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Swing Capital

Ashapura Minechem Ltd

NSE: ASHAPURMIN BSE: 527001Metal

Incorporated on 19th February 1982, Ashapura Minechem Ltd. is engaged in the mining, manufacturing and trading of various minerals and its derivative products. The company offers multi-mineral solutions across several industries from soaps to steel, energy to edible oils, metal to medicine and cement to ceramics. The company has its network of operations pan-India and in 7 other countries.[1][2]

₹635
52W: ₹360 — ₹925
PE 44.9 · Book ₹41.6 · +1426% vs book
Market Cap₹6,062 Cr
Stock P/E44.9Price to Earnings
ROCE24.9%Return on Capital
ROE33%Return on Equity
Div. Yield0.16%Face Value ₹2

Strengths

  • +Company has delivered good profit growth of 27.0% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 41.9%

Weaknesses

  • −Stock is trading at 15.3 times its book value
  • −Tax rate seems low
  • −Company has high debtors of 241 days.

Shareholding Pattern

Promoters48.03%
FIIs19.5%
DIIs0.33%
Public32.13%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.39%47.7%▲2.347.7%47.76%▲0.147.76%47.79%▲0.047.88%▲0.148.03%▲0.1
FIIs16.45%15.72%▼0.716%▲0.316.56%▲0.616.42%▼0.118.02%▲1.619.25%▲1.219.5%▲0.3
DIIs0.45%0.13%▼0.30.14%▲0.00.38%▲0.20.26%▼0.10.35%▲0.10.38%▲0.00.33%▼0.0
Public37.71%36.44%▼1.336.14%▼0.335.31%▼0.835.57%▲0.333.83%▼1.732.49%▼1.332.13%▼0.4

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales67977978749712310687121
Expenses586868546278105656593
Operating Profit8301023121918422228
OPM %13%30%13%30%16%20%15%39%25%23%
Net Profit19376824142620306519
EPS ₹2.074.037.472.621.492.732.133.126.762.01

AI Insights

Revenue Trend

TTM revenue at ₹437Cr, up 17.5% YoY. OPM at 25%.

Debt Position

Borrowings at ₹73Cr. Debt-to-equity ratio: 0.19x. Healthy balance sheet.

Capex Cycle

CWIP at ₹4Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.33% (+0.19pp change). FIIs: 19.5% (+2.41pp change). Promoters hold 48.03%.

Margin & Efficiency

ROCE declining from 1100% (Mar 2014) to 25% (Mar 2025). Working capital days: 264.

Valuation

PE 44.9x with 24.9% ROCE. Price is 1426% above book value of ₹41.6. Dividend yield: 0.16%.

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