Astral STUDY

I N V E S TO R P R E S E N TAT I O N Build
Sustain
Grow
ASTRAL LIMITED MAY 2022

Contents
BRAND -
C O M PA N Y PRODUCT BUILDING
OVERVIEW OFFERINGS I N I T I AT I V E S
03-16 17-25 26-31
S U S TA I N A B I L I T Y WAY FINANCIAL
I N I T I AT I V E S FORWARD PERFORMANCE
32-41 42-49 50-60

Company
Overview
ASTRAL AT A GLANCE 04 AWARDS AND RECOGNITION 11
THE TORCH BEARER IN THE 12
CORPORATE STRUCTURE 05 PIPES CATEGORY
OPERATING IN 7 HIGH GROWTH

CATEGORIES
06 PIPES & WATER TANKS
MANUFACTURING UNITS
13
ADHESIVES & SEALANTS 14

FORAY INTO PAINTS 07 MANUFACTURING UNITS
ASTRAL THE TRENDSETTER 09 MANUFACTURING FACILITIES 15

ASTRAL JOURNEY 10 PAN INDIA PRESENCE 16

BUILD SUSTAIN GROW
Astral at a Glance
Astral is one of the fastest-growing
and leading companies in the
category of building materials with
presence across pipes and adhesives,
and is now foraying into paints,
faucets & sanitaryware and valves
and Infrastructure.
Astral deploys best-in-globe

technologies and fulfills the
1996 6,000+ 25+ 03
emerging needs of millions of ASTRAL EMPLOYEES EXPORT PRESENCE MANUFACTURING
houses and adds extra mileage INCORPORATED PRESENCE IN 3 COUNTRIES
to India’s developing real estate
fraternity with the hallmark of
unbeaten quality and innovative
building materials solutions.
MANUFACTURING PRODUCTION DEPOTS DISTRIBUTORS DEALERS

UNITS CAPACITY
(M.T. PA)
INVESTOR PRESENTATION
18 3,70,802 23 2,535+ 1,80,000+
08 05 05 2,74,822 95,980 14 09 1,035+ 1,500+ 35,000+ 1,45,000+
PIPES ADHESIVES WATER PIPES & ADHESIVES PIPES ADHESIVES PIPES ADHESIVES PIPES ADHESIVES
& SEALANTS TANKS WATER TANKS & SEALANTS & SEALANTS & SEALANTS & SEALANTS
COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

OVERVIEW OFFERINGS INITIATIVES INITIATIVES FORWARD PERFORMANCE 04 62
BUILD SUSTAIN GROW
Corporate Structure
100% 80%
ABPL SEAL IT
(UK)
97.45% 100%
RESINOVA SEAL IT
CHEMIE LIMITED (USA)
50.0% 51%
APL GEM PAINTS
(KENYA) PRIVATE LIMITED

BUILD SUSTAIN GROW
Operating in 7 High Growth Categories
PIPES & WATER

FITTINGS TANKS
ADHESIVES
INFRASTRUCTURE
& SEALANTS
FAUCETS &
PAINTS
SANITARYWARE
SPECIALIZED
VALVES

BUILD SUSTAIN GROW
Foray into Paints (1/2)
3,000+
FINANCIAL HIGHLIGHTS
ಶ , 1 0 1
14.91 DEALERS ACROSS SOUTH INDIA
EBITDA % FY22
10
2,146
2,010
18.01%
EBITDA % FY21 DEPOTS SPREAD ACROSS SOUTH INDIA
As par t of the strategic ABOUT GEM PAINTS

SALES
28+
362
320
decision to expand its ADJUSTED BRANDS AND
product por tfolio under the EBITDA
building material segment

and strengthen its brand FY21 FY22*
100+
Gem Paints was founded in SKUs SPANNING ACROSS VARIOUS PRICE
ASTRAL and its Dealers’ POINTS
1980 and has been involved
& Distributors Network , in manufacturing high-
the Company entered into performance Industrial and
a definitive agreement to Decorative coatings in
acquire a controlling 51% South India. The Company RECENT CAPACITY EXPANSION UNDERTAKEN
enjoys its competitive edge IN KARNATAKA WITH ANNUAL CAPACITY OF
equity stake in the derived from its resin 36,000 KL. CAN BE FURTHER ENHANCED UP TO
operating business of manufacturing capabilities 60,000 KL.
Gem Paints Private Limited. and in-house R&D division.
FY22*: Probational

BUILD SUSTAIN GROW
Foray into Paints (2/2)
HUGE OPPORTUNITY SIZE ASTRAL TO LEVERAGE ITS EXISTING:

ಶ , 1 &5 2 5 ( 6
7.5%
5 YEARS CAGR
69,000
Common
53,000
Dealers
TO RAPIDLY
SCALE UP THE
OPERATIONS
Common Legacy
Customers of Brand
FY21 FY25E

BUILD SUSTAIN GROW
Astral The Trendsetter
First to introduce CPVC Three adhesives manufacturing Introduced countless

pipes in India facilities in India, one in the UK innovations in pipes category
and one in the USA
India's first lead-free uPVC Offers the widest range of Robust network of channel
pipes for potable water and product in pipes category partners
column pipes for stream water
Eight pipes manufacturing Introduced DWC and Five water tanks manufacturing
facilities infrastructure products in facilities and only Company in
Infra segment India to introduce water tanks
with anti viral copper shield

BUILD SUSTAIN GROW
Astral Journey
• Drain Pro Launch

• Bhubaneshwar Plant
operational
• First to launch
multi-layer CPVC- • Astral Enters Faucets
AL-CPVC pipes and Sanitaryware
• Acquired Water under the brand segment
Tank Business and name ‘Multi Pro’
launched Sarita by • Astral Enters Paints
Astral • Introduced India's segment by acquiring
• USA Plant of Seal It first Anti Viral controlling stake in
Ltd. Operational • Ranveer Singh Water Tanks – Gem Paints
• Ghiloth Plant comes on board as Cleo & Vito
• Enters the Commissioned Brand Ambassador • Appointed Allu Arjun
Billion $ Market • Expanded product as brand ambassador
• Acquired Seal It cap club • Acquired Rex portfolio by to strengthen brand
Limited, UK Polyextrusion introducing HDPE recall in Southern
• Fortune India Pro, Under Ground
500 Company
Limited Indian markets
• Acquired Resinova Pipes & Eco Pro
Astral Chemie Limited
• Launch of • BondTite Pro
Incorporated CPVC Pro
• Salman khan Launch
appointed as the
brand ambassador
1996 2014 2016 2018 2020 2021 2022

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Awards and Recognition
2013 2013 2014 2015 2015
Awarded as Recognised for Awarded as Awarded as Awarded as

Business Standard Smart Innovation by India’s Most Value Creator during India’s Most Desired
Star SME Inc. India Innovative Promising Brand the first ever Fortune Brand by TRA
100 under category India Next 500
of ‘Technology’
2016 2016 2020 2021 2022

Awarded as Shortlisted & profiled Awarded as Recognised as Certified as
India’s Most Attractive in Dun & Bradstreet’s India’s Most Trusted Consumer Validated Great Place to Work
Pipe Brand list of India’s Top 500 Pipe Brand in the year Superbrand - India
Companies for the 2016, 2019, 2020, for 2017 and then
year 2021 publication 2021 and 2022 for three consecutive
years 2019, 2020,
2021 and 2022

BUILD SUSTAIN GROW
The Torch Bearer in The Pipes Category

1998
2007
2010
2016
Core Competencies
• Introduced • NSF • Low Noise • Indigenous UNBEATABLE

CPVC pipes approval PP Drainage CPVC QUALITY
and fittings for CPVS System Compound
pipes
WORLD-CLASS MFG.
CAPABILITIES &
TECHNICAL TIE-UPS
PRODUCT
INNOVATIONS &
1ST TO INTRODUCE IN INDIA VALUE ENGINEERING
STRONG BRAND
EQUITY
• Lead-free • Foamcore • Lead-free • Water Tanks
uPVC pipes PVC Column With Anti-viral
and fittings Drainage Pipes Copper Shield
System WIDE AND DEEP
• CPVC-AL-CPVC DISTRIBUTION
Multi-layer REACH
Composite Pipes
SEAMLESS
2004
2008
2013
2021
BACKWARD
INTEGRATION

BUILD SUSTAIN GROW
Pipes & Water Tanks Manufacturing Units

Installed Capacity
Pipes Pipes Pipes Pipes
Water Water Water

Tanks Tanks Tanks
SANTEJ DHOLKA GHILOTH HOSUR
85,085 M.T. 55,057 M.T. 33,165 M.T. 46,447 M.T.

Pipes Pipes Pipes Pipes
Water Water
Tanks Tanks
SANGLI AURANGABAD SITARGANJ BHUBANESHWAR * (CUTTACK)
32,344 M.T. 17,648 M.T. 5,077 M.T. 7,515 M.T.

*Operative since May 2022

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Adhesives & Sealants Manufacturing Units

Installed Capacity
Adhesives Adhesives
& Sealants & Sealants
SEAL IT, UK RANIA
23,397 M.T.
Adhesives Adhesives
31,632 M.T.
& Sealants
UK + US capacity
Adhesives
& Sealants
SEAL IT, USA SANTEJ UNNAO
28,178 M.T. 12,773 M.T.

BUILD SUSTAIN GROW
Manufacturing
Facilities SITARGANJ
5,077 M.T.
UN N A O
12,773 M.T.
RANIA
G HI L O T H 23,397 M.T.
33,165 M.T.
SANTEJ
28,178 M.T.
USA+UK SANTEJ
31,632 M.T. 85,085 M.T. B HUB A N ES HWAR
( C U TTA CK)
7,515 M.T.
DHO L KA
A UR A N G A BA D
55,057 M.T. 17,648 M.T.
SANGLI
PIPES WATER TANKS

32,344 M.T.
HO S UR
46,447 M.T.
ADHESIVES
& SEALANTS

BUILD SUSTAIN GROW
Pan India
DELHI
NEW DELHI D B D
Presence HARYANA
AMBALA D
UTTARAKHAND
SITARGANJ P
PUNJAB UTTAR PRADESH

MOHALI D LUCKNOW B
PIPES
RAJASTHAN KANPUR C
P PLANTS RANIA P
GHILOTH P P
D DEPOTS JAIPUR D B D
UNNAO P
UDAIPUR VARANASI D
C CORPORATE OFFICE D
B BRANCH OFFICE GUJARAT

AHMEDABAD C C BIHAR
DHOLKA P PATNA D D
WATER TANKS SANTEJ P P P
MADHYA PRADESH
P PLANTS WEST BENGAL
INDORE D B D
KOLKATA D B D
MAHARASHTRA
AURANGABAD ODISHA
ADHESIVES & SEALANTS P P
KOLHAPUR D CUTTACK P P
P PLANTS
MUMBAI B B
TELANGANA
DEPOTS NAGPUR
D D
HYDERABAD D B D
PUNE B
C CORPORATE OFFICE
SANGLI P
B BRANCH OFFICE THANE D ANDHRA PRADESH
KARNATAKA VIJAYAWADA D
BENGALURU B D TAMIL NADU

KERALA CHENNAI B
KOCHI B HOSUR P P

Product
Offerings
PIPES PRODUCTS AT A GLANCE 18 WATER TANKS PRODUCTS AT A GLANCE 23
ADHESIVES AND SEALANTS PRODUCTS 24
NEW PRODUCT LAUNCH - DRAIN PRO 21 AT A GLANCE
NEW PRODUCT LAUNCH -

SPECIALIZED VALVES
22

BUILD SUSTAIN GROW
Pipes Products
at a Glance (1/3)
PLUMBING SYSTEM DRAINAGE SYSTEM
PLUMBING SYSTEM
DRAINAGE SYSTEM
FIRE PROTECTION SYSTEM
INDUSTRIAL PIPING SYSTEM
CABLE PROTECTION SYSTEM

A DVA NC ED P P S WR S
Y S TE M
AGRICULTURE SYSTEM
URBAN INFRASTRUCTURE
SOLVENT CEMENTS
ANCILLARY
PLUMBING SYSTEM
BUILD SUSTAIN GROW
Pipes Products
at a Glance (2/3)
FIRE PROTECTION SYSTEM INDUSTRIAL PIPING SYSTEM
PLUMBING SYSTEM
DRAINAGE SYSTEM

CABLE PROTECTION SYSTEM AGRICULTURE SYSTEM
AGRICULTURE SYSTEM
URBAN INFRASTRUCTURE
SOLVENT CEMENTS
ANCILLARY
PLUMBING SYSTEM
BUILD SUSTAIN GROW
Pipes Products
at a Glance (3/3)
URBAN INFRASTRUCTURE ANCILLARY
PLUMBING SYSTEM
DRAINAGE SYSTEM
AGRICULTURE SYSTEM
URBAN INFRASTRUCTURE SOLVENT CEMENTS PLUMBING ACCESSORIES
SOLVENT CEMENTS
ANCILLARY BACK FLOW AIR

PREVENTER ADMITTANCE
VALVE VALVE
PLUMBING SYSTEM
TM
BASIN TRAP

BUILD SUSTAIN GROW
New Product Launch - DrainPro
DrainPro pipes are manufactured using the state-of-the-art multi-layer piping

Y S TE M
A DVA NC ED P P S WR S technology that imparts excellent properties which are essential for superior
performance of the drainage system.
Astral Drain Pro is a cutting-

edge, three-layer PP SWR system
that is an ideal replacement for
conventional drainage systems.
BUILD SUSTAIN GROW
New Product Launch - Specialized Valves
Astral Pipes has forayed into

manufacturing specialized
uPVC and CPVC valves for
household plumbing and
Industrial applications. This
range of valves is designed
specifically to impart additional
strength and to improve overall
functionality. This aesthetically
designed range is 100%
traceable and are tested on a
European testing machiner y.
BUILD SUSTAIN GROW
Water Tanks Products at A Glance

BUILD SUSTAIN GROW
Adhesives
& Sealants
EPOXY ADHESIVES & PUTTY CONSTRUCTION CHEMICALS PVA ADHESIVES
Products at
a Glance (1/2)
TWO PART EPOXY ADHESIVE
MEMBRANE & COATING RUBBER ADHESIVES

EPOXY ADHESIVES & PUTTY
SILICONE SEALANTS TM
STRONGEPOXY PUTTY
CONSTRUCTION CHEMICALS
MEMBRANE & COATING
WATERPROOFING
SILICONE SEALANTS WATERPROOFING TAPES
TILE & GROUT ADHESIVES
PVA ADHESIVES
RUBBER ADHESIVES
TAPES
Extensive Range of Silicone Sealants Multipurpose Self-fusing Tape
SOLVENT CEMENTS
ANAEROBIC ADHESIVES TILE & GROUT ADHESIVES
CLEAR ACRYLIC ADHESIVES
INDUSTRIAL
Premium A dhesives & Sealants

BUILD SUSTAIN GROW
Adhesives
& Sealants
SOLVENT CEMENTS INDUSTRIAL
Products at ™
a Glance (2/2)
HIGH QUALITY SOLVENT CEMENT
EPOXY ADHESIVES & PUTTY

ANAEROBIC ADHESIVES
SILICONE SEALANTS
CONSTRUCTION CHEMICALS
MEMBRANE & COATING
WATERPROOFING
TILE & GROUT ADHESIVES
PVA ADHESIVES
RUBBER ADHESIVES
TAPES
SOLVENT CEMENTS
ANAEROBIC ADHESIVES
INDUSTRIAL

Brand -
Building
Initiatives
MARKETING COMMUNICATION 27

BUILD SUSTAIN GROW
Marketing Communication (1/5)
Ranveer Singh
The face of Astral Pipes –
India’s most trusted pipe
Astral Pipes onboards icon star
Allu Arjun
With this partnership, the Company aims to
expand and solidify Astral's piping vertical in the
southern markets.
The move is set to leverage Allu Arjun's

massive following to strengthen the brand
positioning in Southern India and drive sales.

BUILD SUSTAIN GROW
TVC campaign on India

ka Bharosemand Pipe,
starring Ranveer Singh
Wa tch the vi deo Onl i ne

BUILD SUSTAIN GROW
Celebratig 25 years of
BondTite, a TVC campaign
was launched for the Epoxy
Adhesive Range - BondTite
Wa tch the vi deo Onl i ne

BUILD SUSTAIN GROW
Astral Pipes Co-Sponsored

three IPL Teams in its 2022
edition.
BUILD SUSTAIN GROW
Film co-Promotion
RRR
Chandigarh
Jayeshbhai
kare
Jordaar
Aashiqui
Sustainability
Initiatives
CSR INITIATIVES 33 SUSTAINABILITY INITIATIVES 41

BUILD SUSTAIN GROW
CSR Initiatives
INFRASTRUCTURE
DEVELOPMENT
While monetar y gains

are an important part
of our success, we
consider the
empowerment and
growth of the COVID-19
WILDLIFE
communities where we CONSERVATION
RELIEF
MEASURES
do business to be just
as important. With the
communities in mind,
we have collaborated
with a number of
institutions to address HEALTHCARE
SUPPORTS VARIOUS
EDUCATION
INITIATIVES
their specific needs.
SUPPORTING
WOMEN
THE SPECIALLY
HEALTHCARE
ABLED

BUILD SUSTAIN GROW
Wildlife Conservation
Madras Crocodile Bank Trust For forest staff chowkis and By engaging with local The Astral Foundation is
received a grant from the Ness (places of community communities, the Astral dedicated to assisting the
Astral Foundation to suppor t OLYLQJ WKH$VWUDO)RXQGDWLRQ Foundation collaborated with Chamundi Wild Animals
@gharialecologyproject built 30 solar streetlights. the @lastwildernessfoundation Rescue and Rehabilitation
fieldwork research in the These streetlights prevent to bolster protection measures Centre which helps distressed
and safeguard the Panna Tiger wild animals and houses
National Chambal Sanctuar y. straying and prevent
unexpected encounters Reser ve. tigers, leopards, elephants and
between wild animals and rescued birds, among other
local communities living there. animals.
Click to know more Click to know more

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Healthcare
Astral Foundation through Astral Foundation arranged As par t of the Arogyam Under the ‘Happy Project’,
the Astral Charitable Trust an eye check-up camp in project, Astral Foundation Astral Foundation helps
attempts to strengthen the collaboration with Bareja has provided a Mobile Medical patients measure the probable
mental and physical health Eye Hospital to deliver free Van, which is beneficial for risk of hear t attacks and
of citizens by regularly cataract and refractive surger y children, vaccinations, ANC strokes, and to examine
check-ups, and primar y coronar y ar ter y calcium
conducting yoga and to elderly people of Rampur
meditation sessions. and Khatripur Village in medical ser vice for all age scores. The patients who are
Dholka. groups, in the rural and GIDC found to be at greater risk of
area. hear t attack or paralysis are
dispensed free statins and are
provided with free medication
ever y month.

BUILD SUSTAIN GROW
COVID-19 Relief Measures
Astral Foundation through its During Covid-19, the Astral Foundation Astral Foundation provided 10 oxygen
implementation came for ward to suppor t and ser ve those concentrators to Sola Civil Hospital,
par tner @guardbook_foundation that in need by delivering dr y ration kits. helping save lives by providing immediate
works towards forest conser vation, helped oxygen to needy patients.
affected families of poor forest guards of
Ranthambhore Tiger Reser ve with 5
numbers of 10L oxygen concentrators for
COVID-19 treatment and post COVID -19
care.
Click to know more

BUILD SUSTAIN GROW
Supporting the Specially Abled
To help the specially-abled women of The Viklang Vidhya Vihar and the Viklang Astral Foundation has extended suppor t
Bhuj, Kutch, Astral Foundation donated Kanya Kunj School in Madhapar, Kutch, to AndhKalyan Kendra (A public charitable
20 sewing machines. This will assist have received modern educational WUXVWLQWKHVHU YLFHRIDGXOWEOLQGZRPHQ
individuals in getting back on their feet, equipment that aid specially abled For more than three decades, the Trust has
earning a living, and achieving financial students, from the Astral Foundation. This provided accommodation, food, and
independence. initiative has allowed children to access training to blind women.
modern education and earn a life of
dignity for themselves.

BUILD SUSTAIN GROW
Women Healthcare
The Astral Foundation initiated the Pregnant women registered at Shri Jalaram
"Arogyam" healthcare campaign. This Aarogya Seva Trust Meghraj received free
project will ser ve 11 villages in the medicines and medical tests as par t
Gandhinagar area for the next three years, of Astral Foundation's "Healthy Mother,
providing healthcare to pregnant women, Healthy Baby" initiative.
adolescent females, and general residents.
BUILD SUSTAIN GROW
Education
Astral Foundation has par tnered with the Kaushalya, a unique initiative of vocational
education scholarship por tal Vidyasaarathi training courses for underprivileged youth,
to implement a scholarship program. was launched by Astral Foundation in
Under the initiative, students from the collaboration with ShalbyAcademy of
state of Gujarat who have enrolled in @shalbyhospitals. This effor t provides
courses such as B.E/B.Tech, B.Sc in paramedics and hospital administrators
Agriculture, and other undergraduate with one and two year training programs
courses such as B.A., would be able to to upgrade their skill sets. Besides that,
suppor t their education and fulfil their the program gives young people an
career goals. oppor tunity to work in today's rapidly
expanding healthcare industr y.
Click to know more

BUILD SUSTAIN GROW
Infrastructure Development
The Anganwadis in the surrounding areas In Ahmedabad, the Astral Foundation Astral Foundation has facilitated
have been renovated and upgraded by helped to procure 695 kg of wires that Ahmedabad Municipal Corporation with
the Astral Foundation. We at Astral were used to tie on the poles of 15 two hearses.
Foundation believe that equipping overbridges. This kept commuters safe by
children in rural and semi-urban areas preventing them from being entangled in
with the essential infrastructure is critical Manja and preventing accidents on
for their holistic development. overbridges during Uttarayan days.

BUILD SUSTAIN GROW
Sustainability Initiatives
TRAINING TRAINING EMPLOYEE EMPLOYEE CSR ESG

Substantial Increase in RECREATION RECREATION 35% growth in Increase in solar
AND EDUCATION AND EDUCATION
increase in man hours by CSR expenditure energy capacity
training hours 148% - i.e., from Setup a library Started one compared to last by 1,919 kwp ~
from 4,340 hours 2.45 man hours to facility for additional working year increase by 99%
to 12,048 hours 6.07 man hours employees off in a month compared to
installed capacity
of last year
LEED certification by US Green Building

Council (USGBC)
ESG ESG ESG ESG ESG Awarded Platinum rating for reducing
Energy ,QFXUUHG् Certified with Certified with Certified with ISO 9001:2015 carbon footprint through efficient operation
consumption lacs for energy Green Co Gold, GRIHA Council for quality management
through conservation in LEED Platinum certification for system implementation and maintenance of the building.
renewable source current year and Green Pro CPVC Pipes at Sangli-Kanadwadi Plant
was 21% and Certification for
22% respectively Silencio Division
in Santej and
Dholka plant

Way
Forward INDUSTRY OUTLOOK - ADHESIVES 47
WAY FORWARD 43 AND SEALANTS
REVENUE OUTLOOK FOR NEXT 5 48
INDUSTRY OUTLOOK - PIPES 45 YEARS - ADHESIVES AND SEALANTS
REVENUE OUTLOOK FOR NEXT 5 46

YEARS - PIPES OPTION VALUE 49

BUILD SUSTAIN GROW
Way Forward (1/2)
Even in the face of

Astral's brand appeal the pandemic, Astral
and distribution reach
continued to thrive.
(dealer-distributor-
SOXPEHU QHWZRUN KDV Now that the economy
risen significantly, giving has opened up, we
our teams further anticipate more robust
confidence in our ability results in the future.
to achieve higher growth.
In addition, the brand's

appeal and distribution
reach will help us achieve
healthy growth in the
newer product segments
and categories we have
entered lately.
Mr. Sandeep Engineer
CHAIRMAN & MANAGING DIRECTOR

BUILD SUSTAIN GROW
Way Forward (2/2)
ঃa1,000 CR
CAPEX INVESTED
IN THE LAST 5 YEARS
ঃa 1,500 CR
PROJECTED ADDITIONAL
PAINTS
WATER
TANKS
REVENUES FROM NEW

PRODUCTS IN THE NEXT
4-5 YEARS
FAUCETS DRAIN PRO

$VWUDOKDVLQYHVWHGಶa A new PP drainage
Crores in CAPEX in the last product which has
5 years. The utilization of the potential of
replacing the
same will be in the coming traditional PVC
few years. Therefore, the
drainage pipes
company is confident that it
will be able to grow not only SANITARYWARE VALVES
in its existing product
portfolio, but also, projects
DGGLWLRQDOUHYHQXHVRIಶ
1,500 Crores in the next 4-5
years from the following new
products and categories:

BUILD SUSTAIN GROW
Industry Outlook –
Pipes
Unorganized players Govt. spending in Industry consolidation
continue to face various schemes will will continue in coming
challenges which is receive momentum in time.
helping organized coming years, which
players, as was significantly slowed
demonstrated by recent down due to the
market share gain by pandemic
Astral. (Schemes such as Jal-Se-Nal,
ORZFRVWKRXVLQJVFKHPHHWF
Volatility in Polymer Infrastructure spending

price will prove to be a to receive healthy
disadvantage for support, due to Govt.
small organized and announcements of
unorganized players. sizeable budget for infra
Further, it needs projects under various
additional working Govt. Initiatives, which
capital. will support DWC pipes.

BUILD SUSTAIN GROW
Revenue Outlook for Next 5 Years –

Astral Pipes
15%
WE EXPECT TO CONTINUE Overall Shift from Higher growth New product
TO GROW AT 15% CAGR
IN NEXT 5 YEARS.
Industry unorganized from recently launches
growth of to organized launched
9% - 10% sector products
We communicated last year that our

Pipes business is likely to double its
revenue in the next 5 years, and we
Decentralization Entering Continued addition
grew our topline by 38% last year, thus of manufacturing new of new dealers,
much ahead of our prediction. We are plants geographies distributions
affirm that we will continue to grow & Plumbers in the
higher than 15% CAGR in the next 5 Astral Family
years.

BUILD SUSTAIN GROW
Industry Outlook –
Adhesives & Sealants
Higher chemical prices New categories to Expecting the industry
to support financially outpace other to grow in double digits
capable companies to categories in terms of under normal
grow their market growth in coming years. circumstances, while
shares. companies like ASTRAL
will keep acquiring
market share and grow
further.
Industry consolidation Unorganized regional

will continue in the players to continue to
coming years. loose market share.
BUILD SUSTAIN GROW
Revenue Outlook for Next 5 Years –

Astral Adhesives
15%
WE EXPECT TO CONTINUE Overall Shift from Higher growth New product
TO GROW AT 15% CAGR
IN NEXT 5 YEARS.
Industry unorganized from recently launches
growth of to organized launched
double digit sector products
We communicated last year that our

Adhesives business is likely to double its
revenue in the next 4-5 years, and we
Entering new Addition of Good support
grew our topline by 37% last year, thus geographies new dealers & from the UK &
much ahead of our prediction. We are distributions USA markets
affirm that we will continue to grow
higher than 15% CAGR in the next 5
years.

BUILD SUSTAIN GROW
Option Value
+XJHFDVKRQERRNಶ&U East India plant represents Two additional new pipe locations,
that will help the Company to a strong option value over Sangli and Aurangabad, can increase
grow organically and the next 5 years market shares in Maharashtra and
inorganically. Southern Indian markets over the
next 5 years (Decentralization of
PDQXIDFWXULQJIDFLOLWLHV
Launching a few new products in Existing standalone Pipes Expecting new businesses that Astral
Adhesive & Sealants segment Business (current Market Share has undertaken recently, like Tank,
under a different chemistry, that RIOLNHO\WRGRXEOHLWV Faucet, Sanitaryware, Paint, Valve and
along with existing products will revenue over 5 years 'UDLQ3URWRFRQWULEXWHಶ
double the Company’s revenue Crore of revenue in the next 5 years
within the next 5 years.

Financial
Highlights
PIPES BUSINESS 51 CONSOLIDATED 56
MARKET OPPORTUNITY VS ASTRAL 59
ADHESIVES BUSINESS 54 MARKET SHARE
GROUP REVENUE BREAKUP 55 KEY TAKE AWAY 60

BUILD SUSTAIN GROW
Pipes Business (1/3)
REVENUE FROM OPERATION EBIDTA AND EBIDTA MARGIN PBT (BEFORE EXCEPTIONAL ITEM)
ಶ 0 1 ಶ 0 1 ಶ 0 1
21.59% 22.3 28.06% 35.56%
5,485
4 YEARS CAGR 19.2 4 YEARS CAGR 4 YEARS CAGR
34,433
18.6
16.5
4,514
38.49% 19.31% 21.51%
5,552
24,863
Y-O-Y GROWTH Y-O-Y GROWTH Y-O-Y GROWTH

20,428
19,157
3,806
2,570
3,154
2,202
6,624
EBITDA
0$5*,1
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
PAT EPS CASH PROFIT

ಶ 0 1 , 1 ಶ ಶ 0 1
41.99% 41.92% 34.72%
4 YEARS CAGR 4 YEARS CAGR 4 YEARS CAGR
5,098
4,048
20.15
4,231
23.83% 23.85% 20.49%
3,269
16.27
2,907
2,008
10.00
2,085
1,414
7.05
During the year FY 19, Rex Poly extrusion is amalgamated with the company w.e.f. July 10, 2018.
EPS for FY 19 & FY 20 have been adjusted for bonus shares issued.

BUILD SUSTAIN GROW
CAPACITY UTILIZATION SALES

, 1 ¶ 0 7 , 1 ¶ 0 7
9.26% 9.50%
Y-O-Y Y-O-Y GROWTH
149.57
PRODUCTION
274.82 GROWTH
257.95
136.59
132.20
CAPACITY
238.73
122.99
,1
07
PRODUCTION
205.29
VOL.
,1
07
142.40
135.64
130.34
120.82
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
During the year FY 19, Rex Poly extrusion is amalgamated with the company w.e.f. July 10, 2018.

BUILD SUSTAIN GROW
WORKING CAPITAL
, 1 ' $ < 6
INVENTORY
75 NO. OF DAYS
DEBTORS
NO. OF DAYS
57 58 NET WORKING
CAPITAL NO.
53 OF DAYS
43
38 27 26
25 16
18
12
FY19 FY20 FY21 FY22
In FY20 Inventory days are higher than normal days mainly because of sudden lock down announced by Govt. Due to Covid-19 during the pick sales period of March End similarly Receivable days have come down proportionately.
During the year FY 19, Rex Poly extrusion is amalgamated with the company w.e.f. July 10, 2018..

BUILD SUSTAIN GROW
Adhesives Business Summary of Subsidiaries
REVENUE FROM OPERATION EBIDTA AND EBIDTA MARGIN

ಶ 0 1 ಶ 0 1
16.71% 14.56%
4 YEARS CAGR 4 YEARS CAGR
15.5
31.56% 29.71%
10,091
2 YEARS CAGR 2 YEARS CAGR
13.5 12.8
13.1
1,137
37.39% 13.19%
Y-O-Y GROWTH Y-O-Y GROWTH
EBITDA
7,345
0$5*,1
856
6,347
765
5,830
1,287
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22

BUILD SUSTAIN GROW
Group Revenue Breakup
FY 21-22 FY 20-21
, 1 , 1
77%
PIPES
23%
ADHESIVES
76%
PIPES
24%
ADHESIVES

BUILD SUSTAIN GROW
Consolidated (1/3)
REVENUE FROM OPERATION EBIDTA AND EBIDTA MARGIN PBT (BEFORE EXCEPTIONAL ITEM)
ಶ 0 1 ಶ 0 1 ಶ 0 1
20.56% 20.9
25.72% 31.78%
43,940
17.6
6,485
17.9
15.8
38.34% 18.97% 21.67%
5,330
31,763
6,626
25,779
25,073
4,534
3,061
3,967
2,834
7,883
EBITDA
0$5*,1
PAT EPS CASH PROFIT

ಶ 0 1 , 1 ಶ ಶ 0 1
35.46% 35.12% 30.35%
4,904
24.08
6,173
4,082
20.14% 19.62% 17.65%
20.13
5,247
3,575
2,496
12.34
2,787
1,973
9.76
EPS for FY 19 & FY 20 have been adjusted for bonus shares issued.

BUILD SUSTAIN GROW
Consolidated (2/3)
WORKING CAPITAL
, 1 ' $ < 6
INVENTORY
NO. OF DAYS
77 DEBTORS
NO. OF DAYS
NET WORKING
61
CAPITAL NO.
OF DAYS
58
54
56
41
49
32
32 22
27
21
FY19 FY20 FY21 FY22
Inventory days are higher than normal days in Mar 20, mainly because of sudden lock down announced by Govt. Due to Covid-19 during the pick sales period of March End similarly Receivable days have come down proportionately.

BUILD SUSTAIN GROW
Consolidated (3/3)
NET CASH BALANCE

ಶ 0 1
NET CASH
5,566 BALANCE
4,094
-554
-1,772
FY19 FY20 FY21 FY22

BUILD SUSTAIN GROW
Market Opportunity vs Astral Market Share
PLASTIC AND INFRA PIPES WATER TANKS PAINTS

ಶ , 1 &5 2 5 ( 6 ಶ , 1 &5 2 5 ( 6 ಶ , 1 &5 2 5 ( 6
35,000 3,323 5,000 43 55,000 215
90.51% 9.49% 99.14% 0.86% 99.61% 0.39%

O T H ER T H A N A S T R A L A S T R A L M A R K ET S H A RE O T H ER T H A N A S T R A L A S T R A L M A R K ET S H A RE O T H ER T H A N A S T R A L A S T R A L M A R K ET S H A RE
ADHESIVES (INDIA) ADHESIVES (UK) VALVE FAUCETS & SANITARY WARE

ಶ , 1 &5 2 5 ( 6 ಶ , 1 &5 2 5 ( 6 ಶ , 1 &5 2 5 ( 6 ಶ , 1 &5 2 5 ( 6
16,000 696 14,000 333 5,000
NEW
B US I N ES S 15,000
NEW
B US I N ES S
95.65% 4.35% 97.62% 2.38%

OTHER THAN
ASTRAL
ASTRAL MARKET
SHARE
OTHER THAN
ASTRAL
ASTRAL MARKET
SHARE 100% ASTRAL 100% ASTRAL
O T H ER T H A N A S T R A L M A R K ET S H ARE O T H ER T H A N A S T R A L M A R K ET S H ARE

BUILD SUSTAIN GROW
Key Take Away
Good demand Unorganized Recently launched

uptake in the regional players products continue
industries continue to loose to drive good
%RWK3LSHV $GKHVLYHV market share growth
New launches are in East India will Contributions

pipeline for the be a good growth from value added
both segments - driver, wherein our products and
Pipes & Adhesives competitors have a decentralization of
sizeable market plants to help in
share. The project margin expansion.
has been completed
recently.

BUILD SUSTAIN GROW
Disclaimer
The information in this presentation has been prepared for use in presentations by Astral Limited (the ´&RPSDQ\µ for information purposes only and does not constitute, or
should be regarded as, or form part of any offer, invitation, inducement or advertisement to sell or issue, or any solicitation or initiation of any offer to purchase or subscribe
for, any securities of the Company in any jurisdiction, nor shall it, or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision
or any contract or commitment to purchase or subscribe for any securities of the Company in any jurisdiction.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information
or opinions contained in this presentation. Neither the Company nor any of its affiliates, advisors or representatives shall have any responsibility or liability whatsoever (for
negligence or RWKHUZLVH for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The
information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. This presentation is
based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the
information contained in this presentation, which neither the Company nor its affiliates, advisors or representatives are under an obligation to update, revise or affirm.
This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good
faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results,
financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements
expressed or implied by such forward-looking statements. Unless otherwise indicated, the information contained herein is preliminary and indicative and is based on
management information, current plans and estimates. Industry and market-related information is obtained or derived from industry publications and other sources and has
not been independently verified by us. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these
forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
61 62
Thank
You
C O N TA C T U S
REGISTERED & CORPORATE OFFICE, AHMEDABAD
ASTRAL LIMITED
)250(5/<.12:1$6$675$/32/<7(&+1,./,0,7('
"ASTRAL HOUSE" 207/1,
Behind Rajpath Club,
Off. S.G. Highway,
Ahmedabad - 380059, India.
+91-79-66212000 | +91-79-66212121
info@astralpipes.com

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I N V E S TO R P R E S E N TAT I O N Build

ASTRAL LIMITED MAY 2022

03-16 17-25 26-31

32-41 42-49 50-60

ASTRAL LIMITED MAY 2022

OPERATING IN 7 HIGH GROWTH

ADHESIVES & SEALANTS 14

ASTRAL THE TRENDSETTER 09 MANUFACTURING FACILITIES 15

ASTRAL LIMITED MAY 2022

Astral deploys best-in-globe

MANUFACTURING PRODUCTION DEPOTS DISTRIBUTORS DEALERS

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

Operating in 7 High Growth Categories

PIPES & WATER

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

Foray into Paints (1/2)

As par t of the strategic ABOUT GEM PAINTS

building material segment

1980 and has been involved

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

Foray into Paints (2/2)

HUGE OPPORTUNITY SIZE ASTRAL TO LEVERAGE ITS EXISTING:

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

Astral The Trendsetter

First to introduce CPVC Three adhesives manufacturing Introduced countless

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

• Drain Pro Launch

1996 2014 2016 2018 2020 2021 2022

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

Awards and Recognition

2013 2013 2014 2015 2015

Awarded as Recognised for Awarded as Awarded as Awarded as

2016 2016 2020 2021 2022

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

The Torch Bearer in The Pipes Category

• Introduced • NSF • Low Noise • Indigenous UNBEATABLE

uPVC pipes PVC Column With Anti-viral

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

Pipes & Water Tanks Manufacturing Units

Pipes Pipes Pipes Pipes

Water Water Water

SANTEJ DHOLKA GHILOTH HOSUR

85,085 M.T. 55,057 M.T. 33,165 M.T. 46,447 M.T.

SANGLI AURANGABAD SITARGANJ BHUBANESHWAR * (CUTTACK)

32,344 M.T. 17,648 M.T. 5,077 M.T. 7,515 M.T.

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

Adhesives & Sealants Manufacturing Units

SEAL IT, UK RANIA

SEAL IT, USA SANTEJ UNNAO

28,178 M.T. 12,773 M.T.

PIPES WATER TANKS

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

PUNJAB UTTAR PRADESH

B BRANCH OFFICE GUJARAT

WATER TANKS SANTEJ P P P

BENGALURU B D TAMIL NADU

COMPANY PRODUCT BRAND - BUILDING SUSTAINABILITY WAY FINANCIAL

NEW PRODUCT LAUNCH -

ASTRAL LIMITED MAY 2022

FIRE PROTECTION SYSTEM

INDUSTRIAL PIPING SYSTEM

CABLE PROTECTION SYSTEM