Astral Limited has uploaded the transcript of its conference call with analysts and institutional investors held on June 27, 2026, to the investor relations section of its website. The document is available at www.astraltd.com . This follows the interaction where senior management addressed recent corporate developments.

The meeting, hosted with Investec Capital Services (India) Private Limited, was led by Ritesh Shah, Joint Head of Research at Investec India. Senior management representatives from Astral Limited participated, including Mr. Sandeep Engineer, Chairman and Managing Director; Mr. Hiranand Savlani, Executive Director & CFO; Mr. Kairav Engineer, Executive Director; and Mr. Saumya Engineer, CEO.

The company had previously clarified that no price-sensitive information was disclosed during the session. The interaction was arranged at short notice to accommodate exigencies and recently confirmed investor schedules. The disclosure regarding the transcript upload was made to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) 2015.

The proposed demerger of astral 's chemicals business—spanning adhesives and paints—has triggered a divergence of opinion among prominent brokerages, with CLSA, JPMorgan, and Investec each arriving at distinct assessments of the strategic move's implications for the company's near- and long-term prospects.

Brokerage Ratings at a Glance

The three brokerages have issued contrasting ratings and target prices following the demerger announcement, reflecting varying views on execution risk, capital allocation, and growth potential.

CLSA: Hold on Improved Focus, Limited Near-Term Upside

CLSA has maintained a Hold rating on Astral with a target price of ₹1,475. The brokerage acknowledges that the demerger of the chemicals business—covering adhesives and paints—is expected to improve management focus, execution, and capital allocation. However, CLSA notes that the near-term impact of the demerger remains limited. According to CLSA, growth acceleration and margin improvement are the key rerating triggers that investors should watch for before reassessing the stock's potential.

JPMorgan: Downgrade to Neutral Amid Near-Term Headwinds

JPMorgan has taken a more cautious stance, downgrading Astral to Neutral. The brokerage cites demerger uncertainty as a primary concern, even as it recognises that separating the high-margin plumbing business could free it for stronger capital allocation. JPMorgan flags several near-term risks, including:

• Potential pressure on paints and adhesives growth post-demerger
• Near-term PVC price correction
• Risk of inventory losses
• Demand volatility in key segments

Despite these concerns, JPMorgan clarifies that it remains structurally positive on Astral over Supreme, suggesting the downgrade reflects near-term caution rather than a fundamental reassessment of the company's long-term positioning.

Investec: Buy Rating on Value Unlocking Potential

Investec offers the most optimistic outlook, retaining a Buy rating with a target price of ₹1,710. The brokerage highlights that the demerger will create Astral Chemie, positioning it as India's second-largest listed pure-play in the chemicals segment after Pidilite Industries. Investec points to strong growth prospects in adhesives and construction chemicals, supported by healthy cash flow and return on capital employed (RoCE). The brokerage also notes that enhanced disclosures and improved execution following the demerger offer meaningful value unlocking potential for investors.

Key Themes Across Brokerage Views

While the three brokerages differ in their ratings, several common themes emerge from their analyses:

• The demerger is broadly seen as a positive structural step for management focus and capital allocation
• Near-term risks—including PVC price movements, inventory dynamics, and demand volatility—remain a point of caution
• Growth acceleration and margin improvement in the plumbing and chemicals segments are widely identified as critical milestones for any meaningful rerating
• The creation of Astral Chemie as a distinct listed entity is viewed by Investec as a catalyst for value discovery in the adhesives and construction chemicals space

The divergence in brokerage views underscores the complexity of assessing Astral's demerger, with near-term execution risks and structural growth opportunities pulling analyst sentiment in different directions.