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Ashapura Minechem Q3 FY26: EBITDA Grows 8.3% QoQ to ₹143 Cr Despite Guinea Monsoon Headwinds
Ashapura Minechem reported a resilient Q3 FY26 with consolidated revenue of ₹960.4 crores and an improved EBITDA margin of 14.9%. While Guinea operations faced volume constraints due to a prolonged monsoon, the company achieved a significant 50% YoY revenue growth for the nine-month period. Management remains confident in its long-term target of 15 million tons by FY28 and expects bauxite prices to recover following the Chinese New Year. The company also noted progress in its Guinea iron ore trials and maintained an EBITDA of approximately $10.5 per ton in its international operations.
Key Highlights
Consolidated revenue for Q3 FY26 reached ₹960.4 crores, while 9M FY26 revenue surged 50% YoY to ₹3,268 crores.
EBITDA margins improved to 14.9% from 13.9% QoQ, driven by reduced demurrage and cost efficiencies from new logistics tie-ups.
Guinea operations contributed 76% of total revenue, maintaining a steady EBITDA of ~$10.5 per ton despite bauxite price volatility.
Management reiterated a long-term volume target of 15 million tons by FY27-28, supported by expansion in iron ore and bauxite.
A one-time exceptional impact of ₹4.56 crores was recognized in consolidated results due to the new labor code implementation.
💼 Action for Investors
Investors should monitor bauxite price stabilization in China and the company's ability to scale volumes post-monsoon to meet its FY28 targets. The progress of the iron ore beneficiation trials in Guinea serves as a potential secondary growth lever.
Ashapura Minechem Q3 Net Profit at ₹75.95 Cr; Re-appoints Hemul Shah as CEO
Ashapura Minechem reported a consolidated total income of ₹989.13 crore for Q3 FY26, marking a 12.5% YoY increase. However, consolidated net profit for the quarter declined to ₹75.95 crore from ₹107.59 crore in the previous year, primarily due to a significant rise in selling and distribution expenses which reached ₹495.88 crore. For the nine-month period ended December 2025, the company showed strong performance with total income rising 50% YoY to ₹3,304.59 crore. The board also approved the re-appointment of Mr. Hemul Shah as CEO for a further two-year term starting February 2026.
Key Highlights
Consolidated Total Income for Q3 FY26 stood at ₹989.13 crore, up 12.5% from ₹879.25 crore in Q3 FY25.
Consolidated Net Profit for the quarter dropped 29.4% YoY to ₹75.95 crore, impacted by higher operational costs.
9M FY26 Consolidated Net Profit reached ₹295.83 crore, a 40.5% growth compared to ₹210.53 crore in 9M FY25.
Selling and Distribution expenses surged to ₹495.88 crore in Q3 FY26 from ₹402.06 crore in the same quarter last year.
Mr. Hemul Shah re-appointed as CEO for 2 years; two new Independent Directors, Mr. Jagdish Shetty and Mr. Wilson Mathais, joined the board.
💼 Action for Investors
Investors should weigh the strong 9-month revenue growth against the recent quarterly margin compression caused by rising distribution costs. The continuity in leadership with the CEO's re-appointment is a positive for long-term strategy execution.
Ashapura Minechem Q3 PBT Rises 10% Q-o-Q to ₹89.31 Cr; 9M Revenue Up 49.7%
Ashapura Minechem reported a steady Q3 FY 2025-26 with consolidated income from operations at ₹960.43 crore, a marginal 0.8% growth over the previous quarter. The company's PBT before exceptional items grew 10% Q-o-Q to ₹89.31 crore, while the 9-month performance showed a robust 49.7% Y-o-Y revenue jump to ₹3,268.50 crore. The Guinea bauxite business performed well with EBITDA per metric ton rising to $10.5 from $8.9, though management warned of potential moderation due to softening global bauxite prices. India operations faced margin pressure due to rising input costs, specifically sulphuric acid prices, and a shift in the product sales mix.
Key Highlights
Consolidated 9M FY26 revenue surged 49.7% Y-o-Y to ₹3,268.50 crore with EBIDTA up 52.1% to ₹462.92 crore.
Guinea bauxite exports increased to 1.39 MMT in Q3, with EBITDA per MT improving to $10.5 from $8.9 in Q2.
PBT before exceptional items for Q3 stood at ₹89.31 crore, reflecting a 10% Q-o-Q growth despite domestic margin pressures.
Recognized a one-time exceptional expense of ₹4.56 crore related to the implementation of the New Labour Code.
India business profitability moderated due to a sharp rise in sulphuric acid prices and higher-cost input materials.
💼 Action for Investors
Investors should monitor the Guinea business's ability to maintain volumes as global bauxite prices soften. The stock remains a growth play in the minerals sector, but domestic margin recovery in the value-added segments is a key factor to watch.
Ashapura Minechem Q3 Revenue Up 11% YoY to ₹960 Cr; Net Profit Drops 29% to ₹76 Cr
Ashapura Minechem reported a consolidated revenue of ₹960.43 crore for Q3 FY26, an 11% increase YoY, though net profit declined to ₹75.95 crore from ₹107.59 crore in the previous year. The bottom line was impacted by higher selling and distribution expenses and a ₹4.56 crore exceptional charge due to new labour code compliance. For the nine-month period ending December 2025, the company showed robust growth with total income reaching ₹3,304.59 crore compared to ₹2,202.49 crore in the prior year. Additionally, the board approved the re-appointment of Mr. Hemul Shah as CEO for a two-year term, ensuring leadership continuity.
Key Highlights
Consolidated revenue for Q3 FY26 rose to ₹960.43 crore from ₹865.44 crore in Q3 FY25.
Consolidated net profit for the quarter fell 29.4% YoY to ₹75.95 crore.
9M FY26 consolidated revenue grew significantly to ₹3,268.50 crore vs ₹2,183.69 crore in 9M FY25.
Exceptional item of ₹4.56 crore (consolidated) recognized for gratuity and compensated absences under New Labour Codes.
Mr. Hemul Shah re-appointed as CEO for 2 years; two new Independent Directors appointed to the board.
💼 Action for Investors
While top-line growth remains strong, investors should monitor the compression in margins and rising selling expenses. The management continuity is positive, but the stock may face pressure due to the year-on-year decline in quarterly profitability.
Ashapura Minechem commissions bridge, unlocks 80 million tonnes bauxite reserves
Ashapura Minechem has announced the commissioning of a critical bridge over the Konkoure river in Guinea, connecting its mines in Boffa East to the Boffa port. This bridge unlocks access to the eastern part of the mining lease area, which was previously inaccessible. The area holds approximately 80 million tonnes of exportable grade Bauxite reserves. This development is expected to improve the overall yield of bauxite within the Boffa region and help achieve export targets.
Key Highlights
Commissioning of bridge over Konkoure river in Guinea
Unlocks access to Boffa East mining lease area
Approximately 80 million tonnes of Bauxite reserves now accessible
💼 Action for Investors
Investors should monitor the company's bauxite export volumes and revenue growth following the commissioning of this bridge. This development could positively impact future earnings.