ASI Industries Ltd.

•

asigroup.co.inBSE: -NSE: ASOCSTONE

Market Cap₹ 222 Cr.

Current Price

High / Low—

Stock P/E—

Book Value—

Price to Book—

Dividend Yield1.62 %

ROCE-11.7 %

ROE-23.8 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Stone: 67.7% • Engineered Stone: 32.1% • Wind Power: 0.2%

AI Sector View

AI GENERATED

Metals & Mining

Hold

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.

Confidence

61%

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PROS

Latest quarter profit grew 378.7% YoY, showing strong momentum
Company generates healthy free cash flow

CONS

Company is loss-making at the operating / net level
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -12.21x)
Company has a low return on capital employed of 0.2%
Company has a low return on equity of -1.4% over last 3 years
Interest coverage is weak at -4.3x - earnings barely cover interest
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningMiningMining & Minerals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	COALINDIA	431.50	8.52	265921.73	6.14	8849.81	1.32	46254.80	45.09	35.43	26.61
2.	NMDC	85.60	10.09	75257.96	4.09	1976.23	0.43	6795.25	0.84	27.98	35.89
3.	KIOCL	373.65	584.07	22708.62	0.00	-15.48	59.04	158.01	73.79	-10.27	-16.83
4.	GMDCLTD	574.65	19.11	18273.87	1.65	163.43	-0.21	906.64	23.76	18.28	21.12
5.	SANDUMA	201.00	13.63	9770.71	0.25	2278.50	1263.64	13747.80	1110.85	23.78	24.91
6.	ASHAPURMIN	550.90	12.93	5262.53	0.36	108.31	-4.91	1616.12	19.22	20.64	11.63
7.	MOIL	251.95	69.22	5126.81	2.12	513.84	—	2677.04	—	12.64	28.40
8.	DECNGOLD	219.55	1272.29	4412.31	0.00	-87.26	-210.25	6.03	1462.18	-20.83	-826.53
9.	ORISSAMINE	4145.25	0.00	2487.15	0.00	-7.61	75.80	28.99	330.83	-44.94	-32.24
10.	20MICRONS	217.95	11.35	769.07	0.57	17.74	5.22	244.72	-0.99	17.83	13.13
11.	ASOCSTONE	24.66	8.85	222.12	1.62	7.97	2887.41	44.18	-25.13	13.63	27.86
12.	OSWALMIN	28.90	1.07	22.40	0.00	—	—	—	—	5.85	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
	692	634	578	590	58	43	15	44
	695	621	627	600	104	52	19	32
Operating Profit	-3	13	-49	-10	-46	-9	-4	12
OPM %	-0.37%	1.99%	-8.53%	-1.61%	-79.92%	-20.47%	-24.52%	27.86%
	10	9	11	27	1	2	2	3
Interest	11	52	28	21	2	1	1	1
Depreciation	44	88	90	88	17	7	1	1
Profit before Tax	7	24	-37	18	-64	-15	-4	13
Tax %	9.65%	31.56%	21.29%	115.65%	14.82%	-5.61%	4.73%	38.76%
Net Profit	7	16	-29	-3	-54	-15	-4	8
	0.07	0.18	-0.32	-0.03	-6.03	-1.70	-0.45	0.89

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
	131	209	197	308	314	260	208	227	238	161
	104	173	159	256	268	217	195	190	252	207
Operating Profit	26	36	38	52	46	43	12	37	-14	-47
OPM %	20.27%	17.15%	19.22%	16.75%	14.80%	16.59%	5.87%	16.14%	-5.95%	-28.96%
	3	6	6	8	6	12	43	4	5	7
Interest	6	8	14	12	11	9	9	7	12	4
Depreciation	8	6	14	17	16	16	17	17	44	27
Profit before Tax	16	27	17	31	26	30	29	17	-63	-70
Tax %	35.16%	47.38%	53.12%	24.23%	27.01%	26.02%	-5.27%	28.30%	11.76%	5.52%
Net Profit	10	14	8	24	19	22	31	12	-56	-66
EPS	0.00	0.00	0.00	0.00	0.00	0.00	3.49	1.32	-6.21	—
Dividend Payout %	16.45%	13.76%	25.63%	10.57%	12.90%	11.07%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: -5%
3 Years:: -3%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 5%
3 Years:: -1%
Last Year:: -24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Equity Capital	7	7	7	8	8	8	8	9	9
	170	181	188	212	228	248	322	340	283
	38	95	159	191	187	226	300	302	109
Trade Payables	0	62	26	11	4	6	6	11	7
	29	43	48	43	44	51	67	77	52
Total Liabilities	243	387	427	465	472	539	703	739	460
	167	191	269	261	278	274	291	485	224
Capital Work in Progress	0	27	2	0	0	12	193	6	0
	4	0	0	10	8	7	28	43	87
	12	17	23	26	34	38	40	44	20
	0	0	0	0	0	0	0	0	0
Cash & Bank	4	17	19	18	11	12	23	14	7
	55	135	113	150	141	196	129	147	122
Total Assets	243	387	427	465	472	539	703	739	460

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
	15	57	-2	49	39	38	75	35	66
Cash from Investing	-3	-56	-63	-12	-22	-57	-125	-29	142
Cash from Financing	-9	25	93	-25	-18	27	60	-4	-204
	-9	13	2	4	-9	0	5	-2	-2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.51	72.90	73.07	73.07	73.07	73.07	73.07	73.07	73.07
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	27.49	27.10	26.93	26.93	26.93	26.93	26.93	26.93	26.93

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

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