CLSA on Astral ; Hold, TP Rs 1460

2Q Ebitda missed estimates on significantly lower margins, while piping volume growth (+19% YoY) was in line. Lower profitability was attributed to a delay in the pass through of higher input costs. With prices hikes made in 3Q and volume resilience, it expects strong earnings trajectory in 3Q. Astral reiterated FY27 guidance of double-digit volume growth (1H: 10% YoY) and margins of 16%-18% (1H: 17.4%), with “unprecedented” growth in October. At 43x FY28 PE, its current valuation is fair.

ASTRAL LIMITED

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