Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Astral’s board approved a composite scheme on June 25, 2026, to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics into the parent.</li>
<li>FY26 consolidated revenue stood at INR 6,569 crore, with plumbing contributing around 71% and chemicals around 29%. Separate listings can improve business-level valuation clarity.</li>
<li>The timing looks strategic. Chemicals reported INR 1,861 crore revenue and INR 192 crore EBITDA, while CPVC integration and DSS specialty chemicals remain key future triggers.</li>
</ul>


Astral’s board approved a composite scheme on June 25, 2026, to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics into the parent.
FY26 consolidated revenue stood at INR 6,569 crore, with plumbing contributing around 71% and chemicals around 29%. Separate listings can improve business-level valuation clarity.
The timing looks strategic. Chemicals reported INR 1,861 crore revenue and INR 192 crore EBITDA, while CPVC integration and DSS specialty chemicals remain key future triggers.


Astral Ltd: Can the Demerger Unlock Value Across Pipes and Chemicals?

Thematic (Sector/Industry)

<ul>
<li>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Q3 FY26 calls show revival: PVC stabilized, volumes up 12–18% YoY, channel restocking returning, margins recovering across leaders.</li>
<li>After 15–20 months of price wars and destocking, arrested price erosion plus government capex can lift realizations and EBITDA sustainably.</li>
<li>Near-Term earnings skew improves into Q4 FY26–Q1 FY27; leaders with scale and value-added mix look better positioned for share gains.</li>
</ul>


Q3 FY26 calls show revival: PVC stabilized, volumes up 12–18% YoY, channel restocking returning, margins recovering across leaders.
After 15–20 months of price wars and destocking, arrested price erosion plus government capex can lift realizations and EBITDA sustainably.
Near-Term earnings skew improves into Q4 FY26–Q1 FY27; leaders with scale and value-added mix look better positioned for share gains.


Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

<ul>
<li>PVC‐pipe makers endured FY 25’s perfect storm, resin prices crashed, trade channels destocked, volumes wobbled, yet April-May demand snapped back and resin prices appear to have bottomed.</li>
<li>Anti-Dumping duties plus the coming BIS quality curb on Chinese resin should lock in price discipline; government infra-spend, real-estate and irrigation needs set up 10-12 % volume CAGR for FY27.</li>
<li>With inventory now thin, even a modest restocking cycle could turbo-charge revenues while stabilising input costs let organised players claw back EBITDA margins; diversified leaders look best placed.</li>
</ul>


PVC‐pipe makers endured FY 25’s perfect storm, resin prices crashed, trade channels destocked, volumes wobbled, yet April-May demand snapped back and resin prices appear to have bottomed.
Anti-Dumping duties plus the coming BIS quality curb on Chinese resin should lock in price discipline; government infra-spend, real-estate and irrigation needs set up 10-12 % volume CAGR for FY27.
With inventory now thin, even a modest restocking cycle could turbo-charge revenues while stabilising input costs let organised players claw back EBITDA margins; diversified leaders look best placed.


Thematic Report: Indian Pipe Sector Turnaround

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)

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Astral Ltd: Can the Demerger Unlock Value Across Pipes and Chemicals?

Astral plans to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics, aiming to improve business valuation clarity with separate listings.

Sudarshan Bhandari

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

Nimish Maheshwari

Thematic Report: Indian Pipe Sector Turnaround

PVC pipe makers faced challenges in FY25 but rebounded in April-May with potential for growth in FY27 due to government spending and quality...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Astral Ltd: Can the Demerger Unlock Value Across Pipes and Chemicals?

​Astral plans to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics, aiming to improve business valuation clarity with separate listings.

Sudarshan Bhandari

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

​Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

Nimish Maheshwari

Thematic Report: Indian Pipe Sector Turnaround

​PVC pipe makers faced challenges in FY25 but rebounded in April-May with potential for growth in FY27 due to government spending and quality...

Nimish Maheshwari

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Astral plans to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics, aiming to improve business valuation clarity with separate listings.

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

PVC pipe makers faced challenges in FY25 but rebounded in April-May with potential for growth in FY27 due to government spending and quality...