Headquartered in Ahmedabad, India, Astral Limited (formerly known as Astral Poly Technik Limited until April 2021) was established in 1996. This international manufacturer and marketer operates primarily in two segments – Plastics and Adhesives – delivering a diverse portfolio that includes pipes, water tanks, adhesives, and sealants to customers both within India and globally. The company's robust plastics division delivers a wide array of piping solutions. For residential and industrial plumbing applications, it offers chlorinated polyvinyl chloride (CPVC) and other advanced plumbing systems under brand names such as Astral CPVC Pro, Astral Pex-a PRO, Astral MultiPro, Astral EcoPro, and Astral Aquarius. Astral also provides a comprehensive suite of drainage products, including the low-noise ASTRAL Silencio system, Astral DrainMaster solutions, ASTRAL Foamcore pipes designed for underground use, ASTRAL DrainHulk manhole chambers, general ASTRAL Underground drainage systems, and D-Rex double-walled corrugated pipes. For industrial contexts, the company supplies ASTRAL Chem PRO industrial piping systems and Aquarius Plus uPVC industrial piping. Specialized offerings include Pre-StiRex and Plus + StiRex ducts crucial for post-tensioning in bridge construction, alongside agricultural products such as Bore-Well column pipes, Case-Well uPVC casing pipes, Aquasafe agriculture pressure pipes, and GeoRex perforated sub-surface drainage. Additionally, Astral produces high-density polyethylene pipes and the Astral Fire Pro CPVC system for fire sprinklers. Beyond piping, Astral manufactures water storage tanks sold under the Opta, Cleo, Vito, Sylo, and Sarita brand names. It also addresses surface water management with the Astral Hauraton system and offers various cable protection solutions like Astral MultiRex polyolefin cable channels, Astral Wire Guard conduit pipes, and Astral TeleRex pipes. To complement its primary product lines, Astral provides ancillary items suchposing clamps, hangers, Astral INSUPro –XLPE insulation for piping, air admittance valves, basin traps, and backflow preventer valves.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+15.9% YoY
YoY Growth Rate
Steady revenue growth
+48.0% YoY
YoY Growth Rate
EPS growth accelerating
₹0/ year
↓ Declining (-100% vs prior year)
0.0% of revenue
Below sector average (4%)
R&D spend declining — could signal cost-cutting or efficiency
Cash flow positive
₹0 cash & investments
Company generates more cash than it spends — no dilution risk from fundraising
Astral Limited is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
The share count has stayed roughly flat over this period — little dilution or buyback activity.
Diluted shares outstanding: 268.6M (2022) → 268.7M (2026)
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ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.
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Healthy double-digit earnings growth — what compounders look like.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage above 8. Profits cover interest many times over.
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P/E over 35. The market is pricing in heavy, sustained growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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