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Ashapura Minechem Ltd (ASHAPURMIN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 527001 NSE: ASHAPURMIN Mining & Minerals | Small Cap | Ashapura Minechem Share Price

₹525.80 8.05 (1.55%)

As on 18-Sep'26 16:59

Ashapura Minechem Ltd (ASHAPURMIN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 527001 NSE: ASHAPURMIN Mining & Minerals | Small Cap | Ashapura Minechem Share Price

₹525.80 8.05 (1.55%)

As on 18-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹5,023 Cr.
Current Price
₹525.8
52-Week Low / High
₹457 / 925
TTM EPS
₹42.6
TTM Sales
₹5,498 Cr.
Book Value per Share
₹183.3
P/E Ratio
12.34
Lower than its 5-year historical median
Industry PE
13.6
Price to Book (P/B)
2.87
Lower than its 5-year historical median
Price to Sales (P/S)
0.91
Lower than its 5-year historical median
EV/EBITDA
9.09
Lower than its 5-year historical median
Dividend Yield
0.38%
Profitability Efficiency
Return on Equity (ROE)
28.81%
Outperforms industry median
Return on Capital Employed (ROCE)
20.64%
Outperforms industry median
Return on Assets (ROA)
9.84%
Operating Profit Margin
10.7%
Net Profit Margin
7.95%
Gross Profit Margin
10.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
16.32%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
48.24%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
44.07%
Asset Quality
Promoter Holding
48.03%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,732 Cr.
Equity
₹19.1 Cr.
Face Value
₹2
All Time Low / High
₹1.00 / 924.70

Ashapura Minechem stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is Ashapura Minechem Ltd a good quality company?
Ashapura Minechem Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Ashapura Minechem Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ashapura Minechem Ltd vs industry peers?
Ashapura Minechem Ltd revenue CAGR is 35.46%, compared to the industry median CAGR of 1.53%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Ashapura Minechem Ltd?
Promoters hold 48.03% of the Ashapura Minechem Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ashapura Minechem Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 23.8% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ashapura Minechem Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ0%0%0%0%88.6%12.3%17.5%99.3%24.9%36.3%-
Value Creation
Index ⓘ		NANANANA5.3-0.10.36.10.81.7-

Growth Parameters ⓘ
Sales ⓘ236239337206421598223333372432437
Sales YoY Gr.-1.5%41.1%-39%104.8%41.9%-62.8%49.6%11.5%16.3%-
Adj EPS ⓘ-6.6-6.3-3.7104.7-2.1-1.212.48.514.215.7
YoY Gr.-NANANA-53.2%-144.3%NANA-31.1%66.7%-
BVPS (₹) ⓘ-29.8-37.6-46.2-0.85.542.720.832.747.950.5
Adj Net
Profit ⓘ		-57.6-54.7-3286.740.6-19-11.111381.6136150
Cash Flow from Ops. ⓘ16.5-45.616.9-140.141.538.1-12.9-3474.9-
Debt/CF from Ops. ⓘ4.1-1.32.7-94.82.11.71.4-3.5-2.30.8-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ7%0.5%24.7%16.3%
Adj EPS ⓘNA25%NA66.7%
BVPSⓘNA54%160.2%46.3%
Share Price 23.6% 33.1% 19.3% -15%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		24.818.78.8-42.9168.1-42.9-31.396.831.835.331.8
Op. Profit
Mgn % ⓘ		-15.1-9.83.5-8.119.11.3-2.526.419.731.829.3
Net Profit
Mgn % ⓘ		-24.4-22.9-9.542.19.6-3.2-5342231.534.3
Debt to
Equity ⓘ		-0.3-0.2-0.1-13.41.81.92.20.20.30.1-
Working Cap
Days ⓘ		705591379598343274676409424434231
Cash Conv.
Cycle ⓘ		285276161272152115274155191231166

Valuation of Ashapura Minechem - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *30.6830.6814.7914.790.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales8337946223341,1481,2781,8312,6542,7395,237
Operating Expenses ⓘ + 7977906293911,0261,1761,6552,4012,3624,678
Manufacturing Costs19021116899205290272279325194
Material Costs1972101861342512644344874721,307
Employee Cost 727258388296103121157141
Other Costs ⓘ 3382972171204875278461,5151,4083,035
Operating Profit ⓘ 364-7-57122102176252377559
Operating Profit Margin (%) 4.3%0.6%-1.1%-17.1%10.7%8.0%9.6%9.5%13.8%10.7%
Other Income ⓘ + 11717166196866275119
Exceptional Items ⓘ 0-15-2914741900980-5
Interest ⓘ 171920316058687696122
Depreciation ⓘ 483933284558737978133
Profit Before Tax ⓘ -1-33-32238211098139309304445
Tax ⓘ 18125-1231130271528
Profit After Tax -19-45-3273838787110282289416
PAT Margin (%) -2.3%-5.7%-52.6%114.6%7.6%6.8%6.0%10.6%10.6%8.0%
Adjusted EPS (₹)-2.2-5.2-38.144.610.19.512.831.431.042.0
Dividend Payout Ratio (%)0%0%0%0%5%5.30%0%0%3.20%4.80%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + -2-47-3613434315216559201,2421,649
Share Capital ⓘ 17171717171818181919
Reserves ⓘ -20-65-3783254135036379021,2231,630
Debt +1221752004306446117148661,1421,439
Long Term Debt631061533915525296036878561,019
Short Term Debt596947409282110179285420
Minority Interest0062-0-0-0-7-13-20-4
Trade Payables205160119138366354564554616934
Others Liabilities ⓘ 1,0709881,0218957819251,093955828639
Total Liabilities ⓘ 1,3941,2771,0411,8062,2222,4103,0183,2833,8094,657

Fixed Assets

Net Fixed Assets ⓘ +3333052315425255375825751,3471,497
Gross Block5185234501,2091,2031,2641,3781,4362,2842,700
Accumulated Depreciation1852182196676787277968629371,203
CWIP ⓘ 5219542042542625045551
Investments ⓘ 243267180274290268288321345371
Inventories254245161224289414532520654585
Trade Receivables2342061041852883104902695471,001
Cash Equivalents 45426147443378145122329
Others Assets ⓘ 280190295480582594786950738824
Total Assets ⓘ 1,3941,2771,0411,8062,2222,4103,0183,2833,8094,657
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 72-18-21716-2011494148189463
PBT ⓘ -19-33-32238211098122309304445
Adjustment ⓘ 6637407723381363680192
Changes in Working Capital ⓘ 63-887-442-140-7-145-153-155-151
Tax Paid ⓘ -38-14-23-2-14-15-19-44-40-23
Cash Flow From Investing Activity ⓘ + -30-20160-156-168-63-130-274-392-271
Capex -36-27-4-18-176-116-134-273-397-278
Net Investments 3497-1134490-80-2
Others ⓘ 4367-255447410
Cash Flow From Financing Activity ⓘ + -433668131182-608019117814
Net Proceeds from Shares ⓘ 00000110000
Net Proceeds from Borrowing ⓘ -84347475170-2712222517853
Interest Paid ⓘ -15-18-19-40-40-38-36-30-24-43
Dividend Paid ⓘ 00000-5-6-00-9
Others ⓘ -201040-30452-2-1-52314
Net Cash Flow ⓘ -1-211-9-5-94465-25206
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)N/AN/AN/A022.6218.1818.6635.7626.7428.81
ROCE (%)N/AN/AN/A130.1218.0513.816.0823.0818.5820.64
Asset Turnover Ratio0.590.590.540.230.570.550.670.840.771.24
PAT to CFO Conversion(x)N/AN/AN/A0.04-0.231.310.850.520.651.11
Working Capital Days
Receivable Days116.10101.1091157.7075.2085.5079.8052.2054.4054
Inventory Days118.10114.60119.10209.9081.60100.4094.2072.3078.3043.20
Payable Days443316.80273.60349.70366.10497.20386.10419.40452.80216.40

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Ashapura Minechem Ltd FAQs

The current trading price of Ashapura Minechem on 18-Sep-2026 16:59 is ₹525.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Ashapura Minechem stood at ₹5,022.8 Cr

The latest P/E ratio of Ashapura Minechem as of 17-Sep-2026 is 33.57.

The latest P/B ratio of Ashapura Minechem as of 17-Sep-2026 is 10.41.

The 52-week high of Ashapura Minechem is ₹924.7 and the 52-week low is ₹456.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ashapura Minechem is ₹437 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ashapura Minechem Ltd is a average quality company.

The key valuation ratios of Ashapura Minechem Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Ashapura Minechem Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Ashapura Minechem Ltd

Ashapura Minechem stands as a premier provider of multi-mineral solutions globally, leveraging extensive mineral reserves and advanced manufacturing facilities to cater to various industries. With operations spanning across India and other countries, the company has established itself as a key player in Bentonite, Minerals and Refractory Raw Materials segments. Leveraging a workforce of over thousands of individuals and a strong commitment to quality and tailored mineral solutions, the company has earned the trust of multinational clients in many countries. 

Ashapura Minechem places a strong emphasis on sustainability and environmental stewardship, as evidenced by its participation in initiatives towards energy conservation efforts. Additionally, the company actively engages in community development through the Ashapura Foundation, supporting rural development, cultural preservation and educational initiatives. As a preferred supplier to multinational corporations in many countries, the company has showcased its dedication to transparency and responsible business practices.

Business area of the company

The company is engaged in the mining, manufacturing and trading of various minerals and its derivative products and related services.

Products

  • Bauxite
  • Bentonite
  • Kaolin
  • Limestone
  • Silica Sand
  • Gypsum

Milestones

  • 1981: Ashapura set up an 800 sq. ft. office in Bhavnagar, Gujarat.
  • 1981: Ashapura's marketing hub was set up at Nariman Point, Mumbai.
  • 1982: Ashapura Minechem Pvt. Ltd. was formed, marking the corporatisation of the business.
  • 1983: Ashapura acquired a 10,000 sq. meter plot at Chitra Industrial Estate, GIDC, Bhavnagar
  • 1984: Ashapura loaded its first Bentonite rake from Bhuj.
  • 1984: Ashapura acquired 26 acres of land at Madhapar, Bhuj, for Bentonite processing.
  • 1987: Ashapura gained a foothold by becoming a preferred supplier to ONGC.
  • 1992: Ashapura Foundation was established for social amelioration.
  • 1993: Ashapura Minechem Ltd. was listed on the Bombay Stock Exchange (BSE).
  • 1996: Ashapura’s first foray in Bauxite. First shipment of 25,000 tons to RUSAL.
  • 1996: Ashapura Claytech Ltd. is formed at Dharur, Andhra Pradesh, for making Attapulgite-based granules for pesticides.
  • 1998: Ashapura inducts AMCOL, U.S.A. (the world’s largest Bentonite company), into Ashapura Minechem Ltd.
  • 1998: Chetan Shah officially takes charge of the Ashapura Group as Joint Managing Director.
  • 2001: Ashapura inaugurates its Bleaching Clay Plant at Ler.
  • 2001: Ashapura crosses Rs 100 crore in turnover for the first time.
  • 2001: Ashapura acquires Bauxite mining leases in Western Ghats, Maharashtra.
  • 2001: Ashapura provides relief after the devastating earthquake in Kachchh; Kutch Navnirman Trust builds a colony for resettlement of locals with over 110 dwellings.
  • 2002: Ashapura acquires Bombay Minerals Ltd.
  • 2003: Ashapura Balmandir and Primary School are established in Bhuj.
  • 2004: Ashapura Minechem (UAE) FZE is established in Dubai.
  • 2004: The Clay Catalyst business is inducted in the Bleaching Clay processing complex at Ler.
  • 2006: The Mineral Processing Complex in Belgium was established.
  • 2006: Ashapura invests in a Bleaching Clay company in Malaysia.
  • 2006: The concept of Mobile Medical Clinics set into motion to cover 104 of the remotest villages in Kachchh.
  • 2007: Strategic investment by Ashapura into Bedi Port.
  • 2008: Ashapura Women’s Academy was established for the welfare, education and reskilling of women.
  • 2010: Oman mineral processing complex established.
  • 2011: The Beijing, China office established.
  • 2013: Ashapura acquires 18% stake in Orient Abrasives Ltd.
  • 2014: Ashapura further acquires 20% in Orient Abrasives Ltd.
  • 2015: Silica sand, Calcined Kaolin and Ground Calcium Carbonate processing plants commissioned.
  • 2016: A brand-new plant for Geosynthetic Clay Liners was commissioned.
  • 2016: Ashapura pioneers the manufacturing of Proppants in India.
  • 2019: Entered into an INR Denominated Secured Term Loan Agreement of Rs 78 crore with Elara Finance (India) on November 21, 2019, for repayment of existing obligations of Bank/Financial Institution(s).
  • 2023: Step-down subsidiary -- Ashapura Holdings (UAE) FZE concluded and signed 2 contracts for the supply of Bauxite from Guinea and Ashapura Guinea Resources SARL (a step-down subsidiary of Ashapura Minechem) concluded and signed a contract for the supply of Iron Ore from Guinea.
  • 2025: Overseas subsidiary entered into a long-term MoU with China Railway, a Global Fortune 500 Company, to jointly develop its Fako bauxite deposit in the Kindia region of Guinea.
  • 2025: Overseas subsidiary executed a long-term Strategic Co-operation Agreement on September 15, 2025 in China, with China Railway to jointly develop its Boffa bauxite deposit in Guinea.

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