Astral

₹1974.2 26.8 | 1.4%

WEBSITE BSE:532830 NSE : ASTRAL 01 Dec, 16:01

Market Cap ₹53032 Cr.

Stock P/E 96.5

P/B 18.3

Current Price ₹1974.2

Book Value ₹ 108

Face Value 1

52W High ₹2058

Dividend Yield 0.18%

52W Low ₹ 1297.8

Edit Ratio

Astral Research see more...

EQUITY RESEARCH: ASTRAL LIMITED

Astral Limited

Overview Inc. Year: 1996Industry: Plastic Products

Astral Limited, previously Astral Poly Technik Limited, is an India-based pipe organisation. The Company is engaged in manufacturing plumbing and drainage structures. The Company and its subsidiaries are engaged within the enterprise of producing and trading of pipes, fittings and adhesive solutions. Its product variety consists of plumbing pipe & fittings, insulation tube, industrial pipes & fittings, sewerage drainage pipes & fittings, fire sprinklers pipes & fittings, ancillary products, agriculture pipes & fittings, cable safety, urban infrastructure and surface drainage gadget. The Company gives numerous products below its product variety, inclusive of Astral chlorinated polyvinyl chloride (CPVC) PRO, Astral Pex-a PRO, Astral Aquarius unplasticized polyvinyl chloride (uPVC), Astral INSUPro, Astral Chem PRO, Astral Aquarius Plus, Astral Fire Pro, Astral clamps and hangers, Astral Borewell, Astral Casewell, Geo Rex, Astral Aqua Rex, Astral WireGuard, Astral MultiRex and Telerex.

Astral Share Price

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Peer Comparison

Astral Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	700	1154	1099	1391	1213	1172	1268	1506	1283	1363
Other Income	4	8	6	16	11	14	-2	7	12	13
Total Income	704	1162	1105	1407	1224	1185	1266	1513	1295	1376
Total Expenditure	571	943	901	1174	1041	1028	1081	1197	1082	1143
Operating Profit	134	220	204	233	183	158	184	316	214	234
Interest	5	1	2	5	14	14	9	3	6	8
Depreciation	31	31	32	33	43	45	46	45	46	49
Exceptional Income / Expenses	0	0	0	0	0	0	0	-2	0	0
Profit Before Tax	99	187	170	195	125	99	130	266	162	177
Provision for Tax	23	44	42	49	32	24	35	65	42	45
Profit After Tax	75	143	128	146	94	75	95	201	119	132
Adjustments	-1	-2	-1	-5	-5	-4	-2	5	1	-1
Profit After Adjustments	74	141	127	141	89	70	93	206	120	131
Adjusted Earnings Per Share	2.8	5.3	4.8	5.3	3.3	2.6	3.5	7.6	4.5	4.9

Astral Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	825	1080	1430	1678	1895	2073	2507	2578	3176	4394	5159	5420
Other Income	2	2	3	2	9	13	15	12	25	35	27	30
Total Income	827	1082	1433	1680	1904	2086	2523	2590	3201	4429	5185	5450
Total Expenditure	710	925	1262	1470	1631	1756	2122	2135	2532	3639	4349	4503
Operating Profit	117	158	171	210	273	329	400	455	670	790	837	948
Interest	19	31	25	30	18	22	32	39	13	13	40	26
Depreciation	18	22	36	42	50	57	81	108	117	127	178	186
Exceptional Income / Expenses	0	0	0	-1	-1	0	0	0	0	0	-2	-2
Profit Before Tax	80	105	110	137	203	251	287	308	540	649	615	735
Provision for Tax	19	25	31	30	56	72	86	57	125	158	156	187
Profit After Tax	61	79	78	107	147	178	201	251	415	490	460	547
Adjustments	-0	-0	-2	-7	-3	-3	-5	-3	-11	-7	-3	3
Profit After Adjustments	61	79	76	101	145	175	196	248	404	484	457	550
Adjusted Earnings Per Share	2.4	3.2	2.9	3.8	5.4	6.6	7.3	9.2	15.1	18.1	17	20.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	17%	26%	20%	20%
Operating Profit CAGR	6%	23%	21%	22%
PAT CAGR	-6%	22%	21%	22%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	37%	35%	33%	42%
ROE Average	18%	22%	21%	21%
ROCE Average	25%	29%	26%	26%

Astral Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	241	315	619	708	847	1018	1278	1503	1896	2337	2711
Minority's Interest	0	1	17	13	12	14	15	17	21	28	248
Borrowings	64	81	121	131	122	117	163	107	17	33	32
Other Non-Current Liabilities	8	12	19	22	27	35	56	48	51	49	38
Total Current Liabilities	244	286	390	427	453	491	587	615	688	941	1195
Total Liabilities	558	694	1165	1301	1462	1675	2099	2289	2673	3387	4362
Fixed Assets	215	289	557	645	741	842	1105	1255	1315	1496	1951
Other Non-Current Assets	20	19	40	43	44	90	123	71	89	146	162
Total Current Assets	324	387	568	614	676	743	871	963	1269	1745	2054
Total Assets	558	694	1165	1301	1462	1675	2099	2289	2673	3387	4362

Astral Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	36	12	1	11	50	18	44	89	14	71	641
Cash Flow from Operating Activities	65	67	117	226	114	282	342	405	664	543	557
Cash Flow from Investing Activities	-66	-91	-343	-203	-158	-185	-293	-318	-454	72	-480
Cash Flow from Financing Activities	-22	13	237	16	12	-71	-5	-163	-153	-44	-191
Net Cash Inflow / Outflow	-24	-11	11	38	-32	25	44	-75	57	571	-113
Closing Cash & Cash Equivalent	12	1	12	50	18	43	89	14	71	641	530

Astral Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	2.43	3.16	2.89	3.79	5.44	6.58	7.34	9.23	15.09	18.05	16.97
CEPS(Rs)	3.17	4.05	4.36	5.61	7.42	8.85	10.59	13.38	19.84	23.03	23.7
DPS(Rs)	0.25	0.33	0.38	0.4	0.5	0.6	0.7	1	2	3	3.5
Book NAV/Share(Rs)	9.62	12.58	23.48	26.56	31.77	38.16	45.16	55.9	70.68	87.09	100.67
Core EBITDA Margin(%)	12.76	13.16	10.81	11.07	12.4	15.04	15.35	17.18	20.29	17.19	15.7
EBIT Margin(%)	10.96	11.51	8.67	8.92	10.42	12.93	12.72	13.46	17.41	15.05	12.7
Pre Tax Margin(%)	8.84	8.87	7.03	7.31	9.56	11.91	11.45	11.94	17	14.76	11.93
PAT Margin (%)	6.75	6.73	5.02	5.73	6.92	8.47	8.01	9.74	13.07	11.16	8.91
Cash Profit Margin (%)	8.75	8.59	7.36	7.96	9.28	11.18	11.26	13.93	16.74	14.05	12.36
ROA(%)	11.66	12.66	8.41	8.72	10.65	11.37	10.65	11.45	16.74	16.19	11.86
ROE(%)	28.83	28.61	16.78	16.23	18.96	19.16	18.1	18.57	24.46	23.2	18.23
ROCE(%)	32.51	34.41	21.15	19.41	22.42	23.88	23.13	21.43	30.32	30.19	25.16
Receivable days	42.3	38.92	44.29	44.77	48.52	55.92	47.01	40.13	28.99	22.67	22.06
Inventory Days	56.05	53.49	53.98	52.85	47.13	54.54	54.9	66.36	58.17	50.07	56.89
Payable days	46.71	35.74	29.74	32.76	42.43	46.26	47	57.13	58.58	56.67	56.03
PER(x)	13.35	33.13	69.11	49.76	45.32	61.27	70.99	56.31	80.36	84.06	78.76
Price/Book(x)	3.37	8.32	8.49	7.11	7.75	10.56	11.54	9.3	17.16	17.42	13.28
Dividend Yield(%)	0.35	0.14	0.08	0.1	0.09	0.07	0.06	0.11	0.12	0.15	0.26
EV/Net Sales(x)	1.08	2.55	3.8	3.08	3.57	5.25	5.61	5.44	10.1	9.13	6.85
EV/Core EBITDA(x)	7.6	17.49	31.72	24.63	24.8	33	35.17	30.8	47.92	50.76	42.27
Net Sales Growth(%)	41.62	30.83	32.44	17.34	12.93	9.41	20.96	2.82	23.21	38.34	17.4
EBIT Growth(%)	36.13	37.02	-0.51	23.95	32.55	22.82	17.09	8.84	59.35	19.58	-0.94
PAT Growth(%)	54.52	30.05	-1.42	37.5	36.94	21.15	12.66	25.04	65.29	18.11	-6.3
EPS Growth(%)	53.46	30.2	-8.69	31.47	43.3	21.02	11.61	25.77	63.4	19.63	-5.97
Debt/Equity(x)	0.38	0.45	0.33	0.28	0.27	0.19	0.23	0.12	0.04	0.04	0.03
Current Ratio(x)	1.33	1.35	1.46	1.44	1.49	1.51	1.48	1.57	1.84	1.85	1.72
Quick Ratio(x)	0.71	0.67	0.78	0.79	0.89	0.79	0.81	0.69	1.16	1.08	0.99
Interest Cover(x)	5.16	4.36	5.3	5.53	12.05	12.62	10	8.81	42.22	51.27	16.38
Total Debt/Mcap(x)	0.11	0.05	0.04	0.04	0.03	0.02	0.02	0.01	0	0	0

Astral Shareholding Pattern

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	55.74	55.73	55.73	55.73	55.73	55.85	55.85	55.85	55.85	55.85
FII	20.58	21.32	19.85	17.79	16.07	16.26	14.88	13.86	15.64	18.5
DII	10.2	10.71	11.61	12.7	13.59	14.37	15.23	16.5	15.87	13.21
Public	13.49	12.23	12.8	13.78	14.6	13.53	14.05	13.8	12.64	12.44
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	11.2	11.2	11.2	11.2	11.2	11.25	11.25	15	15	15
FII	4.13	4.28	3.99	3.57	3.23	3.28	3	3.72	4.2	4.97
DII	2.05	2.15	2.33	2.55	2.73	2.89	3.07	4.43	4.26	3.55
Public	2.71	2.46	2.57	2.77	2.93	2.73	2.83	3.71	3.4	3.34
Others	0	0	0	0	0	0	0	0	0	0
Total	20.09	20.09	20.09	20.09	20.09	20.15	20.15	26.86	26.86	26.86

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 22%
Debtor days have improved from 56.67 to 56.03days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 18.3 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.