PVC relief a positive, but no major gains, Astral CFO says

Shares of Astral Ltd. declined as much as 3% on Thursday, April 2. The decline comes even as the government announced a full customs duty exemption on select critical petrochemical products, in view of the ongoing conflict in West Asia.

The exemption, valid until June 30, 2026, is expected to lower input costs for plastic pipe manufacturers by easing prices of key raw materials such as PVC resin and HDPE/PE.

₹cr	Q3FY25	Q2FY26	Q3FY26	YoY Change %	QoQ Change %
Revenue	1,397	1,577	1,542	10%	-2%
EBITDA	220	257	237	8%	-8%
EBITDA Margin %	15.71%	16.28%	15.39%	down 32 bps	down 89 bps
Net Profit	114	135	108	-6%	-20%

Speaking to CNBC-TV18, Hiranand Savlani, Executive Director and CFO of Astral, said the move is positive for the industry, as it is likely to cap PVC prices.

However, he said that the overall impact could remain neutral, given that PVC prices have already risen sharply.

Savlani added that the company is unlikely to have made large purchases at elevated PVC prices. He expects the industry to report its highest margins in Q4FY26 and Q1FY27, aided by inventory gains flowing through.