Astral poly technik equity research

Author: Maneesh Nath
PostedWhileAt: Arcstone Capital
Report Generated By
AstralPolyTechnikLtdOrd
Recommendation:Long
Astral Poly Technik Ltd. recent acquisition of Rex
Polyextrusion Pvt. Ltd. will provide strong foothold in
infrastructure and construction industry.
EXPECTED RETURN TIMEFRAME POSTED
37.2% 6 Months To 1 Year 10/5/2018

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About Maneesh Nath
Maneesh joined Arcstone Capital in July 2013. In 2010, He founded Century Partners Capital to provide value
investing research for the Indian market. Previously, Maneesh focused on quantitative credit market research as a
Senior Credit Analyst at Markit Group in New York, NY from 2008-2010. As a Senior Financial Analyst at Capital One
Corporation in Boston, MA, Maneesh provided advanced data analysis. Maneesh also worked at the Innovation
Center of Eaton Corporation, at the R&D department at the Ford Motors Company as a Senior Analyst, and as an
Analyst at Tata Motors. Maneesh attended M.S. at the University of Cincinnati where he was the recipient of a full
scholarship and received a GRE Quantitative Score of 800/800. In 2000, he received his B. Tech. in Mechanical
Engineering at the National Institute of Technology (NIT) in Karnataka, India.

Astral Poly Technik Ltd Ord
Asset Class: Equity Symbol: ASTRA:IN Updated: 10/5/2018 Posted: 10/5/2018
BY:
Maneesh Nath
CURRENTLY AT
Arcstone Capital
COMMUNITY RATING: 4 votes needed PERCENTILE: N/A
Astral Poly Technik Ltd. recent acquisition of Rex Polyextrusion
Pvt. Ltd. will provide strong foothold in infrastructure and
construction industry.
Return Performance
RETURN TO DATE: Pending...
EXPECTED
RETURN:
37.2%
IRR: N/A
RETURN VS. BENCHMARK:
(ISHARES CORE S&P BSE SENSEX
INDIA INDEX ETF)
N/A
Pricing Details LONG
RECENT PRICE:
874.70 INR
10/04/18 at 11:59PM
TARGET PRICE: 1,200.00 INR
INITIAL PRICE: Pending...
CLOSING PRICE: N/A
ASSET CLASS:
Equity
SITUATION:
GARP
TARGET ALLOCATION:
1%-1.5%
CATALYSTS:
N/A
TIMEFRAME:
6 Mo. - 1 Year
Fundamentals
CURRENCY Indian Rupee
52 WK. RANGE N/A
MARKET CAP 104.8B USD
EV N/A
TOTAL CASH N/A
TOTAL DEBT N/A
BOOK VALUE PER SHARE N/A
THREE MO. AVG. DAILY VOLUME (USD) 0
SELLSIDE CONSENSUS 2.23
Mutiples/Ratios
LTM P/E 0.76
FORWARD P/E 0.79
EV/EBITDA N/A
EV FCF N/A
EV SALES N/A
PRICE BOOK N/A
FCF YIELD N/A
DEBT BOOK N/A
DIV YIELD N/A
Additional Data
SECTOR
INDUSTRY
COUNTRY India
REGION East And South Asia

Thesis
Proprietary Research
Astral Poly Technik Ltd.
METRICS 5 Oct 2018
BSE: 532830 | NSE: ASTRAL | ISIN: INE006I01046 | SECTOR: PLASTICS |
[Covering ASTRAL Since: 3 Jan 2011 when Quote was Rs. 30 and Market Cap was Rs. 300 Crore (~USD 70M);
Original Rating Jan 2011: Strong Buy; USD Adjusted Returns (Jan 2011- Oct 2018): 48% Ann. Stock returns vs. -0.9%
Ann. Benchmark returns; (Old Report from 2011 Attached)]
Updated Oct 2018; New Rating: Buy
Current Market Price: Rs. 840; Near Term (One Year) Fair Value: Rs. 1200
52 Week Range: Rs.712 - Rs.1194; EPS (TTM): Rs. 15.66; P/E: 53; INDUSTRY P/E: 40
MARKET CAP: Rs. 10053 Crore; (USD 1.4 Billion);
SALES (TTM): Rs 2164 Crore (USD 300 M), Sales CAGR 5Years: 22%
Net Profit (TTM): Rs 188 Crore (USD 26.1 M), Profit CAGR 5Years: 24%
th
rd

CASH (Mar 2018): Rs. 43.49 Crore (USD 6 M)
DEBT (Mar 2018): Rs. 189 Crore (USD 26.25 M)
BOOK VALUE/SHARE: Rs. 85; P/B: 9.7, P/S: 5
ROE: 19%; ROCE: 24%; ROA: 15%
Dividend Yield: 0.07%; Risk: Low
Current Ratio: 1.6, Quick Ratio: 0.86
Promoters/Management Holdings: 58.49%; Headquarters: Ahmedabad, Gujrat, India
Exchange Rate: 72 Rs/1 USD Oct 2018 (INR Depreciation since Jan 2011: -5.5%/Annum, Exchange Rate: 47 Rs/1 USD
Jan 2011)
All numbers in crores (INR) or dollars (USD)
Sources: Company’s Annual Reports & Website, BSE India, Moneycontrol, Reuters, ACE database
____________________________________________________________________________________
INVESTMENT THESIS
Mr. Sandeep Engineer (a Chemical Engineering Graduate) founded Astral Poly Technik Limited in 1996 with a vision
to manufacture pro-India plumbing and drainage systems in India. To avail latest technology and advance level
product development, he made strategic tie-ups with Speciality Process Ltd. and Lubrizol, USA. Mr. Sandeep
Engineer, founder and MD is credited to bring CPVC (Chlorinated Poly Vinyl Chloride) Pipes in India almost two
decades ago. Company’s MD was able to envision the growth prospects for CPVC over Galvanized Iron (GI) pipes as
CPVC pipes are less expensive, lighter, easy to carry/install, and have longer life span. Despite these advantages,
CPVC pipes were a tough sell back then as the end clients were skeptical if it can replace Galvanized Iron (GI) pipes,
an industry standard in India during that time period. Lot of efforts was made by the MD who travelled across India
on a mission to convince and train its end users. The company undertook a series of initiatives, including some smart
price matching and training programs for plumbers. After several years of MD’s deliberation, self funding to keep the
company afloat and at one instance almost avoiding bankruptcy, in 2004, his hard work produced results as the
CPVC pipes finally started gaining acceptance to replace metal pipes.
The MD also wanted to avoid going only in the PVC pipes business as CPVC pipes can withstand higher

temperatures and are more durable. This move of MD to go straight from GI to CPVC pipes two decades ago is now
seen as a masterstroke as they had a head start and with the first mover advantage, aggressively scaled up their
capacity, distribution networks and dealerships across the country and now dominate the plumbing market.
Astral Poly Technik Ltd. is one of the top 10 returns generating companies in the Indian stock market during the last
10 year period.
INR Returns (Mar 2007- Oct 2018): Astral has grown aggressively with above average returns and rewarded its
shareholders since it went public in Mar 2007. Since its listing in Mar 2007, Market Cap has gone up from Rs. 70
Crores to Rs. 10,053 Crores in Oct 2018, i.e. over 145X returns in less than 12 years vs. 2.2X returns in the underlying
benchmark S&P BSE SmallCap Index. (53.7% Ann. vs. 7% Ann.). For every 1 Rupee of retained earnings, company
has created well over 15 Rupee value since it went public in 2007.
INR Returns (Jan 2011- Oct 2018): Company’s Market Cap has gone up from Rs. 300 Crores in Jan 2011 to Rs. 10,053
Crores in Oct 2018, i.e. over 33X returns in less than 8 years vs. 1.5X returns in the underlying benchmark S&P BSE
SmallCap Index (57.5% Ann. vs. 5.4% Ann.).
Performance INR Stock Return (Cumulative) Stock Return (Annualized) Index Return (Cumulative) Index Return (Annualiz
Mar 2007-Oct 2018 14530% 53.7% 118.3% 7.0%
Jan 2011- Oct 2018 3300% 57.5% 50.9% 5.4%
USD Adjusted Returns (Mar 2007- Oct 2018): Since its listing in Feb 2007, Market Cap has gone up from Rs. 70
Crores (USD 16 M) to Rs. 10,053 Crores (1.4 Billion) in Oct 2018, i.e. 87X returns in less than 12 years vs. 1.3X returns in
the underlying benchmark S&P BSE SmallCap Index. (47% Ann. vs. 2.3% Ann.).
USD Adjusted Returns (Jan 2011- Oct 2018): Company’s Market Cap has gone up from Rs. 300 Crores (USD 70M) in
Jan 2011 to Rs. 10,053 Crores (~USD 1.4 Billion) in Oct 2018, i.e. 20X returns in less than 8 years vs. No Dollar Returns
in the underlying benchmark S&P BSE SmallCap Index. (48% Ann. vs. -0.9% Ann.).
Performance USD Adj Stock Return (Cumulative) Stock Return (Annualized) Index Return (Cumulative) Index Return (Annualiz
Mar 2007-Oct 2018 8638% 47.0% 30.4% 2.3%

Jan 2011- Oct 2018 1996% 48.0%
-7.0%
-0.9%
(Exchange Rate: 72 Rs/1 USD Oct 2018, Exchange Rate: 47 Rs/1 USD Jan 2011, Exchange Rate: 43.6 Rs/1 USD Jan
2007).
Historically, Astral's management team handpicked by the MD has shown remarkable capital allocation skills and has
always on lookout for growth and expansion opportunities, where they can grow profitably and leverage their brand
and network and try to maximize the returns for its shareholders.
MD made the right decision of venturing into Adhesives category in 2014 by acquiring Resinova and Seal IT. In 2016,
Seal IT Services Limited, a UK based subsidiary of the Astral Poly Technik Ltd. entered into U.S. market by acquiring
silicone tape business of Rowe Industries Inc., USA. In 2018, Astral is entering into Double Wall Corrugated (DWC)
pipes and Infrastructure space through inorganic way where they feel this new category will take the company to a
new height in terms of growth and profitability while expanding the offerings for the market. MD has introduced
countless innovations in piping category and has always been ahead in the technology curve. Management focuses
on product quality and providing excellent customer service.
Company has made strategic acquisitions in the US and UK and expanded in Africa. Under the able leadership of Mr.
Sandeep Engineer, Astral Poly Technik grew multi fold in market capitalization and is now a Fortune India 500
company with its comprehensive range of piping & adhesives has presence in 4 countries, 10 manufacturing
locations and has 4000+ employees. Company has 750 distributors and 30,000 dealers in India penetrating the
plumbing market from metro cities to smaller towns.
Astral’s policy of Decentralization of manufacturing facilities will add to the top line and bottom line growth mainly
due to logistics advantage. Company with its continuous efforts on branding and creating additional network in
piping & adhesives will yield positive results in coming years. Astral’s Rajasthan and Hosur plants’ operations will add
to production capacity and will strengthen the presence in northern/southern markets respectively. Introduction of
products in India from US and UK operations and vice versa will add to the growth in sales and margins. Continuous
efforts towards introduction of new products in piping and adhesives will help in improving top line and bottom line.
Over the last ten years, company’s revenue had a CAGR of 28%, profit CAGR of 21%. We expect revenues to
continue to grow around 15% CAGR over the next 3 years. The company generates USD 300 M of revenues and can
be purchased for USD 1.4 Billion. It holds cash of USD 6 M and has debt of 26 M. Astral Poly Technik Ltd. with its
competent management is an excellent value opportunity and play on India growth story. Sustainable double digit
margins, solid revenue growth, and a shrinking valuation gap should drive the share price higher.

NEAR TERM (ONE YEAR) FAIR VALUE CALCULATION
Astral Poly Technik Ltd. has displayed consistent above average financial and operating performance in the past
decade. In FY2018, APTL’s net revenue stood at Rs. 2,106 Crore (USD 292 M) registering a growth of 15% CAGR over
the last 3 years. Net profit for FY2018 was Rs. 175 Crore (USD 24 M) with a growth of 32% CAGR over the last 3
years. This rise in sales and profit has been in part a result of the company’s increasing client base, cost cutting
initiatives, capacity expansion and stable utilization rate of 70%. All these factors when put together should help in
moderate re-rating of this stock from the current level.
Following fair value calculations reflect that it has an upside of 35%+ from the current level.
Current P/S is 5, Sales (TTM) is Rs. 2,164 Cr. and Current Market Cap is Rs. 10053 Cr. (USD 1.4 Billion)
One year Sales target (with a conservative est. 15% CAGR) of Rs. 2488 Cr. with a revised P/S multiple of 6 provides
us a market cap of Rs. 14,932 Cr. (USD 2 Billion), an upside of 35%+ with stock price of roughly Rs. 1200 from the
current price of Rs. 840.
INDUSTRY OVERVIEW
As per CRISIL Research, Present size of plastic piping is approximately INR 300,000 million which is expected to
grow at 14% CAGR for the next five years. Present size of CPVC Piping market is approx. INR 35,000 million in India,
which is expected to grow by 24% to 25% CAGR for the next five years.
The unorganized segment in the plastic piping industry accounts for approximately 35% to 40%. Goods and Services
Tax (GST) has given an edge to organized players over unorganized ones as leakage of tax revenue through the
unorganized sector will be plugged.
Present size of adhesive, sealants and building chemicals industry is approx. INR 130,000 to 150,000 million, which is
expected to grow at 13% to 15% CAGR for the next five years. India now happens to be one of the fastest growing
markets for adhesives because of growth witnessed in industries like auto, packaging, housing, etc.
Construction Chemicals industry in India has comparatively low penetration and hence high growth potential in the
future.
Demand for plastic pipes and adhesives is expected to grow mainly because of the following 3 factors:
1. Surge in construction and infrastructure development in metros as well as tier-II and tier-III cities because of various Central, State Government
and Municipal Corporation initiatives. (Target to build 50 million houses in the next five years).
2. Growth in the net disposable income of household due to GDP expansion and high rate of urbanization (36% in the next 3 years).
3. Investment in irrigation/agriculture sector is expected to increase at CAGR 12% to 13% for the next five years.

COMPANY OVERVIEW
Astral Poly Technik Ltd. is a leader in the Indian piping industry today, since its establishment in 1996, it has set new
benchmarks of quality and innovation in plumbing and drainage solutions of the country. Company manufactures
plumbing, drainage, agriculture, industrial, electrical conduit and fire sprinkler pipes along with selling Hauraton
surface drainage systems in India.
Astral Poly Technik Ltd. has facilities in Gujarat, Maharashtra, Tamil Nadu, Uttarakhand, Uttar Pradesh, Kenya, USA
and UK. The company has presence in different segments of construction and infrastructure industry such as
housing, commercial construction, airports, hotel, malls etc. The company had technical associations with Lubrizol
and Speciality Process LLC of USA. Astral’s product line includes Astral CPVC Pro, Astral Aquarius uPVC, Astral
Drainmaster, Ultradrain, Astral DWV, Astral Foamcore, Astral Under Ground, Astral Drain Hulk, Astral AquaSAFE,
Astral Chem Pro and Weld-On, BONDSET. Astral enjoys a 25%+ market share in its segment due to its technical
prowess and know-how gained by strategic alliances with US companies. Capacity of the company has gone up 16X
from 9,074 MT in 2008 to 152,101 MT in 2018, and is still on continuous rise to meet the ever expanding demand. Top
management includes MD, Mr. Sandeep Engineer (owns 31.6% of the total shares currently worth USD 440M+),
Chairman, Mr. K.R. Shenoy and CFO, Mr. Hiranand A. Savlani.
Astral Poly Technik Limited constantly strives to upgrade processes and materials and incorporate international
developments in the plumbing industry to benefit their customers and meets the requirements for IS and ASTM
Standards. APTL is the only NSF (USA) approved company in plumbing industry, giving them an edge over their
competitors. Company had acquired UK based Bond IT and India based ResinovaChemie Ltd in efforts to expand
their business visions into other categories. With a plan to establish a strong presence in this category, they have
deployed cutting edge technology and a talented work force.
GROWTH DRIVERS – PIPING BUSINESS
New product launches:
‘RECYFIX’: comprehensive range of surface drainage system
‘PEX-A PRO’: Advanced, next generation plumbing system for hot and cold water
‘INSUPRO’: ‘XLPE Insulation for hot and cold water piping as well as for HVAC etc
Planning to launch ‘DOUBLE WALL CORRUGATED ‘pipes for underground drainage system – that can replace bigger diameter RCC pipes
Backward integration in CPVC at all plants. This will help improve in gross margins, which can be observed in results of the last year
Upcoming manufacturing facilities:
The Ghiloth, Rajasthan plant, which was schedule to start in July 2018 is now operational, 2 or 3 product lines products are now being made there
and the sales and distribution in the market for northern India and part of Rajasthan, MP has started from the plant.

Hosur plant for piping has been added with production capacity and to commence production on schedule.
Exploring to establish footprint in East India by setting up a manufacturing facility.
GROWTH DRIVERS – ADHESIVES BUSINESS
Present build-up capacity can generate business around INR 12,000 mn.
Currently offering total 642 SKUs
Introduction of new products under construction chemicals segment
Successfully launched ‘RESIQUICK’ 0.5 g ampule pack of Cyanoacrylate
Expanding distributor network across India
Adhesives plant in USA has started operations. With the support of UK operations, EBDITA is expected to grow into double digit
USA products (Silicone Tape etc.) will be launched in India in Q3 2018
Many new products are being developed which will be launched in due course
BUSINESS SEGMENT
PIPING: Plumbing, Drainage, Agriculture, Industrial, Fire Protection, Conduit Ancillary
ADHESIVES: Epoxy Adhesives & Putty, Silicone Sealants, Construction Chemicals, PVA, Cyanoacrylate, Solvent
Cements, Tapes, Polymeric Filling Compound, Anaerobic Adhesives, Industrial Adhesives
Segment
Segment revenue Segment profit
Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Plastic Products 1572.70 74% 1585.51 75% 166.89 64% 153.05
Adhesives 566.17 26% 541.78 25% 95.46 36% 63.20
Total 2138.87 2127.29 262.35 216.25
(In Rs. Cr.)
FY 2018 Revenue Mix – (Piping : Adhesives) was 74% : 26%;

FY 2018 Profit Share – (Piping : Adhesives) was 64% : 36%;
MANAGEMENT CONTACT INFO
Management Contact Info, India
Mr. Sandeep Engineer
Founder & Managing Director
"Astral House"
207/1, B/h. Rajpath Club,,Off S. G. Highway,
Ahmedabad, Gujarat, India, 380059
Tel: 079-66212000
Fax: 079-66212121
Email: info@astralpipes.com
Website: http://www.astralpipes.com
Global Address, Africa
ASTRAL PIPES LIMITED,
(Behind Libra House), Off. Mombasa road,
Opp. Sameer Business Park,
P.O.Box 18141, Nairobi 00500, Kenya.

Tel: +254 (0) 735 81705, +254 (0) 81705.
BUSINESS FINANCIALS
Annual Results (in Rs. Cr.) 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018
Period 12 months 12 months 12 months 12 months 12 months TTM
Sales 1057.0 1410.0 1678.0 1895.0 2106.0 2164.0
Operating Profit 155.0 168.0 207.0 260.0 314.0 343.0
OPM 14.7% 11.9% 12.3% 13.7% 14.9% 15.9%
Other Income 2.0 3.0 -3.0 9.0 13.0 14.0
EBIDT 157.0 171.0 204.0 269.0 327.0 357.0
Interest 31.0 25.0 30.0 18.0 22.0 28.0
Depreciation 22.0 36.0 42.0 50.0 57.0 60.0
Profit before tax 104.0 110.0 132.0 201.0 248.0 269.0
Tax 25.0 31.9 29.0 56.3 71.9
Net profit 79.0 78.1 103.0 144.7 176.1 188.0
Dividend Payout 5.0% 6.0% 5.0% 5.0% 4.0%
RECENT RECOGNITION AND AWARDS TO THE MD & ASTRAL POLY TECHNIK LIMITED (APTL)
In 2016, Mr. Sandeep Engineer, Managing Director of Astral received "Inspiring Business Leader of India" Award for
demonstrating exemplary leadership qualities by The Economic Times

In 2013, Mr. Sandeep Engineer, received “EY Entrepreneur of The Year Award”
For the year 2012-13, AMA (Ahmedabad Management Association) had conferred Mr. Sandeep Engineer as the
“Outstanding Entrepreneur Award”
2016 APTL received “The Most Trusted Pipe Brand” by Brand Trust Report India Study
2016 APTL received “The Most Attractive Brands” by TRA
2015 APTL received “Value Creator” Award during the first ever Fortune India Next 500 India Event
2013 APTL featured in Inc. India Innovative 100 for smart Innovation under Category of “Technology”
2012 APTL received “PowerBrands Rising Stars” Award in Dubai by Planman Media
ASTRAL POLY TECHNIK DOES WELL ON OUR FINANCIAL SCREENING CRITERIA:
Sr. No. As of 1st Oct 2018 Astral Poly Technik
1 Return On Equity (ROE) 19%
2 Return On Capital Employed (ROCE) 24%
3 Return On Assets (ROA) 15%
4 Earnings Growth 32%
5 Sales Growth 15%
6 Net Profit Margin (NPM) 8%
7 Price/ Earnings (P/E) 53
8 Earnings Yield (EY) 2%
9 Price to Book Value (P/BV) 9.7
10 Price/Sales (P/S) 5

11 EV/EBITDA 30
12 Daily Volume (Averaged Over a Month) Rs. 15 Crore
13 Debt/Equity (D/E) 0.19
14 Percentage of Promoters Shares Pledged 0%
15 Current Ratio 1.6
16 Promoter Group Share Holding 58.49%
17 Dividend Payout Ratio 4.1%
18 Dividend Yield (DY) 0.07%
19 Number of Analyst Covering the Company 12
Astral Poly Technik does fairly well on our screening metrics and exemplifies traits of a solid investment opportunity.
Utilization rate is of 70%. Company has none of its shares pledged and has low D/E ratio. Trends on the above
metrics over a period of last 8 years have been favorable and consistent.
CATALYSTS
Astral Poly Technik Ltd. recent acquisition of Rex Polyextrusion Pvt. Ltd. will provide strong foothold in
infrastructure and construction industry.
RISKS AND CONCERNS
Raw Material Price Increase Risk: Astral imports 50% of its raw material which are linked to crude prices. Any
increase in raw material price and INR depreciation may affect margins of the company. Historically, company has
hedged this dual risk well and monitors price sensitivity analysis results carefully.
CONCLUSION
As soon as the big domestic and global funds starts tracking this company and realizes the company's consistent
financial performance (earnings growth, profit margins), the stock should attract broad investor interest.

With a moderate sales growth target of 15% over the next 1 year, will help fill in the gap between the market price of
Rs. 840 and an intrinsic value estimate of Rs. 1200.
Taking into account all the factors, such as above average financial performance, management quality, growth
potential of the piping and adhesive industry, Astral Poly Technik is poised to do well in the future.
Analyst: Maneesh Nath

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