Motilal Oswal Recommends 'BUY' on Astral, Sets Target at INR 1850

• Motilal Oswal maintains a 'BUY' rating for Astral with a target price of INR 1850.
• Astral reported a 10% year-on-year revenue growth, driven by 17% volume growth to 61.7k MT.
• EBITDA margin saw a slight contraction of 30bp due to an inventory loss of INR 200-250 million, partially offset by high VAP salience.
• Motilal Oswal largely maintains its FY26/FY27/FY28 EBITDA estimates.
• Astral is projected to deliver a CAGR of 16%/18%/22% in revenue/EBITDA/PAT over FY25-28.