Analyst Meet Takeaways; Plumbing Strong

研报英文原文证据摘录

Analyst Meet Takeaways; Plumbing Strong

estic PVC price was

recently hiked PVC price by Rs2 to Rs87/kg now. Current Pipes channel inventory is below Exhibit 1 - Channel Restocking Drove

Plumbing Volume Growth in Mar26normal due to high liquidation in Apr-May. PVC import duty relief of 7.5-8.0% would be removed

90 ('000 MT) 25%

from Jul26, post a 3-M period. ASTRA's Plumbing guidance for FY27e stands at 10-15% volume 80 20%

growth (+16% in FY26) with >15% value growth. Plumbing OPM 16-18% in FY27e. JEFe is 70 15%

broadly in-line. 60 10%

50 5%

Backward integration into CPVC resin production is set to complete by Mar27e, which could 40 0%

further drive margin improvement. Machinery is arriving, trials can begin in Q4FY27e. Phase 30 -5%

Plumbing Sales Volume ('000 MT) % YoY Growth (RHS)1 capacity at 40K MT, with capex of Rs1.2bn. This capacity can address 50-60% of ASTRA's . Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26

captive CPVC Pipes demand. Company foresees ~200bps margin rise from this backward Source: Jefferies, company data

integration.

.

Paints: <5% of sales saw healthy sales growth but EBITDA loss due to expenses in depot

expansion, and higher employee strength. In FY27e, ASTRA expects business to grow 25%+ Exhibit 2 - ASTRA: Valuation: 1-Y Forward PE

with +ive EBITDA. Trend

Estimates; Outlook: We make minor tweaks FY26-28e est, broadly retaining EPS. PVC price 70

trend stays a key monitorable due to pass-through effect. We est sales / PAT CAGR at 50

+15%/20% over FY26-29e, driven by double-digit volume growth, ramp-up in new categories 3010

and capacity additions. May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 May-26

. P/E - 1 yr fwd Mean +1SD -1SD

Retain Hold: Maintain target PE at ~53x, in-line with stock's hist 10-Y avg PE.