ConcernTalking point
Capital efficiency slipping
ROCE has fallen for 5 consecutive years, from 30.7% to 20.3%.
Importance 66 / 95 · profitability
ASTRAL LIMITED · Research view
ASTRAL LIMITED
NSE: ASTRALBSE: 532830ISIN INE006I01046Face value ₹1standalone
₹1,339
−2.77% · 2026-10-01 · 52-wk ₹1,317–₹1,746
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Profit lagging revenue
Revenue grew 12.6% but profit grew 3.0%, so the company kept less of each rupee of revenue as profit.
Importance 64 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 17.8% a year over 7 years (₹1,293 → ₹4,058).
Importance 56 / 95 · financial health
ConcernTalking point
Returns at a multi-year low
ROE of 13.8% is the lowest in 7 years (prior range 14.9% to 23.8%).
Importance 56 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Industrial Products › Plastic Products - Industrial.
- Market cap
- ₹36,019 cr
- FY2026 revenue
- ₹5,908 cr
- FY2026 net profit
- ₹611 cr
- Net worth
- ₹4,107 cr
- Total debt
- ₹62 cr
- EPS (basic)
- ₹22.74
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 plastic products - industrial.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 12.6% but profit grew 3.0%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +17.5%over 7 years
- Revenue growth
- +11.6%vs last year
- Net profit growth
- +7.9%vs last year
- Change in net profit since FY19
- +332%
Revenue compounded at 14.7% a year over 7 years (₹2,507 → ₹6,569).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹120 cr, up 51.8% from ₹79 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹169 cr, up 38.1% from ₹122 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
Strength
Q1 FY27 net profit grew 51.8% while revenue grew 15.9% vs the same quarter last year — a gap of 35.8 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,370 | — | 109 | — | 7.9% |
| Q3 FY25 | 1,397 | +2.0% | 113 | −0.6% | 8.1% |
| Q4 FY25 | 1,681 | +3.5% | 178 | −1.8% | 10.6% |
| Q1 FY26 | 1,361 | −1.6% | 79 | −33.7% | 5.8% |
| Q2 FY26 | 1,577 | +15.1% | 135 | +24.0% | 8.5% |
| Q3 FY26 | 1,542 | +10.3% | 108 | −4.4% | 7.0% |
| Q4 FY26 | 2,089 | +24.2% | 213 | +19.6% | 10.2% |
| Q1 FY27 | 1,578 | +15.9% | 120 | +51.8% | 7.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹6,785 crTTM
- EBITDA
- ₹1,159 crTTM
- EBIT
- ₹864 crTTM
- PBT
- ₹784 crTTM
- Net profit
- ₹576 crTTM
C. Corporate actions
14 Aug 2026DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
11 Nov 2025DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
14 Aug 2025DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share
14 Nov 2024DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
16 Aug 2024DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share
27 Oct 2023DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
4 Aug 2023DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share
14 Mar 2023Bonus issueBonus issue 1:3 — 3:4
18 Nov 2022DividendInterim Dividend - Rs. - 1.2500 — ₹1.25/share
19 Aug 2022DividendFinal Dividend - Rs. - 1.7500 — ₹1.75/share
17 Nov 2021DividendInterim Dividend - Rs. - 1.2500 — ₹1.25/share
23 Aug 2021DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
18 Mar 2021Bonus issueBonus issue 1:3 — 3:4
12 Nov 2020DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
17 Feb 2020DividendInterim Dividend - Rs. - 0.6000 — ₹0.60/share
31 Oct 2019DividendInterim Dividend - Rs. - 0.4000 — ₹0.40/share
16 Sept 2019Bonus issueBonus issue 1:4 — 4:5
25 Jul 2019DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share
20 Nov 2018DividendInterim Dividend - Rs. - 0.3000 — ₹0.30/share
14 Aug 2018DividendFinal Dividend - Rs. - 0.3500 — ₹0.35/share
20 Nov 2017DividendInterim Dividend - Rs. - 0.2500 — ₹0.25/share
31 Jul 2017DividendFinal Dividend - Rs. - 0.3000 — ₹0.30/share
24 Nov 2016DividendInterim Dividend - Rs. - 0.2000 — ₹0.20/share
17 Mar 2016DividendInterim Dividend - Rs. - 0.2500 — ₹0.25/share
9 Nov 2015DividendInterim Dividend - Rs. - 0.1500 — ₹0.15/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROCE has fallen for 5 consecutive years, from 30.7% to 20.3%.
Rule ROCE_DECLINING_STREAK
- EBITDA margin now
- 19.0%
- 8-year range
- 16.5–22.3%
- ROE FY2026
- 15.9%
- ROCE FY2026
- 22.8%
ROE of 13.8% is the lowest in 7 years (prior range 14.9% to 23.8%).
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 17.8% a year over 7 years (₹1,293 → ₹4,058).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹62 cr
- Operating cash flow ÷ net profit
- 1.77×FY2026
- Free cash flow
- ₹710 cr
- Current ratio
- 1.78×
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 2.09×).
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 plastic products - industrial (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- 62.6×TTM to Jun 26
- P / B
- 8.9×latest book
- P / S
- 5.3×TTM sales
- Earnings yield
- 1.6%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 67.4× · P/S 5.4× · ROE 13.8%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −2.7%
- 3-year return
- −30.0%
- 5-year return
- −18.8%
- From 52-wk high
- −23.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,462
- vs 200-day avg
- Below₹1,502
- RSI (14)
- 30.7neutral
- MACD histogram
- -5.6
- From 52-wk high
- −23.3%
- From 52-wk low
- +1.7%
- 30-day volatility
- 18.8%ann.
- 6-month return
- −16.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernCapital efficiency slippingROCE has fallen for 5 consecutive years, from 30.7% to 20.3%.ROCE_DECLINING_STREAK · conviction 66
- WatchProfit lagging revenueRevenue grew 12.6% but profit grew 3.0%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 64
- ConcernReturns at a multi-year lowROE of 13.8% is the lowest in 7 years (prior range 14.9% to 23.8%).ROE_AT_MULTI_YEAR_LOW · conviction 56
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,916 | 2,043 | 2,486 | 3,443 | 4,612 | 5,103 | 5,296 | 5,908 |
| Total income | 1,927 | 2,054 | 2,507 | 3,471 | 4,636 | 5,142 | 5,340 | 5,966 |
| EBITDA | 315 | 381 | 555 | 662 | 775 | 912 | 982 | 1,120 |
| Profit before tax | 218 | 255 | 439 | 547 | 601 | 735 | 759 | 824 |
| Net profit | 141 | 201 | 327 | 405 | 448 | 550 | 566 | 611 |
| EPS (₹) | 11.8 | 13.3 | 16.3 | 20.1 | 16.7 | 20.5 | 21.1 | 22.7 |
| Net worth | 1,154 | 1,332 | 1,645 | 2,006 | 2,679 | 3,130 | 3,596 | 4,107 |
| Total debt | 146 | 89 | 9 | 29 | 2 | 30 | 78 | 62 |
| Operating cash flow | — | — | 515 | 471 | 487 | 788 | 621 | 1,084 |
| Free cash flow | — | — | 360 | 161 | 197 | 267 | 129 | 710 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 6.6 | 21.7 | 38.5 | 33.9 | 10.7 | 3.8 | 11.6 |
| Profit growth YoY | — | 42.0 | 62.8 | 23.8 | 10.6 | 22.9 | 2.9 | 7.9 |
| Profitability | ||||||||
| EBITDA margin % | 16.5 | 18.6 | 22.3 | 19.2 | 16.8 | 17.9 | 18.5 | 19.0 |
| Net margin % | 7.3 | 9.8 | 13.0 | 11.7 | 9.7 | 10.7 | 10.6 | 10.2 |
| Return on equity % | 12.3 | 16.2 | 22.0 | 22.2 | 19.1 | 18.9 | 16.8 | 15.9 |
| Return on capital % | 19.1 | 21.4 | 29.9 | 30.2 | 27.0 | 25.9 | 23.1 | 22.8 |
| Leverage & cash | ||||||||
| Debt to equity | 0.13 | 0.07 | 0.01 | 0.01 | 0.00 | 0.01 | 0.02 | 0.02 |
| Cash flow ÷ profit | — | — | 1.57 | 1.16 | 1.09 | 1.43 | 1.10 | 1.77 |
| Current ratio | 1.34 | 1.42 | 1.71 | 1.78 | 1.84 | 1.71 | 1.87 | 1.78 |