Astral shares rally 10% following Q1 results; Citi sees target price at Rs 1,900, Nuvama upgrades stock to 'Buy'
Astral shares surged nearly 10% after strong Q1 FY27 results, with profit rising 51.8% YoY. Citi retained a Buy rating with a Rs 1,900 target, while UBS maintained Accumulate. Nuvama upgraded the stock to Buy, citing strong pipe volumes and margin prospects, while Motilal Oswal retained Buy and CLSA maintained Hold.
Shares of Astral jumped 9.5% to Rs 1,599 after the company reported impressive Q1 FY27 results. The firm earned a net profit of Rs 120.2 crore, up 51.8% from Rs 79.2 crore in the same period last year. Astral credited this growth to increased utilization at its new manufacturing plants, a move towards higher-margin products, and strong operational execution amidst industry challenges.
EBITDA surged 25.8% year-on-year to Rs 244 crore, with margins expanding by 120 basis points to 15.5%. Despite raw material price fluctuations causing a 10% contraction in the broader piping industry, Astral maintained flat volume growth and continued to capture market share.
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