ASTRAL · Capital Goods
Astral Ltd. reported revenue of ₹2,088 cr for January to March 2026, +24.2% on the year and +35.4% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹6,568 cr, +12.6% on the four before.
Operating profit (EBITDA) was ₹383 cr, a margin of 18.3%, +38 bps on the year and +297 bps on the quarter. It is the widest margin of the last 8 quarters (range 13.6% to 18.3%). Operating costs grew +23.6% against revenue growth of +24.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹213 cr, +19.7% on the year and +97.2% on the quarter, with earnings per share of ₹7.93. Profit before other income, one-offs and tax grew faster, at +26.0%; other income, one-offs or tax held the headline back. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹535 cr, +2.8% on the four before.
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. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹19.98 over the last four quarters, the stock at ₹1,435.40 trades at 71.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Execution rate | 1,577% |
| Plumbing Sales Volume (MT) | 61,224 |
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.
| 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 ₹2,088 cr (+24.2% on the year) and net profit of ₹213 cr (+19.7% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +26.0% on the year, against +19.7% for reported profit.
None of the 7 checks that could run raised a question.
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