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Axis Securities Report
Brokerage firm Axis Securities remains constructive on Astral Ltd., supported by structural building material tailwinds, market share gains, and a strong balance sheet.
The company is well-positioned for strong medium term performance, backed by accelerating volume growth, decentralized manufacturing efficiencies, and aggressive retail distribution expansion.
Furthermore, the strategic backward integration into CPVC resin (Nexelon Chem) is set to de-risk raw material supply, hedge FX risk, and structurally boost margins. Despite near-term input cost volatility, Astral's market leadership, strong net cash position, and expanding product portfolio across pipes, adhesives, bathware, and paints offer healthy earnings visibility and structural re-rating potential over the long term.
Accordingly, the brokerage has maintained its Buy on Astral, valuing the stock at 51 times FY28E earnings per share, with an unchanged target price of Rs 1,750/share, implying an upside of 16% from the reports current market price of Rs 1,508.
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