Astral (ASTRAL) Q2 2026 earnings summary

Executive summary

• Achieved 20% volume growth and 15% value growth in Q2 FY2026, with EBITDA margin up 20% year-over-year despite industry volatility and weak demand.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved, along with an interim dividend of Rs. 1.50 per share for FY 2025-26.

• Growth driven by decentralized plants, expanded product basket, and increased market share in value-added products and CPVC.

• The company completed acquisitions, making Al-Aziz Plastics, Seal IT Services UK, and Astral Coatings Private Limited wholly owned subsidiaries during the period.

• Bathware and paint businesses show strong growth, with bathware up 20% in H1 and paint up 19% post-acquisition.

Financial highlights

• Standalone revenue from operations for Q2 FY26 was Rs. 14,161 million, up from Rs. 12,071 million in the previous quarter; net profit for the quarter was Rs. 1,499 million.

• Consolidated revenue from operations for Q2 FY26 was Rs. 15,774 million, with net profit at Rs. 1,348 million.

• Consolidated EBITDA margin above guided 15-16% range despite challenging conditions.

• Segment growth in H1: Plumbing 15.75%, Adhesive India 15.83%, Adhesive U.K. 5.22%, Paint 17.08%, Bathware 13.84%.

• Basic and diluted EPS for the quarter stood at Rs. 5.58 (standalone) and Rs. 5.02 (consolidated).

Outlook and guidance

• Full-year guidance of 20% growth reaffirmed; double-digit growth expected even if ADD (anti-dumping duty) is not implemented.

• Interim dividend of Rs. 1.50 per share declared, with record date set for November 11, 2025.

• Recent acquisitions are expected to strengthen the group’s position in core and adjacent markets.

• H2 expected to be better than H1, with continued focus on market share and profitability.

• Bathware segment targeted for 20-25% annual growth over next five years.