ASTRAL · Capital Goods · filed 5 Nov 2026
Astral Ltd. reported revenue of ₹1,988 cr for July to September 2026, +26.0% on the year and +26.0% on the quarter. That is faster than this quarter has grown in recent years (+7.8% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹7,196 cr, +19.6% on the four before.
Operating profit (EBITDA) was ₹261 cr, a margin of 13.1%, −318 bps on the year and −155 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 13.1% to 18.3%). Operating costs grew +30.8%, faster than revenue at +26.0%, so operating profit grew less than sales.
Net profit was ₹127 cr, −5.6% on the year and +5.9% on the quarter, with earnings per share of ₹4.73. Profit before other income, one-offs and tax grew faster, at +0.7%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹569 cr, +12.6% on the four before.
Of the 25 companies in Capital goods and EPC that have reported Q2 FY27 so far, Astral Ltd. ranks 10th on revenue growth; the sector median is +22.5%. Its margin moved −318 bps on the year against a sector median of +12 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.
On earnings per share of ₹21.14 over the last four quarters, the stock at ₹1,435.40 trades at 67.9 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Operating cash flow for the first half −₹68.0 cr against profit of ₹248 cr.
Source: Cash flow statement
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 13.1%, −318 bps on the year (−155 bps on the quarter).
Source: Results filing
Could not run on this quarter: IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹393 cr | ₹475 cr | ▼ 17.4% |
| Inventory | ₹1,426 cr | ₹1,117 cr | ▲ 27.6% |
| Cash | ₹405 cr | ₹890 cr | ▼ 54.5% |
| Bank balances | ₹53.9 cr | ₹53.0 cr | ▲ 1.7% |
| Long-term borrowings | ₹85.8 cr | ₹83.0 cr | ▲ 3.4% |
| Short-term borrowings | ₹113 cr | ₹70.1 cr | ▲ 60.6% |
| Trade payables | ₹960 cr | ₹1,155 cr | ▼ 16.9% |
| Net block | ₹239 cr | ₹237 cr | ▲ 1.1% |
| Capital work in progress | ₹21.1 cr | ₹8.9 cr | ▲ 137.3% |
| Equity | ₹4,243 cr | ₹4,058 cr | ▲ 4.6% |
| Total assets | ₹5,875 cr | ₹5,812 cr | ▲ 1.1% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹68.0 cr | ₹389 cr |
| Capital expenditure | −₹318 cr | −₹225 cr |
| Investing cash flow | −₹348 cr | −₹246 cr |
| Financing cash flow | −₹69.1 cr | −₹202 cr |
| Dividends paid | −₹67.1 cr | −₹60.4 cr |
Operating cash flow was -0.27× profit. Receivables at 20 days of sales (−6 days against the last year end). Inventory at 73 days of sales (+11 days).
No emphasis of matter.
Designated Mr. Ritesh Patel (Associate Vice President - Technical Operations) and Mr. Pritesh Shah (Associate Vice President - Finance & Accounts) as Senior Management…
Tax: Consolidated tax expense of ₹44.60 crore on Profit before tax of ₹171.90 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Execution rate | 1,988% | 1,578% | 1,577% |
| Working capital days (days) | 43.89 | — | — |
| Plumbing Sales Volume (MT) | 72,934 | — | 61,224 |
Worked out from filed numbers. Working Capital Days: Receivable days (20.08) + Inventory days (72.91) - Payable days (49.10) = 43.89 days calculated on annualised H1 FY27 revenue
Unbilled contract assets are not separately split out in quarterly results notes; consolidated trade receivables stood at ₹392.50 crore as of September 30, 2026 vs ₹475.10 crore as of March 31, 2026.
Trade receivables decreased by 17.4% over H1 FY27, reflecting improved cash collection efficiency.
Order inflow and order book figures are not applicable for building products/piping operations; Q2 FY27 revenue execution stood at ₹1,988.30 crore (+26.0% YoY).
Building products operations run on channel distribution orders rather than long-term EPC contract order books.
not disclosed
Bank guarantee limit details and outstanding guarantees are omitted from quarterly earnings disclosures.
No liquidated damages, contract penalties, or project cost overruns were reported in the financial notes for Q2 FY27.
No provisions or write-offs regarding liquidated damages or execution penalties were disclosed.
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Plumbing Volume Growth Guidance | double digit | FY2026-27 | unchanged or first given |
| Plumbing EBITDA Margin Guidance Range | 16–18 % | FY2026-27 | unchanged or first given |
| Commercial Operation of CPVC Resin Plant (40,000 MT) | Q4 FY2027 | FY2026-27 | unchanged or first given |
| Launch of Aluminum Pex Product | Q3 FY2027 | FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Plumbing | ₹1,398 cr | ▲ 25.0% | ₹173 cr | ▲ 10.4% |
| Paints and Adhesives | ₹590 cr | ▲ 28.6% | ₹15.4 cr | ▼ 50.8% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,370 cr | ₹1,625 cr | ₹1,384 cr | ₹1,370 cr | ₹1,397 cr | ₹1,681 cr | ₹1,361 cr | ₹1,577 cr | ₹1,542 cr | ₹2,088 cr | ₹1,578 cr | ₹1,988 cr |
| YoY | — | — | +8% | +1% | +2% | +3% | −2% | +15% | +10% | +24% | +16% | +26% |
| EBITDA margin | 15.0% | 17.9% | 15.5% | 15.3% | 15.7% | 18.0% | 13.6% | 16.3% | 15.4% | 18.3% | 14.7% | 13.1% |
| Other income, % of PBT | 4% | 4% | 7% | 6% | 8% | 4% | 8% | 6% | −5% | 4% | 8% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | −₹9.5 cr |
| Tax rate | 26% | 25% | 27% | 27% | 27% | 25% | 28% | 25% | 25% | 28% | 26% | 26% |
| Net profit | ₹113 cr | ₹181 cr | ₹120 cr | ₹109 cr | ₹113 cr | ₹178 cr | ₹79.0 cr | ₹135 cr | ₹108 cr | ₹213 cr | ₹120 cr | ₹127 cr |
| YoY | — | — | +1% | −17% | 0% | −2% | −34% | +24% | −4% | +20% | +52% | −6% |
| Core profit YoY | — | — | +1% | −15% | −4% | −2% | −33% | +20% | +6% | +26% | +49% | +1% |
| EPS | ₹4.23 | ₹6.76 | ₹4.48 | ₹4.09 | ₹4.25 | ₹6.67 | ₹3.02 | ₹5.02 | ₹4.01 | ₹7.93 | ₹4.47 | ₹4.73 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Astral Ltd. reported revenue of ₹1,988 cr (+26.0% on the year) and net profit of ₹127 cr (−5.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +0.7% on the year, against −5.6% for reported profit.
2 checks raised a question: Profit with no operating cash behind it. Where did the cash go?
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