Transcript of Concall with Analyst/Institutional Investor held on 27th June, 2026

[Investec Conference] AI summary - Astral Limited announced a demerger to separate chemical (Astral Chemie) and piping businesses for focused growth. - Chemical division includes adhesives, paints, Seal It UK/US/Ireland, DSS specialty chemicals; pipe division includes piping, faucets, Nexelon resin, Al-Aziz fittings. - Chemical business FY26 revenue INR1861 Cr, EBITDA INR192 Cr; expected to grow to INR4400-5000 Cr in 4-5 years. - Capex in chemical division largely complete; minor expansions planned; DSS specialty chemicals expected INR150 Cr revenue FY28 with 20-25% EBITDA margin. - Pipe division's CPVC resin plant commissioning on track for Q1 FY27; expected to boost margins and market share. - Management structure: Sandeep Engineer to lead both entities; decentralization aims for faster growth and capital discipline. - Expected margin improvement in chemical division to 14-15% by next year; ROCE target 15-17% rising to 20%+ in 3-4 years. - Branding: Both entities retain Astral brand without brand fees; distribution channels largely separate. - Separate P&L and balance sheets to be provided by Q1 FY27 for transparency and cost control. - Dividend policy for both entities to be decided post-demerger completion. - Overall, demerger aims to unlock value, improve transparency, and accelerate growth in both verticals.