The Engineers are hoping to recreate their success in pipes across their newer verticals—adhesives, bathware and paints—and transform into a complete building materials company
From left: Saumya, Kairav and Sandeep Engineer; Image: Mexy Xavier
It’s been close to four years since I last met Sandeep Engineer. While the 62-year-old doesn’t seem to have aged at all, this time around, there is a sense of contentment on his face.
He continues to lead the mammoth company that Astral is today, but it’s his sons—Kairav and Saumya Engineer—who are running the show on ground. Sitting in a boardroom at Astral’s head office in Ahmedabad, Engineer says with a laugh, “Sometimes we have arguments, but 90 percent of the time we are in the safe zone. Over the years, I have learnt how to delegate. It is tough for me because I started and then grew the business and every nitty-gritty was handled by me.”
Astral Limited has expanded from Astral Pipes to now include multiple new verticals such as water tanks and valves, bathware and paints in its portfolio. Revenue from operations has grown by close to 106 percent—from Rs 2,507.3 crore in FY19 to Rs 5,185.5 crore in FY23. Along with the company, Engineer’s net worth has shot up from $1.1 billion in 2019 to $2.5 billion in 2023, according to Forbes.
Also read: How Astral Pipes' Sandeep Engineer became a mint-new billionaire
The idea to go beyond pipes and include water tanks, valves and bathware was to have products across their “water or plumbing portfolio”, according to Kairav. “Earlier, plumbers were only focussed on plumbing, but now they are becoming plumbing contractors. This means they will also install sanitaryware, faucets, shower cubicles, tile cement, sealants and a lot more—the idea was to have a presence across these products,” adds the executive director.