Astral (ASTRAL) Q2 26/27 earnings summary

Executive summary

• Q2 consolidated revenue was ₹19,883 million, up 26% YoY; net profit was ₹1,273 million vs ₹1,348 million. H1 revenue was ₹35,663 million, up 21.4%, and net profit was ₹2,475 million vs ₹2,140 million.

• Management expects stronger H2 performance, citing robust October demand, improving price pass-through, favorable product mix and capacity utilization.

• The Board approved an interim dividend of ₹1.50 per share, with November 13, 2026 set as the record date.

Financial highlights

• Q2 consolidated EBITDA was ₹272 crore, with a 13.7% margin; H1 EBITDA was ₹516 crore, with a 14.5% margin.

• Q2 consolidated profit before tax was ₹1,719 million, including ₹95 million of exceptional items; H1 consolidated profit attributable to owners was ₹2,472 million vs ₹2,159 million.

• Q2 standalone revenue was ₹17,720 million vs ₹14,161 million YoY; net profit was ₹1,525 million vs ₹1,499 million.

• H1 consolidated operating cash flow was negative ₹680 million vs positive ₹3,888 million YoY, with inventory movements and other working-capital changes weighing on cash generation.

Outlook and guidance

• Plumbing FY volume target is 290,000–300,000 tonnes; management expects double-digit Q3 and Q4 growth and projects ~₹1,050 crore FY plumbing EBITDA.

• Total FY EBITDA projection is ~₹1,250 crore; management indicated next-year EBITDA growth of 15% is achievable.

• Adhesive India margins are expected to improve from 11.5% in H1 toward 13%–14% for FY.

• UK adhesive EBITDA margin target is 9%–10% by year-end; paint is expected to reach positive 3%–4% EBITDA by FY-end and 8%–10% next year.

• Q3/Q4 margin improvement is expected from price pass-through, softer chemical inputs, better mix and higher utilization; October plumbing EBITDA improved.