Astral (company)

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Astral Limited
Traded as532830
NIFTY 200 Constituent[1]
IndustryBuilding materials
Key people
Sandeep Engineer (managing director)[2]
ProductsAdhesives, bathware, CPVC pipes, paints, PVC pipes
Increase ₹34.43 billion (US$430 million) (2022)[3]
Total assetsIncrease ₹27.58 billion (US$350 million) (2022)[3]
Total equityIncrease ₹20.06 billion (US$250 million) (2022)[3]
  • Astral Adhesives
  • Astral Bathware
  • Astral Pipes
  • Gem Paints
  • Resinova Chemie
  • Rex Polyextrusion
  • Seal It Services

Astral Limited (formerly Astral Poly Technik Limited) is an Indian building materials and equipment company based in Ahmedabad, India. The company is recognized as a market leader in the chlorinated polyvinyl chloride and polyvinyl chloride pipes industry.[4][5]


In 1996, Astral Poly Technik Limited was founded by Sandeep Engineer and later became known as Astral Pipes.[6][7] At first, the company introduced industrial chlorinated polyvinyl chloride|CPVC pipes in India by licensing the CPVC Resin procurement technology from Lubrizol.[8][9] However, after three years, they shifted to the plumbing sector, where CPVC pipes became more popular than galvanized Iron (GI) pipes.[8] In 2004, the company started offering lead-free polyvinyl chloride pressure pipes. Following that, in the next few years, they diversified into other areas such as fire sprinkler system, Soil, Waste and Rainwater (SWR) pipes, underground pipes, and other related sectors.[8]

In 2007, the company went public and got its shares listed with the National Stock Exchange of India and Bombay Stock Exchange.[10]

The introduction of PVC pipe in 2013 marked the beginning of the business's expansion into the agricultural market.[8] In 2016, it brought an end to its partnership with Lubrizol regarding the production of CPVC pipes[11] and began operations at its own CPVC compounding facility at Santej (Gujarat) in collaboration with Sekisui Chemical.[12]


As of 31 March 2022, Astral had a total manufacturing capacity of 282,338 MTPA for both pipes and water tanks. It has factories which are located in various regions of India such as Gujarat, Tamil Nadu, Rajasthan, Maharashtra, Uttarakhand, and Odisha. In addition, Astral had a combined adhesive manufacturing capacity of 95,980 MTPA, with factories in Santej (Gujarat), Unnao, and Rania (Uttar Pradesh), as well as in the United States and United Kingdom.[13]

The company has a distribution network of over 800 distributors in the plastic segment and over 1,800 distributors in the adhesive segment.[14]


As of 9 February 2023, the company's consolidated revenue rose by 15% YoY to ₹1,267.8 crore (US$160 million), primarily fueled by a 28.6% YoY growth in the adhesive and paints segment, reaching ₹336 crore (US$42 million). The piping segment's revenue also witnessed an approximately 11% YoY increase, amounting to around ₹932 crore (US$120 million) crore. Additionally, the piping segment experienced a 30% YoY volume growth. However, the EBITDA margin declined by 322 basis points (bps) year-on-year (YoY) to 14.7%. This decline was primarily caused by inventory losses of approximately ₹25 crore (US$3.1 million) crore in the third quarter and limited operating leverage. Also, the Profit After Tax (PAT) decreased by around 26% to about ₹95 crore (US$12 million) crore, reflecting the impact of lower EBITDA and increased costs related to interest and depreciation.[15]

According to the DuPont analysis conducted in 2020, the company's current ratio declined from 1.45% in 2015 to 1.27% in 2019.[16] However, as of March 2022, it recovered and increased to 1.78%.[17]

Mergers and acquisitions

Since 2010, Astral has been expanding its business operations and primarily relied on acquiring external companies (between 2014 to 2017) in India, the UK, and the US to fuel its growth.[18]

  • In 2014, the company acquired a Kanpur-based adhesive company Resinova Chemie for ₹2.13 billion (US$27 million).[19]
  • In 2018, Astral entered the infrastructure market with the acquisition of Rex Polyextrusion, which has its headquarters in Sangli, Maharashtra, and is a manufacturer of double-wall corrugated pipes.[20]
  • In 2022, the company acquired a majority 51 percent stake in Gem Paints for ₹1.94 billion (US$24 million).[21] In the same year, the company implemented a capacity expansion project in Karnataka, resulting in the rise of annual capacity by 36,000 kiloliters.[22]
  • In October 2022, Astral acquired 80% of UK-based adhesive and sealants maker Seal It Services Ltd for ₹440 million (US$5.5 million).[23][24]


  • In November 2021, the Income Tax Department conducted searches at approximately 40 locations across India belonging to Astral Limited and Ratnamani Metals and Tubes.[25]
  • In March 2023, a former employee and his son were involved in stealing data from the company's system and using it to conduct business separately with the company's clients, resulting in a loss of ₹50 million (US$630,000) for the company.[26]


  1. "Astral Limited Listing Information". The Economic Times. Retrieved 21 April 2023.
  2. "How Astral Pipes' Sandeep Engineer became a mint-new billionaire". Forbes India. Retrieved 21 April 2023.
  3. 3.0 3.1 3.2 "Astral Limited Financial Statements". Moneycontrol. Retrieved 21 April 2023.
  4. Gutgutia, Aaditya (10 January 2023). The Polycycle Investor. Manjul Publishing. ISBN 978-93-90924-96-7.
  5. Manyal, Sanjay; Taunk, Hitesh (16 August 2022). "Astral Ltd 11581 - Research and Analysis Report - ICICIdirect". ICICI Direct. Retrieved 2023-04-21.{{cite web}}: CS1 maint: url-status (link)
  6. Belagali, Rayagond (1 March 2019). "Factors Influencing Dealer's Buying Behaviour Towards Sadanand PVC" (PDF). DSpace @ Acharya Institute of Technology. p. 18. Retrieved 21 April 2023.{{cite web}}: CS1 maint: url-status (link)
  7. Bobade, Pankaj (22 June 2020). "Astral Poly Technik, Financial Analysis". Axis Securities Limited. Retrieved 21 April 2023.{{cite web}}: CS1 maint: url-status (link)
  8. 8.0 8.1 8.2 8.3 Mukherjea, Saurabh (17 August 2016). "Chapter 8: Astral Poly: To the Brink and Back". The Unusual Billionaires. India: Penguin UK. ISBN 978-93-86057-67-9.{{cite book}}: CS1 maint: date and year (link)
  9. Elearnmarkets. "Case Study: Astral Poly". Elearnmarkets by StockEdge. Retrieved 2023-04-21.
  10. "Astral IPO Details – IPO Date, Price, GMP, Analysis & Review". Retrieved 2023-04-21.
  11. "Lubrizol terminates process agreements with Astral Poly". Hindu Business Line. 16 August 2016. Retrieved 2023-04-21.
  12. Das, Abhijit Kumar (10 January 2019). "Retail Equity Research: Astral Poly Technik Limited" (PDF). Geojit Financial Services. Retrieved 21 April 2023.{{cite web}}: CS1 maint: url-status (link)
  13. Modi, Krunal Pankajkumar (20 September 2022). "CARE Ratings: Astral Limited" (PDF). CARE Ratings. Retrieved 21 April 2023.
  14. John Meledan, Joby (30 May 2022). "Astral Poly Technik Limited: Focus on capacity utilization & new products scale up" (PDF). Sharekhan by BNP Paribas. Retrieved 15 May 2023.{{cite web}}: CS1 maint: url-status (link)
  15. Manyal, Sanjay; Taunk, Hitesh (9 February 2023). "Astral Ltd 17741 - Research and Analysis Report - ICICIdirect". ICICI Direct. Retrieved 2023-05-15.{{cite web}}: CS1 maint: url-status (link)
  16. Mohanasundari, M; Sundharesalingam, P; Naveen Raja, S.; Sivaprakash, V.S. (2020). "USING DUPONT ANALYSIS TO ASSESS THE FINANCIAL PERFORMANCE OF THE SELECTED COMPANIES IN THE PLASTIC INDUSTRY IN INDIA" (PDF). Gedrag & Organisatie Review. 33 (2): 2592–2600. ISSN 0921-5077 – via Amsterdam University Press.
  17. "Astral Limited Key Financial Ratios, Astral Limited Financial Statement & Accounts". Retrieved 2023-05-15.
  18. Ravi, Rajesh (22 February 2021). "Astral Poly Technik: An 'astr'onomical growth story" (PDF). HDFC securities. Retrieved 21 April 2023.
  19. "Astral Poly Technik acquires 76% stake in Resinova for Rs 213 cr". Business Standard. 21 November 2021. Retrieved 2023-04-21.{{cite web}}: CS1 maint: url-status (link)
  20. Sunkara, Keshav (10 July 2018). "Pipe maker Astral Poly Technik to acquire Rex Polyextrusion". VCCircle. Retrieved 2023-04-21.
  21. "Astral to acquire 51 pc stake in Gem Paints for Rs 194 cr". The Economic Times. 30 April 2022. ISSN 0013-0389. Retrieved 2023-04-21.
  22. Gude, Archana; Amonkar, Jyoti (Feb 2023). "Astral Q4FY22 Result Review" (PDF). IDBI Capital. Retrieved 15 May 2023.
  23. Dutta, Vishal (26 August 2014). "Astral Poly Technik acquires British company Seal It Services for Rs 44 crore". The Economic Times. ISSN 0013-0389. Retrieved 2023-04-21.
  24. "Astral Poly Techniq acquires controlling stake in UK-based Seal It for Rs 44 cr". Hindu Business Line. 26 August 2014. Retrieved 2023-04-21.
  25. "Gujarat: I-T dept searches 40 premises of 2 firms". The Indian Express. 24 November 2021. Retrieved 2023-04-21.
  26. "Employee steals pipe maker's data". The Times of India. 15 March 2023. ISSN 0971-8257. Retrieved 2023-04-21.

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