Astral (ASTRAL) Q3 25/26 earnings summary

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.