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Astral Limited (ASTRAL) Fair Value & Analysis

Industrials · IN · Market cap ₹390B (≈ $4.1B) · ISIN INE006I01046

What is Astral Limited really worth?

AL Astral Limited ASTRAL · BSE
Price₹1,505
Fair Value₹419.45
Upside−72.1%
Quality64/100

A solid business, but trading 259% above our fair value of ₹419.45.

As of Aug 28, 2026, the fair value of Astral Limited is ₹419.45 per share against a price of ₹1,505, so the fair value sits 72% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Healthy Growth (revenue 5y +15.7 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 8.2% net margin
!Moderate moat 57/100

For context

·0.27% dividend yield
Evidence: High Range ₹314.59 – ₹524.32

Fair value as of: Aug 28, 2026

From 24 valuation models · updated 9 days ago

Share price +3.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹524.32). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

₹2,405 ₹1,164 Fair Value ₹419.45 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range ₹1,164 – ₹2,405 · fair‑value band ₹314.59 – ₹524.32 · the ₹1,505 price screens above the ₹419.45 fair value. Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Astral Limited (ASTRAL) currently trades at ₹1,505, while our model-based Fair Value estimate is ₹419.45, implying the stock looks roughly 258.8% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of ₹598.96 per share, and 0 of the 24 models we run sit above the ₹1,505 price. Bear case: the Asset-Based group reads lowest at ₹101.20, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Astral Limited generated revenue of ₹65.7B at a net margin of 8.2%. Revenue grew 24.2% year over year. It earns a return on equity of 13.8%. Net debt stands at ₹1.7B. Fundamentals as of Aug 28, 2026

Our scenario range runs from ₹314.59 (bear case) to ₹524.32 (bull case); at ₹1,505, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 19% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at −72%, ASTRAL screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹6.96 per share, which is 0.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹380.55 ₹720.16 ₹1,369 76
Growth DCF ₹375.72 ₹682.47 ₹1,256 75
EPV ₹258.83 ₹299.20 ₹335.09 74
All 24 models by family
DCF Models
FCF DCF ₹380.55 ₹720.16 ₹1,369 76
Owner Earnings ₹226.69 ₹417.22 ₹781.03 73
5Y Revenue Exit ₹318.82 ₹550.79 ₹872.31 71
5Y EBITDA Exit ₹388.65 ₹699.98 ₹1,102 73
5Y P/E Exit ₹341.93 ₹600.17 ₹903.58 69
10Y Revenue Exit ₹326.48 ₹561.17 ₹936.49 65
10Y EBITDA Exit ₹384.32 ₹675.34 ₹1,140 66
10Y P/E Exit ₹352.16 ₹598.96 ₹964.23 62
Earnings-Based
Graham-Dodd ₹135.82 ₹708.16 ₹979.66 63
Lynch FV ₹194.07 ₹277.24 ₹360.41 61
PEG = 1.0 ₹194.07 ₹277.24 ₹360.41 57
EPV ₹258.83 ₹299.20 ₹335.09 74
Multiples
P/E Multiple ₹314.59 ₹419.45 ₹524.32 63
P/S Multiple ₹254.67 ₹339.56 ₹424.45 58
P/B Multiple ₹254.67 ₹339.56 ₹424.45 55
EV/EBIT ₹395.63 ₹517.49 ₹639.35 66
EV/EBITDA ₹415.44 ₹543.91 ₹672.37 67
EV/Revenue ₹290.98 ₹402.80 ₹514.63 54
Asset-Based
NCAV (Graham) ₹75.52 ₹101.20 ₹151.05 54
Growth DCF
Growth DCF ₹375.72 ₹682.47 ₹1,256 75
Rev-Margin DCF ₹318.82 ₹543.56 ₹845.33 71
Economic Profit
Residual Income ₹146.69 ₹185.46 ₹464.36 69
ROIC Compounder ₹298.39 ₹408.45 ₹560.25 71
Growth Earnings
Growth-Adj P/E ₹289.78 ₹413.97 ₹538.16 67

Widest divergence: DCF Models (₹598.96) versus Asset-Based (₹101.20). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 75.3
P/S ratio 6.15 P/E × margin
EPS (TTM) ₹19.98 price ÷ EPS = P/E 75.3
Dividend yield 0.3% payout 20.0%
Net margin 8.2% FY2026
Return on equity 13.8% TTM
More key figures
Profitability
Return on assets (EBIT) 15.9% avg 5y
Operating margin 14.8% TTM
Growth
Revenue (TTM) ₹65.7B TTM
Revenue growth (YoY) +24.2% 3y avg +8.4%
EPS growth (YoY) +18.8%
Balance sheet & cash flow
Free cash flow ₹6.6B FY2026
Net debt ₹1.7B FY2020 · ≈ 0.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 66 · Market factors (momentum, volatility) 52

Profitability 64
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Astral Limited, together with its subsidiaries, engages in the manufacture and marketing of pipes, water tanks, and adhesives and sealants in India and internationally. The company operates in two segments, Plumbing; and Paints and Adhesives.

Full company description

Astral Limited, together with its subsidiaries, engages in the manufacture and marketing of pipes, water tanks, and adhesives and sealants in India and internationally. The company operates in two segments, Plumbing; and Paints and Adhesives. It offers chlorinated poly vinyl chloride, unplasticized poly vinyl chloride, high-density polyethylene, polypropylene, cross-linked polyethylene piping solutions for hot- and cold-water distribution, drainage, sewerage and drainage, gas distribution, industrial processes, transporting chemicals and hot liquids, radiant floor heating, agriculture pipes and fitting, cable protection, industrial piping, fire protection, specialized fitting, column and conduit pipe, urban infrastructure, and other plumbing applications; and water tanks, such as roto and blow moulded, and underground and loft water tanks, as well as water tanks with anti-viral copper shield used for residential and commercial water storage, rainwater harvesting, firefighting, and other applications. The company also provides bath-ware products comprising faucets, sanitaryware, cisterns, and showers; paints, including interior and exterior emulsions, distempers, enamels, and primer and wall putty undercoats; epoxy, PVA, rubber, anaerobic, and industrial adhesives; epoxy putty, cyanoacrylate, and solvent cements; and silicone, acrylic, and hybrid sealants. In addition, its specialized valves include compact true union ball, single union ball, and industrial ball valves; construction chemicals, such as waterproofing solutions, and tile adhesives and grouts; and infrastructure products comprising drainage, cable protection, and PT duct systems. The company was formerly known as Astral Poly Technik Limited and changed its name to Astral Limited in April 2021. Astral Limited was incorporated in 1996 and is headquartered in Ahmedabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Astral Limited reported revenue of ₹65.7B in FY2026 versus ₹43.8B in FY2022, a compound +10.6%/yr. Reported net income was ₹5.4B in FY2026, compounding +2.6%/yr from FY2022.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹65.7B
Latest YoY
+12.6%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.7%
Avg. revenue growth/yr (12Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.2%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.1% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+5.8%
Dividend yield0.3%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16.7% (2021) → 11.7% (2026) · falling
Revenue +10.6%/yr
FY22 ₹43.8B
FY23 ₹51.6B
FY24 ₹56.3B
FY25 ₹58.3B
FY26 ₹65.7B
Net income +2.6%/yr
FY22 ₹4.8B
FY23 ₹4.6B
FY24 ₹5.5B
FY25 ₹5.2B
FY26 ₹5.4B

ASTRAL screens 259% overvalued. Compare with Trane Technologies plc →

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Cite: Fair Value Calculator (2026). "Astral Limited Fair Value". https://www.fairvalue-calculator.com/stock/ASTRAL.BSE

Peer Group

Building Products & Equipment · 242 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 64 · Top 25%
Fair Value upside −72% · Bottom 25%
Return on equity (TTM) 14% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 15% · Top 25%
Revenue growth 24% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 75.3× · Pricier than 75% of peers
P/B 9.60× · Pricier than 75% of peers
P/S (TTM) 5.93× · Pricier than 75% of peers
P/FCF 0.6× · Cheaper than median
EV/EBITDA 37.2× · Pricier than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $454.31 $208.50 −54%
Johnson Controls International plc JCI $142.23 $44.75 −69%
Carrier Global Corporation CARR $57.25 $16.85 −71%
Compagnie de Saint-Gobain S.A SGO €81.20 €97.97 +21%
Geberit AG GEBN CHF 577.80 CHF 307.66 −47%
Lennox International Inc LII $377.25 $363.09 −4%
Kingspan Group KRX €87.30 €66.79 −23%
Masco Corporation MAS $74.64 $53.22 −29%
Carlisle Companies Incorporated CSL $356.53 $340.70 −4%
BELIMO Holding BEAN CHF 878.50 CHF 227.18 −74%

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Frequently asked questions

Is Astral Limited (ASTRAL) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of ₹419.45 versus a price of ₹1,505, about −72% upside (overvalued).
What is the fair value of ASTRAL?
Our model-based fair value for Astral Limited is ₹419.45 (as of Aug 28, 2026), built from audited fundamentals. The current price: ₹1,505.
What is the quality score of ASTRAL?
Astral Limited has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Astral Limited (ASTRAL)?
Our model-based price target is the fair value of ₹419.45 (as of Aug 28, 2026) from 24 valuation models. Cautious scenario ₹314.59, optimistic scenario ₹524.32. It is a calculation from audited fundamentals, not an analyst target.
What is the Astral Limited stock forecast for 2026?
Our models put fair value at ₹419.45, about −72% upside versus a price of ₹1,505 (overvalued). Cautious scenario ₹314.59, optimistic scenario ₹524.32. The calculation is refreshed regularly with new filings.
What is the revenue of Astral Limited (ASTRAL)?
Astral Limited reported trailing-twelve-month revenue of about ₹65.7B (latest available figure, as of Aug 28, 2026).
What is the net profit margin of ASTRAL?
The net profit margin of Astral Limited is about 8.2%, meaning it keeps roughly 8.2% of revenue as net income. Based on the latest reported figures.
Does Astral Limited pay a dividend?
Astral Limited currently shows a dividend yield of about 0.27% relative to its recent price (as of Aug 28, 2026).
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