Buy Astral; target of Rs 1643: Mirae Asset Sharekhan

Mirae Asset Sharekhan's research report on Astral

DGTR has recommended imposing anti-dumping duty (ADD) on PVC resin imports for five years, which is expected to stabilise resin prices, normalise channel inventory, encourage distributor restocking and boost volumes. Management guided for margins of 16–18% for the plumbing segment in FY26 and 14–16% for the adhesives segment, with adhesives’ revenues projected to grow 15-16% y-o-y. Company maintained double-digit volume growth guidance for its plumbing business, supported by July’s 30% y-o-y growth and potential policy support.

Outlook

We retain our Buy rating with a price target of Rs.1,643, expecting demand momentum to strengthen over FY26.

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