Ashapura Minechem Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has delivered good profit growth of 22.7% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 76.2%
- Company has a healthy return on capital (ROCE) of 53.5%
- Promoters have been increasing their shareholding - up 2.6pp over 2 years
- Operating margins have improved to 31.7% from 14.5%
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.07x)
- A large part of profit comes from other income (25.5% of PBT)
- Operating cash flow has been negative in recent years
- Contingent liabilities are large at 70.0% of net worth
- Effective tax rate is unusually low at -1.8% - earnings may be flattered
- Company has delivered a poor sales growth of 0.5% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| COALINDIA | 431.50 | 8.52 | 265921.73 | 6.14 | 8849.81 | 1.32 | 46254.80 | 45.09 | 35.43 | 26.61 |
| NMDC | 85.60 | 10.09 | 75257.96 | 4.09 | 1976.23 | 0.43 | 6795.25 | 0.84 | 27.98 | 35.89 |
| KIOCL | 373.65 | 584.07 | 22708.62 | 0.00 | -15.48 | 59.04 | 158.01 | 73.79 | -10.27 | -16.83 |
| GMDCLTD | 574.65 | 19.11 | 18273.87 | 1.65 | 163.43 | -0.21 | 906.64 | 23.76 | 18.28 | 21.12 |
| SANDUMA | 201.00 | 13.63 | 9770.71 | 0.25 | 2278.50 | 1263.64 | 13747.80 | 1110.85 | 23.78 | 24.91 |
| ASHAPURMIN | 550.90 | 12.93 | 5262.53 | 0.36 | 108.31 | -4.91 | 1616.12 | 19.22 | 20.64 | 11.63 |
| MOIL | 251.95 | 69.22 | 5126.81 | 2.12 | 513.84 | — | 2677.04 | — | 12.64 | 28.40 |
| DECNGOLD | 219.55 | 1272.29 | 4412.31 | 0.00 | -87.26 | -210.25 | 6.03 | 1462.18 | -20.83 | -826.53 |
| ORISSAMINE | 4145.25 | 0.00 | 2487.15 | 0.00 | -7.61 | 75.80 | 28.99 | 330.83 | -44.94 | -32.24 |
| 20MICRONS | 217.95 | 11.35 | 769.07 | 0.57 | 17.74 | 5.22 | 244.72 | -0.99 | 17.83 | 13.13 |
| ASOCSTONE | 24.66 | 8.85 | 222.12 | 1.62 | 7.97 | 2887.41 | 44.18 | -25.13 | 13.63 | 27.86 |
| OSWALMIN | 28.90 | 1.07 | 22.40 | 0.00 | — | — | — | — | 5.85 | — |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 91 | 67 | 97 | 79 | 78 | 74 | 97 | 123 | 106 | 87 | 121 | 118 | 111 | |
| 52 | 58 | 68 | 68 | 54 | 62 | 78 | 105 | 65 | 65 | 93 | 73 | 82 | |
| Operating Profit | 39 | 8 | 30 | 10 | 23 | 12 | 19 | 18 | 42 | 22 | 28 | 45 | 28 |
| OPM % | 43.22% | 12.69% | 30.42% | 13.17% | 30.03% | 16.40% | 19.94% | 14.60% | 39.14% | 25.18% | 23.37% | 37.94% | 25.73% |
| 4 | 15 | 11 | 58 | 2 | 5 | 6 | 2 | 4 | 14 | 4 | 16 | 5 | |
| Interest | 4 | 3 | 3 | 3 | 2 | 2 | 2 | 1 | 3 | 3 | 3 | 3 | 2 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 |
| Profit before Tax | 36 | 18 | 35 | 63 | 21 | 13 | 22 | 16 | 40 | 30 | 26 | 56 | 33 |
| Tax % | -18.24% | -6.81% | -6.10% | -8.84% | -15.85% | -11.19% | -19.90% | -23.29% | 25.09% | -115.67% | 27.34% | 26.33% | 25.99% |
| Net Profit | 42 | 19 | 37 | 68 | 24 | 14 | 26 | 20 | 30 | 65 | 19 | 41 | 25 |
| 4.62 | 2.07 | 4.03 | 7.47 | 2.62 | 1.50 | 2.74 | 2.13 | 3.12 | 6.76 | 2.01 | 4.30 | 2.59 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 236 | 239 | 337 | 206 | 421 | 598 | 223 | 333 | 372 | 432 | 437 | |
| 273 | 268 | 363 | 245 | 341 | 590 | 230 | 245 | 298 | 295 | 313 | |
| Operating Profit | -38 | -29 | -25 | -39 | 80 | 8 | -8 | 88 | 73 | 137 | 123 |
| OPM % | -15.99% | -11.92% | -7.47% | -19.14% | 18.99% | 1.32% | -3.42% | 26.42% | 19.68% | 31.67% | 28.26% |
| 13 | -5 | -17 | 468 | 41 | 26 | 40 | 88 | 15 | 37 | 38 | |
| Interest | 10 | 11 | 10 | 14 | 35 | 31 | 23 | 15 | 7 | 12 | 11 |
| Depreciation | 24 | 24 | 23 | 21 | 20 | 20 | 15 | 10 | 9 | 10 | 10 |
| Profit before Tax | -59 | -69 | -74 | 393 | 66 | -16 | -6 | 151 | 72 | 152 | 146 |
| Tax % | -0.00% | -0.00% | -0.00% | 0.00% | 15.54% | -0.00% | -20.39% | -10.20% | -17.95% | -1.80% | -2.75% |
| Net Profit | -59 | -69 | -74 | 393 | 56 | -16 | -7 | 166 | 85 | 155 | 150 |
| EPS | 0.00 | -7.90 | -8.54 | 45.21 | 6.18 | -175.00 | -0.77 | 18.19 | 8.85 | 16.19 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 7.82% | -29.22% | 0.00% | 0.00% | 11.30% | 12.36% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -3%
- 5 Years:
- 1%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 23%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 24%
- 5 Years:
- 31%
- 3 Years:
- 24%
- 1 Year:
- -10%
RETURN ON EQUITY
- 10 Years:
- 44%
- 5 Years:
- 34%
- 3 Years:
- 76%
- Last Year:
- 40%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 18 | 18 | 18 | 19 | 19 |
| -276 | -344 | -419 | -24 | 31 | 18 | 7 | 172 | 294 | 439 | |
| 58 | 189 | 36 | 388 | 324 | 270 | 314 | 168 | 207 | 163 | |
| Trade Payables | 50 | 44 | 67 | 50 | 117 | 106 | 51 | 60 | 70 | 50 |
| 850 | 729 | 894 | 155 | 193 | 233 | 196 | 129 | 95 | 77 | |
| Total Liabilities | 699 | 636 | 595 | 587 | 682 | 646 | 586 | 546 | 685 | 747 |
| 210 | 194 | 174 | 159 | 141 | 127 | 106 | 94 | 93 | 92 | |
| Capital Work in Progress | 2 | 5 | 7 | 3 | 1 | 3 | 2 | 6 | 7 | 8 |
| 44 | 44 | 31 | 44 | 44 | 40 | 40 | 40 | 40 | 40 | |
| 88 | 140 | 132 | 107 | 118 | 115 | 104 | 92 | 90 | 87 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 131 | 246 | 319 | |
| Cash & Bank | 7 | 6 | 22 | 22 | 17 | 13 | 28 | 21 | 28 | 58 |
| 349 | 247 | 230 | 253 | 361 | 349 | 307 | 162 | 181 | 143 | |
| Total Assets | 699 | 636 | 595 | 587 | 682 | 646 | 586 | 546 | 685 | 747 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18 | -44 | 18 | 0 | 42 | 46 | 41 | -13 | -34 | 75 | |
| Cash from Investing | -14 | -5 | 15 | -15 | 4 | -2 | 1 | 33 | -14 | -5 |
| Cash from Financing | -8 | 50 | -20 | 15 | -51 | -41 | -27 | -27 | 54 | -43 |
| -6 | -0 | 12 | -1 | -7 | -2 | 12 | -7 | 5 | 27 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Ashapura Minechem Limited has informed the Exchange about Copy of Newspaper Publication - Notice of Annual General Meeting
2026-09-03 - Ashapura Minechem Limited has informed the Exchange regarding ' Letter To Shareholders Whose Email Addresses Are Not Registered'.
2026-09-03 - Ashapura Minechem Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.
2026-09-03 - Ashapura Minechem Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-08-31 - Ashapura Minechem Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
2026-08-31 - Ashapura Minechem Limited has informed the Exchange regarding Proceedings of Postal Ballot
2026-08-27 - Ashapura Minechem Limited has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026.
2026-08-27 - Ashapura Minechem Limited has informed the Exchange about Copy of Newspaper Publication - Notice to the Members ‐ Regarding Registration of Email Address, Bank Account Details and TDS Documents
2026-08-24 - Ashapura Minechem Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for ASHAPURMIN
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Ashapura Minechem Ltd.
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