ICICI Direct's research report on Astral
Astral is the leader in the CPVC piping segment and expanding into other building material business like adhesive, paints and sanitary ware. Astral is the third largest piping company with a value market share of 9%. In FY22, piping, adhesive contributed 77%, 23%, respectively, to its topline • Healthy b/s reflected in strong return ratios (RoE: 21%, RoCE: ~27%).
We maintain our HOLD rating on the stock. We value Astral at Rs 2275 i.e. 60x P/E on FY24E EPS.
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