Astral hits fresh 52-week low: Q2 earnings, dividend, price targets and more
Astral stock slipped 12% to Rs 1216.25, a fresh 52 week low. Market cap of the firm fell to Rs 32,936 crore.
- Nov 6, 2026,
- Updated Nov 6, 2026 10:02 AM IST
Shares of Astral Ltd hit a lower circuit of 10% in early deals today after the company announced its Q2 earnings along with interim dividend for the financial year 2026-27. Later, the Astral stock slipped 12% to Rs 1216.25, a fresh 52 week low. Market cap of the firm fell to Rs 32,936 crore. Astral stock slipped primarily due to a fall in EBITDA margins. EBITDA margin fell to 13.1% in Q2 from 16.3% in the corresponding quarter last year.
Dividend announced
The company said its board approved interim Dividend for the financial year 2026-27 at the rate of Rs. 1.50/- per share of face value of Rs. 1/- each. The record date for determining the shareholders entitled for payment of the said interim dividend was fixed as Friday, November 13, 2026.
Q2 earnings
Astral reported a 5.9% year-on-year decline in consolidated net profit to Rs 127 crore for the second quarter of FY27, compared with Rs 135 crore in the corresponding quarter last year. Revenue from operations rose 26.1% to Rs 1,988 crore from Rs 1,577 crore a year ago.
EBITDA increased marginally by 1.6% to ?261 crore from ?257 crore in the year-ago period. However, EBITDA margin contracted to 13.1% from 16.3% in the corresponding quarter last year.
Astral reported a 5.9% year-on-year decline in consolidated net profit to Rs 127 crore for the second quarter of FY27, compared with Rs 135 crore in the corresponding period last year, despite registering strong revenue growth.
Revenue from operations increased 26.1% to Rs 1,988 crore in Q2FY27, against Rs 1,577 crore in the year-ago quarter. However, profitability remained under pressure, with EBITDA rising just 1.6% year-on-year to Rs 261 crore from Rs 257 crore a year earlier.
The company's EBITDA margin contracted sharply to 13.1% in the September quarter, compared with 16.3% in the corresponding quarter of the previous financial year, reflecting margin pressure despite robust topline growth.
Price targets
JPMorgan has an overweight stance on the stock with a target price of Rs 1635.
Astral’s 19% y-o-y volume growth, while reasonable, was likely slightly softer than expectations, given peer-commentary on real estate demand being strong in 2Q, and the 40% growth until mid-August - as communicated by management. While adhesives+paints qoq margin compression was expected (given commentary/prints from peers), ‘Pipe’ EBITDA declining to Rs31/kg from Rs/35kg qoq/yoy was a negative surprise.
While management highlighted that price escalations are now complete and margins should recover in 3Q, in context of SI’s qoq flattish 'Pipe’ EBIT/kg in 2Q, despite fact that Astral has higher exposure to the superior-margin Real Estate sector, print was disappointing.
CLSA has a hold call on Astral with a target price of Rs 1460.
Q2 EBITDA missed estimates on significantly lower margins, while piping volume growth (+19% YoY) was in line. Lower profitability was attributed to a delay in the pass through of higher input costs. With prices hikes made in 3Q and volume resilience, it expects strong earnings trajectory in 3Q. Astral reiterated FY27 guidance of double-digit volume growth (1H: 10% YoY) and margins of 16%-18% (H1: 17.4%), with “unprecedented” growth in October. At 43 times FY28 PE, its current valuation is fair.
About Astral
Astral Limited is a leading Indian building materials manufacturer with a diversified presence in pipes, fittings, adhesives, sealants, water storage, and bathware. Established in 1996, the company pioneered CPVC piping systems in India and has since expanded into multiple high-growth construction categories. Astral operates a large-scale manufacturing and distribution network across India and international markets including the UK and USA.
Shares of Astral Ltd hit a lower circuit of 10% in early deals today after the company announced its Q2 earnings along with interim dividend for the financial year 2026-27. Later, the Astral stock slipped 12% to Rs 1216.25, a fresh 52 week low. Market cap of the firm fell to Rs 32,936 crore. Astral stock slipped primarily due to a fall in EBITDA margins. EBITDA margin fell to 13.1% in Q2 from 16.3% in the corresponding quarter last year.
Dividend announced
The company said its board approved interim Dividend for the financial year 2026-27 at the rate of Rs. 1.50/- per share of face value of Rs. 1/- each. The record date for determining the shareholders entitled for payment of the said interim dividend was fixed as Friday, November 13, 2026.
Q2 earnings
Astral reported a 5.9% year-on-year decline in consolidated net profit to Rs 127 crore for the second quarter of FY27, compared with Rs 135 crore in the corresponding quarter last year. Revenue from operations rose 26.1% to Rs 1,988 crore from Rs 1,577 crore a year ago.
EBITDA increased marginally by 1.6% to ?261 crore from ?257 crore in the year-ago period. However, EBITDA margin contracted to 13.1% from 16.3% in the corresponding quarter last year.
Astral reported a 5.9% year-on-year decline in consolidated net profit to Rs 127 crore for the second quarter of FY27, compared with Rs 135 crore in the corresponding period last year, despite registering strong revenue growth.
Revenue from operations increased 26.1% to Rs 1,988 crore in Q2FY27, against Rs 1,577 crore in the year-ago quarter. However, profitability remained under pressure, with EBITDA rising just 1.6% year-on-year to Rs 261 crore from Rs 257 crore a year earlier.
The company's EBITDA margin contracted sharply to 13.1% in the September quarter, compared with 16.3% in the corresponding quarter of the previous financial year, reflecting margin pressure despite robust topline growth.
Price targets
JPMorgan has an overweight stance on the stock with a target price of Rs 1635.
Astral’s 19% y-o-y volume growth, while reasonable, was likely slightly softer than expectations, given peer-commentary on real estate demand being strong in 2Q, and the 40% growth until mid-August - as communicated by management. While adhesives+paints qoq margin compression was expected (given commentary/prints from peers), ‘Pipe’ EBITDA declining to Rs31/kg from Rs/35kg qoq/yoy was a negative surprise.
While management highlighted that price escalations are now complete and margins should recover in 3Q, in context of SI’s qoq flattish 'Pipe’ EBIT/kg in 2Q, despite fact that Astral has higher exposure to the superior-margin Real Estate sector, print was disappointing.
CLSA has a hold call on Astral with a target price of Rs 1460.
Q2 EBITDA missed estimates on significantly lower margins, while piping volume growth (+19% YoY) was in line. Lower profitability was attributed to a delay in the pass through of higher input costs. With prices hikes made in 3Q and volume resilience, it expects strong earnings trajectory in 3Q. Astral reiterated FY27 guidance of double-digit volume growth (1H: 10% YoY) and margins of 16%-18% (H1: 17.4%), with “unprecedented” growth in October. At 43 times FY28 PE, its current valuation is fair.
About Astral
Astral Limited is a leading Indian building materials manufacturer with a diversified presence in pipes, fittings, adhesives, sealants, water storage, and bathware. Established in 1996, the company pioneered CPVC piping systems in India and has since expanded into multiple high-growth construction categories. Astral operates a large-scale manufacturing and distribution network across India and international markets including the UK and USA.