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Investing.com - Motilal Oswal Securities initiated coverage on Astral (JO:ARLJ) Ltd (NSE:ASTRA) with a buy rating and a price target of INR1,800.00 on Thursday.
The research firm cited Astral’s pioneering position in India’s plastic pipe industry, noting how the company revolutionized the sector with CPVC pipes in 1998 and has since expanded into five key segments: Pipes, Water Tanks, Adhesives & Sealants, Bathware, and Paints.
Motilal Oswal highlighted that Astral operates in a market with the highest total addressable market (TAM) of INR1,595 billion in the industry, with strategic acquisitions, capacity expansions, and strong exports driving sustained double-digit growth.
The firm projects Astral’s revenue, EBITDA, and adjusted PAT to achieve a compound annual growth rate of 16%, 17%, and 23% respectively over FY25-FY28, primarily driven by volume growth at a 12% CAGR.
The INR1,800 price target is based on 45 times FY27 estimated price-to-earnings ratio, which represents a 33% discount to the stock’s five-year average one-year forward P/E multiple.
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