ASHAPURMINMetals & Mining

Ashapura Minechem Limited

Industrial Minerals · ISIN INE348A01023 · BSE 527001 · NSE EQ · FV ₹2
Last price
₹518
+0.37%today
What this company does

Ashapura Minechem Limited operates in Industrial Minerals, part of the Metals & Mining sector. It booked ₹1,616 cr of revenue in its latest quarter (Q1 FY27) and kept 7.1% of sales as profit. It is the 6th largest of 9 Industrial Minerals companies we track, by market value.

In the report:
63out of 100
Equitytale Health Score
Mixed

Healthier than 63% of companies in Metals & Mining, on all six measures of filed financials. Each measure is ranked against the 12–24 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
oversold
RSI (14)
29

At close. Not part of the score.

Profitability & returns56

How much profit it earns on the money it employs

Balance sheet26

How much it owes, and whether earnings cover the interest

Cash quality42

Whether reported profit actually arrives as cash

Growth & consistency90

Whether sales and profit have grown, and how steadily

Valuation91

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 19% vs last year
Promoters hold 48%
No promoter shares pledged
Strong 28% return on equity
Turns profit into real cash
Watch-outs
! Thin 7.1% net margin

What if I invest in ASHAPURMIN?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹518 +0.37%
latest close · 2026-09-17
1-year return
+317.6%
52-wk low ₹8852-wk high ₹752
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio10.7Low
LowAverageHigh
P/B ratio3.00Moderate
Below bookModerateHigh
EV / EBITDA8.0Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity28.0%Strong
WeakFairStrong ▸15%
Return on capital21.8%Strong
WeakFairStrong
Net margin7.1%Decent
ThinDecentStrong
EBITDA margin11.7%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.88Moderate
LowModerateHigh ▸1
Interest cover5.3×Strong
RiskyOkayStrong ▸5×
Current ratio1.36Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹4,946 cr
Book value
₹173
EPS
₹12.07
latest quarter
Net debt
₹1,128 cr
owes more than its cash
Enterprise value
₹6,074 cr
EBITDA
₹756 cr
annualised
EBIT
₹609 cr
annualised
Operating margin
9.4%
Return on assets
9.8%
Earnings yield
9.33%
P/S
0.77
Sales / share
₹676.6
Tax rate
17.6%
Face value
₹2
Shares
9.6 cr
Working capital
₹686 cr
Current assets
₹2,588 cr
Current liabilities
₹1,902 cr
Delivery %
46.5%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹411 vs market price ₹518 — price is 26% above it
Safety cushion-25.8%(target ≥ +20%)
Models span ₹386₹437, midpoint ₹411
Model ₹411
Price ₹518
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹1,616 cr
Other Income₹8 cr
Total Income₹1,624 cr
Cost of Materials₹512 cr
Purchases of Stock-in-Trade₹13 cr
Inventory Change (±)₹-152 cr
Employee Benefit Expense₹36 cr
Finance Costs₹29 cr
Depreciation & Amortisation₹37 cr
Other Expenses₹1,026 cr
Total Expenses₹1,500 cr
Profit before Tax₹123 cr
Tax Expense₹22 cr
Share of JV / Associates₹7 cr
Net Profit₹108 cr
Net margin on total income6.7%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹373 cr22.9%
Employee benefit expense₹36 cr2.2%
Finance costs₹29 cr1.8%
Depreciation & amortisation₹37 cr2.3%
Other expenses₹1,026 cr62.9%
Tax expense₹22 cr1.3%
Profit for the period₹108 cr6.6%
Total income ₹1,624 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue960 cr1,969 cr1,616 cr
Total income989 cr2,051 cr1,624 cr
Expenses904 cr1,910 cr1,500 cr
Profit before tax81 cr141 cr123 cr
Tax9 cr26 cr22 cr
Net profit (owners' share)76 cr111 cr115 cr
Net margin (owners' share, on revenue)7.9%5.6%7.1%
EPS (₹)8.8211.5912.07
YoY (latest quarter): total income +19.3% · net profit +5.0%
Balance sheet & cash flow · as of Mar 2026
Moderate debt
Total assets
₹4,698 cr
Shareholder equity
₹1,649 cr
parent shareholders
Total debt
₹1,444 cr
Cash
₹316 cr
Cash flow · H1 FY26
Operating
₹222 cr
Investing
₹-76 cr
Financing
₹42 cr
Peer comparison
Industrial Minerals · by market value
CompanyPriceMarket capP/E
Lloyds Metals And Energy Limited₹1,799₹1.01 L cr14.7
NMDC Limited₹81₹71,038 cr9.0
Gujarat Mineral Development Corporation Limited₹549₹17,463 cr26.7
Gravita India Limited₹1,612₹11,894 cr27.6
MOIL Limited₹243₹5,768 cr28.0
Ashapura Minechem Limitedthis company₹518₹4,946 cr10.7
The Orissa Minerals Development Company Limited₹3,896₹2,338 cr
20 Microns Limited₹206₹726 cr10.2
Goa Carbon Limited₹378₹346 cr
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
trailing 12 months
Dividend / share (TTM)
Last dividend
₹1
ex 17 Sep 2025
ActionDetailEx-date
Dividend₹1 / share17 Sep 2025
Dividend₹0.5 / share21 Sep 2022
Dividend₹0.5 / share21 Sep 2021
Who owns it · 2026-06-30
No pledge
Promoter
48.0%
FII / Foreign
19.2%
DII / Domestic
0.4%
Retail / others
32.4%
Promoter stake up 2.7% over the last 12 quarters.
Smart-money activity
Insider trades
SoldDina Chetan Shah · Promoter66.96 L1 Sep 26
BoughtHimani Ankur Shah Family Trust · Promoter Group66.96 L1 Sep 26
BoughtCHETAN NAVNITLAL SHAH · Promoter25,000 · ₹1.5 cr27 Aug 26
Bulk / block deals
short · NSE183 Sep 26
short · NSE1503 Aug 26
short · NSE3124 Jul 26
Stake changes
BoughtChetan Navnitlal Shah · promoter→ 6.99% · 25,00027 Aug 26
BoughtChetan Navnitlal Shah · promoter→ 6.96% · 25,00026 Aug 26
SoldAlbula Investment Fund Ltd→ 3.49% · 21.17 L5 Aug 26
Promoter pledges
ReleasedElara Finance ( India) Pvt Ltd27.96 L · 2.93% held28 Mar 25
ReleasedElara Finance ( India) Pvt Ltd39.44 L · 4.13% held28 Mar 25
ReleasedElara Finance (India) Pvt. Ltd.36.00 L · 7.90% held18 Sep 24
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 31 Aug 2026
See the official result
1
TO APPROVE MATERIAL RELATED PARTY TRANSACTION(S) BETWEEN ASHAPURA HOLDINGS UAE FZE (‘AHUF) AND ASHAPURA MINEX RESOURCES SA (‘MINEX’):
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 50%
1.69 cr votes for, 7,600 against · 0% of mutual funds and other big investors said no
2
TO APPROVE MATERIAL RELATED PARTY TRANSACTION(S) BETWEEN ASHAPURA HOLDINGS UAE FZE (‘AHUF) AND SOCIETE GUINEENNE DES MINES DE FER SA (‘SGMF’):
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 50%
1.69 cr votes for, 7,638 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 39 named members
owning 48.0% between them · as of 2026-06-30
Ashapura Industrial Finance Limited17.75%
Dina Chetan Shah9.63%
Chetan Navnitlal Shah6.94%
Chaitali Nishit Salot Family Trust5.85%
Manan Chetan Shah4.35%
Manan Chetan Shah Family Trust1.75%
Chaitali Nishit Salot1.34%
Himani Chetan Shah0.15%
Business done with them
FY2025 · 1 of the group
The company paid ₹0.43 L to companies in the promoter group last year — about 0.0% of its ₹2,739 cr revenue and received ₹46.2 L back from them.
ASHAPURA OVERSEAS PRIVATE LIMITED
Sold goods to them · Related Party Transaction
also owns 0.13% of the company
₹46.2 L
company received
ASHAPURA OVERSEAS PRIVATE LIMITED
Leases As Lessee · Related Party Transaction
also owns 0.13% of the company
₹1.2 L
company received
ASHAPURA OVERSEAS PRIVATE LIMITED
Other payments to them · Related Party Transaction
also owns 0.13% of the company
₹0.43 L
company paid

The company also transacted with 32 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.