Astral Limited — Q1FY27 earnings call summary

Filed 12 August 2026 · Company audio recording

Adhesives India margin compressed to 12.2% (Q1) due to partial absorption of 15-16% RM inflation; price hikes of ~6-8% implemented; margin expected to normalize to 15-17%.
Q1 capex of ₹137 crore; FY27 capex budget ₹300-350 crore focused on plumbing, adhesives, CPVC resin plant, and new product lines including high-margin patched aluminum fittings.
FY27 volume growth guidance: minimum double-digit for plumbing; paint 20-25% top-line growth; adhesives India 15-20%; UK adhesives to surpass double-digit growth.
EBITDA margin guidance: plumbing 16-18%; adhesives India to revert to 15-17%; paint lower single-digit margin growth; UK adhesives targeting 8-10% full-year margin.
CPVC resin plant commissioning expected by Dec FY27; commercial production from Q4 FY27; expected to drive higher growth and margin expansion in FY28.
Plumbing EBITDA margin improved to 18.9% (Q1 FY27) vs 16.4% YoY, aided by better product mix (less agri, more plumbing) and higher utilization of new plants.
Paint business margin remains low (0.1% in Q1) but expected to deliver lower single-digit margin growth as volumes and mix improve.
Management to review and potentially upgrade guidance post Q2 based on market conditions.