ICICI Securities raises target for Astral stock to INR 1,831

Q1 FY27 revenue rose 15.90 percent to INR 15.78 billion. For Astral stock this means profit of INR 1.20 billion.

ICICI Securities raised its target for Astral stock to INR 1,831 from INR 1,783 on September 23, 2026, while retaining its Buy recommendation. The update puts the broker's latest valuation view alongside Astral's Q1 FY27 operating recovery and planned CPVC capacity expansion.

Target rises on plant outlook

According to DSIJ, ICICI Securities increased the target from INR 1,783 to INR 1,831 in its September 23, 2026 company update. The broker linked its view to healthy second-quarter demand, adhesive growth, expected market-share gains and commercial production from Astral's CPVC resin plant in the fourth quarter of fiscal 2027.

ICICI Securities forecasts pipe-volume compound annual growth of 10.70 percent from fiscal 2026 to fiscal 2028 and plastic-pipe revenue compound annual growth of 12.80 percent over the same period. Management maintained fiscal 2027 guidance for double-digit pipe-volume growth and a plumbing operating margin of 16 to 18 percent.

Profit grows faster than revenue

Astral reported Q1 FY27 operating income of INR 15.78 billion, up 15.90 percent year over year, according to DSIJ. Reported profit reached INR 1.20 billion, up 51.80 percent year over year, while EBITDA rose 25.00 percent to INR 2.31 billion and the EBITDA margin reached 14.70 percent.

The mix remains important. Plumbing and bathware revenue increased 10.10 percent year over year to INR 10.51 billion, with EBITDA margin expanding to 17.30 percent. Resinova domestic adhesives revenue rose 24.90 percent, but its EBITDA margin fell to 12.20 percent as commodity-cost inflation of 15 to 16 percent outpaced immediate pricing recovery, according to DSIJ's September 23, 2026 report.

Market value and trading range

Astral's market capitalization was INR 361.1 billion as of October 1, 2026. Its 52-week range stood at INR 1,311.60 to INR 1,768.70, giving the valuation debate a clear reference range for the latest analyst target.

Astral Limited at a glance

• Company: Astral Limited
• Ticker: ASTRAL
• Primary exchange: NSE
• Market capitalization: INR 361.1 billion (as of October 1, 2026)
• 52-week range: INR 1,311.60-INR 1,768.70 (as of October 1, 2026)
• Sector / Industry: Industrials / Manufacturing - Miscellaneous