Astral Poly Technik Ltd was established in 1996, with the aim to manufacture pro-India plumbing and drainage systems in the country. It has also forayed into adhesive business over years.[1]
Business Segments1) Plumbing (72% in 9M FY25 vs 77% in FY22):[1][2]The company offers PVC, CPVC and lead-free PVC plumbing systems and fittings including drainage systems, agriculture systems, fire sprinkler systems, electrical conduit pipes, bath-ware, water tanks, etc.[3]It is amongIndia's leading players in the high-margin CPVC pipes and fittings business. The segment revenue grew by 23% between FY22-FY24, driven by a 47% growth in sales volumes, partially offset by a 16% average sales realization decline followed by a decline in raw material prices.[4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Supreme Inds. | 3626.90 | 54.34 | 46073.91 | 0.94 | 164.74 | -20.26 | 2393.87 | 5.32 | 22.04 | 10540.03 | 12.73 | 847.95 | 164.74 | 8.05 | 13.45 | 0.06 |
| 2. | Astral | 1502.60 | 71.77 | 40366.01 | 0.25 | 149.90 | 22.57 | 1416.10 | 15.12 | 22.28 | 5436.00 | 17.60 | 562.40 | 149.90 | 10.67 | 12.27 | 0.03 |
| 3. | Finolex Inds. | 179.56 | 25.50 | 11151.16 | 1.11 | 119.20 | 131.73 | 858.74 | 3.66 | 8.77 | 4074.94 | 11.74 | 437.35 | 119.20 | 1.92 | 5.50 | 0.00 |
| 4. | Shaily Engineer. | 2272.70 | 71.09 | 10390.94 | 0.09 | 51.25 | 133.80 | 256.65 | 33.67 | 19.52 | 918.75 | 26.99 | 146.16 | 51.25 | 16.44 | 10.85 | 0.30 |
| 5. | Time Technoplast | 187.59 | 22.01 | 9263.57 | 0.67 | 117.23 | 17.36 | 1511.11 | 10.26 | 17.35 | 5720.24 | 14.54 | 420.82 | 115.44 | 2.80 | 9.25 | 0.22 |
| 6. | Garware Hi Tech | 3191.60 | 23.65 | 7400.14 | 0.38 | 91.23 | -12.50 | 569.69 | -8.20 | 20.57 | 2078.99 | 19.94 | 312.86 | 91.23 | 2.96 | 13.23 | 0.01 |
| 7. | Kingfa Science | 4410.40 | 37.94 | 5974.11 | 0.00 | 41.14 | 10.41 | 465.69 | 11.32 | 30.55 | 1837.54 | 12.53 | 157.46 | 41.14 | 4.62 | 14.22 | 0.01 |
| – | Median: 40 Co. | 169.68 | 22.74 | 366.11 | 0.0 | 4.06 | 10.41 | 76.66 | 8.12 | 16.18 | 295.4 | 10.63 | 11.26 | 4.06 | 2.54 | 6.77 | 0.29 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,141 | 1,243 | 1,270 | 1,149 | 1,253 | 1,207 | 1,361 | 1,488 | 1,542 | 1,042 | 1,223 | 1,230 | 1,416 |
Expenses | 966 | 1,045 | 1,049 | 963 | 1,044 | 1,028 | 1,065 | 1,207 | 1,243 | 911 | 1,016 | 1,024 | 1,160 |
Operating Profit | 176 | 198 | 222 | 186 | 209 | 180 | 296 | 281 | 300 | 131 | 208 | 206 | 256 |
Other Income | 3 | 8 | 8 | 13 | 12 | 15 | 5 | 10 | 11 | 4 | 8 | 13 | 12 |
Profit before tax | 136 | 161 | 169 | 160 | 172 | 130 | 264 | 243 | 252 | 88 | 171 | 165 | 200 |
Tax % | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 25% | 25% | 26% | 25% | 26% | 25% |
Net Profit | 101 | 120 | 126 | 119 | 128 | 97 | 197 | 183 | 190 | 65 | 128 | 122 | 150 |
EPS in Rs | 3.78 | 4.47 | 4.69 | 4.44 | 4.77 | 3.60 | 7.32 | 6.82 | 7.07 | 2.43 | 4.77 | 4.55 | 5.58 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,050 | 1,235 | 1,318 | 1,477 | 1,582 | 1,916 | 2,043 | 2,486 | 4,061 | 4,612 | 5,103 | 5,296 | 5,436 |
Expenses | 899 | 1,085 | 1,152 | 1,270 | 1,345 | 1,612 | 1,672 | 1,952 | 3,352 | 3,860 | 4,224 | 4,359 | 4,479 |
Operating Profit | 151 | 151 | 166 | 207 | 237 | 304 | 370 | 535 | 709 | 752 | 879 | 937 | 957 |
Other Income | 2 | 2 | 1 | 8 | 8 | 9 | 8 | 8 | 31 | 20 | 33 | 44 | 48 |
Interest | 30 | 23 | 28 | 14 | 17 | 28 | 34 | 8 | 10 | 33 | 21 | 31 | 40 |
Depreciation | 21 | 33 | 35 | 42 | 47 | 67 | 90 | 96 | 116 | 137 | 156 | 192 | 213 |
Profit before tax | 101 | 97 | 104 | 159 | 181 | 218 | 254 | 439 | 614 | 601 | 735 | 759 | 752 |
Net Profit | 77 | 69 | 73 | 107 | 119 | 141 | 201 | 327 | 462 | 448 | 550 | 566 | 562 |
EPS in Rs | 1.24 | 2.62 | 2.74 | 4.01 | 4.47 | 5.31 | 7.50 | 12.20 | 17.23 | 16.67 | 20.49 | 21.08 | 20.94 |
Dividend Payout % | 5% | 6% | 7% | 6% | 6% | 6% | 8% | 12% | 13% | 21% | 18% | 18% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 11 | 12 | 12 | 12 | 12 | 12 | 15 | 20 | 20 | 27 | 27 | 27 | 27 |
Reserves | 304 | 601 | 720 | 824 | 937 | 1,142 | 1,317 | 1,625 | 2,271 | 2,652 | 3,103 | 3,569 | 3,756 |
Borrowings | 136 | 161 | 170 | 172 | 116 | 196 | 122 | 29 | 35 | 10 | 49 | 113 | 115 |
Other Liabilities | 232 | 278 | 322 | 308 | 367 | 435 | 488 | 548 | 850 | 899 | 1,033 | 1,045 | 1,071 |
Total Liabilities | 684 | 1,052 | 1,224 | 1,317 | 1,431 | 1,785 | 1,942 | 2,222 | 3,176 | 3,588 | 4,212 | 4,754 | 4,969 |
Fixed Assets | 278 | 285 | 361 | 409 | 449 | 686 | 822 | 875 | 1,388 | 1,531 | 1,896 | 2,265 | 2,293 |
Gross Block | 364 | 405 | 396 | 486 | 571 | 874 | 1,098 | 1,247 | 1,914 | 2,193 | 2,696 | 3,250 | – |
Accumulated Depreciation | 86 | 120 | 35 | 77 | 123 | 188 | 276 | 372 | 526 | 662 | 800 | 985 | – |
CWIP | 3 | 21 | 8 | 17 | 65 | 78 | 43 | 52 | 123 | 126 | 146 | 96 | 157 |
Investments | 11 | 271 | 336 | 336 | 338 | 340 | 339 | 334 | 45 | 287 | 371 | 371 | 489 |
Other Assets | 392 | 474 | 519 | 554 | 580 | 682 | 738 | 962 | 1,620 | 1,643 | 1,799 | 2,022 | 2,029 |
Total Assets | 684 | 1,052 | 1,224 | 1,317 | 1,431 | 1,785 | 1,942 | 2,222 | 3,176 | 3,588 | 4,212 | 4,754 | 4,969 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 81 | 84 | 186 | 87 | 231 | 289 | 339 | 515 | 537 | 486 | 788 | 620 |
Cash from Investing Activity | -85 | -322 | -175 | -104 | -124 | -266 | -241 | -350 | 87 | -598 | -517 | -511 |
Cash from Financing Activity | -7 | 244 | 27 | -14 | -84 | -7 | -141 | -116 | -56 | -121 | -99 | -95 |
Net Cash Flow | -10 | 6 | 39 | -31 | 23 | 15 | -42 | 48 | 568 | -232 | 173 | 14 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 50 | 56 | 50 | 66 | 51 | 43 | 25 | 26 | 18 | 19 | 19 | 22 |
Inventory Days | 89 | 80 | 80 | 68 | 89 | 85 | 119 | 85 | 89 | 94 | 97 | 105 |
Days Payable | 85 | 91 | 101 | 84 | 95 | 92 | 115 | 98 | 94 | 90 | 97 | 94 |
Cash Conversion Cycle | 53 | 45 | 29 | 50 | 45 | 36 | 29 | 13 | 12 | 23 | 18 | 33 |
Working Capital Days | 34 | 42 | 26 | 39 | 30 | 18 | 23 | 7 | 11 | 22 | 10 | 20 |
ROCE % | 33% | 20% | 16% | 18% | 19% | 21% | 21% | 29% | 31% | 25% | 25% | 22% |
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Stock Analysis
Astral Limited is a leading Indian company in the plumbing and adhesives sector, known for its innovative products and commitment to quality.
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