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Rohan Profile picture
Rohan
@techlunatic
Disclosure : 1. Tweets are opinions, not recommendations 2. Puppers are life

May 15, 2021, 8 tweets

Astral Pipes fundamentals :

They have 2 major segments, pipes and adhesives. 77% revenue comes from Piping and the rest from Adhesives.

Both segments have very high margin.

25% PAT CAGR over the past 5 years.

Capacity utilization is far from saturation point.

Astral is already a CPVC leader (77% revenue share) and has diversified into Pidilite's monopoly in the high-margin adhesives segment (23% revenue share) and held up pretty well.

Recent acquisitions show the management's ambition to use inorganic means to make a dent into the high margin segment that Pidilite currently has a dominating market share in (M Seal, Dr fixit)

Comparison with Supreme Industries would be a bit unfair since Supreme does a lot more than just pipes. They make furniture and packaging foam etc. Detailed comparison of Supreme Inds here :

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