AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 Sep - Held 45th AGM on 29 Sept 2026; approved FY26 accounts, Rs 2 final dividend, and Chetan Shah's role change.
Source: Bse
Ashapura Minechem Limited (ASHAPURMIN)
Micro CapMetals stocks · Micro cap · NSE
Ashapura Minechem is a diversified mineral-based products company with significant bauxite mining and export operations in Guinea. Its India business focuses on value-added mineral products including Bentonite & Allied Minerals, White Performance Minerals, Specialty Adsorbent Solutions, and Advanced Ceramic Materials, catering to various core industries.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:30 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
37Bearishfull bear SMA stack · SMA20 -10.7% / mo · RSI oversold · MACD + · near 52W low
Stock trend: 28
Sector RS: 50
Sector 3M: -4.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ASHAPURMIND candles · FIT view-25.5%Latest close ₹455.70 on 2026-10-19
Bar
-2.0%
RSI
29
MACD hist
0.13
52W pos
1%
2026-10-19O ₹465.00H ₹471.50L ₹452.15C ₹455.70Vol 1.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ASHAPURMINNifty MetalNifty 500
- ASHAPURMIN
- -33.8%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- -28.2 pp
Chart stats
19 Oct 2026- From 52W high
- -50.7%
- 52W range position
- 1%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.51x
- Avg traded value
- ₹15 Cr
- 20D price channel
- ₹452.2 - ₹555.8
₹924.9
₹452.2 - ₹924.9
₹18.2
Latest completed session
20-session average
35.6% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE78
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +19.2% · PAT -5.3% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+69.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -5% YoY · margin compression · Rev +19% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,616 Cr | +19.2% | -17.9% |
| EBITDA | ₹181 Cr | -0.5% | +41.4% |
| Operating margin | 11.0% | -200 bps | +500 bps |
| PAT | ₹108 Cr | -5.3% | -10.7% |
| PAT margin | 6.7% | -173 bps | +53 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.80
- P/B
- 2.68
- EV/EBITDA
- 8.49
- Market Cap
- 4432.00Cr
Profitability
- ROE
- 28.00%
- ROCE
- 20.90%
- ROA
- 8.75%
- Dividend Y
- 0.43%
Growth (CAGR)
- Revenue 5Y
- 35.00%
- EPS 5Y
- 43.00%
- Revenue 3Y
- 42.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 0.88
- Interest Coverage
- 4.78×
- Altman Z
- 3.04
- Book Value
- 173.00
Cash Flow
- FCF Yield
- 4.33%
- FCF Positive Y
- 5/5
- OCF
- 463.00 Cr
- EPS TTM
- 42.59
Shareholding
- Promoter Hold
- 48.04%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,237+91.2% vs prev
Net Profit
₹ CrLatest: 416+43.9% vs prev
Return on Equity
%Latest: 25.2+8.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 29. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.0% over last month) — short-term momentum negative.
- RSI(14) at 29 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
15
RS percentile
Stage 4 Downtrend
1M return
-13.3%
3M return
-33.8%
6M return
-28.4%
1Y return
-28.9%
RS 1D
-1
RS 20D
-14
Sector rank
#4
Industry rank
#14
Stage evidence
- Price is 25.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 71.75-0.86%
RS vs Nifty 50072
Valuation & peers
U-Score 78 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 78 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation19/30
Growth23/25
Quality17/20
Balance Sheet6/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
78
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
78/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 4.3%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 69.3%.
Main drags
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Valuation is weaker at 19/30; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
10.8
PB
2.7
EV/EBITDA
8.5
ROE
28.0%
ROCE
20.9%
FCF Yield
4.3%
Debt/Equity
0.9
MoS
+69.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
78
Previous: 78
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+69.3%
Previous: +69.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
78
78
78
78
78
78
78
78
78
78
78
78
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹407.16
-11.9% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹1,482.13
+69.3% MoS
PEG
0.23
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SAMBHV
Small
Sambhv Steel Tubes Limited
Mining
match 85
51
28.9
18.7%
+15%
FAIR VALUE
KSL
Small
Kalyani Steels Limited
Mining
match 84
46
14.9
13.2%
+5%
FAIR VALUE
STEELCAS
Small
Steelcast Limited
Mining
match 84
54
40.6
24.0%
-11%
FAIR VALUE
VSSL
Small
Vardhman Special Steels Limited
Mining
match 83
36
40.6
12.1%
+7%
WATCHLIST
MAITHANALL
Small
Maithan Alloys Limited
Mining
match 81
48
9.1
0.5%
-595%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-14T21:07:49.589Z
Management commentary snapshot
FY26 revenue surged 91% YoY to INR5,237 Cr, with EBITDA up 51% to INR674 Cr. Q4 FY26 revenue grew 105% QoQ to INR1,969 Cr, and EBITDA increased 48% QoQ to INR211 Cr, driven by Guinea bauxite volume doubling to 8 MT.
While FY26 saw strong top-line growth from Guinea bauxite, Q4 margins compressed significantly due to higher freight, fuel, and bauxite price correction. Management expects Q1 FY27 to be similar or more difficult. Future performance hinges on the impact of Guinea's bauxite quota system and successful cost management initiatives.
Current business mix
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Guinea Business80.2%
India Business (Bentonite & Allied Minerals, White Performance Materials)19.1%
Growth engines
Guinea Bauxite Volume Expansion
Expanding port facilities to increase volume from 15 million tons to 20 million tons by end of current year. Targeting 10-12 MT for FY27 and 15 MT for FY28.
Iron Ore Business Development
Exploring iron ore business with plans for a beneficiation plant in the next three to four quarters to enhance top and bottom line.
Bauxite Washing Plant
Planning a bauxite washing plant with 20,000 tons per day capacity to upgrade non-marketable bauxite to export quality from existing resources.
Value-Added Products (India)
Expanding product basket in Bentonite & White Minerals, developing new products for oil & gas and foundry applications for long-term growth.
Capacity and execution
Boffa Port Capacity Expansion
Expanding Boffa port capacity from ~5 million tons to ~10 million tons, expected to be completed by end of Q2 FY27.
GSM Port Capacity Expansion
Working on expanding GSM port capacity by another 50% to 60% by the end of FY27-28.
Bauxite Washing Plant
Planning to put up a bauxite washing plant with a capacity of 20,000 tons per day.
Iron Ore Beneficiation Plant
Planning to put up an iron ore beneficiation plant, currently at the initial stage of due diligence, expected in next three to four quarters.
Tailwinds
Guinea Bauxite Quota System
Government planning to implement a bauxite quota system, expected to curtail export from large players and positively impact smaller miners like Ashapura.
Reduced Freight Costs Post-Quota
Quota system may decrease bauxite volume, leading to a positive impact on freight costs, which are expected to come down.
Favorable LME Aluminium Prices
LME aluminium metal trading at $3,600/ton, expected to go up to $4,000/ton, which will have a positive impact on bauxite consumption.
No New Bauxite Licenses in Guinea
Guinea government decided not to issue new bauxite licenses for at least the next three to five years, benefiting existing producers.
Headwinds
Increased Fuel and Freight Costs
Geopolitical unrest led to increased fuel, OGB, and freight costs, impacting margins in Q4 and potentially Q1 FY27.
Higher Tax and Duty in Guinea
Tax and duty by Guinean government increased due to the rise in LME aluminium metal prices.
Increased Input Costs (India)
Profitability in India business affected by higher input costs, specifically a sharp increase in sulfuric acid prices for Specialty Adsorbent Solutions.
Product Mix Shift (India)
Changes in product mix with a higher proportion of lower-margin products contributed to overall sales, impacting profitability.
Risk radar
Uncertainty of Guinea Quota System
Exact details of the bauxite quota system implementation are unknown, posing uncertainty for future volumes and pricing.
Freight Volatility and Vessel Availability
Significant volatility in freight or unavailability of vessels could curb export volumes, especially in the current geopolitical climate.
Iron Ore Project Delays
Commissioning phase for the iron ore business has gone slower than expected, delaying meaningful contribution.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
FY26 results are best viewed YoY to assess annual growth and overall performance. Q4 results are best viewed QoQ to understand recent sequential momentum, margin pressures, and the immediate impact of market dynamics and cost changes.
Sector KPIs management disclosed
Bauxite Export Volume (Guinea)
Exported 8 million tons of bauxite in FY26, up from 3.5 million tons in the previous year. Targeting 10-12 million tons for FY27 and 15 million tons for FY28.
EBITDA per metric ton (Q4 FY26)
EBITDA per metric ton came in at $5.9 in Q4 FY26, a significant decline from previous quarters.
LME Aluminium Metal Price
LME aluminium metal currently trading at about $3,600 per ton, expected to go up to $4,000 per ton.
Input Costs & Freight
Profitability impacted by increases in fuel prices, OGB, freight costs, and sulfuric acid prices (key raw material for Specialty Adsorbent Solutions).
Management forward view
EBITDA Margin Outlook
Management is optimistic that EBITDA margins for FY27 will be better than Q4 FY26, expecting improvement after Q1 FY27.
Capex Strategy for Beneficiation Plants
Evaluating build-operate-transfer models for beneficiation plants to potentially handle capex through vendors/partners, aiming to avoid increasing balance sheet debt.
India Business Focus
Strong focus on value addition and new product launches in India business, expecting above-average growth and EBITDA in the medium term.
Guinea Concession Obligations
Ashapura's Guinea concessions are free from local refining/smelting obligations, distinguishing it from larger players.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Guinea Bauxite Export Volumes | 8 million tons (FY26) | Achievement of 10-12 million tons target for FY27, and 15 million tons for FY28. |
| EBITDA Margins | Q4 FY26 saw a sharp drop to $5.9/ton | Improvement in EBITDA margins post Q1 FY27, as guided by management. |
| Guinea Quota System Details | Expected to be announced within this month | Specifics of the quota system and its impact on Ashapura's volumes, pricing, and freight costs. |
| Iron Ore Business Contribution | Still in commissioning phase, slower than expected | Meaningful contribution to Guinea business in the coming year or couple of years, and progress on beneficiation plant. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 83rd percentile within Metals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
13 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Metals: 83rd pctile, median 70 · Micro: 66th pctile, median 73
Evidence depth
Financial-only
13 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
90
strong · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.7%.
- ▸5 years of positive FCF.
- ▸ROCE is 20.7%.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ashapura Minechem Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 23 Sep - Geology and Mining Department order dated 22 Sept 2026 requires Rs. 6,13,173 payment.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Sep - Newspaper Advertisement pertaining to loss of share certificate
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Newspaper Publication- Notice of Annual General Meeting
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Q1 FY2027 earnings conference call scheduled for 19 August 2026, 4:00-4:45 PM IST.
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Aug - Q1 FY27 results announced; Guinea Boffa Port and 20k MT/day washing plant became operational.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Aug - Newspaper Publication of unaudited financial result for the quarter ended 30th June, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Jun - Investor/analyst meeting rescheduled from 24 June 2026 to 30 June 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Jun - Ashapura Minechem to hold in-person analyst/investor meeting in Mumbai on 24 June 2026.
Source: Bse
AnnouncementQ4 2026
Q4 2026 · Board Meeting Outcome for Outcome Of Board Meeting 28 May - Ashapura Minechem reported FY26 consolidated income of Rs5,237.1 crore, PAT of Rs416.47 crore, and Rs2 dividend.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.