress on a new CPVC resin plant, alongside a goodwill impairment charge related to its US subsidiary. Following the results, shares fell 12% to a fresh 52-week low. Analyst reactions were mixed: Prabhudas Lilladher issued a 'Buy' with a target of ₹1596, JPMorgan maintained an overweight stance at ₹1635, and CLSA held a 'Hold' view at ₹1460.

- {'detail': 'Consolidated net profit declined 5.9% YoY to ₹127 crore; EBITDA margins contracted to 13.1% from 16.3% YoY.', 'metric': 'Q2 FY27 Profit & Margins'}
- {'detail': 'Revenue grew 26.1%; management maintains double-digit volume growth guidance for plumbing and expects margin recovery in Q3 post-cost pass-through.', 'metric': 'Revenue Growth & Guidance'}
- {'detail': 'Shares fell 12% to a 52-week low; board approved an interim dividend of ₹1.50 per share for FY2026-27.', 'metric': 'Market Reaction & Dividend'}
- {'detail': 'Prabhudas Lilladher (Buy, ₹1596), JPMorgan (Overweight, ₹1635), and CLSA (Hold, ₹1460) provided divergent price targets following earnings release.', 'metric': 'Analyst Targets'}

- [Buy Astral; target of Rs 1596: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-astral-target-of-rs-1596-prabhudas-lilladher-14073033.html)
- [Price Action: Bikaji Foods, Astral, Aadhar Housing Finance down 2-11% post Q2 earnings](https://www.moneycontrol.com/news/business/stocks/price-action-bikaji-foods-astral-aadhar-housing-finance-down-2-11-post-q2-earnings-14070686.html)
- [Astral hits fresh 52-week low: Q2 earnings, dividend, price targets and more](https://www.businesstoday.in/markets/stocks/story/astral-hits-fresh-52-week-low-q2-earnings-dividend-price-targets-and-more-566098-2026-11-06)
- [Stock Crash: Astral shares tank 12% despite management maintaining growth, margin guidance](https://www.cnbctv18.com/market/astral-share-price-q2-results-profit-revenue-expects-margin-recovery-q3-20028148.htm)
- [Stock Market LIVE: GIFT Nifty jumps 300 pts as Brent crude slips below $100; Kospi tumbles 4%](https://www.business-standard.com/markets/news/stock-market-live-november-5-nse-bse-sensex-today-nifty50-gift-nifty-crude-oil-prices-ipo-today-126110500085_1.html)

### What Changed

Astral reported unaudited financial results for Q2 and H1 FY2026-27 (ended September 30, 2026) on November 5, 2026. The company posted consolidated revenue growth of 26%, driven by a 19.1% increase in plumbing volumes. However, consolidated net profit declined 5.9% year-on-year to ₹127 crore, as EBITDA margins contracted to 13.1% from 16.3% in the prior year. Management attributed margin pressure to rising polymer prices but expects recovery in Q3 after passing on cost hikes.

The Board approved an interim dividend of ₹1.50 per share for FY2026-27, with a record date of November 13, 2026. Operational updates include capacity expansion in Pipes and Fittings, progress on Phase I of a new CPVC Resin backward integration plant, and the acquisition of a 60% interest in Differentiated & Sustainable Solutions LLP. Additionally, Mr. Ritesh Patel and Mr. Pritesh Shah were designated as Senior Management Personnel effective November 5, 2026.

Following the earnings release, Astral shares fell approximately 12%, hitting a fresh 52-week low. The price action reflects investor reaction to the profit decline and margin contraction despite strong top-line growth. Analysts remain divided: Prabhudas Lilladher issued a 'Buy' recommendation with a target price of ₹1,596, while JPMorgan and CLSA maintained Overweight and Hold stances with targets of ₹1,635 and ₹1,460 respectively.

- Q2 FY27 Financials: Consolidated revenue grew 26% and plumbing volumes rose 19.1%, but net profit fell 5.9% YoY to ₹127 crore due to EBITDA margin compression to 13.1% from 16.3%.
- Dividend Action: Board approved an interim dividend of ₹1.50 per share for FY2026-27; record date is fixed for November 13, 2026.
- Operational Developments: Progress reported on CPVC Resin Phase I plant, pipes/fittings capacity expansion, and acquisition of 60% stake in Differentiated & Sustainable Solutions LLP.
- Market Reaction: Shares dropped ~12% post-results, hitting a 52-week low, amid analyst divergence with targets ranging from ₹1,460 to ₹1,635.

- [Buy Astral; target of Rs 1596: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-astral-target-of-rs-1596-prabhudas-lilladher-14073033.html)
- [Price Action: Bikaji Foods, Astral, Aadhar Housing Finance down 2-11% post Q2 earnings](https://www.moneycontrol.com/news/business/stocks/price-action-bikaji-foods-astral-aadhar-housing-finance-down-2-11-post-q2-earnings-14070686.html)
- [Astral hits fresh 52-week low: Q2 earnings, dividend, price targets and more](https://www.businesstoday.in/markets/stocks/story/astral-hits-fresh-52-week-low-q2-earnings-dividend-price-targets-and-more-566098-2026-11-06)
- [Stock Crash: Astral shares tank 12% despite management maintaining growth, margin guidance](https://www.cnbctv18.com/market/astral-share-price-q2-results-profit-revenue-expects-margin-recovery-q3-20028148.htm)
- [Astral Limited has informed the Exchange about Newspaper Advertisement Pertaining to Unaudited Financial result for the Quarter and Half year ended on 30th September, 2026 and Notice of Record date of Interim Dividend for FY 26-27 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ASTRAL_06112026113353_Cover_letter.pdf)
- [Astral Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026161523_OutcomeofBoardMeeting.pdf)
- [Astral Limited has informed the Exchange that Record date for the purpose of Dividend is 13-Nov-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164713_CorporateActionInterimDividend.pdf)
- [Astral Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164545_Press_release.pdf)
- [Astral Limited has informed the Exchange about change in Management - Senior Management Personnel |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026165329_Reg30.pdf)

### Official Filings

Astral Limited’s Board approved unaudited financial results for Q2 and H1 FY 2026-27 (ended September 30, 2026) and declared an interim dividend of ₹1.50 per share. Consolidated revenue grew 26% and Plumbing volume increased 19.1% in Q2 FY27. The company is expanding Pipes and Fittings capacity, progressing with Phase I of a new CPVC Resin backward integration plant, and acquired a 60% interest in Differentiated & Sustainable Solutions LLP. Mr. Ritesh Patel and Mr. Pritesh Shah were designated as Senior Management Personnel effective November 5, 2026. The record date for the interim dividend is November 13, 2026.

- Financial Results: Unaudited standalone and consolidated results for Q2 and H1 FY 2026-27 were approved by the Board on November 5, 2026.
- Growth Metrics: Consolidated revenue grew 26% and Plumbing volume increased 19.1% in Q2 FY27 compared to prior periods.
- Dividend Declaration: An interim dividend of ₹1.50 per share (face value ₹1 each) was approved, with a record date set for November 13, 2026.
- Operational Expansion: Capacity expansion in Pipes and Fittings is underway, alongside progress on Phase I of a new CPVC Resin backward integration plant and a 60% acquisition in Differentiated & Sustainable Solutions LLP.
- Management Changes: Mr. Ritesh Patel and Mr. Pritesh Shah were designated as Senior Management Personnel effective November 5, 2026.

- [Astral Limited has informed the Exchange about Newspaper Advertisement Pertaining to Unaudited Financial result for the Quarter and Half year ended on 30th September, 2026 and Notice of Record date of Interim Dividend for FY 26-27 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ASTRAL_06112026113353_Cover_letter.pdf)
- [Astral Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026161523_OutcomeofBoardMeeting.pdf)
- [Astral Limited has informed the Exchange that Record date for the purpose of Dividend is 13-Nov-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164713_CorporateActionInterimDividend.pdf)
- [Astral Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164545_Press_release.pdf)
- [Astral Limited has informed the Exchange about change in Management - Senior Management Personnel |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026165329_Reg30.pdf)
- [ASTRAL LIMITED has informed the Exchange regarding Outcome of Board Meeting held on 05-Nov-2026 for Dividend |SUBJECT: Outcome of Board Meeting-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_2559_WebXMLFile_20261105_173856610.xml)
- [ASTRAL LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2559_WebXMLFile_20261105_174156307.xml)
- [Astral Limited has informed the Exchange regarding 'Astral Limited has informed the Exchange that due to a technical issue resulting in an error while viewing/downloading the PDF document on the NSE Portal, we are resubmitting the Outcome of Board Meeting and Financial Results for Q2 & H1 FY 2026-27. There is no revision or change in the previously submitted documents, and the resubmission is solely for the convenience of stakeholders'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026183323_OutcomeofBoardMeeting.pdf)
- [Astral Limited has informed the Exchange regarding ''Astral Limited has informed the Exchange regarding 'Shareholders Communication-TDS on Interim Dividend- FY 2026-27'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026210956_TDS_Cover_letter.pdf)
- [Astral Limited has informed the Exchange about Link of Audio Recording - Q2 ( FY 2026 -27 ) Earnings Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026214811_Earning_Call_Outcome.pdf)

### Fundamentals

Astral’s operating trajectory shows a clear recovery in profitability and cash generation, though leverage is rising. In Q2 FY2026-27, revenue increased sequentially to ₹2,000 crore from ₹1,591 crore in Q1, while net profit rose to ₹127 crore from ₹120 crore. This follows a strong annual trend where TTM sales reached ₹6,785 crore and TTM net profit hit ₹576 crore, up from ₹535 crore in Mar 2026.

Earnings quality has improved significantly; CFO/EBITDA conversion jumped to 123% in Mar 2026 from 85% in Mar 2025, supported by a sharp reduction in the Cash Conversion Cycle to 23 days. However, financial health faces pressure from higher borrowings, which rose to ₹250 crore in Mar 2026 from ₹119 crore in Mar 2024, coinciding with a decline in ROCE to 19%. Interest costs also climbed to ₹64 crore in Mar 2026. While promoter holding remains stable at 54.22%, Foreign Institutional Investors (FIIs) reduced their stake to 11.09% in Sep 2026, whereas Domestic Institutional Investors (DIIs) increased theirs to 23.76%.

The most important next checkpoint is whether Astral can sustain its margin expansion and cash conversion efficiency as it manages higher debt levels and interest expenses.

- Q2 FY2026-27 revenue grew sequentially to ₹2,000 crore, with net profit rising to ₹127 crore, continuing a strong TTM growth trajectory.
- Cash flow quality improved markedly, with CFO/EBITDA conversion reaching 123% in Mar 2026 and the Cash Conversion Cycle tightening to 23 days.
- Borrowings increased to ₹250 crore by Mar 2026, and interest costs rose to ₹64 crore, pressuring ROCE down to 19%.
- FII holdings declined to 11.09% in Sep 2026, while DII participation increased to 23.76%; promoter stake remained steady at 54.22%.

### Bear Case

Astral's Q2 FY27 results highlight a divergence between top-line growth and bottom-line profitability, triggering significant market skepticism. While revenue expanded by 26.1%, consolidated net profit contracted by 5.9% year-on-year to ₹127 crore, driven by EBITDA margin compression from 16.3% to 13.1%. The company attributed this pressure to rising polymer costs, though it anticipates recovery in Q3 after passing on hikes. This earnings miss coincided with a sharp 12% single-day share decline and a drop to a fresh 52-week low.

Technically, the stock exhibits bearish momentum across daily and weekly timeframes, with the Supertrend indicator signaling downside pressure and short-term moving averages sloping negatively. The stock is currently trading at ₹1,388, reflecting a substantial drawdown of 20.5% from its peak, with a maximum historical drawdown of 25.0%. Volatility remains elevated at an annualized rate of 29.9%. Although analysts maintain target prices ranging from ₹1,460 to ₹1,635, the immediate price action suggests investors are prioritizing margin stability over volume growth guidance.

- Margin Contraction: EBITDA margins fell to 13.1% (from 16.3% YoY) despite 26.1% revenue growth, causing net profit to decline 5.9% to ₹127 crore in Q2 FY27.
- Price Action: Shares hit a fresh 52-week low and fell 12% post-earnings, closing at ₹1,388 on November 5, 2026.
- Technical Deterioration: Daily and weekly trends are bearish; the stock has a current drawdown of -20.5% and annualized volatility of +29.9%.
- Analyst Stance: JPMorgan and CLSA maintain Overweight/Hold views with targets of ₹1,635 and ₹1,460 respectively, contrasting with recent negative price momentum.

- [Buy Astral; target of Rs 1596: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-astral-target-of-rs-1596-prabhudas-lilladher-14073033.html)
- [Price Action: Bikaji Foods, Astral, Aadhar Housing Finance down 2-11% post Q2 earnings](https://www.moneycontrol.com/news/business/stocks/price-action-bikaji-foods-astral-aadhar-housing-finance-down-2-11-post-q2-earnings-14070686.html)
- [Astral hits fresh 52-week low: Q2 earnings, dividend, price targets and more](https://www.businesstoday.in/markets/stocks/story/astral-hits-fresh-52-week-low-q2-earnings-dividend-price-targets-and-more-566098-2026-11-06)
- [Stock Crash: Astral shares tank 12% despite management maintaining growth, margin guidance](https://www.cnbctv18.com/market/astral-share-price-q2-results-profit-revenue-expects-margin-recovery-q3-20028148.htm)
- [Stock Market LIVE: GIFT Nifty jumps 300 pts as Brent crude slips below $100; Kospi tumbles 4%](https://www.business-standard.com/markets/news/stock-market-live-november-5-nse-bse-sensex-today-nifty50-gift-nifty-crude-oil-prices-ipo-today-126110500085_1.html)
- [Astral Limited has informed the Exchange about Newspaper Advertisement Pertaining to Unaudited Financial result for the Quarter and Half year ended on 30th September, 2026 and Notice of Record date of Interim Dividend for FY 26-27 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ASTRAL_06112026113353_Cover_letter.pdf)
- [Astral Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026161523_OutcomeofBoardMeeting.pdf)
- [Astral Limited has informed the Exchange that Record date for the purpose of Dividend is 13-Nov-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164713_CorporateActionInterimDividend.pdf)
- [Astral Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164545_Press_release.pdf)
- [Astral Limited has informed the Exchange about change in Management - Senior Management Personnel |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026165329_Reg30.pdf)

### FAQs

**How did Astral's Q2 FY27 financial performance compare to the prior year?**

For the quarter ended September 30, 2026, Astral reported consolidated revenue growth of 26% and plumbing volume growth of 19.1%. However, net profit declined by 5.9% year-on-year to ₹127 crore, driven by EBITDA margin contraction from 16.3% to 13.1% amid rising polymer prices.

**What dividend has Astral declared for FY2026-27, and when is the record date?**

The Board approved an interim dividend of ₹1.50 per share (face value ₹1). The record date for this dividend is fixed as November 13, 2026.

**Why did Astral's shares decline significantly after the earnings release?**

Shares fell approximately 12% despite strong top-line growth, as investors reacted to the 5.9% drop in net profit and contracting margins. Management attributed margin pressure to higher polymer costs but expects recovery in Q3 after passing on cost hikes.

**What are the current technical support and resistance levels for Astral stock?**

As of November 5, 2026, the stock closed at ₹1388.0. Immediate resistance is seen at ₹1391.13 and ₹1408.07, while key support levels are located at ₹1386.40 and ₹1358.57. The daily trend remains bearish with a current drawdown of -20.5%.

- [Buy Astral; target of Rs 1596: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-astral-target-of-rs-1596-prabhudas-lilladher-14073033.html)
- [Price Action: Bikaji Foods, Astral, Aadhar Housing Finance down 2-11% post Q2 earnings](https://www.moneycontrol.com/news/business/stocks/price-action-bikaji-foods-astral-aadhar-housing-finance-down-2-11-post-q2-earnings-14070686.html)
- [Astral hits fresh 52-week low: Q2 earnings, dividend, price targets and more](https://www.businesstoday.in/markets/stocks/story/astral-hits-fresh-52-week-low-q2-earnings-dividend-price-targets-and-more-566098-2026-11-06)
- [Stock Crash: Astral shares tank 12% despite management maintaining growth, margin guidance](https://www.cnbctv18.com/market/astral-share-price-q2-results-profit-revenue-expects-margin-recovery-q3-20028148.htm)
- [Stock Market LIVE: GIFT Nifty jumps 300 pts as Brent crude slips below $100; Kospi tumbles 4%](https://www.business-standard.com/markets/news/stock-market-live-november-5-nse-bse-sensex-today-nifty50-gift-nifty-crude-oil-prices-ipo-today-126110500085_1.html)
- [Astral Limited has informed the Exchange about Newspaper Advertisement Pertaining to Unaudited Financial result for the Quarter and Half year ended on 30th September, 2026 and Notice of Record date of Interim Dividend for FY 26-27 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ASTRAL_06112026113353_Cover_letter.pdf)
- [Astral Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026161523_OutcomeofBoardMeeting.pdf)
- [Astral Limited has informed the Exchange that Record date for the purpose of Dividend is 13-Nov-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164713_CorporateActionInterimDividend.pdf)
- [Astral Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164545_Press_release.pdf)
- [Astral Limited has informed the Exchange about change in Management - Senior Management Personnel |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026165329_Reg30.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹1,403.23
- Risk regime: Price Risk Requires Attention

### Support levels
- 1245.94375

### Resistance levels
- 1336.068115234375
- 1474.5124999999998
- 1513.1405883789062

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -9.68% |
| return_10 | -7.62% |
| return_1m | -10.60% |
| return_1y | -19.95% |
| return_20 | -11.00% |
| return_3m | -13.07% |
| return_5 | -6.58% |
| return_6m | -20.46% |
| return_since_start | -24.09% |
| return_ytd | -12.64% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -28.21% |
| annualized_volatility | +30.71% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Astral Limited Q2 FY2026-27: Revenue rises 26%, PAT slips YoY

Astral Limited’s revenue from operations rose 26% year on year to ₹1,988 crore in the quarter ended 30 September 2026, while profit after tax fell 6% to ₹127 crore. Sequentially, revenue increased 26% and PAT rose 6% from Q1 FY2026-27; operating cash flow was negative at ₹68 crore, alongside ₹348 crore of investing outflows.

## Revenue and expenses

Revenue from operations increased by ₹410 crore from ₹1,578 crore in Q1 FY2026-27. It was also up from ₹1,577 crore in Q2 FY2025-26. Segment revenue from operations was ₹1,988 crore, matching consolidated revenue.

Total expenses rose 27% sequentially to ₹1,819 crore from ₹1,428 crore, slightly outpacing revenue growth. Other expenses increased 11% to ₹267 crore from ₹240 crore. The quarter’s reported expenses also included ₹1,235 crore of materials consumed and ₹175 crore of employee benefit expense.

## Profit and earnings per share

Profit before exceptional items and tax rose 11% sequentially to ₹181 crore from ₹163 crore in Q1 FY2026-27. A ₹9.5 crore exceptional charge brought reported profit before tax to ₹172 crore, up 5.6% sequentially but down 4.4% from ₹180 crore in Q2 FY2025-26.

Profit after tax was ₹127 crore, up from ₹120 crore in Q1 FY2026-27 but below ₹135 crore a year earlier. Basic and diluted EPS were ₹4.73, compared with ₹4.47 in Q1 FY2026-27 and ₹5.02 in Q2 FY2025-26. Finance costs increased to ₹12.2 crore from ₹5.8 crore sequentially.

## Cash flow and balance sheet

Operating cash flow was negative at ₹68 crore. Investing cash flow was negative at ₹348 crore and financing cash flow was negative at ₹69 crore; reported free cash flow was negative at ₹416 crore. Cash and cash equivalents stood at ₹405 crore on 30 September 2026, down from ₹890 crore on 31 March 2026. Other bank balances were ₹54 crore, versus ₹53 crore at the March year-end.

Inventories increased to ₹1,426 crore from ₹1,117 crore between 31 March and 30 September 2026, while trade receivables declined to ₹393 crore from ₹475 crore. Property, plant and equipment stood at ₹2,609 crore, up from ₹2,539 crore, and capital work in progress was ₹211 crore versus ₹89 crore. Total assets were ₹5,875 crore at quarter-end.

## Key Takeaway

Revenue grew strongly both sequentially and year on year, but earnings were weaker year on year: PAT declined 6% and PBT fell 4%. Negative operating cash flow and substantial investing outflows coincided with a lower cash balance, while inventories and fixed assets increased.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +54.22%
- FII holding: +13.89%
- DII holding: +20.93%
- Mutual fund holding: +9.20%
- Retail holding: +7.42%
- Promoter pledged: +0.00%

### Major reported shareholders

- SANDEEP PRAVINCHANDRA ENGINEER — +31.57%
- SAUMYA POLYMERS LLP — +8.54% (Bodies Corporate)
- JAGRUTI SANDEEP ENGINEER — +7.56%
- KAIRAV CHEMICALS LIMITED — +6.55% (Bodies Corporate)
- LIFE INSURANCE CORPORATION OF INDIA - ULIF004200910LICEND+GRW512 — +6.46%
- SBI NIFTY MIDCAP 150 INDEX FUND — +2.06%
- UTI-UNIT LINKED INSURANCE PLAN — +1.91%
- TREE LINE ASIA MASTER FUND (SINGAPORE) PTE. LIMITED — +1.56%
- ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE MIDCAP FUND — +1.51%
- SBI LIFE INSURANCE CO. LTD — +1.26%

## Official filings

- 2026-11-06 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_06112026113353_Cover_letter.pdf)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026161523_OutcomeofBoardMeeting.pdf)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164713_CorporateActionInterimDividend.pdf)
- 2026-11-05 — Press Release: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026164545_Press_release.pdf)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026165329_Reg30.pdf)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_2559_WebXMLFile_20261105_173856610.xml)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2559_WebXMLFile_20261105_174156307.xml)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026183323_OutcomeofBoardMeeting.pdf)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026210956_TDS_Cover_letter.pdf)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_05112026214811_Earning_Call_Outcome.pdf)
- 2026-11-05 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2559_WebXMLFile_20261105_215024511.xml)
- 2026-11-05 — Financial Results Filing: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754338_05112026102124_WEB.xml)
- 2026-11-05 — Financial Results Filing: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754336_05112026102029_WEB.xml)
- 2026-11-04 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_04112026172839_Astral_Limited_Investor_meet_Intimation.pdf)
- 2026-11-04 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2559_WebXMLFile_20261104_173300953.xml)
- 2026-11-03 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_03112026175002_SELFILE.pdf)
- 2026-11-03 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_2559_WebXMLFile_20261103_175519419.xml)
- 2026-10-31 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_31102026154328_SEINTIMATION_earning_Call.pdf)
- 2026-10-31 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2559_WebXMLFile_20261031_160937915.xml)
- 2026-10-29 — Board Meeting Notice: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2559_WebXMLFile_20261029_182754650.xml)
- 2026-10-29 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2559_WebXMLFile_20261029_182754650.xml)
- 2026-10-29 — Board Meeting Notice: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_29102026182544_Notice_of_Board_Meeting.pdf)
- 2026-09-24 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_24092026160833_Astral_Limited_Investor_meet_Intimation.pdf)
- 2026-09-24 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2559_WebXMLFile_20260924_161046747.xml)
- 2026-09-24 — Generic Announcement: Astral Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ASTRAL_24092026181155_Trading_Window_Closure_30092026.pdf)

## News and market events

- 2026-11-07 — MONEYCONTROL: **Buy Astral; target of Rs 1810: ICICI Securities** — ICICI Securities has issued a 'Buy' recommendation for Astral, setting a price target of Rs 1810. The note was published on Moneycontrol on November 7, 2026. — [Source](https://www.moneycontrol.com/news/business/buy-astral-target-of-rs-1810-icici-securities-14074295.html)
- 2026-11-06 — Economic Times: **MSCI rebalancing on Monday: Adani Energy, Groww set for big inflows; RIL, Jio Financial may face outflows** — MSCI's latest rebalancing, with revised weights effective September 1, is expected to drive significant trading activity in Indian stocks, particularly during the final 30 minutes of Monday's session. Adani Energy Solutions and Groww are among the additions set to receive substantial inflows, while Reliance Industries and Jio Financial Services face potential outflows due to weight reductions. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/msci-rebalancing-on-monday-adani-energy-groww-set-for-big-inflows-ril-jio-financial-may-face-outflows/articleshow/133626232.cms)
- 2026-11-06 — MONEYCONTROL: **Astral shares crash 10% lower after Q2 earnings miss; brokerages JPMorgan, CLSA, Motilal Oswal revise target prices** — Shares of Astral fell nearly 10% after the company reported a 5.9% year-on-year decline in Q2 FY27 net profit to Rs 127 crore, despite a 26.1% rise in revenue. The stock's drop was driven by investor concerns over a contraction in EBITDA margins to 13.1% due to higher input costs. Following the results, brokerages including JPMorgan, CLSA, and Motilal Oswal revised their target prices downward. — [Source](https://www.moneycontrol.com/news/business/markets/astral-shares-crash-10-lower-after-q2-earnings-miss-brokerages-jpmorgan-clsa-motilal-oswal-revise-target-prices-14073159.html)
- 2026-11-06 — CNBC-TV18: **Sensex, Nifty rally for 7th straight day: 3 reasons behind D-Street's winning streak** — The Sensex and Nifty extended their winning streak to seven consecutive sessions, with the Nifty 50 closing at a nine-month high above 25,000. The rally was primarily driven by heavy buying in banking heavyweight stocks and strong quarterly earnings from Mahindra & Mahindra. Conversely, select midcap stocks underperformed due to disappointing growth or cautious outlooks, causing the Nifty Midcap Index to slip despite the broader market gains. — [Source](https://www.cnbctv18.com/market/sensex-nifty-rally-for-7th-straight-day-3-reasons-behind-d-streets-winning-streak-20028940.htm)
- 2026-11-06 — MONEYCONTROL: **Buy Astral; target of Rs 1596: Prabhudas Lilladher** — Prabhudas Lilladher has issued a 'Buy' recommendation for Astral, setting a target price of Rs 1596. The note is part of the firm's stock coverage as reported by Moneycontrol. — [Source](https://www.moneycontrol.com/news/business/stocks/buy-astral-target-of-rs-1596-prabhudas-lilladher-14073033.html)
- 2026-11-06 — MONEYCONTROL: **Price Action: Bikaji Foods, Astral, Aadhar Housing Finance down 2-11% post Q2 earnings** — Shares of Bikaji Foods, Astral, and Aadhar Housing Finance declined by 2-11% following the release of their second-quarter earnings results. The price action reflects market reaction to the reported financial performance for the quarter ended in the relevant period. — [Source](https://www.moneycontrol.com/news/business/stocks/price-action-bikaji-foods-astral-aadhar-housing-finance-down-2-11-post-q2-earnings-14070686.html)
- 2026-11-06 — BUSINESSTODAY: **Astral hits fresh 52-week low: Q2 earnings, dividend, price targets and more** — Shares of Astral Ltd fell to a fresh 52-week low after the company reported a 5.9% year-on-year decline in Q2 FY27 consolidated net profit to Rs 127 crore, driven by a contraction in EBITDA margins to 13.1% from 16.3% in the prior year despite strong revenue growth. The board approved an interim dividend of Rs 1.50 per share for FY2026-27, while analysts JPMorgan and CLSA maintained overweight and hold stances with target prices of Rs 1635 and Rs 1460 respectively. — [Source](https://www.businesstoday.in/markets/stocks/story/astral-hits-fresh-52-week-low-q2-earnings-dividend-price-targets-and-more-566098-2026-11-06)
- 2026-11-06 — CNBC-TV18: **Stock Crash: Astral shares tank 12% despite management maintaining growth, margin guidance** — Astral shares fell 12% despite reporting 26.1% revenue growth in Q2 FY27, as a 5.9% decline in net profit and contracting EBITDA margins weighed on investor sentiment. The company attributed margin pressure to rising polymer prices but expects recovery in Q3 after passing on cost hikes, while maintaining its guidance for double-digit volume growth in the plumbing segment. Additionally, Astral announced an interim dividend of ₹1.50 per share and progress on its new CPVC resin plant, alongside a goodwill impairment charge related to its US subsidiary. — [Source](https://www.cnbctv18.com/market/astral-share-price-q2-results-profit-revenue-expects-margin-recovery-q3-20028148.htm)
- 2026-11-05 — BUSINESS: **Stock Market LIVE: GIFT Nifty jumps 300 pts as Brent crude slips below $100; Kospi tumbles 4%** — GIFT Nifty indicated a gap-up open for the Nifty50 index, surging 342 points to 24,311, as Brent crude prices slipped below $100 amid expectations of a faster resolution to the West-Asia conflict following the US midterm election results. Asian markets were mixed with traders rotating out of semiconductor shares into consumer and financial sectors, while Japan’s Nikkei 225 and KOSPI fell 0.39 per cent and 3.6 per cent respectively. Additionally, Bombay Coated & Special Steels is set to debut on exchanges on Thursday, and several companies including Aadhar Housing Finance and Bharti Airtel are — [Source](https://www.business-standard.com/markets/news/stock-market-live-november-5-nse-bse-sensex-today-nifty50-gift-nifty-crude-oil-prices-ipo-today-126110500085_1.html)
- 2026-09-25 — The Hindu: **Lokesh woos investments in clean energy, manufacturing and data centres** — HRD and IT Minister Lokesh invites senior industrial groups to invest in Andhra Pradesh’s clean energy, manufacturing, data centres, and infrastructure. — [Source](https://www.thehindu.com/news/national/andhra-pradesh/lokesh-woos-investments-in-clean-energy-manufacturing-and-data-centres/article71508235.ece)
- 2026-09-24 — MONEYCONTROL: **Buy Astral; target of Rs 1831: ICICI Securities** — ICICI Securities, Astral, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/buy-astral-target-of-rs-1831-icici-securities-14037217.html)
- 2026-09-16 — FREEPRESSJOURNAL.IN: **OpenAI In Talks For Fresh Funding Round At Over $1.2 Trillion Valuation Ahead Of IPO** — OpenAI is reportedly discussing a new funding round that could value the ChatGPT maker above $1.2 trillion ahead of a planned IPO. The fundraising could provide flexibility on listing timelines, support acquisitions and increase investor exposure. The move comes as rival Anthropic also prepares for a potential public offering — [Source](https://www.freepressjournal.in/business/openai-in-talks-for-fresh-funding-round-at-over-12-trillion-valuation-ahead-of-ipo)
- 2026-09-11 — CNBC-TV18: **Sensex ends in red, Nifty Bank rebounds over 900 points: 6 reasons behind today’s move** — The Sensex slipped 121 points to 74,782, while the Nifty fell 80 points to 23,398. The Nifty Bank ended 135 points higher at 56,607, while the Nifty Midcap index declined 160 points to 62,197. — [Source](https://www.cnbctv18.com/market/sensex-ends-in-red-nifty-bank-rebounds-over-900-points-6-reasons-behind-todays-move-19989425.htm)
- 2026-09-03 — Mint: **Plastic pipes makers poised to bounce back in Q2 as PVC prices recover | Stock Market News** — Reinstated import duties and minimum import prices are curbing cheap imports, encouraging dealers to restock and driving volume growth targets for top listed players. — [Source](https://www.livemint.com/market/mark-to-market/plastic-pipe-makers-turnaround-q2-pvc-prices-11788413665939.html)
- 2026-08-31 — CNBC-TV18: **Here's what transpired in today's CAS that triggered a 600-point jump on the Nifty Bank** — At the end of the closing auction session, the turnover logged on the NSE website showed a figure of ₹39,717 crore, the highest since the implementation of CAS. The average daily turnover has ranged between ₹1,000 crore to ₹1,200 crore. — [Source](https://www.cnbctv18.com/market/nifty-bank-sees-sharp-upmove-in-cas-record-nse-turnover-msci-rebalancing-eternal-laurus-icici-axis-adani-share-price-19980557.htm)
- 2026-08-31 — CNBC-TV18: **Eternal shares decline ahead of MSCI rebalancing, inflows worth nearly $700 million expected** — As per Nuvama Alternative and Quantitative Research, as a result of Eternal's weightage being increased in the MSCI Standard Index, it could result in potential inflows of $674 million for 205 million shares. — [Source](https://www.cnbctv18.com/market/eternal-share-price-msci-rebalancing-today-weightage-increase-inflows-impact-2026-returns-19980121.htm)
- 2026-08-26 — Mint: **Buy or sell: Gift Nifty signals gap-up start | Vaishali Parekh recommends three stocks to buy today — 26 August 2026** — Buy or sell indicator: Vaishali Parekh recommends three stocks to buy today — Astral, Sai Life Sciences, and ICICI Bank — [Source](https://www.livemint.com/market/stock-market-news/buy-or-sell-gift-nifty-signals-gap-up-start-vaishali-parekh-recommends-three-stocks-to-buy-today-26-august-2026-11787709370297.html)
- 2026-08-13 — The Hindu: **Hormuz blockade, crude, and CPI keep D-Street on edge** — Market volatility persists as Hormuz blockade, crude prices, and CPI data influence investor sentiment on D-Street. — [Source](https://www.thehindubusinessline.com/markets/hormuz-blockade-crude-and-cpi-keep-d-street-on-edge/article71341083.ece)
- 2026-08-13 — CNBC-TV18: **Sensex vs Nifty: Why did the two benchmarks end in opposite directions today?** — The BSE Sensex closed at 78,080, up 114 points, while the Nifty50 ended at 24,396, down 40 points. The Nifty Bank fell 251 points to 57,635, while the midcap index gained 97 points to 64,122. — [Source](https://www.cnbctv18.com/market/sensex-vs-nifty-why-did-the-two-benchmarks-end-in-opposite-directions-today-19968635.htm)
- 2026-08-13 — The Hindu: **Q1 Results Today Live: TMPV shares gain ahead of Q1 results today, Page Industries, Solar Ind, LG Electronics, Max Healthcare, GIC, Godrej, Jubilant Foodworks, Amber Enterprises, Indraprastha, Brigade, JSW Cement, Honasa to announce Q1 results** — Q1 Results Today, 13th August 2026 Live Updates: Follow Q1FY27 live updates from businessline — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-solar-ind-tmpv-lg-electronics-max-healthcare-gic-godrej-ind-jubilant-foodworks-amber-enterprises-brigade-jsw-cement-honasa-consumer-tmcv-hal-results-13-august-2026/article71335955.ece)
- 2026-08-13 — BUSINESS: **Nifty trades below 24,350 mark; media shares rally** — The Nifty traded below the 24,350 mark, while sentiment remained subdued amid a lack of strong directional cues. Investors continued to monitor movements in crude oil prices, Gold and developments on the global geopolitical front for further indications on the market's near-term trajectory. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-trades-below-24-350-mark-media-shares-rally-126081300570_1.html)
- 2026-08-13 — CNBC-TV18: **Why Lenskart is up and Grasim down so sharply in trade today** — Some Nifty 500 stocks rallied on strong Q1 earnings, while others slipped on regulatory action and mixed results. Here's a look at today's top gainers and losers at market open. — [Source](https://www.cnbctv18.com/photos/market/nifty-500-top-gainers-losers-market-open-lenskart-astral-tata-motors-cv-grasim-sun-tv-19968231.htm)
- 2026-08-13 — BUSINESS: **Astral surges as Q1 PAT rises 48% YoY** — Astral surged 7.31% to Rs 1,565.55 after the company reported strong financial performance for Q1 FY27. — [Source](https://www.business-standard.com/markets/capital-market-news/astral-surges-as-q1-pat-rises-48-yoy-126081300512_1.html)
- 2026-08-13 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty below 24,350; Astral shares up 8%** — Sensex Today | Stock Market LIVE Updates: The markets are under pressure again, as the Nifty index falls close to 100 points, falling below 24,350. The Nifty bank index is taking a heavier blow, down over 300 points. Grasim, Ultratech and Hindalco are the top laggards. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-expiry-today-nifty-50-msci-gcpl-lg-tata-motors-lenskart-laurus-adani-ashok-leyland-share-price-liveblog-19968111.htm)
- 2026-08-13 — BUSINESS: **Astral Ltd Spurts 2.31%** — Astral Ltd has added 9.94% over last one month compared to 2.91% gain in BSE Capital Goods index and 1.37% rise in the SENSEX — [Source](https://www.business-standard.com/markets/capital-market-news/astral-ltd-spurts-2-31-126081300494_1.html)

## Business profile

**Strategic vision:** Manufactures and sells building materials and home improvement products.

### Business segments
- **Astral Pipes:** Offers a comprehensive range of plumbing and drainage systems, including PVC, CPVC, and lead-free PVC pipes and fittings, as well as agriculture, fire sprinkler, and industrial piping systems.
- **Astral Adhesives:** Provides a variety of adhesives, sealants, specialized valves, and construction chemicals for building and infrastructure applications.
- **Astral Paints:** Offers decorative, industrial, and protective paint solutions, including emulsions, primers, and wall putty, alongside D2C brands and flooring solutions.
- **Astral Bathware:** Focuses on manufacturing premium and mid-range bathware products, including toilet seats, wash basins, faucets, and diverters.

### Competitive strengths
- Product innovation in piping systems
- Diversified product portfolio in building materials
- Established manufacturing and distribution networks

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/astral
Markdown representation: https://faxioms.com/stocks/astral?render=md