Astral Ltd
ASTRALAstral Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: Foreign institutions moved −8.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a downtrend (4 weeks in) while the P/E sits at the 39th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +19.7% year on year, and 161% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Astral Ltd trades at ₹1,449, in a downtrend and 4 weeks into that stage. That is −3.4% against its own 200-day average. It sits at 32% of a 52-week range of ₹1,334 to ₹1,689. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (16 weeks and counting).
Today the stock is in a downtrend — week 4 of stage 4, confirmed. At ₹1,449 it trades −3.4% versus its 200-day average and sits at 32% of its 52-week range (₹1,334–₹1,689).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +836% while the NIFTY 500 moved +282% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (16 weeks and counting; last ahead the week of 2026-05-15) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Astral Ltd trades at 70.6× P/E, mid-range by its own standards (39th percentile). Its long-run median P/E is 76.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 70.6× is mid-range by its own standards (39th percentile), against a long-run median of 76.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +2.1% against a +3.2% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the −1.5%/yr price move, ~+6.3%/yr came from earnings growth and ~−7.8 pp from the multiple (compressing); over 10y, of the +20.2%/yr price move, ~+18.4%/yr came from earnings growth and ~+1.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Astral Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 4 quarters ago at −8.2% and has held its recovery at +2.9%, ROCE holding at 19.4%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +12.6% | +8.4% | +15.6% | +14.6% |
| Profit | +3.1% | +4.3% | +5.6% | +18.0% |
| EPS | +2.1% | +5.4% | +5.7% | +18.0% |
| Share price | +3.2% | −8.8% | −1.5% | +20.2% |
4-Factor Sector Score
53.4/100 — rank 1 of 5 in Building Materials - Plastic Pipes · 93% evidence confidence
Astral Ltd scores 53.4 out of 100 against the 5 companies it is compared with in Building Materials - Plastic Pipes, ranking 1. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
The four contributions add to the total exactly: 18.3 + 20.6 + 6.7 + 7.8 = 53.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Astral Ltd reported ₹2,088 Cr of revenue in the Mar 26 quarter, +24.2% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 14.6% a year. The last full year, FY26, came in at ₹6,569 Cr. The last four reported quarters add to ₹6,568 Cr.
FY26 revenue came in at ₹6,569 Cr (+12.6% on the year), capping 10 years at 14.6% compound. The latest quarter (Mar 26) printed ₹2,088 Cr, +24.2% year on year — the 3rd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +12.0% growth against the decade's 14.6% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +12.6% over the last 4 quarters against +7.9%/yr over the last 8 — accelerating; TTM profit +2.9% vs −0.9%/yr — accelerating.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Astral Ltd's operating margin is 18.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 12.0% to 20.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 18.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 12.0%–20.0%.
Why the margin moved: operating margin went +0.4 pp year on year while gross margin went +0.8 pp — the gain came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Astral Ltd earned ₹213 Cr of net profit in the Mar 26 quarter, +19.7% year on year. Full-year FY26 profit was ₹535 Cr. The 10-year compound rate is 18.0%. That is 10.2% of the quarter's revenue. The same quarter a year earlier earned ₹178 Cr.
Mar 26 profit was ₹213 Cr, +19.7% year on year. On the full year, FY26 printed ₹535 Cr (+3.1%), and the 10-year compound rate is 18.0%.
Why profit moved: revenue contributed +24.2% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +1.2% vs revenue +12.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 161% of Astral Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,117 Cr of operating cash against ₹535 Cr of profit. After ₹498 Cr of capital spending, ₹619 Cr was left as free cash.
FY26: operating cash of ₹1,117 Cr against reported profit of ₹535 Cr, leaving free cash of ₹619 Cr after ₹498 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 161% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 161%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Astral Ltd's cash conversion cycle runs 23 days in FY26, down from 23 days in FY21. Capital spending ran ₹1,691 Cr over the last 3 years. At FY26 sales of ₹6,569 Cr each day of that cycle holds about ₹18.0 Cr, so roughly ₹414 Cr sits inside the business at any moment.
FY26: debtors at 26 days, inventory at 103 days — roughly 3.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 23 days, tighter than FY21's 23.
The full loop: cash goes out to suppliers and production on day 0; stock waits 103 days to sell; customers pay about 26 days after that; and suppliers themselves are paid at 107 days — netting out to the 23-day cycle.
In money terms: at FY26 sales of ₹6,569 Cr, each day of the cycle holds about ₹18.0 Cr — so the 23-day loop keeps roughly ₹414 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹1,691 Cr over the last 3 fiscal years against ₹733 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹89.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Astral Ltd earns a ROCE of 20% in FY26. That is up from a trough of 18% in FY16. Return on invested capital clears the cost of that capital by +4.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 8.1% net margin on 1.13× asset turns.
FY26 ROCE is 20%, recovered from a FY16 trough of 18% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 8.1% net margin × 1.13× asset turns × 1.43× balance-sheet leverage ≈ 13.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 16.5% − 12.0% = a +4.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Astral Ltd carries total debt of ₹250 Cr against shareholder equity of ₹4,058 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from 0.04 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹250 Cr against shareholder equity of ₹4,058 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from 0.04 (FY22) to 0.06 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 8.6 points of Astral Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 13.9% of the company. Domestic institutions moved +8.5 points over the same window, to 20.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −8.6 points over 8 quarters to 13.9%; Domestic institutions: +8.5 points over 8 quarters to 20.9%; Promoters: +0.1 points over 8 quarters to 54.2%.
Why the register moved: rotation — foreign institutions −8.6 points against domestic institutions +8.5 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Astral Ltd: the Z-score reads 16.09. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 16.09 sits well clear of the distress zone — the balance sheet is not the risk here.
The safety line in one sentence: the Z-score reads 16.09.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Astral Ltdthis pageASTRAL | 53.4/100Mixed-positive evidence93% evidence | ASLEEP | 18.3/35 Revenue 12.6% · PAT 2.9% · OPM change 0 pp 88% evidence | 20.6/25 ROCE 19.9% · OPM 18% 100% evidence | 6.7/20 P/E 70.6× · PEG 4.71 85% evidence | 7.8/20 RS sector -2.4% · RS bench -4.2% · 1Y 0.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 20.6 + 6.7 + 7.8 = 53.4 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 2Prince Pipes & Fittings LtdPRINCEPIPE | 49.4/100Mixed-negative evidence87% evidence | TURNING | 24.5/35 Revenue 2.9% · PAT 68.2% · OPM change 5 pp 88% evidence | 6.9/25 ROCE 6.1% · OPM 13% 100% evidence | 13.4/20 P/E 38.8× · PEG 0.91 85% evidence | 4.6/20 RS sector -22.9% · RS bench -5.8% · 1Y -19.8%4 of 10 weeks ahead 70% evidence |
| Exact sum: 24.5 + 6.9 + 13.4 + 4.6 = 49.4 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.9% and the one-year return is -19.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Supreme Industries LtdSUPREMEIND | 48.7/100Mixed-negative evidence97% evidence | BASING | 20.5/35 Revenue 8.7% · PAT 16.1% · OPM change 3 pp 100% evidence | 19.5/25 ROCE 20.7% · OPM 15% 100% evidence | 3.6/20 P/E 42.6× · PEG 9.12 85% evidence | 5.1/20 RS sector -7.2% · RS bench -9.3% · 1Y -19.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 20.5 + 19.5 + 3.6 + 5.1 = 48.7 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 4Finolex Industries LtdFINPIPE | 45.3/100Mixed-negative evidence87% evidence | ASLEEP | 19.8/35 Revenue -0.7% · PAT -25.2% · OPM change 10 pp 88% evidence | 13.8/25 ROCE 12.7% · OPM 25% 100% evidence | 7.2/20 P/E 16.8× · PEG 3.66 85% evidence | 4.5/20 RS sector -14.8% · RS bench -11.8% · 1Y -22.2%0 of 10 weeks ahead 70% evidence |
| Exact sum: 19.8 + 13.8 + 7.2 + 4.5 = 45.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Apollo Pipes LtdAPOLLOPIPE | 32.4/100Adverse evidence77% evidence | LEADER | 1.3/35 Revenue -2% · PAT -80% · OPM change -7 pp 95% evidence | 1.1/25 ROCE 1.2% · OPM 1% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 20.0/20 RS sector 33.4% · RS bench 30% · 1Y 22.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 1.3 + 1.1 + 10 + 20 = 32.4 · Decision use: Price leads the evidence: RS versus the benchmark is 30%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Astral Ltd's share price today?
Astral Ltd trades at ₹1,449, +3.2% over the past year. The company is valued at ₹38,917 Cr. The stock sits at 32% of its 52-week range of ₹1,334–₹1,689, −3.4% versus its 200-day average. On the tape, the price is in a downtrend, 4 weeks in. — as of 31 July 2026.
What were Astral Ltd's latest quarterly results?
Astral Ltd reported revenue of ₹2,088 Cr and net profit of ₹213 Cr for the Mar 26 quarter. Revenue rose 24.2% and profit rose 19.7% year on year. Earnings per share were ₹7.93. The operating margin was 18.0%, 0.0 pp higher than a year earlier. — as of 31 July 2026.
What is Astral Ltd's revenue?
Astral Ltd reported revenue of ₹2,088 Cr in the Mar 26 quarter, +24.2% year on year. For the full FY26 fiscal year, revenue was ₹6,569 Cr (+12.6%). Over the last 10 years revenue compounded at 14.6% a year. — as of 31 July 2026.
What is Astral Ltd's profit?
Astral Ltd earned ₹213 Cr of net profit in the Mar 26 quarter, +19.7% year on year. Full-year FY26 profit was ₹535 Cr. The operating margin ran 18.0% in the latest quarter. — as of 31 July 2026.
What is Astral Ltd's market cap?
Astral Ltd's market capitalisation is ₹38,917 Cr at a share price of ₹1,449. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is Astral Ltd's P/E ratio?
Astral Ltd trades at a P/E of 70.6×, at the 39th percentile of its own 10-year range, against a long-run median of 76.0×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does Astral Ltd pay a dividend?
Yes — Astral Ltd's dividend payout was 13% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.
Is Astral Ltd overvalued?
On its own history, Astral Ltd looks mid-range against its own history: its P/E of 70.6× sits at the 39th percentile of its 10-year range (long-run median 76.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.
Is Astral Ltd growing?
Yes — Astral Ltd is growing: latest-quarter revenue +24.2% year on year, profit +19.7%, and the margin +0.0 pp at 18.0%. The 10-year compound rates are 14.6% (revenue) and 18.0% (profit). The earnings engine currently reads: improving — as of 31 July 2026.
How is Astral Ltd performing?
Astral Ltd is in a downtrend, 4 weeks in. Its latest quarter's revenue rose 24.2% and profit rose 19.7% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 16 weeks. This describes what the data did, not a rating. — as of 31 July 2026.
What stage is Astral Ltd in?
Improving — profit growth bottomed 4 quarters ago at −8.2% and has held its recovery at +2.9%, ROCE holding at 19.4%. The read comes from the last 12 quarters of growth (revenue growth +12.6% latest, profit growth +2.9% latest, eps growth +2.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.
Is Astral Ltd in an uptrend?
No — the price is in a downtrend (week 4 of stage 4), trading −3.4% versus its 200-day average and at 32% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.
Is Astral Ltd beating the market?
Not lately — on a trailing-13-week view Astral Ltd is currently behind the NIFTY 500 (16 weeks and counting; last ahead the week of 2026-05-15), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +836% against the NIFTY 500's +282% — ahead of the index over the full window. — as of 31 July 2026.
Will Astral Ltd's share price go up?
This page publishes no price forecast for Astral Ltd. What it measures instead: the share price is ₹1,449, the price is in a downtrend 4 weeks in. Its P/E of 70.6× sits at the 39th percentile of its own 10-year range. Direction is not something this site claims to know. — as of 31 July 2026.
Who owns Astral Ltd?
Promoters hold 54.2% of Astral Ltd, foreign institutions 13.9%, domestic institutions 20.9% and the public 10.6% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 8.6 points over 8 quarters. — as of 31 July 2026.
Does Astral Ltd have too much debt?
No — Astral Ltd's debt-to-equity is 0.06, and operating profit covers the interest bill 17×. FY26 borrowings were ₹250 Cr against equity of ₹4,058 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.
What is Astral Ltd's capex?
Astral Ltd spent ₹1,691 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹498 Cr, with ₹89.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is Astral Ltd's cash flow?
Astral Ltd generated ₹1,117 Cr of operating cash flow in FY26 and ₹619 Cr of free cash flow after ₹498 Cr of capital spending. Reported profit that year was ₹535 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is Astral Ltd's profit real cash?
Yes — over the last 3 fiscal years, 161% of Astral Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,117 Cr against reported profit of ₹535 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.
How financially safe is Astral Ltd?
On the balance sheet, the Z-score reads 16.09 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 31 July 2026.
Where is Astral Ltd in its business cycle?
Astral Ltd's FY26 operating margin was 16.0%, against a 13-year band of 12.0%–20.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 18.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.
What could break the Astral Ltd story?
The sharpest disagreement: Foreign institutions moved −8.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.
Is Astral Ltd a stock worth studying right now?
This is not investment advice. The machine read: Astral Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.