Pipes & adhesives Historical case study · data as of 09 Jul 2026 · published 12 Oct 2026 (95 days later)

Astral — 100-point case study

How Astral looked on 50 technical and 50 fundamental measures on 09 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: ASTRAL · BSE: 532830
Close on 09 Jul 2026	₹1,317.10
Market cap then	₹35,379 crore
Valuation	P/E 66.1× · P/B 8.72×
Momentum	RSI (14) 30 · 1-year return -11.8%
Next 3 months	+7.0% vs Nifty 50 -6.0% (to 09 Oct 2026)

Scorecard

Technical — 50 points

3 bullish · 15 neutral · 3 caution · 28 bearish — the picture leaned negative.

Fundamental — 50 points

15 bullish · 31 neutral · 0 caution · 3 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 09 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.93%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.93% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -14.7%	Bearish	The 100-session trend line was down (-0.15%/day) and the stock was -14.7% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -11.8%	Bearish	Compared with a year earlier the price was -11.8%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 1,499.90 / 30W 1,528.21	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,614.80→1,583.30; lows 1,485.50→1,329.00	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	27.4	Bearish	ADX at 27.4 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 13.8 / –DI 37.4	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	1,455.05 (-9.5%)	Bearish	Close of 1,317.10 was 9.5% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	1,505.31 (-12.5%)	Bearish	Close of 1,317.10 was 12.5% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	1,503.13 (-12.4%)	Bearish	Close of 1,317.10 was 12.4% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 1,374.88 / 21E 1,431.14	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 25 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 0.1% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-3.3% in 20 sessions	Bearish	The 50-day average fell 3.3% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	1,455 / 1,505 / 1,561 / 1,503	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	1,361.20 (-3.2%)	Bearish	Anchored to the start of July, the volume-weighted average price was 1,361.20; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	29.6	Caution	RSI at 29.6 was oversold (≤30) — weak but stretched to the downside, where bounces often occur. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -53.44 / signal -39.81	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-18.21 → -13.63	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-53.44	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 5.8 / %D 12.7	Caution	Slow stochastic at 5.8 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-97.9	Caution	%R of -97.9 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-101	Bearish	CCI at -101 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-14.3%	Bearish	Price changed -14.3% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.13 (bands 1,266.19–1,643.90)	Neutral	%B of 0.13 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 26.0% (99th pct of 6M)	Neutral	Band width was at the 99th percentile of the last six months, so volatility was elevated. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹43.33 (3.3% of price)	Neutral	A typical day's range was about ₹43.33, or 3.3% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	33.6% vs 1Y 30.6%	Neutral	Annualised 30-day volatility was 33.6%, close to the one-year level of 30.6%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	1,343.07–1,512.37	Bearish	The close was below the lower channel — a strong trending push. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.93	Neutral	A beta of 0.93 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.67× / 5-day 0.74×	Neutral	The final session traded 0.67× its 20-day average volume and the last five sessions averaged 0.74× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.59	Bearish	Average volume on up days was 0.59× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.24	Bearish	CMF at -0.24 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	25.8	Bearish	MFI, a volume-weighted RSI, was 25.8. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹111 cr/day	Neutral	About ₹111 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	1,263.70	Neutral	Nearest support (prior swing lows) sat at 1,263.70, 4.2% below the close. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	1,411.80 / 1,482.10 / 1,591.83	Neutral	Nearest resistance (prior swing highs) sat at 1,411.80, 7.2% above the close, then 1,482.10, 1,591.83. How to read: Information only.
40	Monthly pivot points (for next month)	P 1,346.83 \| R1 1,382.07 \| S1 1,281.87	Neutral	Classic pivots from July's high/low/close gave a pivot of 1,346.83; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 1,419 \| 38.2% 1,486 \| 50.0% 1,540 \| 61.8% 1,594	Neutral	Measuring the 6-month fall from 1,768.70 to 1,311.60, the close was nearest the 23.6% retracement at 1,419.48. How to read: Information only.
42	52-week high / low	H 1,768.70 / L 1,263.70	Bearish	The close was 25.5% below the 52-week high and 4.2% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-down 29 Jun at 1,483.40	Neutral	There was 1 unfilled gap(s). The latest, a gap-down on 29 Jun 2026, left an open level at 1,483.40 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	falling channel	Bearish	Rule-based pattern scan: falling channel — successive lower highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 1,327.30–1,583.30	Bearish	The close was breakdown below the prior 20-day range of 1,327.30–1,583.30 — a range break. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 09 Jul the candle opened 1,336.00, ranged 1,311.60–1,348.80 and closed 1,317.10: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 1,523.20–1,559.85; Tenkan 1,367.30 / Kijun 1,447.45	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -16.8% / 3M -18.4%	Bearish	The stock underperformed the Nifty 50 by 18.4 points over three months and underperformed by 16.8 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +3.2%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 3.2 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	3 bullish · 28 bearish · 15 neutral · 3 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 1,263.70, resistance 1,411.80. This is a description of the chart on 09 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 09 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 09 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	66.1×	Neutral	At ₹1,317.10 the market valued the company at about ₹35,379 crore, or 66.1× the ₹535 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	8.72×	Neutral	Market cap was 8.72× the Mar 2026 book value (equity + reserves) of ₹4,058 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	5.39×	Neutral	The company was valued at 5.39× its trailing-12-month sales of ₹6,568 crore. How to read: Information only.
4	EV / EBITDA (approx.)	33.5×	Neutral	Enterprise value (market cap + ₹250 cr borrowings; cash not netted) was 33.5× trailing operating profit of ₹1,062 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.5%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.5 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	15.51	Bearish	P/E of 66.1 divided by 3-year profit growth of 4.3% a year gives a PEG of 15.51. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.28%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹3.75 a share, a 0.28% yield on the ₹1,317.10 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹35,379 cr	Neutral	At about ₹0.35 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹260.20 vs ₹1,317.10	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹260.20; the price was 406% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+12.6%	Bullish	Revenue for FY26 was ₹6,569 crore, +12.6% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+24.2%	Bullish	The Jan–Mar 2026 quarter brought ₹2,088 crore of revenue, +24.2% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+3.1%	Neutral	FY26 net profit was ₹535 crore, +3.1% on FY25's ₹519 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+19.7%	Bullish	Quarterly profit was ₹213 crore versus ₹178 crore a year earlier (+19.7%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	8.4%	Neutral	Revenue compounded at 8.4% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	4.3%	Bearish	Net profit compounded at 4.3% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	15.6%	Bullish	Over five years (FY21–FY26) revenue compounded at 15.6% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+2.4%	Neutral	Reported EPS went from ₹19.50 to ₹19.97 (+2.4%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	16%	Neutral	Operating profit (EBITDA) was 16% of sales in FY26 versus 16% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	14% → 16% → 15% → 18%	Bullish	Quarterly margins moved from 14% to 18% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	8.1%	Neutral	₹8.1 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	13.9%	Neutral	FY26 profit was 13.9% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	19%	Neutral	Return on capital employed (debt + equity) was 19% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	9.24%	Neutral	Net profit was 9.24% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	27%	Neutral	The company paid about 27% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	3%	Neutral	Non-operating 'other income' of ₹25 crore made up 3% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.06	Bullish	Borrowings of ₹250 crore were 0.06× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.24×	Bullish	Debt equalled 0.24 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	12.4×	Bullish	Earnings before interest and tax covered interest cost 12.4 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+12.2%	Bullish	Shareholders' equity grew +12.2% from ₹3,617 crore to ₹4,058 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹94 cr (3% of fixed assets)	Neutral	Projects under construction (CWIP) were 3% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	11 days	Neutral	Working capital tied up equalled 11 days of sales (FY25: 25). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	23 days	Neutral	It took 23 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	26 (FY25 27)	Neutral	Customers took 26 days on average to pay, versus 27 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹1,117 cr	Bullish	The business generated ₹1,117 crore of operating cash in FY26 versus ₹630 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹661 cr	Bullish	After capital spending, free cash flow was ₹661 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	2.09×	Bullish	Operating cash flow was 2.09× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	1.9%	Neutral	FY26 free cash flow was 1.9% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹1,024 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹1,024 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹456 cr	Neutral	Implied capital expenditure was about ₹456 crore, 6.9% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	13%	Neutral	The company paid out about 13% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	18% / 19% / 13%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹27 cr → ₹27 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	54.22% (+0.12 pts YoY)	Neutral	Promoters owned 54.22% at Mar 2026 versus 54.10% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	14.50% (-5.67 pts YoY)	Bearish	FIIs held 14.50% at Mar 2026, down from 20.17% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	20.92% (+6.32 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 20.92%, up from 14.60%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.6 lakh (-16.6% YoY)	Neutral	The shareholder count moved from 3.1 lakh to 2.6 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, no meaningful dilution (<3%). Failed: ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 1 weakness(es)	Neutral	Strengths: Company is almost debt free; Company's working capital requirements have reduced from 17.4 days to 11.0 days. Weaknesses: Stock is trading at 9.33 times its book value. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	15 bullish · 3 bearish · 31 neutral · 0 caution	Bullish	On the numbers published by 09 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 66.1×, P/B 8.72×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 09 Apr 2026 – 09 Jul 2026 that an investor could have known on the snapshot date.

18 May 2026 Astral Q4 FY26 net profit rises 19.6% to Rs 213 crore; revenue up 24.2% — Astral reported consolidated Q4 FY26 revenue from operations of Rs 2,089 crore and net profit of Rs 213 crore; FY26 revenue rose 12.6% to Rs 6,569 crore and net profit 3% to Rs 535 crore. source
18 May 2026 Astral Q4 FY26 results: PAT rises 20% to Rs 213 crore — Brokerage news coverage of Astral's Q4 FY26 results, reporting a roughly 20% rise in profit and 24% rise in revenue year on year. source
19 May 2026 Astral shares fall about 7% after Q4 earnings miss estimates — Astral shares declined about 7% in the session after Q4 results, a third straight day of losses, as profit and revenue came in below analyst estimates despite 25.5% EBITDA growth. source
25 May 2026 Astral uploads transcript of 20 May 2026 analyst meet — Astral posted the transcript of its 20 May 2026 analyst meet on its investor relations website and disclosed it to BSE and NSE under Regulation 30. source
11 Jun 2026 Astral subsidiary to acquire 60% stake in DSS LLP for Rs 39.11 crore — Astral Chemie Limited, a wholly owned subsidiary, agreed to buy a 60% stake in Differentiated and Sustainable Solutions LLP for Rs 39.11 crore in cash, with completion expected by 31 August 2026. source
03 Jul 2026 Why is Astral share price falling? — An explainer noted Astral shares had fallen about 23% from the 52-week high of Rs 1,769 to around Rs 1,360, citing FII selling, sector earnings cuts, margin pressure and valuation de-rating. source

What happened next (09 Jul 2026 → 09 Oct 2026)

Price went from ₹1,317.10 to ₹1,409.80 by 09 Oct 2026 (+7.0%) while the Nifty 50 moved -6.0% — outperforming by 13.1 points.
Highest ₹1,600.00 on 13 Aug 2026; lowest ₹1,312.90 on 10 Jul 2026.
S1 1,263.70: held on a closing basis.
R1 1,411.80: cleared on a closing basis on 21 Jul 2026.
R2 1,482.10: cleared on a closing basis on 13 Aug 2026.
200-day SMA: price was below it at the snapshot and crossed above on 13 Aug 2026.
Apr–Jun 2026 results (reported 12 Aug 2026): revenue ₹1,578 crore (+15.9% YoY), net profit ₹120 crore (+51.9% YoY), operating margin 15% vs 14% a year earlier (Screener consolidated figures).

Later news

01 Aug 2026 Astral to hold 30th AGM on 24 August; Rs 2.50 final dividend, record date 14 August — Astral said its 30th AGM will be held on 24 August 2026 via video conference, with a recommended final dividend of Rs 2.50 per share and a record date of 14 August 2026. source
12 Aug 2026 Astral Q1 FY27 net profit rises 52% to Rs 120 crore; revenue Rs 1,578 crore — Astral reported Q1 FY27 consolidated revenue of Rs 1,578 crore, up about 16% year on year, and net profit of Rs 120 crore versus Rs 79 crore a year earlier. source
13 Aug 2026 Astral shares rally up to 9% after Q1 profit growth — Astral shares rose as much as 9.2% on 13 August following the Q1 FY27 results; the report also noted analyst views from Citi, UBS and CLSA. source
13 Aug 2026 MSCI August review moves Astral out of standard India index — MSCI's August 2026 review removed Astral from its standard India index and added it to the small-cap segment, effective after the 31 August 2026 close. source
09 Sep 2026 Astral Q2 FY27 results date not yet confirmed — A preview noted Astral had not yet announced its Q2 FY27 board meeting date; the statutory deadline is 14 November 2026. The Q2 FY26 base was Rs 1,577 crore revenue and Rs 135 crore profit. source

Educational summary. On 09 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved +7.0% against -6.0% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Astral today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 12 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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