Astral
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Astral (ASTRAL) investor relations material

Astral Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary5 Feb, 2026

Executive summary

  • Achieved 17% volume growth and maintained an 18.2% EBITDA margin in Q3 FY26 despite industry volatility.

  • Consolidated revenue for the quarter ended December 31, 2025, was Rs. 15,415 million, up from Rs. 13,970 million YoY.

  • Net profit for the quarter was Rs. 1,077 million, compared to Rs. 1,126 million in the prior year quarter.

  • Expanded product portfolio and market share through new plants, product lines, and significant CapEx investments now yielding results.

  • ESG score improved from 48 to 60, well above industry average.

Financial highlights

  • Q3 FY26 total revenue: INR 1,541 crore, up from INR 1,397 crore YoY.

  • Q3 EBITDA: INR 247 crore, up from INR 231 crore YoY.

  • EBITDA for the quarter was Rs. 1,608 million, compared to Rs. 1,543 million YoY.

  • Pipes revenue: INR 1,072 crore (YoY growth), EBITDA: INR 195 crore.

  • Adhesives India revenue: INR 319 crore, EBITDA: INR 55 crore; UK revenue: INR 90 crore, EBITDA: INR 1 crore.

Outlook and guidance

  • Double-digit volume growth guidance for full year, with Q4 expected to be strong.

  • EBITDA margin guidance: 16%-18% for polymers, 12%-14% for adhesives and paint.

  • CPVC plant trial runs in Q3 FY27, commercial production in Q4 FY27, with full contribution from FY28.

  • Recent acquisitions are expected to contribute to future growth, though current period results are not fully comparable due to consolidation of new subsidiaries.

  • The impact of the new labour codes is expected to be non-recurring, with future effects to be evaluated as rules are notified.

Al-Aziz acquisition: Impact on Q3 growth comparability?
What drives the net loss in subsidiaries?
Strategic intent behind recent diverse acquisitions?
CPVC backward integration: market share vs. margin
New product lines: competitive edge
Adhesive UK/US turnaround: growth & margin drivers
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