Company Update : Astral Ltd by Motilal Oswal Financial Services Ltd
Material beat on estimates, led by healthy volume growth and margin expansion
* Astral’s consolidated revenue grew 15% YoY/16% QoQ to INR15.8b in 2QFY26 (est. of INR14.6b)
* Consolidated EBITDA grew 22%/39% YoY/QoQ to INR2.6b (est. of INR2.2b). EBITDA margin expanded 100bp YoY/270bp QoQ to 16.3% (est. of 14.9%), driven by a 70bp YoY improvement in gross margin.
* PAT surged 23% YoY/66% QoQ to INR1.3b (est. of INR1.1b).
* For 1HFY26, revenue/EBITDA grew 7%/4% YoY to INR29.4b/INR4.4b, while PAT declined 6% to INR2.2b.
Segment-wise performance
* Plumbing: Revenue stood at INR11.2b (+16% YoY, +17% QoQ), EBIT was INR1.6b (+19% YoY, +59% QoQ), and EBIT margin came in at 14% (+40bp, +370bp QoQ). Volume grew 13% YoY/ 9% QoQ to 61,224MT, while EBIT/kg grew 6% YoY/ 45% QoQ to INR25.7.
* Adhesives and paints: Revenue stood at INR4.6b (+14% YoY, +13% QoQ), EBIT stood at INR313m (+30% YoY, +60% QoQ), and EBIT margin was 6.8% (+90bp, +200bp QoQ).
For More Research Reports : Click Here
For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412
