Aditya Ultra Steel Ltd
Incorporated in 2011, Aditya Ultra Steel Ltd is in the business of TMT bars, Iron, and other Steel products[1]
- Market Cap ₹ 67.1 Cr.
- Current Price ₹ 27.0
- High / Low ₹ 54.5 / 23.6
- Stock P/E 14.2
- Book Value ₹ 40.3
- Dividend Yield 0.00 %
- ROCE 13.4 %
- ROE 12.7 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.67 times its book value
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of 12.4% over last 3 years.
- Contingent liabilities of Rs.71.4 Cr.
- Earnings include an other income of Rs.4.39 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
Industrials Capital Goods Industrial Products Iron & Steel Products
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 331 | 347 | 515 | 530 | 588 | 585 | 457 | |
| 324 | 336 | 504 | 520 | 570 | 565 | 447 | |
| Operating Profit | 6 | 11 | 11 | 10 | 18 | 20 | 11 |
| OPM % | 2% | 3% | 2% | 2% | 3% | 3% | 2% |
| 1 | 0 | 1 | 0 | 1 | 0 | 4 | |
| Interest | 3 | 3 | 3 | 5 | 6 | 8 | 7 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit before tax | 3 | 7 | 7 | 4 | 11 | 11 | 6 |
| Tax % | 17% | 31% | 32% | 27% | 28% | 16% | |
| 3 | 5 | 5 | 3 | 8 | 9 | 5 | |
| EPS in Rs | 2.07 | 3.75 | 4.01 | 2.28 | 4.46 | 3.76 | 1.91 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 4% |
| TTM: | 0% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 26% |
| TTM: | 29% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -48% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 12% |
| Last Year: | 13% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 17 | 25 | 25 |
| Reserves | 14 | 19 | 25 | 27 | 30 | 75 | 75 |
| 43 | 36 | 47 | 50 | 54 | 76 | 90 | |
| 8 | 10 | 8 | 8 | 46 | 21 | 27 | |
| Total Liabilities | 78 | 77 | 92 | 97 | 148 | 197 | 216 |
| 32 | 32 | 31 | 31 | 33 | 32 | 34 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 2 | 13 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 45 | 45 | 60 | 66 | 115 | 163 | 169 | |
| Total Assets | 78 | 77 | 92 | 97 | 148 | 197 | 216 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -2 | 22 | -6 | 8 | 5 | -44 | |
| -3 | -1 | -0 | -1 | -2 | -9 | |
| 5 | -12 | -3 | -7 | 0 | 57 | |
| Net Cash Flow | -0 | 10 | -10 | -0 | 3 | 4 |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 5 | 4 | 5 | 7 | 29 | 7 |
| Inventory Days | 47 | 35 | 33 | 40 | 39 | 52 |
| Days Payable | 6 | 5 | 2 | 2 | 19 | 10 |
| Cash Conversion Cycle | 46 | 34 | 36 | 46 | 50 | 49 |
| Working Capital Days | 14 | -1 | 11 | 11 | 13 | 34 |
| ROCE % | 14% | 13% | 10% | 17% | 13% |
Documents
Announcements
-
Action(s) taken or orders passed
13 December 2025 - GST order (10-Dec-2025): demand ₹2.61 crore; penalty ₹2.61 crore; balance ₹1.92 crore recoverable.
-
General Updates
4 December 2025 - Appealed NCLT Ahmedabad order; NCLAT stayed the order on 03/12/2025.
-
Action(s) taken or orders passed
18 November 2025 - NCLT orders Aditya Ultra Steel to repay Rs1.83 crore plus interest within 45 days; company will appeal.
-
General Updates
15 November 2025 - 5000 KWP solar captive power plant commissioned; UGVCL and CEIG approvals received on 15/11/2025.
-
Outcome of Board Meeting
14 November 2025 - Unaudited H1 results for period ended 30 Sep 2025; IPO proceeds Rs4,588.00 lakh utilization disclosed.
Business Overview:[1][2]
AUSL manufactures TMT Bars under the Kamdhenu brand and is the sole supplier of Kamdhenu TMT bars in Gujarat. Kamdhenu supports AUSL with a dealer network and marketing, helping expand its presence in Tier-3 cities. The company produces TMT bars from billets using a reheating furnace and rolling mill, catering to the construction and infrastructure sectors. It has sold over 4 lakh TMT bars to date.