Hold Astral: target of Rs 2160: ICICI Direct

ICICI Direct's research report on Astral

Astral is the leader in the CPVC piping segment and expanding into the adhesive business. Astral is the third largest piping company with a value market share of 9%. Piping, adhesive contribute 76%, 24%, respectively, to topline Healthy balance sheet reflected in strong return ratios (RoE: ~21.5%, RoCE: ~27.5%)

Outlook

We maintain our BUY rating on the stock We value Astral at Rs 2160 i.e. 68x P/E on FY23E EPS.