Indian stock markets closed marginally lower on Tuesday amid inflation worries, with Nifty and Sensex ending in red. According to latest market data, Astral emerged as the top loser, declining 6.28% to ₹1,440.50 per share, marking its third consecutive session of decline. Other notable losers included Supreme Industries (-1.65%), MRF (-1.56%), and RVNL (-1.45%). However, IT stocks shone brightly with multiple companies posting strong quarterly results, providing some support to the broader market sentiment.
Shares of Astral fell for the third consecutive session on Tuesday, declining nearly 7% to an over three-month low of ₹1,440.50 per share. According to reports from Informist, the stock has declined 8% in the last three sessions following disappointing March quarter earnings that missed Street estimates on both profit and revenue. The company reported a consolidated net profit of ₹213 crore for the quarter, representing a 19% year-on-year increase, but falling short of analyst estimates of ₹249 crore. Consolidated revenue stood at ₹2,089 crore, higher by over 24% year-on-year, but below analyst expectations of ₹2,163 crore.
Despite the earnings miss, PL Capital maintains a positive long-term outlook for Astral. As reported by Informist, the brokerage expects the company to achieve volume growth of 15% CAGR in its pipes and fittings business over FY26–FY28. PL Capital projected revenue CAGR of 16.6%, EBITDA CAGR of 20.2%, and profit after tax CAGR of 31.3% over FY26–FY28. However, the brokerage cut its FY27 and FY28 earnings estimates by 4.4% and 4% respectively, while retaining a 'buy' rating and reducing its target price by over 3% to ₹1,813.
In stark contrast to Astral's performance, multiple IT companies announced robust quarterly results that boosted sector sentiment. DRC Systems India Limited reported net profit growth of 32% to ₹581.8 lakhs in Q4 FY26, with revenue from operations rising 61% to ₹2,719.9 lakhs. For the full fiscal year, the company maintained strong momentum with annual revenue climbing 46% to ₹9,550.5 lakhs and net profit expanding 28% to ₹1,932.2 lakhs. Complan also delivered impressive results with standalone net profit of ₹37.44 crore compared to ₹14.31 crore in the same quarter last year, while Sedemac Mechatronics reported net profit of ₹32 crore versus ₹8.60 crore year-on-year.
