Astral Q1 FY26 Performance

Revenue from Operations: ₹1,361 crore, down about 1.6–2 % YoY PAT: ₹81.1 crore, down about 33 % YoY EBITDA: ₹184.7 crore, down about 14 % YoY EBITDA Margin: ~13.5 %, lower by nearly 190 basis points from last year Key Performance Drivers: Decline in polymer prices, with average PVC prices falling around 14 % YoY, caused inventory losses and weaker realizations. Demand weakness in the polymer industry weighed on sales volumes. Bathware segment grew about 27 % YoY, offering some cushion to overall decline. Adhesives business remained relatively stable compared to core polymer segment. Strategic Moves: Company is advancing backward integration to produce CPVC resin in-house, aiming to reduce supplier dependency and manage raw material costs. Risks: Continued volatility in raw material prices. Demand softness in polymer products. Currency and import cost fluctuations. Opportunities: Margin improvement from backward integration. Growth in high-margin bathware and adhesive segments. Recovery in domestic construction and infrastructure demand. Summary: Astral posted a modest revenue decline and a sharper drop in profitability in Q1 FY26 due to pricing pressure and weak demand in its core segment. Investors tracking the stock should monitor execution of backward integration plans, raw material price trends, and recovery in end-user demand.