ASHAPURMIN
Micro CapAshapura Minechem Limited
Metals
Ashapura Minechem Limited is an Indian mining and mineral processing company with significant bauxite mining operations in Guinea, contributing a major portion of its revenue. It also has Indian operations and is developing an iron ore business in Guinea, focusing on local beneficiation plants.
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.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
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 31 Mar 2026
Good · 72/100Rev +255% YoY · PAT +53% YoY · +105% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,969 Cr | +254.8% | +105.1% |
| EBITDA | ₹128 Cr | +52.4% | +12.3% |
| Operating margin | 6.0% | -900 bps | -600 bps |
| PAT | ₹121 Cr | +53.2% | +59.2% |
| PAT margin | 6.2% | -808 bps | -177 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q3 FY26 results saw consolidated revenue flat QoQ at INR960.4 crores, below expectations due to prolonged Guinea monsoon impacting volumes. EBITDA grew 8.3% QoQ to INR143 crores, with margins improving to 14.9% due to reduced demurrage and cost efficiencies.
Management acknowledges Q3 volumes missed targets due to Guinea monsoon and bauxite price moderation. However, cost optimization, new logistics contracts, and long-term volume targets (15 MT by FY28) provide a basis for confidence. Iron ore business trials are progressing well.
Revenue by Geography (Q3 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Guinea Bauxite Volume Growth
Confident of achieving long-term volume target of 15 million tons for FY27-28, with linear ramp-up.
Guinea Iron Ore Business
Trials with local beneficiation plant progressing well; hopeful for clear projections by Q4 FY26 end.
Value-Added Products (India)
Confident of improving profitability and sales through addition of value-added products in India business.
Cost Efficiency & Logistics
New tie-up with mining and logistic contractors (China Railway) and consistent shipping freight helped improve EBITDA margin.
Reduced Demurrage Charges
Not paid substantial demurrage in Q3; future freight contracts on CQD terms will avoid demurrage.
Guinea's Predominance in Bauxite
Guinea is the only commercially viable country to supply bauxite, expected to cross 200 million tons exports this year.
Prolonged Monsoon in Guinea
Impacted operations and affected overall performance, leading to missed Q3 volume targets.
Bauxite Price Volatility
Current market price of bauxite is a concern, though management expects stabilization and revival after Chinese New Year.
Indian Operations Headwinds
Volatility in raw material cost and climatic changes impacted Indian operations.
Global Trade & Policy Factors
US-China long-term trade deal pending, China government stopped approval for new smelters, leading to excess alumina supply.
Commodity Price Volatility
Current bauxite prices are lower than expected, impacting realizations, though cost optimization helps.
Operational Disruptions
Climatic changes (prolonged monsoon) in Guinea can impact volumes and logistics.
Global Trade Dynamics
Uncertainty around US-China trade deals and China's industrial policies can affect bauxite demand.
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.
QoQ comparison is relevant for sequential momentum, especially for operational improvements like demurrage reduction and cost efficiency. YoY comparison is useful for assessing overall growth trends over a longer period, as seen in 9M results.
Consolidated Revenue (QoQ)
INR960.4 crores, 0.8% growth QoQ.
Consolidated EBITDA (QoQ)
INR143 crores, 8.3% growth QoQ.
EBITDA Margin (QoQ)
14.9% in Q3, up from 13.9% in Q2.
Guinea Bauxite Volume (Q3)
1.39 million tons, below expected volume due to prolonged monsoon.
Optimistic for Future Performance
Expects to make up for missed Q3 volumes in coming quarters; volume growth is certain with price stabilization.
Cost Structure Control
Long-term tie-ups with mining, logistics, and ocean freight companies will ensure cost control and sustainability.
Bauxite Price Outlook
Expects bauxite prices to stabilize and gradually pick up after the Chinese Spring Festival.
Long-Term Volume Target
Confident of achieving 15 million tons bauxite volume target for FY27-28.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Guinea Bauxite Volume | 1.39 million tons in Q3 FY26 | Ramp-up towards linear growth to 15 million tons by FY27-28, especially post-monsoon. |
| Bauxite Realization | Approx. $70/ton (CIF China) in Q3 FY26 | Stabilization and upward trend in bauxite prices post Chinese New Year. |
| Iron Ore Business Progress | Trial activity with beneficiation plant | Clear projections for volume and realization by Q4 FY26 end. |
| EBITDA per ton | Around $10.5 in Q3 FY26 | Sustainability of EBITDA per ton amidst moderating bauxite prices. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +1.3% / mo
Technical chart
ASHAPURMINweekly · 3Y+174.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 54. Wait for confirmation.
- SMA20 rising (~1.2% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 26% off 52W high · 81% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 22.1%.
- Growth contributes 23/25 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; 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: +0 points.
Factor attribution
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 67th percentile of the scored universe and 65th percentile within Metals. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 65th pctile, median 68 · Micro: 52nd pctile, median 71
0 documents indexed, 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.
- ▸4 years of positive FCF.
- ▸6/8 recent quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸3 recent 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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.20
- P/B
- 3.97
- EV/EBITDA
- 11.64
- Market Cap
- 6561.00Cr
Profitability
- ROE
- 28.00%
- ROCE
- 20.70%
- ROA
- 8.85%
- Dividend Y
- 0.15%
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
- 4.70×
- Altman Z
- 3.41
- Book Value
- 173.00
Cash Flow
- FCF Yield
- 2.93%
- FCF Positive Y
- 5/5
- OCF
- 463.00 Cr
- EPS TTM
- 42.02
Shareholding
- Promoter Hold
- 48.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.