Whalesbook
Toh sawal yeh hai ki, acche results aane ke baad bhi target kam kyun? PL Capital ka kehna hai ki woh PVC resin prices mein hone wali badhotri ko dekh rahe hain. Unka andaaza hai ki China se aane wali prices ke kaaran PVC resin ₹5–7 per kg tak mehnga ho sakta hai. Isi wajah se unhone FY27/28 ke liye apni earnings projections ko 4.4% aur 4.0% tak kam kar diya hai.
Lekin, company ke numbers toh kamaal ke hain! Q4 mein plastic pipes mein 24.2% ka zabardast volume growth dekha gaya. Plumbing Ebitda margin bhi 22.9% raha, jismein inventory gains ka zyada impact nahi tha. Plastic pipes ke liye Ebitda per kilogram Rs 41.9 raha. Management ka kehna hai ki PVC resin price ki full effect Q1 FY27 se dikhegi.
Future ki baat karein toh, naya CPVC resin plant lagne se Astral ka market share badhne ki ummeed hai, aur FY28 se margins mein aur sudhar aayega. Company ne piping segment mein double-digit volume growth ka guidance maintain kiya hai, aur 16-18% Ebitda margin ka target rakha hai. PL Capital ko FY26-28 mein P&F business mein 15.0% volume CAGR dikh raha hai. Adhesive India business bhi 15.1% revenue growth aur 15.1% Ebitda margin ke saath strong raha FY26 mein.
Brokerage ne 'Buy' rating toh maintain ki hai, lekin unki projections ke mutabik, FY26-28E mein sales/Ebitda/PAT CAGR 16.6%/20.2%/31.3% reh sakta hai. Matlab, future toh bright hai, lekin raw material ki prices aur short-term outlook ko dekh kar target price adjust kiya gaya hai.