Astral Limited makes PVC pipes, adhesives and paints, and its Q2 FY 2026-2027 print arrives with PVC resin prices rising through the quarter and the new PVC import restriction in force. The key things the results will speak to are whether plumbing EBITDA margins hold above the guided 16-18% band and whether the paints business turns EBITDA-positive from Q2 onwards as management has guided.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,578.0 Cr |
| Previous quarter PAT | Rs. 120.2 Cr (before OCI) |
| Previous quarter EBITDA margin | 15.5% |
| Market cap | Rs. 37,294.02 Cr |
| CMP | Rs. 1,388.2 |
Astral's board meets on November 05, 2026 to consider the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, and to consider an interim dividend for FY 2026-27.
The earnings call is scheduled for November 5, 2026 at 8:00 PM IST, organized by Equirus Securities. Management on the call will include Sandeep Engineer (CMD), Hiranand Savlani (ED & CFO) and Kairav Engineer (ED).
The Q2 FY27 print is the first direct checkpoint on management's promise that paints will turn EBITDA-positive from Q2 onwards, after Q1 FY27 delivered revenue of Rs. 1,578.0 Cr (+15.9% YoY) with plumbing EBITDA margin at 18.9% — already above the guided 16-18% FY27 band. PVC resin prices rose through the quarter, from around Rs. 78/kg in early July to Rs. 94/kg on September 1, 2026, and the Q1 release flagged Q2 realization gains from rising PVC prices and MIP implementation, with channel restocking underway.
The Suspension-Grade PVC import restriction (DGFT Notification No. 25/2026-27 dated July 24, 2026) has been in force since July, and management had committed to reviewing its 16-18% margin guidance in September or at an appropriate time, citing the MIP and potential duties on Chinese products as supports.
On operating metrics, Q1 saw plumbing volumes of 56,146 M.T. (+0.1% YoY) against roughly 10% market degrowth, paints revenue up 48.7% with EBITDA breakeven, and adhesives India growth of 24.9% at a 12.2% margin, with management expecting raw-material softening to help adhesives from Q2. The earnings call will also cover the CPVC resin plant Phase I (40,000 M.T.), which is on schedule for December 2026 completion with trial runs in Q4 FY27, and whether the September guidance-revision commitment was honored.
Performance vs Guidance Tracking (FY27): Management guided the following on the Q1 FY27 call (August 12, 2026); Q2 is the first or second checkpoint on most of them.
September guidance-revision commitment
CPVC resin plant Phase I progress
PVC prices, MIP and realization gains
GST order and AGM governance follow-up
Plumbing EBITDA margin hit 18.9% in Q1 FY27, above the guided 16-18% FY27 band, on flat volumes (+0.1%) against roughly 10% market degrowth. Management has repeatedly called the 16-18% guidance conservative given three years of polymer price volatility, and declined to raise it on one quarter's performance.
Paints reached EBITDA breakeven in Q1 FY27 with a record 48.7% revenue growth, and management targets EBITDA-positive from Q2 FY27 onwards with a ~6-7% margin for FY27. Q2 results are the first direct checkpoint on that guidance.
The captive 40,000 M.T. CPVC resin plant Phase I is on schedule for December 2026 completion, with trial runs in Q4 FY27 and full volume contribution and margin benefits expected from FY28. Astral will be the only CPVC pipe manufacturer in India producing its own resin, with 100% captive consumption.
Management said on the Q1 FY27 call it would review the 16-18% plumbing margin guidance 'in September or at an appropriate time', citing the MIP and potential duties on Chinese products as supports. The PVC import restriction is in force since July 24, 2026, but no anti-dumping duty has been imposed — only a recommendation — so whether the revision was honored is an open question for the Q2 call.
Consolidated revenue rose 15.9% YoY to Rs. 1,578.0 Cr in Q1 FY27, with paints and adhesives up 29.5% and plumbing up 10.1%. Volume outperformance was driven by distributor-network expansion, not pricing aggression, per management.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.