ASHAPURMIN

Ashapura Minechem Limited

Bauxite miner and supplier of bentonite and specialty minerals

Commodities›Metals & Mining›Minerals & Mining›Industrial Minerals

ashapura.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹464.40
Market cap
4,438 Cr
Stock P/E
11.1
P/B
2.70
Dividend yield
0.2%
ROE (FY26)
24.4%
ROCE (FY26)
18.2%
Operating margin (FY26)
8.1%
Debt / equity (FY26)
0.88
OCF / EBITDA (FY26)
83.4%
OCF / EBITDA (3Y)
68.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ashapura Minechem (the Ashapura group) mines bauxite in Guinea for export to alumina refineries and makes value-added industrial minerals, such as bentonite, bleaching clay and advanced ceramic materials, in India for industrial customers.

Company snapshot

6thBy market cap

Ranked among 9 companies in Industrial Minerals.

What we see

Positives
  • ✓Return on equity of 24.4% — the company generates strong returns on shareholders' money.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales554 Cr713 Cr440 Cr714 Cr604 Cr865 Cr555 Cr1,356 Cr953 Cr960 Cr1,969 Cr1,616 Cr
Operating expenses (approx.)524 Cr655 Cr392 Cr627 Cr540 Cr731 Cr471 Cr1,174 Cr822 Cr846 Cr1,841 Cr1,435 Cr
EBITDA30 Cr58 Cr48 Cr87 Cr64 Cr135 Cr84 Cr182 Cr131 Cr114 Cr128 Cr181 Cr
OPM %5.5%8.1%11.0%12.2%10.6%15.5%15.2%13.4%13.7%11.9%6.5%11.2%
Other income22 Cr6 Cr2 Cr4 Cr1 Cr14 Cr56 Cr6 Cr1 Cr29 Cr83 Cr8 Cr
Interest12 Cr22 Cr16 Cr17 Cr19 Cr23 Cr30 Cr31 Cr29 Cr24 Cr34 Cr29 Cr
Depreciation19 Cr20 Cr21 Cr17 Cr20 Cr12 Cr29 Cr32 Cr32 Cr34 Cr35 Cr37 Cr
Profit before tax62 Cr54 Cr77 Cr65 Cr36 Cr119 Cr84 Cr132 Cr81 Cr85 Cr147 Cr130 Cr
Tax %5.8%14.7%12.0%7.4%-19.8%9.9%6.9%13.6%-30.5%10.4%17.8%16.7%
Net profit58 Cr54 Cr67 Cr60 Cr43 Cr108 Cr79 Cr114 Cr106 Cr76 Cr121 Cr108 Cr
EPS (₹)₹6.49₹6.16₹7.49₹6.51₹4.71₹11.15₹9.08₹11.50₹10.11₹8.82₹11.59₹12.07

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales833 Cr794 Cr621 Cr334 Cr1,148 Cr1,278 Cr1,831 Cr2,654 Cr2,739 Cr5,237 CrSign in free for the trailing twelve months
Operating expenses (approx.)798 Cr791 Cr635 Cr392 Cr1,033 Cr1,178 Cr1,658 Cr2,408 Cr2,369 Cr4,682 CrSign in free for the trailing twelve months
EBITDA34 Cr3 Cr-13 Cr-57 Cr115 Cr99 Cr173 Cr246 Cr370 Cr555 CrSign in free for the trailing twelve months
OPM %4.1%0.4%-2.1%-17.1%10.0%7.8%9.4%9.3%13.5%10.6%Sign in free for the trailing twelve months
Other income11 Cr7 Cr22 Cr16 Cr61 Cr96 Cr86 Cr62 Cr75 Cr119 CrSign in free for the trailing twelve months
Interest16 Cr18 Cr19 Cr31 Cr53 Cr55 Cr64 Cr70 Cr89 Cr118 CrSign in free for the trailing twelve months
Depreciation48 Cr39 Cr33 Cr28 Cr45 Cr58 Cr73 Cr79 Cr78 Cr133 CrSign in free for the trailing twelve months
Profit before tax-1 Cr-33 Cr-322 Cr382 Cr98 Cr98 Cr139 Cr258 Cr304 Cr445 CrSign in free for the trailing twelve months
Tax %-1493.1%-36.1%-1.6%-0.3%23.2%11.5%21.3%10.5%5.1%6.3%Sign in free for the trailing twelve months
Net profit-19 Cr-45 Cr-327 Cr383 Cr87 Cr87 Cr110 Cr282 Cr289 Cr416 CrSign in free for the trailing twelve months
EPS (₹)₹-2.17₹-5.19₹-38.05₹44.57₹10.06₹9.65₹12.79₹31.37₹31.46₹42.02Sign in free for the trailing twelve months
Dividend payout %————0.0%5.2%5.2%0.0%0.0%2.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital17 Cr17 Cr17 Cr17 Cr17 Cr18 Cr18 Cr18 Cr19 Cr19 Cr
Reserves-20 Cr-65 Cr-378 Cr329 Cr417 Cr503 Cr646 Cr912 Cr1,223 Cr1,630 Cr
Borrowings122 Cr175 Cr200 Cr430 Cr644 Cr636 Cr756 Cr984 Cr1,163 Cr1,444 Cr
Other liabilities1,185 Cr1,158 Cr1,090 Cr1,044 Cr1,155 Cr1,267 Cr1,636 Cr1,410 Cr1,545 Cr1,610 Cr
Total liabilities1,305 Cr1,286 Cr991 Cr1,820 Cr2,233 Cr2,424 Cr3,050 Cr3,311 Cr3,931 Cr4,698 Cr
Fixed assets (net)321 Cr294 Cr220 Cr466 Cr425 Cr434 Cr461 Cr438 Cr1,182 Cr1,332 Cr
CWIP5 Cr21 Cr9 Cr54 Cr204 Cr254 Cr262 Cr504 Cr55 Cr51 Cr
Investments243 Cr267 Cr203 Cr274 Cr293 Cr270 Cr290 Cr323 Cr347 Cr373 Cr
Loans & advances——0.10 Cr0.27 Cr0.16 Cr0.83 Cr0.28 Cr0.28 Cr0.33 Cr0.50 Cr
Inventories254 Cr245 Cr161 Cr224 Cr289 Cr414 Cr532 Cr520 Cr654 Cr585 Cr
Trade receivables234 Cr206 Cr104 Cr185 Cr288 Cr310 Cr490 Cr269 Cr547 Cr1,001 Cr
Cash & bank41 Cr39 Cr50 Cr41 Cr35 Cr26 Cr74 Cr135 Cr109 Cr316 Cr
Other assets207 Cr214 Cr245 Cr575 Cr698 Cr715 Cr941 Cr1,122 Cr1,035 Cr1,041 Cr
Total assets1,305 Cr1,286 Cr991 Cr1,820 Cr2,233 Cr2,424 Cr3,050 Cr3,311 Cr3,931 Cr4,698 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity72 Cr-18 Cr-217 Cr16 Cr-20 Cr92 Cr97 Cr148 Cr188 Cr463 Cr
Cash from investing-30 Cr-20 Cr160 Cr-156 Cr-168 Cr-59 Cr-130 Cr-274 Cr-392 Cr-271 Cr
Cash from financing-43 Cr36 Cr68 Cr131 Cr182 Cr-42 Cr80 Cr191 Cr178 Cr14 Cr
Net cash flow-0.58 Cr-2 Cr11 Cr-9 Cr-5 Cr-9 Cr47 Cr65 Cr-25 Cr206 Cr
Free cash flow (OCF − Capex)23 Cr-53 Cr-227 Cr-3 Cr-458 Cr-56 Cr-37 Cr-184 Cr-212 Cr184 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %———53.2%15.1%13.2%14.4%17.2%16.5%18.2%
ROE %———112.0%20.2%16.6%17.8%31.3%24.2%24.4%
Debtor days1029461202918897377370
Inventory days487403302698405463410454409177
Days payable393264220430514350351484385283
Cash conversion cycle196233143470-17202156697-36
OCF / EBITDA %209.7%n.m.——-17.1%93.0%56.4%60.1%50.9%83.4%
OCF / EBITDA % (3 years)——n.m.—n.m.56.3%43.9%65.2%55.0%68.3%
Debt / equity——0.001.241.481.221.151.070.950.88
Current ratio0.540.600.441.031.161.141.281.191.231.36
Net debt / EBITDA2.35———5.296.143.963.452.852.03