Investec on Astral

Buy, TP Rs 1710 Astral to acquire 60% partnership interest in Differentiated and Sustainable Solutions LLP (DSS) for Rs391m. DSS has development/manufacturing capabilities in speciality chemicals & advanced materials View this as a strategic step toward deepening backward integration (similar to CPVC resin), and this could drive cost efficiencies while also creating optionality to scale DSS into a standalone, profitable vertical Await further clarity on potential revenue ramp-up That said, see upside risk to forecasts, supported by two company-specific levers: CPVC backward integration & DSS acquisition.

ASTRAL LIMITED

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