Ashapura Minechem Ltd

₹ 418 4.23%

05 Dec 4:01 p.m.

ashapura.com BSE: 527001 NSE - BE : 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 - BE

Market Cap ₹ 3,833 Cr.
Current Price ₹ 418
High / Low ₹ 420 / 72.2
Stock P/E 63.8
Book Value ₹ 9.41
Dividend Yield 0.00 %
ROCE 20.3 %
ROE -15.9 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.

Cons

Stock is trading at 44.4 times its book value
The company has delivered a poor sales growth of -1.42% over past five years.
Promoters have pledged 30.7% of their holding.
Earnings include an other income of Rs.42.6 Cr.
Company has high debtors of 194 days.
Company's cost of borrowing seems high
Working capital days have increased from 140 days to 252 days

* 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

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	36	174	180	289	144	51	115	68	47	60	47	91	67
	40	122	145	264	150	68	109	72	55	63	41	52	58
Operating Profit	-5	53	34	25	-6	-17	6	-4	-7	-3	6	39	8
OPM %	-13%	30%	19%	8%	-4%	-33%	5%	-5%	-16%	-5%	12%	43%	13%
	3	2	13	2	20	2	3	6	11	14	10	4	15
Interest	12	9	8	8	8	8	7	7	6	5	5	4	3
Depreciation	5	5	5	5	5	5	5	5	5	3	3	3	3
Profit before tax	-19	41	35	14	1	-28	-3	-9	-7	2	9	36	18
Tax %	0%	0%	30%	0%	0%	0%	0%	0%	0%	0%	14%	-18%	-7%
	-19	41	24	14	1	-28	-3	-9	-7	2	8	42	19
EPS in Rs	-2.15	4.67	2.81	1.55	0.12	-3.01	-0.30	-1.01	-0.81	0.22	0.83	4.62	2.07
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	428	478	664	749	592	236	239	337	206	421	598	223	264
	372	396	551	626	520	272	268	630	242	341	590	228	214
Operating Profit	55	83	112	124	73	-37	-29	-292	-37	80	8	-6	51
OPM %	13%	17%	17%	17%	12%	-16%	-12%	-87%	-18%	19%	1%	-2%	19%
	11	7	59	-222	22	12	-5	250	465	41	26	38	43
Interest	49	46	19	10	9	10	11	10	14	35	30	23	18
Depreciation	11	11	11	16	20	24	24	23	21	20	20	15	11
Profit before tax	7	32	141	-124	65	-59	-69	-74	393	66	-16	-6	64
Tax %	-1%	0%	0%	0%	0%	0%	0%	0%	0%	16%	0%	-20%
	7	32	141	-124	65	-59	-69	-74	393	56	-16	-7	71
EPS in Rs	0.84	3.90	16.24	-14.25	7.44	-6.78	-7.90	-8.54	45.22	6.40	-1.71	-0.77	7.74
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	8%	-29%	0%

Compounded Sales Growth
10 Years:	-7%
5 Years:	-1%
3 Years:	3%
TTM:	-6%

Compounded Profit Growth
10 Years:	%
5 Years:	14%
3 Years:	24%
TTM:	228%

Stock Price CAGR
10 Years:	21%
5 Years:	72%
3 Years:	74%
1 Year:	359%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	17%
Last Year:	-16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	16	17	17	17	17	17	17	17	17	17	18	18	18
Reserves	-363	-317	-162	-288	-223	-276	-344	-419	-24	31	18	7	68
	315	310	151	92	78	67	58	45	93	86	68	59	42
	699	676	700	888	920	891	904	951	501	549	541	503	537
Total Liabilities	666	686	707	710	792	699	636	595	587	682	646	587	665
	154	149	148	142	189	234	218	197	181	164	148	126	119
CWIP	5	5	11	9	49	2	5	7	3	1	3	2	4
Investments	44	39	39	39	39	44	44	31	44	44	40	40	40
	463	493	509	520	515	418	369	360	358	474	456	419	503
Total Assets	666	686	707	710	792	699	636	595	587	682	646	587	665

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	48	114	52	146	16	-46	17	-1	40	41	42
	1	5	-20	-102	-14	-5	15	-15	4	-2	1
	-52	-113	-29	-48	-8	50	-20	15	-51	-41	-27
Net Cash Flow	-3	6	3	-3	-6	-0	12	-1	-7	-2	15

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	117	111	109	97	114	214	109	77	196	185	94	194
Inventory Days	354	689	445	287	282	259	403	309	391	255	135	498
Days Payable	188	251	231	137	219	149	126	157	183	253	125	244
Cash Conversion Cycle	283	549	323	247	177	324	387	229	404	187	104	448
Working Capital Days	-303	-295	-198	-241	-329	-910	-677	-707	178	124	44	252
ROCE %			1,350%							74%	12%	20%

Shareholding Pattern

Numbers in percentages

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	40.79%	41.42%	41.71%	44.58%	44.58%	44.58%	44.74%	44.79%	45.22%	45.33%	45.33%	45.33%
	23.01%	22.93%	22.15%	21.07%	21.12%	20.60%	19.12%	16.32%	16.35%	16.99%	17.09%	18.03%
	0.16%	0.15%	0.16%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.19%
	36.04%	35.49%	35.98%	34.21%	34.17%	34.68%	36.00%	38.75%	38.29%	37.53%	37.43%	36.44%
No. of Shareholders	20,374	22,375	23,802	23,241	24,002	23,667	26,228	28,424	28,033	26,214	25,557	27,466

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	48.43%	39.78%	39.78%	39.78%	41.42%	44.58%	45.33%	45.33%
	23.26%	23.92%	23.98%	23.77%	22.93%	20.60%	16.99%	18.03%
	0.25%	0.76%	0.16%	0.16%	0.15%	0.14%	0.14%	0.19%
	28.06%	35.53%	36.07%	36.29%	35.49%	34.68%	37.53%	36.44%
No. of Shareholders	19,086	24,342	24,159	21,654	22,375	23,667	26,214	27,466

* 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

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