Ashapura Minechem Ltd

₹ 430 3.54%

03 Jul 9:01 a.m.

ashapura.com BSE: 527001 NSE: ASHAPURMIN

About

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]

Key Points

Product Portfolio:^[1]
The Company is principally involved in mining, mineral processing, and logistics. Nearly all of the company’s products are natural ores or additives that form a part of the end-product, viz.^[2]
a. Industrial Functional Minerals:
b. Advanced Refractory Materials
c. Hydrocarbon Exploration Solutions
d. Adsorbent Solutions
e. White Performance Minerals
f. Super Specialty Refined Mineral Products
g. Building Materials and Chemicals

Website BSE NSE

Market Cap ₹ 3,934 Cr.
Current Price ₹ 430
High / Low ₹ 483 / 117
Stock P/E 19.8
Book Value ₹ 101
Dividend Yield 0.00 %
ROCE 13.9 %
ROE 25.0 %
Face Value ₹ 2.00

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 46.3% CAGR over last 5 years
Debtor days have improved from 74.4 to 37.0 days.

Cons

Stock is trading at 4.12 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Promoters have pledged 30.7% of their holding.
Earnings include an other income of Rs.160 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Mining & Mineral products Industry: Mining / Minerals / Metals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	320	452	270	225	331	402	198	535	696	1,018	554	713	440
	272	381	242	253	303	351	193	477	637	908	524	655	392
Operating Profit	47	71	29	-28	28	51	5	58	59	110	30	58	48
OPM %	15%	16%	11%	-12%	8%	13%	2%	11%	8%	11%	6%	8%	11%
	38	20	28	34	13	16	28	20	22	31	32	39	59
Interest	16	18	14	8	15	13	12	20	19	20	12	22	16
Depreciation	18	14	15	14	14	17	19	18	19	18	19	20	21
Profit before tax	51	58	27	-16	12	38	1	40	42	103	31	54	70
Tax %	38%	6%	3%	-38%	7%	18%	5%	28%	27%	6%	12%	15%	13%
	34	60	34	-20	12	35	6	29	40	102	58	54	67
EPS in Rs	3.88	6.94	3.71	-2.20	1.35	4.29	0.56	3.58	4.37	11.24	6.49	6.16	7.49
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	772	1,083	1,753	1,775	833	794	622	334	1,148	1,278	1,831	2,654
	620	850	1,483	1,535	794	790	626	380	1,026	1,176	1,653	2,408
Operating Profit	152	234	270	240	39	4	-4	-45	122	102	178	246
OPM %	20%	22%	15%	14%	5%	1%	-1%	-14%	11%	8%	10%	9%
	-21	6	-225	24	25	20	-265	487	93	112	102	160
Interest	55	30	20	22	17	19	20	31	60	58	68	70
Depreciation	26	26	35	44	48	39	33	28	45	58	73	79
Profit before tax	50	184	-9	198	-1	-33	-322	382	110	98	139	258
Tax %	11%	5%	-315%	23%	-1,502%	-36%	-2%	-0%	21%	12%	21%	10%
	44	174	-36	162	-19	-45	-327	383	87	87	110	282
EPS in Rs	5.32	20.03	-4.19	18.66	-2.17	-5.19	-38.05	44.57	10.06	9.46	12.79	31.37
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	5%	5%	0%	0%

Compounded Sales Growth
10 Years:	9%
5 Years:	34%
3 Years:	32%
TTM:	45%

Compounded Profit Growth
10 Years:	1%
5 Years:	46%
3 Years:	43%
TTM:	78%

Stock Price CAGR
10 Years:	17%
5 Years:	87%
3 Years:	40%
1 Year:	233%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	21%
Last Year:	25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	17	17	17	17	17	17	17	17	17	18	18	18
Reserves	-302	-117	-162	2	-20	-65	-378	325	413	503	637	902
	412	285	188	204	144	185	209	441	664	639	758	984
	753	788	1,092	1,207	1,163	1,148	1,203	1,037	1,138	1,264	1,637	1,407
Total Liabilities	880	973	1,136	1,430	1,305	1,286	1,051	1,820	2,233	2,424	3,050	3,311
	270	282	333	345	336	308	254	544	527	539	584	577
CWIP	30	36	29	110	5	21	9	54	204	254	262	504
Investments	5	61	63	146	243	267	180	274	290	268	288	321
	574	593	711	828	721	689	608	947	1,212	1,363	1,915	1,909
Total Assets	880	973	1,136	1,430	1,305	1,286	1,051	1,820	2,233	2,424	3,050	3,311

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	188	186	231	72	-18	-217	16	-20	114	97	148
	-21	-98	-208	-30	-20	160	-156	-168	-63	-130	-274
	-156	-70	-14	-43	36	68	131	182	-60	80	191
Net Cash Flow	12	18	9	-1	-2	11	-9	-5	-9	47	65

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	88	73	56	61	103	95	61	202	92	89	98	37
Inventory Days	923	431	287	269	329	285	226	532	364	453	420	338
Days Payable	376	222	267	258	265	187	168	328	461	387	360	361
Cash Conversion Cycle	636	282	76	72	166	193	120	406	-5	154	158	14
Working Capital Days	-163	-112	-102	-101	-240	-183	-377	12	70	66	86	62
ROCE %	99%	136%	211%	153%	10%	0%	-42%	-14%	16%	12%	16%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	41.71%	44.58%	44.58%	44.58%	44.74%	44.79%	45.22%	45.33%	45.33%	45.33%	45.33%	45.39%
	22.15%	21.07%	21.12%	20.60%	19.12%	16.32%	16.35%	16.99%	17.09%	18.03%	17.56%	17.24%
	0.16%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.19%	0.18%	0.48%
	35.98%	34.21%	34.17%	34.68%	36.00%	38.75%	38.29%	37.53%	37.43%	36.44%	36.92%	36.89%
No. of Shareholders	23,802	23,241	24,002	23,667	26,228	28,424	28,033	26,214	25,557	27,466	31,091	30,415

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	48.43%	39.78%	39.78%	39.78%	41.42%	44.58%	45.33%	45.39%
	23.26%	23.92%	23.98%	23.77%	22.93%	20.60%	16.99%	17.24%
	0.25%	0.76%	0.16%	0.16%	0.15%	0.14%	0.14%	0.48%
	28.06%	35.53%	36.07%	36.29%	35.49%	34.68%	37.53%	36.89%
No. of Shareholders	19,086	24,342	24,159	21,654	22,375	23,667	26,214	30,415

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Ashapura Minechem Ltd

Ashapura Minechem Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

Annual reports