Astral532830Quarterly results
Q2 FY27 revenue up 26.0% YoY, PAT down 5.6% on margin pressure; interim dividend of Rs. 1.50 per share
Q2 FY27 consolidated revenue Rs. 19,883 million, up 26.0% YoY, while PAT (Before OCI) fell 5.6% to Rs. 1,273 million as EBITDA margin narrowed to 13.7% from 17.0%.
By ScoutQuest · · 3 min read
- Q2 FY27 consolidated revenue
- Rs. 19,883 million, up 26.0% YoY
- Q2 FY27 PAT (Before OCI)
- Rs. 1,273 million, down 5.6%; EBITDA margin 13.7% vs 17.0%
- Interim dividend
- Rs. 1.50 per share (face value Re. 1/- each)
Results for the quarter and half year ended September 30, 2026 (consolidated, unaudited), with segment-wise commentary.
Headline numbers for Q2 FY27 (Rs. In Million):
- Revenue from operations: Rs. 19,883, up 26.0% year on year
- EBITDA: Rs. 2,723, up 1.5%; EBITDA margin 13.7% against 17.0%
- PBT: Rs. 1,814, up 0.8%; PBT margin 9.1% against 11.4%
- PAT (Before OCI): Rs. 1,273, down 5.6%; PAT margin 6.4% against 8.5%
- Cash profit: Rs. 2,060, down 0.5%
- Basic / Diluted EPS: Rs. 4.73 against Rs. 5.02
First half FY27 (Rs. In Million):
- Revenue: Rs. 35,663, up 21.4%
- EBITDA: Rs. 5,163, up 11.7%; margin 14.5% against 15.7%
- PAT (Before OCI): Rs. 2,475, up 15.7%
- Cash profit: Rs. 4,016, up 12.1%
- Basic / Diluted EPS: Rs. 9.20 against Rs. 8.04
Plumbing business, Q2 FY27
- Revenue Rs. 13,983, up 25.0%
- Segment EBITDA Rs. 2,276, up 6.9%; margin 16.3% against 19.0%
- Sales in M.T.: 72,934 against 61,224, up 19.1%
Paints and Adhesives business, Q2 FY27
- Revenue Rs. 5,900, up 28.6%
- Segment EBITDA Rs. 447, down 19.2%; margin 7.6% against 12.1%
What management said about costs and pricing
- Polymer prices rose during Q2 FY-27 and the full pass-through happened in Q3 FY-27, which kept margins under pressure in the quarter.
- Price increases for PVC and CPVC have already been passed on in Q3 FY-27, and the company expects better margins and realisations in that quarter.
- The company states it delivered double-digit growth in H1 FY-27 in the Plumbing Pipe vertical and is in line with its guided double-digit volume growth for the full year 2026-27.
- H1 FY-27 EBITDA margin of 17.4% in plumbing is described as within the guided range of 16% to 18%.
Capacity and new projects
- Pipes and Fittings production capacity increased during H1 FY-27 from 4,17,645 M.T. to 4,25,195 MT.
- Backward integration plant for CPVC Resin of 40,000 M.T. (Phase I) is progressing as planned; trials and readiness for commercial use are expected by Q4 FY-27, with full benefit from FY-28 onwards.
- New product Pex (Aluminium Pex) is ready for launch, planned by Q3 FY-27.
Segment commentary
- Bathware business sales grew 26.8% in Q2 FY-27.
- Adhesive India business sales grew 25.3% with an EBITDA margin of 10.9%; higher raw material prices and a gap in price pass-through put pressure on the margin.
- Adhesive Overseas business sales grew 30.1% with an EBITDA margin of 6.3%; H1 FY-27 revenue growth of 28.1% is against a guidance of 10%+ revenue growth.
- Paints business sales grew 39.9% in Q2 FY-27 and 44% in H1 FY-27, with margins under pressure from volatile raw material prices; improved margins are expected in the coming quarter.
- Astral Chemie Limited, a wholly owned subsidiary, has entered into definitive agreements dated June 11, 2026 to acquire a 60% partnership interest in Differentiated & Sustainable Solutions LLP with effect from April 1, 2026. In H1 FY-27 that business contributed Rs. 120.4 million in revenue and EBITDA of Rs. 16.6 million on a standalone basis.
Other disclosures
- Consolidated cash (including cash equivalents) and bank balances as at September 30, 2026 is Rs. 4,590 million.
- The Board of Directors of the holding company approved payment of an interim dividend of Rs. 1.50 per share (face value of Re. 1/- each).
Points a retail investor may track
- The gap between revenue growth (26.0%) and PAT movement (down 5.6%) in the quarter, which the commentary links to input cost timing and price pass-through.
- Volume growth in plumbing against the stated double-digit full-year guidance.
- Progress of the CPVC resin plant, whose benefit is guided from FY-28 onwards.
Also from Astral
Ritesh Patel and Pritesh Shah designated as Senior Management Personnel
5 Nov 2026
Interim dividend of Rs. 1.50 per share declared for FY 2026-27; record date November 13, 2026
5 Nov 2026
Interim dividend of Rs. 1.50 per share and September quarter results approved at board meeting
5 Nov 2026
More numbers
- Q2 FY27 consolidated revenue from operations (Rs. In Million)19,883 (Rs. In Million)
- Q2 FY27 revenue growth year on year26.0%
- Q2 FY27 PAT (Before OCI) (Rs. In Million)1,273 (Rs. In Million)
- Q2 FY27 PAT (Before OCI) change year on year-5.6%
- Q2 FY27 EBITDA margin13.7%
- Q2 FY27 plumbing sales volume72,934 M.T.
- Interim dividend per share (face value Re. 1/-)Rs. 1.50 per share
- Consolidated cash and bank balances as at September 30, 2026Rs. 4,590 million
Source: BSE · 5 Nov 2026
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