Manthan – Building Materials – Plastic Pipe Sector – Rising PVC prices, drive realisations & market share gains
Published on 25 Feb 2026
We maintain our BUY rating on Astral with a DCF-based target price of Rs 1,794 (implying 52x FY28E P/E) and a BUY rating on Supreme Industries with a target price of Rs 4,566, based on 40x Mar’28E earnings. Considering the rise in PVC resin prices, which would drive higher P&F realisations and earnings upgrades, there is potential upside of a further 10–12% to our target prices. We remain positive on the sector, particularly on leaders Astral and Supreme Industries.
