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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -5% YoY · margin compression · Rev +19% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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.
Trend score and candlestick chart
37Bearishfull bear SMA stack · SMA20 -16.0% / mo · MACD − · sector +2.7pp vs Nifty (3M)
Technical chart
ASHAPURMINdaily · 1Y · AUTO+7.3%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~19.1% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 40% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 75 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 75 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 57.7%.
Main drags
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Valuation is weaker at 18/30; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 83rd pctile, median 70 · Micro: 66th pctile, median 73
13 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 12.80
- P/B
- 3.18
- EV/EBITDA
- 9.69
- Market Cap
- 5263.00Cr
Profitability
- ROE
- 28.00%
- ROCE
- 20.70%
- ROA
- 8.75%
- Dividend Y
- 0.36%
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
- 3.21
- Book Value
- 173.00
Cash Flow
- FCF Yield
- 3.65%
- FCF Positive Y
- 5/5
- OCF
- 463.00 Cr
- EPS TTM
- 42.59
Shareholding
- Promoter Hold
- 48.04%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.