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Anand Rathi has upgraded Astral Ltd to a Buy rating with a target price of Rs 2,666, reflecting strong expected growth in revenue, EBITDA, and PAT over FY24-27. Despite a challenging PVC pricing environment, the company maintained stable gross margins at 38.9%, although PAT fell 16% year-on-year due to reduced other income and increased expenses.
Goldman Sachs has reduced its price target for Astral to Rs 2,170 from Rs 2,410 while maintaining a 'buy' rating, noting a gradual recovery in margins and volume for pipe manufacturers. For Prince Pipes & Fittings, the rating has been downgraded to 'neutral' with a target price cut to Rs 480 from Rs 705, amid challenges from extended monsoons and falling PVC prices.
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