Q1 2026 Astral Ltd Earnings Call Transcript
Key Points
- Astral Ltd (BOM:532830) is confident of achieving double-digit growth in the pipe business this year, with volume picking up from July onwards.
- The Kanpur plant will be ready for commercial production in Q3, aiding growth in North markets, especially UP, Bihar, and Eastern NCR.
- The Hyderabad plant is settled and expected to contribute to good volume growth in upcoming quarters.
- Astral's Bathware business achieved 27% growth in Q1, with a healthy project order book and plans for high-quality product launches.
- The adhesive business in India grew by 9% in Q1, with margins within the guided limits of 14% to 16%.
- Q1 saw flat volume in the pipe business due to low demand, early monsoon, and reduced government spending.
- The plumbing division experienced a degrowth of 5.85% compared to the previous year.
- Overall EBITDA margin decreased from 16.36% last year to 14.25% this year, partly due to inventory losses from a drop in polymer prices.
- The UK adhesive business, although showing growth, has a lower EBITDA margin of 5.4% after accounting for Forex effects.
- The paint business, despite a 20% growth, is still recovering from past challenges and is expected to reach INR240 crore this year, slightly above the acquisition level.
Ladies and gentlemen, good day, and welcome to Astral Q1 FY26 conference call hosted by Nuvama Wealth Management Limited. (Operator Instructions) Please note that this conference is now being recorded.
I now hand the conference over to Ms. Sneha Talreja from Nuvama Wealth Management. Thank you, and over to you, ma'am.
Thank you, Vora. Hello, everyone, and good evening. Thank you all for joining the conference call. Today, we have with us Mr. Kairav Engineer, Executive Director; and Mr. Hiranand Savlani, Executive Director and CFO.
I'll hand over the call to Mr. Kairav for his initial opening remarks, post which we can open the floor for Q&A. Over to you, sir. Thanks a lot for the opportunity.
Thank you, Sneha, for hosting the call. Good afternoon, everyone, and welcome to the Q1 FY26 earnings call. I will go over all the different business verticals one by one. We'll start with the pipe business
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