Ashapura Minechem financials: balance sheet, profit and loss, cash flow

NSE: ASHAPURMINBSE: 527001Minerals & MiningSmall Cap

Ashapura Minechem Limited · Face value ₹2 · Listed Nov 1993 on BSE, Sep 1995 on NSE

₹428.45₹3.70 (0.87%)BSE ₹429.70

Share price at the NSE close on 28 Oct 2026. Previous close ₹424.75.

28 Oct: open ₹430.00, high ₹434.35, low ₹421.00

52-week range of traded prices to 28 Oct 2026

₹408.40Low, 26 Oct 2026₹924.90High, 7 Jan 2026

Market cap: ₹4,093 Cr717th largest listed
P/E: Owners' profit not stated
P/B: 2.48
Dividend yield: 0.47%
ROCE: 13.5%
Debt to equity: 0.88
Volume, NSE: 1,72,76646.4% delivered

Ashapura Minechem's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Ashapura Minechem annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.5% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2024, the company's revenue for that year, ₹2,654 Cr, differs from its quarters added, ₹2,725 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,237
Materials and goods−1,392
Employee costs−143
Other expenses−3,147
Operating profit555
Depreciation−133
Other income+119
One-off items−4.6
Finance costs−118
Profit before tax418
Tax−28
Joint ventures+26
Net profit416

What the company owns

Plant, investments and other assets₹2,783 Cr
Receivables₹1,001 Cr
Inventory₹585 Cr
Cash and bank₹329 Cr

What pays for it: net worth and liabilities

Net worth₹1,645 Cr
Borrowings₹1,444 Cr
Owed to suppliers₹934 Cr
Other liabilities₹675 Cr

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Ashapura Minechem quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 May	Mar 2026Filed 28 May	Jun 2026Twelve monthsFiled 7 Aug
Revenue from operations	1,003	794	621	334	1,148	1,278	1,831	2,654	2,739	5,237	5,498
	924	791	635	392	1,033	1,178	1,658	2,408	2,369	4,682	4,943
Materials and goods bought	325	314	259	162	313	360	494	561	548	1,392	1,373
Employee costs	87	74	59	39	85	98	106	125	159	143	145
Other expenses	512	404	317	190	635	720	1,059	1,721	1,662	3,147	3,425
Operating profit before depreciation	79	3	−13	−57	115	99	173	246	370	555	554
Operating margin	7.8%	0.4%	−2.1%	−17.1%	10.0%	7.8%	9.4%	9.3%	13.5%	10.6%	10.1%
Materials, % of revenue	32.4%	39.5%	41.6%	48.6%	27.3%	28.2%	27.0%	21.2%	20.0%	26.6%	25.0%
Employee costs, % of revenue	8.7%	9.3%	9.5%	11.8%	7.4%	7.7%	5.8%	4.7%	5.8%	2.7%	2.6%
Other expenses, % of revenue	51.1%	50.9%	51.0%	56.8%	55.3%	56.3%	57.8%	64.9%	60.7%	60.1%	62.3%
Depreciation and amortisation	62	39	33	28	45	58	73	79	78	133	138
Operating profit after depreciation	17	−36	−46	−86	70	41	100	168	292	422	416
Other income	12	7	22	16	61	96	86	62	75	119	120
Finance costs	17	18	19	31	53	55	64	70	89	118	116
Profit before one-off items and tax	12	−46	−43	−101	78	81	122	160	278	423	421
One-off items	0	−15	−291	474	19	0	0	98	0	−5	−5
Profit before tax	12	−61	−334	373	98	81	122	258	278	418	416
	29	12	5	−1	23	11	30	27	15	28	32
Current tax	–	16	7	1	19	15	30	39	28	28	32
Deferred tax	–	−4	−2	−2	3	−3	0	−12	−12	0	0
Share of profit of joint ventures and associates	0	28	12	9	13	16	18	51	26	26	26
	−17	−45	−327	383	87	87	110	282	289	416	411
Belonging to the company's shareholders	−17	–	−327	388	87	87	117	287	296	401	–
Belonging to outside owners of subsidiaries	–	–	–	−4	0	0	−7	−5	−7	15	–
Other comprehensive income	–	–	−3	−4	1	−6	22	−22	−13	15	19
Total comprehensive income	–	–	−329	379	88	81	132	260	276	432	430
Net margin	−1.7%	−5.7%	−52.6%	114.6%	7.6%	6.8%	6.0%	10.6%	10.6%	8.0%	7.5%
Net margin without joint ventures and associates	−1.7%	−9.2%	−54.6%	112.0%	6.5%	5.5%	5.0%	8.7%	9.6%	7.5%	–

Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 May	Mar 2026Filed 28 May
	−299	346	434	521	657	917	1,223	1,645
	−361	346	434	521	665	930	1,242	1,649
Share capital	17	17	17	18	18	18	19	19
Reserves	−378	329	417	503	646	912	1,223	1,630
Belonging to outside owners of subsidiaries	62	0	0	0	−7	−13	−20	−4
	200	430	644	636	756	984	1,163	1,444
Repayable after a year	153	391	552	529	651	688	858	1,020
Repayable within a year	47	40	92	107	105	296	305	424
	1,120	751	978	1,132	1,431	1,543	1,708	1,902
Trade payables	117	138	366	312	455	556	616	934
Other financial liabilities	269	70	72	71	148	174	249	107
Other liabilities	668	354	333	485	581	359	430	411
Provisions	19	15	14	56	14	15	15	18
Tax owed	0	135	100	100	128	143	92	9
	170	723	822	771	961	851	1,000	1,151
Other financial liabilities	0	1	0	1	298	150	129	107
Other liabilities	4	304	257	228	0	0	0	4
Provisions	13	27	12	13	12	13	14	20
	991	1,820	2,233	2,424	3,050	3,311	3,931	4,698
Held for sale or for a demerger	–	–	–	–	9	–	–	–
	495	1,049	1,102	1,137	1,213	1,469	1,830	2,110
Plant in use, after depreciation	220	466	425	434	461	438	1,182	1,332
Plant being built	9	54	204	254	262	504	55	51
Intangible assets	1	37	59	64	82	89	117	117
Goodwill	10	41	41	39	39	47	47	47
Property held to earn rent	23	–	2	2	2	2	2	2
Investments	176	274	290	268	288	321	345	371
Loans given	26	112	29	28	28	0	0	0
Other financial assets	4	17	11	32	36	39	38	35
Deferred tax	11	14	11	14	14	28	41	41
Other assets	15	33	30	1	1	0	3	114
	496	771	1,132	1,287	1,827	1,841	2,101	2,588
Inventories	161	224	289	414	532	520	654	585
Trade receivables	104	185	288	310	490	269	547	1,001
Cash and cash equivalents	50	41	35	26	74	135	109	316
Other bank balances	11	7	9	7	5	10	12	14
Current investments	4	0	0	0	0	0	0	0
Loans given	0	0	0	1	0	0	0	1
Other financial assets	0	20	37	68	140	241	172	291
Tax paid in advance	0	145	118	105	122	142	103	15
Other assets	166	150	354	357	464	524	502	366
Net debt	135	383	600	603	678	839	1,041	1,114

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 May	Mar 2026Filed 28 May
	−20	92	97	148	188	463
	−6	90	56	192	228	486
	−140	−12	−163	−153	−156	−151
Receivables	3	−27	−253	171	−166	−547
Inventories	−65	−124	−118	11	−134	70
Payables	221	−42	89	−167	50	309
Other working capital	−300	181	119	−168	94	17
Tax paid	−13	−15	−19	−44	−40	−23
Interest paid	0	17	0	0	0	0
Capital spending	439	148	134	332	401	279
Free cash flow	−458	−56	−37	−184	−212	184
	−168	−59	−130	−274	−392	−271
Plant and property sold	263	32	0	59	4	1
Interest received	5	4	4	7	4	10
Dividends received	0	0	0	0	0	0
	182	−42	80	191	178	14
Borrowings raised	223	0	122	225	178	53
Borrowings repaid	0	−27	−2	0	0	0
Interest paid	−40	−22	−36	−30	−24	−43
Lease payments	0	0	−1	0	1	−1
Dividends paid	0	4	6	0	0	9
Shares bought back	0	0	0	0	0	0
Shares issued	0	11	10	0	29	0
Net change in cash	−5	−9	47	65	−25	206

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Ashapura Minechem dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 May	Mar 2026Filed 28 May
Earnings per share	−₹1.99	−₹0.52	−₹38.05	₹44.57	₹10.06	₹9.65	₹12.79	₹31.37	₹31.46	₹42.02
Diluted earnings per share	−₹1.99	−₹0.52	−₹38.05	₹44.57	₹9.72	₹9.65	₹12.79	₹30.50	₹31.46	₹42.02
Dividend per share	–	–	–	–	₹0.50	₹0.50	–	–	₹1.00	₹2.00
Book value per share	–	–	−₹41.51	₹39.81	₹49.93	₹56.97	₹72.66	₹101.66	₹130.02	₹172.61
Dividend payout	–	–	–	–	5.0%	5.3%	–	–	3.2%	4.8%
Shareholder yield	–	–	–	–	0.0%	−0.5%	−0.4%	0.0%	−0.8%	0.2%
Market cap at the year end (₹ crore)	602	580	245	178	909	1,168	1,026	3,439	3,431	4,389

Ratios

Consolidated, years to March.Ashapura Minechem PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 30 May	Mar 2026Filed 28 May
Revenue growth	−43.5%	−20.8%	−21.8%	−46.2%	243.4%	11.3%	43.3%	–	3.2%	91.2%
Operating profit growth	–	−96.2%	–	–	–	−13.6%	73.6%	–	50.3%	50.0%
Net profit growth	–	–	–	–	−77.2%	−1.1%	26.8%	156.7%	2.6%	44.1%
Earnings per share growth	–	–	–	–	−77.4%	−4.0%	32.5%	145.3%	0.3%	33.6%
	–	–	90.5%	−5,259.5%	22.4%	18.1%	19.7%	36.0%	27.2%	27.8%
	–	–	–	−5,350.0 pts	5,281.9 pts	−4.3 pts	1.6 pts	16.3 pts	−8.8 pts	0.5 pts
From the net margin	–	–	–	−290.1 pts	4,913.9 pts	−2.5 pts	−1.0 pts	13.7 pts	0.0 pts	−7.9 pts
From asset turnover	–	–	–	123.8 pts	−477.6 pts	−0.6 pts	3.7 pts	8.3 pts	−3.4 pts	11.7 pts
From borrowing	–	–	–	−5,183.7 pts	845.6 pts	−1.2 pts	−1.1 pts	−5.7 pts	−5.3 pts	−3.3 pts
Return on capital employed	–	–	–	−11.0%	6.5%	3.6%	7.1%	8.8%	12.2%	13.7%
Cash conversion	–	–	–	–	−22.5%	106.8%	88.7%	52.6%	65.2%	111.1%
Interest cover	1.0	–	–	–	1.3	0.7	1.6	2.4	3.3	3.6
Debt to equity	–	–	–	1.24	1.48	1.22	1.15	1.07	0.95	0.88
Receivable days	–	–	61	202	92	89	98	37	73	70
Inventory days	–	–	226	504	337	419	393	338	436	153
Payable days	–	–	165	310	427	316	337	361	410	245
Cash conversion cycle, days	–	–	123	395	2	191	154	14	98	−22
Working capital days	–	–	−377	13	64	66	84	62	77	54
Asset turnover	–	–	0.63	0.24	0.57	0.55	0.67	0.83	0.76	1.21
Assets per rupee of net worth	–	–	−2.75	−190.71	5.19	4.87	4.62	3.99	3.33	2.98
Sales per rupee of plant	–	–	2.82	0.72	2.70	2.95	3.97	6.06	2.32	3.93
Capital spending to depreciation	–	–	–	–	9.76	2.55	1.85	4.22	5.14	2.10
Plant being built, % of plant in use	–	–	4.0%	11.7%	48.0%	58.6%	56.9%	115.0%	4.7%	3.8%

Interest cover is left blank for the years to Mar 2018, Mar 2019 and Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the year to Mar 2019: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the year to Mar 2019: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. Revenue growth and operating profit growth are left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.3%
Cash from operations against operating profit: 83.4%

Measure	10 years	5 years	3 years
Profit growth, yearly rate	9.5%	35.6%	50.8%
Return on equity, average	–	25.8%	30.3%
Return on capital employed, average	–	9.1%	11.6%
Operating margin, average	5.0%	10.1%	11.1%
Net margin, average	10.4%	8.4%	9.7%
Asset turnover, average	–	0.80	0.94
Cash conversion cycle, days, average	–	87	30
Interest cover, average	–	2.3	3.1
Debt to equity, average	–	1.05	0.97

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	989	799	463
Cash from investing	−1,125	−936	−271
Cash from financing	420	383	14
Capital spending	1,294	1,012	279
Dividends paid	20	9	9
Shares bought back	0	0	0
Shares issued for cash	50	29	0
Borrowings raised	578	456	53
Borrowings repaid	29	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	4	8	7	4	7
Altman Z-scorePublished threshold 1.81	–	–	−1.60	1.26	1.38	1.45	1.51	2.48	2.32	3.02
Beneish M-scorePublished threshold −1.78	–	–	–	–	−0.83	−2.46	−2.08	−2.47	−1.54	−1.70
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	13.56	2.28	5.19	12.82	13.59	5.20
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.60	0.71	0.64	0.81
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	123.51	−187.29	−3.71	14.57	−90.08	100.47	−8.37
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	76.78	−63.77	28.01	−8.46	−15.88	28.15	−164.66
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	44.19	17.03	1.57	10.79	6.78	−4.76	−2.00
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.20	57.12	3.80	2.63	9.07	0.07	0.18
Effective tax ratePublished threshold 17.16 per cent	240.16	–	–	−0.28	23.24	13.83	24.41	10.45	5.54	6.72
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−4.62	8.82	−6.45	−8.84	1.25

A threshold marked as ours has no published figure; it is the line we read the check against.