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Published: May 31, 2025
Updated: May 31, 2025
This time we have picked Astral Ltd, an Ahmedabad (Gujarat)-headquartered mid-cap com pany as the Fortune Scrip for the fortnight. Primarily engaged in the manufacture of CPVC pipes for industrial use, the company has revolutionised the piping industry with world-class innovative solutions. A pioneer in bringing CPVC tech to India and launching the country’s first lead-free UPVC pipes and PVC pipes, Astral has set the benchmark for quality and innovation.
A quarter century ago – in 1996, to be exact — the company set up its first plant at Santej near Ahmedabad to manufacture CPVC pipes under a licence from FBF Goodrich of the US. The technology was a paradigm shift from conventional piping systems, and Astral became the pioneer of CPVC piping systems in India. With an industry-first 25-year warranty on its flagship products Astral continues to reaffirm its commitment to excellence. Known for uncompromising quality, Astral continues to shape the industry with cutting-edge piping technologies, making waves both in India as well as globally.
Having established itself in the pioneering field of CPVC piping systems, Astral diversified its activities by taking up the manufacture of adhesives, sealants and construction paints. The com pany also diversified into bathware by taking up the manufacture of faucets and sanitaryware. Astral also forayed into the water storage tank segment with the introduction of the country’s first anti-viral water tanks with copper shields.
Subsequently, the company acquired the controlling stake in Gem Paints and ventured into the paints business by taking up the manufacture of decorative paints, industrial paints and preventive paints. Astral endeavours to provide a complete portfolio of paint products and solutions. As a pioneer in CPVC piping systems and with its foray into sanitaryware, adhesives, water storage tanks and paints, the company showcases its commitment to being a one-stop solutions provider for industrial and consumer needs in the real estate space.
Consequent to its fine performance in almost all its product lines, the company has made rapid strides in its financial per formance. During the last 13 years, its sales turnover has expanded more than seven times from Rs 802 crore in fiscal 2013 to Rs 5,832 crore in fiscal 2025, with the operating profit shooting up around eight and a half times from Rs 115 crore to Rs 946 crore and the profit at net level also surging eight and a half times from Rs 61 crore to Rs 519 crore. The company’s financial position is very strong, with reserves at the end of March 2025 standing at Rs 3,590 crore — almost 137 times its equity capital of Rs 27 crore.
Astral which has revolutionised the Indian piping sector has successfully diversified its activities in adhesive sealants, construction paints, water storage tanks, faucets and sanitaryware and decorative as well as industrial paints – in order to showcase its commitment to being a one-stop solutions provider for consumer and industrial needs in the real estate space.
But we have not picked Astral as the Fortune Scrip just on the basis of its past laurels. We strongly feel that the company’s future prospects are all the more heartening. Consider:
The Astral management headed by Mr. Sandeep Engineer has followed a distinct investor-friendly approach. During the first 25 years of the existence of the company the board has made three bonus issues in the ratio of 1:3 in 2019, in the 1:3 ratio in 2021 and again as 1:3 ratio in 2023. Besides the company has been paying dividends at handsome rates at 225% in the fiscal 2021, at 300 per cent in the FY2022, 375 per cent in the FY2023 as well as in 2024 and 225% in fiscal 2205. The company’s dividend payment percentage during the last five years being 10%, 12%, 21%, 18% and 19% respectively.
June 30, 2025 - Combined Issue
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