ASTRAL · Capital Goods · filed 5 Nov 2026
Astral Ltd. reported revenue of ₹1,772 cr for July to September 2026, +25.1% on the year and +29.6% on the quarter.
Operating profit (EBITDA) was ₹255 cr, a margin of 14.4%, −366 bps on the year and −204 bps on the quarter. Operating costs grew +30.7%, faster than revenue at +25.1%, so operating profit grew less than sales.
Net profit was ₹153 cr, +1.7% on the year and +12.3% on the quarter, with earnings per share of ₹5.68. Profit before other income, one-offs and tax fell 0.5%, so the profit growth came from the business itself.
Of the 25 companies in Capital goods and EPC that have reported Q2 FY27 so far, Astral Ltd. ranks 12th on revenue growth; the sector median is +22.5%. Its margin moved −366 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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 14.4%, −366 bps on the year (−204 bps on the quarter).
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹229 cr | ₹335 cr | ▼ 31.7% |
| Inventory | ₹1,250 cr | ₹963 cr | ▲ 29.8% |
| Cash | ₹396 cr | ₹871 cr | ▼ 54.6% |
| Bank balances | ₹51.1 cr | ₹50.1 cr | ▲ 2.0% |
| Long-term borrowings | ₹70.2 cr | ₹61.9 cr | ▲ 13.4% |
| Short-term borrowings | ₹26.2 cr | ₹0.3 cr | ▲ 8,633.3% |
| Trade payables | ₹847 cr | ₹1,059 cr | ▼ 20.1% |
| Net block | ₹214 cr | ₹213 cr | ▲ 0.5% |
| Capital work in progress | ₹14.3 cr | ₹7.0 cr | ▲ 102.7% |
| Equity | ₹4,328 cr | ₹4,107 cr | ▲ 5.4% |
| Total assets | ₹5,623 cr | ₹5,584 cr | ▲ 0.7% |
Receivables at 13 days of sales (−7 days against the last year end). Inventory at 73 days of sales (+13 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹1,416 cr | ₹1,368 cr | ₹1,772 cr |
| YoY | — | — | +25% |
| EBITDA margin | 18.1% | 16.4% | 14.4% |
| Other income, % of PBT | 6% | 9% | 9% |
| Exceptional items | — | — | — |
| Tax rate | 25% | 25% | 25% |
| Net profit | ₹150 cr | ₹136 cr | ₹153 cr |
| YoY | — | — | +2% |
| Core profit YoY | — | — | −1% |
| EPS | ₹5.58 | ₹5.05 | ₹5.68 |
| Flags | · | · | 1 |
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 ₹1,772 cr (+25.1% on the year) and net profit of ₹153 cr (+1.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −0.5% on the year, against +1.7% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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