External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Maturing Capex Cycle and Operational Leverage: Astral is entering a high-growth phase as its multi-year Capex plan begins to mature.</li><li>The company invested Rs 1,400 Cr over the last four years, leading to the commissioning of new facilities in Hyderabad and Kanpur.</li><li>These new units are currently operating at low utilisation (15-20%) and are temporarily dragging margins. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maturing Capex Cycle and Operational Leverage: Astral is entering a high-growth phase as its multi-year Capex plan begins to mature.The company invested Rs 1,400 Cr over the last four years, leading to the commissioning of new facilities in Hyderabad and Kanpur.These new units are currently operating at low utilisation (15-20%) and are temporarily dragging margins. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astral Ltd. - Strategic Capacity Set Stage for Margin Expansion

<ul><li>Entering PVC Resin Manufacturing-leading to Margin Improvements: Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives, meeting international standards.</li><li>As CPVC resin is a key raw material for the company, it has entered into an agreement with Nexelon Chem, in which it holds an 80% equity stake.</li><li>The estimated project cost is Rs 150 Cr for a 40,000 MT capacity, with Astral committing Rs 120 Cr (80% share). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Entering PVC Resin Manufacturing-leading to Margin Improvements: Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives, meeting international standards.As CPVC resin is a key raw material for the company, it has entered into an agreement with Nexelon Chem, in which it holds an 80% equity stake.The estimated project cost is Rs 150 Cr for a 40,000 MT capacity, with Astral committing Rs 120 Cr (80% share). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: Astral Ltd - 03rd September, 2025

<ul><li>Astral’s CPVC Resin manufacturing; Margin improvement: Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives, meeting international standards.</li><li>As CPVC resin is a key raw material for the company, it has entered into an agreement with Nexelon Chem, in which it holds an 80% equity stake.</li><li>The estimated project cost is Rs 150 Cr for a 40,000 MT capacity, with Astral committing Rs 120 Cr (80% share). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astral’s CPVC Resin manufacturing; Margin improvement: Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives, meeting international standards.As CPVC resin is a key raw material for the company, it has entered into an agreement with Nexelon Chem, in which it holds an 80% equity stake.The estimated project cost is Rs 150 Cr for a 40,000 MT capacity, with Astral committing Rs 120 Cr (80% share). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astral Ltd - Margin Improvement and Demand Revival on Cards; Maintain BUY

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Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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<ul>
<li>
<a href="https://www.smartkarma.com/entities/astral-poly-technik-ltd" target="_blank" data-smartkarma-citation="entities:7890:1" rel="noopener">Astral Ltd (ASTRA IN)</a> is a market leader in CPVC and plastic piping systems, with growing presence in adhesives, paints, and water tanks it maintained margins despite industry's headwinds.</li>
<li>New launches like Fire Pro, OPVC, Drain Pro, and valves are expected to contribute INR 450–500 crore annually, driving high-margin growth and portfolio expansion.</li>
<li>Dealers currently hold just 1–2 weeks of inventory, indicating an imminent restocking cycle that could boost near-term volumes.</li>
</ul>



Astral Ltd (ASTRA IN) is a market leader in CPVC and plastic piping systems, with growing presence in adhesives, paints, and water tanks it maintained margins despite industry's headwinds.
New launches like Fire Pro, OPVC, Drain Pro, and valves are expected to contribute INR 450–500 crore annually, driving high-margin growth and portfolio expansion.
Dealers currently hold just 1–2 weeks of inventory, indicating an imminent restocking cycle that could boost near-term volumes.


The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle

<ul><li>Focus on new product launches: Astral is India’s first company to receive UL certification for its FirePro fittings. It has received ISI approval for O-PVC products.</li><li>The company has started commercial production at its Ghiloth plant for SWR fittings and will soon begin CPVC fittings, targeting the North and East markets.</li><li>It has also opened marketing offices in Dubai to target the Africa and Middle East markets for value-added products. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Focus on new product launches: Astral is India’s first company to receive UL certification for its FirePro fittings. It has received ISI approval for O-PVC products.The company has started commercial production at its Ghiloth plant for SWR fittings and will soon begin CPVC fittings, targeting the North and East markets.It has also opened marketing offices in Dubai to target the Africa and Middle East markets for value-added products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Astral Ltd. - Steady Margins; Maintain HOLD

India

Astral Polytechnik Limited manufactures and markets CPVC plumbing systems for residential and industrial applications. The Company also manufactures ASTM solvent weld lead free PVC plumbing systems.

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Astral Ltd (ASTRA IN)

Astral Ltd. - Strategic Capacity Set Stage for Margin Expansion

Maturing Capex Cycle and Operational Leverage: Astral is entering a high-growth phase as its multi-year Capex plan begins to mature.

Axis Direct

Axis Punch: Astral Ltd - 03rd September, 2025

Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives,...

Axis Direct

Astral Ltd - Margin Improvement and Demand Revival on Cards; Maintain BUY

Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives,...

Axis Direct

The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle

Astral Ltd is a market leader in CPVC and plastic piping systems, maintaining margins despite industry challenges and poised for high-margin...

Sudarshan Bhandari

Astral Ltd. - Steady Margins; Maintain HOLD

Focus on new product launches: Astral is India’s first company to receive UL certification for its FirePro fittings. It has received ISI approval...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Astral Ltd. - Strategic Capacity Set Stage for Margin Expansion

Maturing Capex Cycle and Operational Leverage: Astral is entering a high-growth phase as its multi-year Capex plan begins to mature.

Axis Direct

Axis Punch: Astral Ltd - 03rd September, 2025

Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives,...

Axis Direct

Astral Ltd - Margin Improvement and Demand Revival on Cards; Maintain BUY

Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives,...

Axis Direct

The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle

​Astral Ltd is a market leader in CPVC and plastic piping systems, maintaining margins despite industry challenges and poised for high-margin...

Sudarshan Bhandari

Astral Ltd. - Steady Margins; Maintain HOLD

Focus on new product launches: Astral is India’s first company to receive UL certification for its FirePro fittings. It has received ISI approval...

Axis Direct

Astral Ltd is a market leader in CPVC and plastic piping systems, maintaining margins despite industry challenges and poised for high-margin...