External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>Following discussions with Astral management, we note that plumbing product demand remains muted in Q4FY25</li><li>PVC resin prices declined in February and March, keeping channel inventory low</li><li>Management reiterated their focus on margin maintenance over sales growth in the subdued market</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.

Following discussions with Astral management, we note that plumbing product demand remains muted in Q4FY25PVC resin prices declined in February and March, keeping channel inventory lowManagement reiterated their focus on margin maintenance over sales growth in the subdued marketContent 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: Focus on Margin over Volume. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The Plumbing division reported a volume de-growth of 2.5% YoY, while realisations increased to Rs 190/kg. </li><li>In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY).</li><li>During the quarter, PVC/CPVC raw material prices decreased, leading to destocking. </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.

The Plumbing division reported a volume de-growth of 2.5% YoY, while realisations increased to Rs 190/kg. In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY).During the quarter, PVC/CPVC raw material prices decreased, leading to destocking. 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 - Weak Performance & Declining Growth

<ul><li>The Plumbing division reported volume growth of 16.4% YoY while realisations decreased to Rs 182/kg.</li><li>In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw material prices were volatile.</li><li>The reported PAT of Rs 120 Cr stands below our expectations. Sector Outlook: Positive</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.

The Plumbing division reported volume growth of 16.4% YoY while realisations decreased to Rs 182/kg.In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw material prices were volatile.The reported PAT of Rs 120 Cr stands below our expectations. Sector Outlook: PositiveContent 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.

<ul><li>Astral posted consolidated revenue growth of 7.9% YoY in Q4FY24, majorly led by growth in Plastic (+11.5% YoY) and Adhesive segment (+4.5% YoY).</li><li>The Plumbing division reported strong volume growth of 22.8% YoY while realisations decreased to Rs 187/kg due to high volatility in PVC prices.</li><li>In Q4FY24, average realisations stood at Rs 187/kg (-9.2% YoY) and EBITDA stood stable at Rs 37/kg (+19.7% YoY). </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 posted consolidated revenue growth of 7.9% YoY in Q4FY24, majorly led by growth in Plastic (+11.5% YoY) and Adhesive segment (+4.5% YoY).The Plumbing division reported strong volume growth of 22.8% YoY while realisations decreased to Rs 187/kg due to high volatility in PVC prices.In Q4FY24, average realisations stood at Rs 187/kg (-9.2% YoY) and EBITDA stood stable at Rs 37/kg (+19.7% YoY). 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.

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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.

<ul><li>Prabhudas Lilladher's research report onAstral We met management of Astral Ltd.</li><li>(ASTRA) to gauge the demand scenario, competitive intensity, capacity expansion in plumbing segment and growth &amp; margin guidance in adhesive segment.</li><li>The company has maintained its volume growth guidance at &gt;-20% in pipe &amp; fittings business and 15%-20% rev.</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.

Prabhudas Lilladher's research report onAstral We met management of Astral Ltd.(ASTRA) to gauge the demand scenario, competitive intensity, capacity expansion in plumbing segment and growth &amp; margin guidance in adhesive segment.The company has maintained its volume growth guidance at &gt;-20% in pipe &amp; fittings business and 15%-20% rev.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. (ASTRA IN) - Growth Driven by Business Diversification

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: Focus on Margin over Volume. Maintain ADD

We maintain an ADD rating on Astral with a revised target price of INR 1,540 per share, valuing the company at 60x EPS for Mar-27E.

HDFC Securities

Astral Ltd - Weak Performance & Declining Growth

In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY). During the quarter, PVC/CPVC...

Axis Direct

Astral Ltd - Low Operating Profitability

In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw...

Axis Direct

Astral Ltd - Strong Volume Growth

Astral posted consolidated revenue growth of 7.9% YoY in Q4FY24, majorly led by growth in Plastic (+11.5% YoY) and Adhesive segment (+4.5% YoY).

Axis Direct

Astral Ltd. (ASTRA IN) - Growth Driven by Business Diversification

(ASTRA) to gauge the demand scenario, competitive intensity, capacity expansion in plumbing segment and growth & margin guidance in adhesive segment.

Prabhudas Lilladhar

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