Ashapura Minechem Ltd
NSE: ASHAPURMIN · Industrial Minerals · sector
₹417.10NSE close 2026-10-26
Key numbers
Market cap₹3,985 cr
Price₹417.10
52w high / low₹925 / ₹417
P/E9.8xSector median 14.3x
P/B2.4xSector median 1.7x
Book value₹172.6
Dividend yield0.24%Sector median 0.69%
ROE27.6%Sector median 14.2%
ROCE17.2%Sector median 16.4%
OPM10.0%Sector median 13.0%
Debt / equity0.88xSector median 0.30x
EV/EBITDA9.3xSector median 10.3x
Interest cover4.6x
Current ratio1.36x
Sales growth 3y+42.0%Sector median +6.0%
Profit growth 3y+50.8%Sector median +9.5%
PEG0.20x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 14 companies in Industrial Minerals (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹329 cr vs borrowings ₹1,444 cr (FY26): borrowings are higher by ₹1,114 cr.
- Borrowings rose in each of the last 3 years (₹756 cr → ₹1,444 cr).
- Operating profit covered interest 4.6x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY24, FY23).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 30% of net profit in the last 12 months.
- Debtor days went from 37 (FY24) to 70 (FY26).
- Dividend paid in 2 of the last 5 financial years.
- Price ₹417.10 on 2026-10-26: -54.9% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹902.45 · low ₹216.85
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 604 | 865 | 555 | 1,356 | 952 | 960 | 1,969 | 1,616 |
| EBITDA | 64 | 135 | 84 | 182 | 131 | 110 | 128 | 181 |
| OPM % | 10.6% | 15.5% | 15.2% | 13.4% | 13.7% | 11.4% | 6.5% | 11.2% |
| Other income | 1 | 14 | 56 | 6 | 1 | 29 | 83 | 8 |
| Net profit | 44 | 105 | 86 | 110 | 97 | 76 | 111 | 115 |
| EPS (₹) | 4.71 | 11.15 | 9.08 | 11.50 | 10.11 | 8.82 | 11.59 | 12.07 |
| Revenue YoY | +57.7% | +11.0% | +254.6% | +19.2% | ||||
| Profit YoY | +117.9% | -28.0% | +28.0% | +5.0% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,278 | 1,831 | 2,654 | 2,739 | 5,237 | 5,498 |
| EBITDA | 99 | 173 | 345 | 370 | 550 | 550 |
| Net profit | 87 | 117 | 287 | 296 | 401 | 399 |
| EPS (₹) | 9.65 | 12.79 | 31.37 | 31.46 | 42.02 | 42.59 |
| Revenue growth | +43.3% | +44.9% | +3.2% | +91.2% | +62.6% | |
| Profit growth | +35.2% | +145.3% | +3.1% | +35.7% | +15.2% | |
| Dividend / share (₹) | – | 0.50 | – | – | 1.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +42.0% | +35.5% | +62.6% |
| Net profit | +50.8% | +35.6% | +15.2% |
| EPS | +48.7% | +33.1% | – |
| Share price | – | +19.5% (2y) | -34.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 665 | 930 | 1,242 | 1,649 |
| Borrowings | – | 756 | 984 | 1,163 | 1,444 |
| Cash & equivalents | – | 78 | 145 | 122 | 329 |
| Total assets | – | 3,050 | 3,311 | 3,931 | 4,698 |
| Fixed assets | – | 461 | 438 | 1,182 | 1,332 |
| Capital work in progress | – | 262 | 504 | 55 | 51 |
| Investments | – | 288 | 321 | 344 | 371 |
| Receivables | – | 490 | 269 | 547 | 1,001 |
| Inventory | – | 532 | 520 | 654 | 585 |
| Payables | – | 455 | 556 | 616 | 934 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 92 | 97 | 148 | 188 | 463 |
| Cash from investing | -59 | -130 | -274 | -392 | -271 |
| Cash from financing | -42 | 80 | 191 | 178 | 14 |
| Capex | 148 | 134 | 332 | 401 | 279 |
| Free cash flow | -56 | -37 | -184 | -212 | 184 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 17.6% | 30.9% | 23.8% | 24.3% |
| ROCE % | – | 13.1% | 17.1% | 15.3% | 17.3% |
| Debtor days | – | 98 | 37 | 73 | 70 |
| Inventory days | – | 393 | 338 | 436 | 153 |
| Payable days | – | 337 | 361 | 410 | 245 |
| Cash conversion cycle (days) | – | 154 | 14 | 99 | -22 |
| Working capital days | – | 79 | 41 | 52 | 48 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 48.09% |
| FIIs | 19.19% |
| DIIs | 0.30% |
| of which Mutual funds | 0.27% |
| Public (non-institutions) | 32.42% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 47.70% | 47.75% | 47.75% | 47.79% | 47.88% | 48.03% | 48.03% | 48.09% |
| Promoter group | % |
|---|---|
| Ashapura Industrial Finance Limited | 17.75% |
| Himani Ankur Shah Family Trust | 7.01% |
| Chetan Navnitlal Shah | 6.99% |
| Chaitali Nishit Salot Family Trust | 5.85% |
| Manan Chetan Shah | 4.35% |
| Dina Chetan Shah | 2.62% |
| Manan Chetan Shah Family Trust | 1.75% |
| Chaitali Nishit Salot | 1.34% |
| Himani Chetan Shah | 0.15% |
| Late Navnital Ratanji Shah | 0.14% |
| Ashapura Overseas Private Limited | 0.13% |
| Fizzah N Shah | 0.00% |
| Ankur Hitendra Shah | 0.00% |
| Nishit Pradip Salot | 0.00% |
| Natasha Anil Doshi | 0.00% |
| Public holders above 1% | % |
|---|---|
| Eriska Investment Fund Ltd | 7.66% |
| Griffin Growth Fund VCC | 3.63% |
| Albula Investment Fund Ltd | 1.04% |
46,820 shareholders. Pledged: 0.00% of promoter shares.
Peers in Industrial Minerals
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| LLOYDSME | ₹1,00,584 cr | 20.2x | 7.3x | 47.0% | 22.1% | 36.8% | – | 0.05% |
| NMDC | ₹58,457 cr | 7.8x | 1.7x | 23.4% | 25.8% | 28.8% | +22.0% | 5.27% |
| GMDCLTD | ₹13,641 cr | 14.3x | 1.9x | 14.2% | 17.4% | 34.3% | -8.8% | 2.35% |
| GRAVITA | ₹9,657 cr | 24.3x | 3.9x | 17.3% | 15.5% | 9.4% | +15.1% | 0.48% |
| MOIL | ₹4,408 cr | 14.5x | 1.6x | 11.4% | 14.2% | 31.0% | +3.2% | 3.20% |
| ASHAPURMIN | ₹3,985 cr | 9.8x | 2.4x | 27.6% | 17.2% | 10.0% | +42.0% | 0.24% |
| ORISSAMINE | ₹1,978 cr | 594.0x | – | – | 24.6% | 16.7% | +38.4% | – |
| 20MICRONS | ₹635 cr | 9.4x | 1.3x | 14.8% | 17.3% | 13.0% | +10.8% | 0.69% |
| NILE | ₹373 cr | 7.7x | 1.2x | 16.7% | 20.8% | 6.1% | +8.9% | 0.40% |
| GOACARBON | ₹361 cr | – | 2.1x | -24.3% | -3.8% | -4.4% | -20.1% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-22 | Dividend | Dividend - Rs 2 Per Share |
| 2025-09-17 | Dividend | Dividend - Re 1 Per Share |
| 2024-09-23 | Other | Annual General Meeting |
| 2023-09-22 | Other | Annual General Meeting |
| 2022-09-21 | Dividend | Annual General Meeting/Dividend - Rs 0.50 Per Share |
| 2021-09-21 | Other | Div - Rs 0.50 Per Sh |
| 2021-09-21 | Other | Annual General Meeting |
| 2020-12-22 | Other | Annual General Meeting |
| 2019-12-19 | Other | Annual General Meeting |
| 2018-09-19 | Other | Annual General Meeting |
| 2017-09-11 | Other | Annual General Meeting |
| 2016-09-19 | Other | Annual General Meeting |
| 2015-09-15 | Other | Annual General Meeting |
| 2014-09-11 | Other | Annual General Meeting |
| 2013-09-12 | Other | Annual General Meeting |
| 2012-09-14 | Other | Annual General Meeting |
| 2011-09-16 | Other | Annual General Meeting |
| 2010-09-15 | Other | Annual Book Closure |
| 2009-09-15 | Other | Annual General Meeting |
| 2008-09-15 | Dividend | Agm/Dividend - 80% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Trade: Wholesale Trading
- Manufacturing & Mining and quarrying: Other manufacturing includes jewellery, musical instruments, medical instruments AND Other Mining and Quarrying Activities
| Sector | Commodities |
| Industry | Industrial Minerals |
| Sub-industry | Industrial Minerals |
| Symbol | ASHAPURMIN |
| BSE code | 527001 |
| ISIN | INE348A01023 |
| Face value | ₹2.0 |
| Incorporated | 1982-02-19 |
| Website | www.ashapura.com |
| Plants (India / abroad) | 7 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.