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Astral Limited (ASTRAL)

₹1,427.40 -1.10% last close, 16 Oct

📊 NSE: ASTRAL 🏢 Plastics Products 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Astral's revenue was ₹1,578 Cr (+15.9% year on year, -24.4% on the previous quarter), and net profit ₹120 Cr (+52.2% year on year); the operating margin was 14.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,578	+15.9%	-24.4%
Operating profit	₹231	+25.0%	-39.6%
Net profit	₹120	+52.2%	-43.6%
EPS (₹)	4.47	+48.0%	-43.6%
Operating margin	14.7%	—	—

Full quarterly financials → Results calendar →

ASTRAL delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 60.67% of the ASTRAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.56%. That is close to its usual level. In ASTRAL futures, open interest rose 1.27% while the futures price fell 0.68%: short buildup (new short positions).

60.67%Delivery, 16 Oct

54.56%Own 20-session average

0.6×Volume vs its average

+1.27%Futures open interest

₹1,427.40NSE close · -1.10%

Delivery in the last 5 sessions: 54.0% · 40.8% · 50.4% · 44.7% · 60.7%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Astral Submits Regulation 74(5) Dematerialization Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 01:11 PM

Astral Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Bigshare Services Private Limited confirms that share certificates received for dematerialization were processed, confirmed to depositories, and mutilated/cancelled within the mandated 15-day period. This is a standard quarterly administrative filing with no financial impact.

Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September 2026
Issued by Registrar and Share Transfer Agent Bigshare Services Private Limited on 06/10/2026
Confirmation that dematerialization verification and mutilation were completed within 15 days of receipt

💡 No action required; this is a routine quarterly compliance update. Investors should focus on upcoming Q2 FY27 operational and financial results.

Astral Submits Revised AGM Voting Results Correcting Promoter Interest Flag on MD Re-appointment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Aug 2026, 10:38 AM

Astral Limited submitted revised voting results for its 30th AGM held on August 24, 2026, to rectify a clerical oversight where promoters were marked as 'No' instead of 'Yes' for interest in Resolution 4 (re-appointment of MD Sandeep Engineer). All 5 resolutions passed, with the MD re-appointment receiving 81.10% approval overall despite 51.34% dissent from institutional voters. Resolutions on FY26 financial statements, final dividend, director rotation, and cost auditor remuneration passed with over 99% approval.

Clerical revision made to Resolution 4 to classify promoter group as 'interested' (Yes instead of No).
All 5 resolutions passed at the AGM, including approval of FY26 financial statements and dividend.
MD Sandeep Engineer's re-appointment passed with 81.10% total votes in favour (19,26,37,702 votes).
Public institutional shareholders cast 51.34% of their polled votes (4,48,75,868 votes) against the MD re-appointment.

💡 This is a routine administrative update; investors can track upcoming quarterly financial results and ongoing capacity expansions at Kanpur and Hyderabad.

Astral Concludes 30th AGM; Tables Re-appointment of MD and FY26 Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 07:29 PM

Astral Limited concluded its 30th Annual General Meeting on August 24, 2026, via video conferencing. Resolutions placed before shareholders included the adoption of FY26 financial statements, declaration of final dividend, and the re-appointment of Mr. Sandeep Engineer as Managing Director. Remote e-voting was conducted between August 21 and August 23, 2026. Detailed voting results under Regulation 44(3) will be submitted separately.

Conducted 30th AGM on August 24, 2026, from 11:00 AM to 11:58 AM
Special resolution presented for re-appointment of Mr. Sandeep Engineer as Managing Director
Ordinary resolution presented to adopt FY26 financial statements and declare final dividend
Remote e-voting held between 9:00 AM on August 21 and 5:00 PM on August 23, 2026

💡 Track the upcoming submission of voting results under Regulation 44(3) and the operational progress of new capacity expansions (Kanpur plant).

Astral Concludes 30th AGM; Re-appointment of MD Sandeep Engineer Put to Vote

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 07:27 PM

Astral Limited conducted its 30th Annual General Meeting (AGM) on August 24, 2026, through video conferencing. Key resolutions considered include the adoption of FY26 financial statements, confirmation and declaration of dividends, re-appointment of director Mr. Hiranand Savlani retiring by rotation, and a special resolution for the re-appointment of Mr. Sandeep Engineer as Managing Director. E-voting was held from August 21 to August 23, 2026, alongside voting during the AGM. Detailed voting results will be submitted separately under Regulation 44(3).

30th AGM held on August 24, 2026, commencing at 11:00 AM and concluding at 11:58 AM
Remote e-voting window was active from 9:00 AM on August 21, 2026, to 5:00 PM on August 23, 2026
Special resolution proposed for the re-appointment of Mr. Sandeep Engineer (DIN: 00067112) as Managing Director
Adoption of audited financial statements and dividend approval for FY26 tabled before shareholders

💡 Track the upcoming formal Regulation 44(3) voting results disclosure to verify shareholder approval percentages for the proposed resolutions.

Astral Concludes 30th AGM; Re-appoints Sandeep Engineer as MD and Considers Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 07:26 PM

Astral Limited conducted its 30th Annual General Meeting (AGM) on August 24, 2026, via video conferencing. Key agenda items placed for shareholder approval included the adoption of FY26 financial statements, declaration of the final dividend for FY26 alongside confirmation of the interim dividend, and the re-appointment of Sandeep Engineer as Managing Director. E-voting was conducted between August 21 and August 23, 2026, with scrutinizer results to be filed separately under Regulation 44(3).

30th Annual General Meeting held on August 24, 2026, from 11:00 AM to 11:58 AM IST
Special resolution presented for the re-appointment of Sandeep Engineer as Managing Director
Shareholders considered adoption of FY26 financial statements and approval of final dividend
Remote e-voting window was open from August 21, 2026 (9:00 AM) to August 23, 2026 (5:00 PM)

💡 Monitor the formal voting results under Regulation 44(3) for confirmation of final dividend approval and key resolutions.

Astral Uploads Transcript of Earnings Call Held on August 12, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 06:50 PM

Astral Limited has informed the exchanges that the transcript of its earnings conference call held on August 12, 2026, has been uploaded to its website. This follows the company's recent quarterly performance where Jun 2026 revenue stood at Rs 1,578.0 Cr and net profit at Rs 120.2 Cr. The filing is a routine procedural disclosure for investor relations.

Earnings call conducted on 12th August, 2026.
Call transcript uploaded to the Investor Relations section of the company website.
Intimation submitted to BSE and NSE on 18th August, 2026.

💡 Review the call transcript on Astral's website for management updates regarding capacity utilization, raw material pricing trends, and ramp-up of new segments.

Astral Limited Releases Audio Recording of Q1 FY27 Earnings Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 06:57 PM

Astral Limited has made the audio recording of its earnings conference call available to the public, following the release of its financial results for the quarter ended June 30, 2026. The call, held on August 12, 2026, provided management commentary on the company's standalone and consolidated performance. This is a standard regulatory filing under SEBI LODR regulations. Investors can access the recording via the company's website to gain insights into operational trends and segment-wise performance.

Earnings conference call held on August 12, 2026, to discuss Q1 FY27 results.
Recording pertains to the unaudited financial results for the quarter ended June 30, 2026.
Company operates with a TTM revenue of ₹6,414 Cr and a high P/E of 71.2.
Management previously guided for a ₹1,400 Cr capex spend over 4 years to decentralize manufacturing.
New Kanpur plant commissioning is expected within FY26 to expand North India presence.

💡 Investors should review the recording for management's commentary on raw material price volatility (PVC/CPVC resin) and the growth trajectory of the new Paints and Faucets segments.

51.8% PAT Growth: Astral Reports Strong Q1 FY27 Despite 10% Industry Demand Decline

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 04:11 PM

Astral Limited delivered a robust Q1 FY27 with consolidated revenue growing 15.9% YoY to ₹1,578 crore and PAT surging 51.8% to ₹120.2 crore. Despite a 10% contraction in the overall plastic pipe industry demand, Astral maintained flat volumes (56,146 MT) and expanded its plumbing EBITDA margins to 18.9%. The Paints and Adhesives segment showed strong momentum with 29.5% revenue growth. Additionally, the company completed a 60% stake acquisition in DSS LLP for ₹39.1 crore to enter the specialty chemicals market.

Consolidated PAT increased 51.8% YoY to ₹1,202 million (₹120.2 cr) for the quarter ended June 30, 2026.
Plumbing segment EBITDA margin improved to 18.9% from 16.4% YoY, despite flat volume growth of 0.1%.
Paints and Adhesives revenue grew 29.5% YoY to ₹5,275 million, with the paint business specifically growing 48.7%.
Acquired 60% interest in Differentiated & Sustainable Solutions LLP (DSS) for an upfront payment of ₹391 million.
Pipes and Fittings production capacity increased to 4,21,497 MT from 4,17,645 MT during the quarter.

💡 Monitor the commissioning of the 40,000 MT CPVC Resin plant scheduled for December 2026, which is expected to enhance margins from FY28. Watch for the impact of the Minimum Import Price (MIP) on PVC price stabilization in upcoming quarters.

Astral Q1 FY27 Standalone PAT Surges 40.6% YoY to ₹135.8 Cr; Acquires 60% Stake in DSS LLP

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 04:04 PM

Astral Limited reported a strong performance for Q1 FY27, with standalone revenue growing 13.3% YoY to ₹1,367.8 Cr. Standalone Net Profit saw a significant jump of 40.6% to ₹135.8 Cr, driven by robust performance in the plumbing segment. The company also announced a strategic 60% acquisition of Differentiated & Sustainable Solutions LLP (DSS) for ₹39.1 Cr to bolster its specialty chemicals portfolio. While the plumbing segment profit rose sharply, the paints and adhesives segment saw a marginal decline in segment results.

Standalone Revenue from operations increased 13.3% YoY to ₹1,367.8 Cr from ₹1,207.1 Cr.
Standalone Net Profit grew 40.6% YoY to ₹135.8 Cr compared to ₹96.6 Cr in the previous year's quarter.
Completed acquisition of 60% interest in DSS LLP for an upfront payment of ₹39.1 Cr on June 11, 2026.
Plumbing segment profit (before interest/tax) rose to ₹141.4 Cr from ₹95.7 Cr YoY.
Standalone Basic EPS improved to ₹5.05 from ₹3.60 in Q1 FY26.

💡 Monitor the integration of the DSS acquisition into the specialty chemicals segment and the ramp-up of the Kanpur plant expected in FY26. Watch for the impact of raw material price fluctuations on the plumbing segment's margins in upcoming quarters.

Astral Schedules Q1 FY27 Earnings Call for August 12, 2026

🟡 NEUTRAL ⭐ 2/10

EARNINGS 📅 05 Aug 2026, 02:06 PM

Astral Limited has scheduled its conference call for August 12, 2026, at 5:00 PM IST to discuss the unaudited financial results for the first quarter ended June 30, 2026. The call will feature top management, including the Chairman, CFO, and the CEO of the Adhesive & Paint division. This follows a fiscal year (FY26) where the company reported a revenue of ₹6,414 crore and a PAT of ₹552 crore. Investors will likely focus on the progress of the Kanpur plant expansion and the growth trajectory of the paints and faucets segments.

Earnings call scheduled for August 12, 2026, to discuss Q1 FY27 results.
Management representation includes CMD Sandeep Engineer and CFO Hiranand Savlani.
Company reported TTM revenue of ₹6,414 crore and OPM of 16.5% as of the latest annual cycle.
Current pipe and water tank manufacturing capacity stands at approximately 3,81,000 MTPA.
The call will specifically address the Standalone and Consolidated results for the quarter ended June 30, 2026.

💡 Investors should review the Q1 FY27 financial results once published to check for volume growth in the plumbing segment and margin stability in the newer paints and adhesives divisions.

Rs 2.50 Final Dividend: Astral Sets August 14, 2026, as Record Date

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 31 Jul 2026, 07:00 PM

Astral Limited has announced August 14, 2026, as the record date for a final dividend of Rs 2.50 per equity share for FY 2025-26. This payout represents 250% of the face value (Rs 1 per share). Based on the current market price of Rs 1448.6, the dividend yield for this specific payout is approximately 0.17%. The dividend will be paid after August 24, 2026, subject to shareholder approval at the upcoming Annual General Meeting.

Final dividend of Rs 2.50 per equity share declared for the financial year 2025-26.
Record date for determining shareholder entitlement is fixed for August 14, 2026.
Dividend payout represents 250% of the face value of Rs 1 per share.
Payment is scheduled to commence after August 24, 2026, post-AGM approval.
Company maintains a strong financial position with a TTM PAT of Rs 552.1 Cr and low D/E of 0.02.

💡 Investors interested in the dividend must hold the shares before the ex-dividend date (typically one business day prior to the record date). Monitor the upcoming AGM for management's outlook on the Kanpur plant commissioning in FY26.

Astral Limited Issues TDS Communication for FY 2025-26 Final Dividend

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Jul 2026, 06:57 PM

Astral Limited has issued a formal communication to its shareholders regarding the Tax Deducted at Source (TDS) on the final dividend for the Financial Year 2025-26. The company has sent detailed emails to shareholders registered with the company or depositories as of July 31, 2026. This is a procedural tax compliance step following the company's FY26 performance, where it recorded a net profit of ₹552.1 crore. The filing ensures shareholders are informed about the tax implications of their dividend income as per the Income Tax Act.

Communication issued on July 31, 2026, regarding TDS on Final Dividend for FY 2025-26.
Emails dispatched to all shareholders with registered email IDs with the Company or Depositories.
TDS procedures are governed by the provisions of the Income Tax Act, 2025.
The company reported a TTM PAT of ₹552.1 crore as of the latest financial context.
Information is also hosted on the company's official website for public access.

💡 Shareholders should review the email communication to understand the documentation required (such as Form 15G/15H) to ensure appropriate tax deduction on their dividend payments.

Astral Ltd Submits FY26 Sustainability Report; Manufacturing Drives 98% of ₹5,908 Cr Turnover

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Jul 2026, 06:55 PM

Astral Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, reporting a standalone turnover of ₹5,908 crore. The company's core business remains highly concentrated, with plastic pipes and fittings contributing 79% and adhesives 21% of total revenue. Operations are spread across 18 manufacturing plants in India, with a total workforce of 11,216 (employees and workers). While the company serves 40 countries, exports remain a marginal part of the business at only 2% of turnover.

Manufacturing of pipes, fittings, and adhesives accounts for 98% of the total entity turnover.
Total standalone turnover for FY 2025-26 reported at ₹5,908 crore.
Workforce consists of 4,881 employees and 6,335 workers, with a 29% turnover rate for permanent employees.
Female representation on the Board of Directors is 18%, with 2 women out of 11 members.
Exports contribute only 2% to the total turnover despite serving 40 international countries.

💡 Investors should treat this as a routine compliance filing. The key monitorable from this report is the high employee turnover rate of 29%, which may warrant attention regarding talent retention costs in future earnings calls.

Astral to Hold 30th AGM on Aug 24; Proposes 5-Year Re-appointment for MD Sandeep Engineer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Jul 2026, 06:32 PM

Astral Limited has scheduled its 30th Annual General Meeting (AGM) for August 24, 2026, to adopt FY26 financial statements and declare a final dividend. A primary agenda item is the re-appointment of Managing Director Sandeep Engineer for a five-year term (2027-2032) with a proposed monthly salary of ₹96.54 Lakhs and a 1% incentive on Profit Before Tax (PBT). The company also seeks to re-appoint CFO Hiranand Savlani, maintaining leadership continuity as the firm scales its ₹6,414 Cr revenue base and new segments like Paints and Faucets.

30th AGM scheduled for August 24, 2026, with a cut-off date of August 17, 2026, for e-voting eligibility.
Proposed re-appointment of MD Sandeep Engineer for 5 years starting April 1, 2027, with a 15% annual salary increment.
MD remuneration includes a fixed monthly salary of ₹96,54,515 plus an incentive of 1% of the company's Profit Before Tax (PBT).
Re-appointment of CFO Hiranand Savlani, who has been with the company since 2003 and holds 1,76,820 equity shares.
Ratification of ₹2.75 Lakhs remuneration for Cost Auditors for the financial year ending March 31, 2027.

💡 Investors should monitor the voting results of the AGM, particularly regarding the special resolution for the MD's remuneration and re-appointment beyond the age of 70.

Astral Withdraws Composite Scheme of Arrangement for Chemical Business Restructuring

🟡 NEUTRAL ⭐ 6/10

M&A 📅 29 Jul 2026, 07:03 PM

Astral Limited has decided to withdraw its proposed Composite Scheme of Arrangement following a comprehensive review by an independent consultant. The consultant recommended against the restructuring in its current form, citing the insufficient scale of the Chemical Business to operate as a standalone entity. The Board concluded that a demerger will only be reconsidered once the segment achieves the financial strength to fund its own organic and inorganic growth. Consequently, the Chemical Business will remain integrated within the parent company, which reported a TTM revenue of ₹6,414 Cr.

Board meeting concluded at 04:30 P.M. on July 29, 2026, to finalize the withdrawal of the scheme.
Decision follows a review of previous disclosures made on June 25, 2026, and July 5, 2026.
Independent consultant recommended not to proceed due to the current scale of the Chemical Business.
Company maintains a strong consolidated balance sheet with a Net Worth of ₹4,107 Cr and low Debt of ₹100 Cr.
Future demerger remains an option only after the segment achieves sufficient scale to fund growth independently.

💡 Investors should monitor the quarterly growth and margin performance of the Adhesives and Paints segments to gauge when the 'scale' required for a future demerger might be reached.

View All ASTRAL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) grew at a 3-year CAGR of 21% to INR 5,646.30 Cr in FY24. The plastic pipes and fittings segment contributes approximately 75% of revenue, while the adhesives, paints, and new segments (faucets/sanitaryware) contribute the remaining 25%. Concalls indicate 20% volume growth and 15% value growth in recent quarters.

Geographic Revenue Split

Revenue is geographically diversified across North, West, South, and East India through regional plants. International revenue is generated from subsidiaries in the UK (Seal IT), USA, Ireland, and a joint venture in Kenya. Specific percentage splits per region are not disclosed in available documents.

Profitability Margins

Gross margin improved by approximately 100 bps in FY25. PBILDT margin was 16.55% in FY24 (up 77 bps from 15.78% in FY23) and is expected to remain at 15.5-16.0% for FY25. Long-term PBILDT margin is targeted at 16-17%.

EBITDA Margin

EBITDA margin grew 20% in recent quarters. The company maintains a stable operating profit margin compared to peers due to its ability to command premium pricing and pass on raw material price increases.

Capital Expenditure

Astral spent INR 1,400 Cr in CAPEX over the last four years. Planned annual capex is INR 200-300 Cr for FY25 and INR 200-250 Cr in the near-to-medium term, primarily funded through internal accruals.

Credit Rating & Borrowing

CRISIL has an 'Outlook: Positive' rating, while CareEdge Ratings maintains a 'Stable' outlook. The company is net debt-free with cash and liquid investments of INR 608-610 Cr as of March 2025. Interest coverage is robust at 24x to 32x.

⚙️ Operational Drivers

Raw Materials

PVC and CPVC resins are the primary raw materials, accounting for 60-65% of total revenue.

Import Sources

Astral imports approximately 25% of its raw material requirements. Specific country sources are not disclosed in available documents.

Key Suppliers

Not disclosed in available documents, though the company notes exposure to supplier concentration risk.

Capacity Expansion

Current combined pipe and water tank manufacturing capacity is approximately 3,81,000 MTPA. A new plant in Hyderabad was commissioned in FY25, and a new unit in Kanpur is expected in FY26.

Raw Material Costs

Raw material costs represent 60-65% of revenue. Costs are susceptible to global crude oil price volatility and freight costs, which impacted margins in FY23 due to inventory losses.

Manufacturing Efficiency

Average utilization of fund-based bank limits stood low at 42% in the 12 months ended July 2024, indicating high financial flexibility. Capacity utilization for pipes and adhesives is a key monitorable.

Logistics & Distribution

Geographically distributed plants across India (North, West, South, East) provide significant savings in logistics and freight costs, which are substantial for bulky products like water tanks.

📈 Strategic Growth

Expected Growth Rate

10%+

Growth Strategy

Growth will be achieved through decentralization of manufacturing to gain market share in new geographies, utilizing the INR 1,400 Cr capex spent over the last 4 years, and scaling new segments like Paints (growing at 20%), Faucets, and Sanitaryware. Backward integration into CPVC compounding and strategic acquisitions like Gem Paints and Seal IT fuel diversification.

Products & Services

CPVC and lead-free PVC plumbing systems, drainage systems, water tanks, adhesives, faucets, sanitary ware, and paints.

Brand Portfolio

Astral, Bond It, Seal IT, Astral Coatings (formerly Gem Paints), Resinova.

New Products/Services

Recent forays into faucets, sanitary ware, and paints are expected to fuel medium-term growth. Paints already show a 20% growth rate.

Market Expansion

Expansion into the North (Kanpur plant FY26) and South (Hyderabad plant FY25) to increase addressable market and reduce logistics costs.

Market Share & Ranking

Astral holds a leadership position in the CPVC pipes and fittings segment in India.

Strategic Alliances

Astral Pipes Ltd is a joint venture in Kenya catering to the African market.

🌍 External Factors

Industry Trends

The plastic pipes industry is growing but remains highly competitive with low entry barriers in commoditized segments. There is a shift toward value-added products and regional manufacturing to optimize costs.

Competitive Landscape

Intense competition from both organized and unorganized players, especially in price-sensitive commoditized products.

Competitive Moat

Moat is built on strong brand equity, an extensive distribution network, and backward integration into CPVC compounding. These advantages are sustainable due to high replacement costs and brand trust in plumbing.

Macro Economic Sensitivity

Demand is sensitive to real estate growth, infrastructure development, and government initiatives in healthcare and education. Profitability is sensitive to global crude oil prices and inflation.

Consumer Behavior

Increasing consumer preference for branded, high-quality, and lead-free plumbing systems for residential and commercial applications.

Geopolitical Risks

Vulnerable to global freight cost increases and trade barriers. The imposition of anti-dumping duties on PVC imports by the Government of India helps stabilize domestic PVC prices.

⚖️ Regulatory & Governance

Industry Regulations

Operations are affected by anti-dumping duties on PVC imports and government standards for plastic products. The company follows Ind AS accounting standards with no deviations reported.

Environmental Compliance

Astral supported 6,99,090 beneficiaries through CSR projects in FY25 and significantly reduced work-related injuries. Training hours for safety and hygiene reached 23,107 hours in FY24.

Legal Contingencies

No penalties or strictures were imposed by SEBI, Stock Exchanges, or statutory authorities related to capital markets in the last three years. No directors are debarred or disqualified.

⚠️ Risk Analysis

Key Uncertainties

Volatility in PVC/CPVC resin prices (linked to crude oil) can cause inventory losses, as seen in FY23. Forex fluctuations on 25% imports also pose a risk to profitability.