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ASI Industries Ltd (502015)

📊 BSE: 502015 🏢 Industrial Minerals 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

📅 Next results: 26 Oct 2026 (board meeting)

ASI Industries Ltd's board meets on 26 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, ASI Industries' revenue was ₹39.5 Cr (+34.1% year on year, -18.8% on the previous quarter), and net profit ₹6.4 Cr (+59.6% year on year); the operating margin was 13.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹39.5	+34.1%	-18.8%
Operating profit	₹5.3	+72.3%	-1.8%
Net profit	₹6.4	+59.6%	+16.4%
EPS (₹)	0.72	+60.0%	+16.1%
Operating margin	13.5%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

ASI Industries Invests ₹4.34 Cr to Acquire 0.031% Stake in PC Jeweller

🟡 NEUTRAL ⭐ 4/10

M&A 📅 16 Oct 2026, 03:30 PM

ASI Industries Limited has acquired 30,00,000 equity shares of PC Jeweller Limited through the open market for a total cash consideration of ₹4.34 crore. The transaction represents a 0.031% stake in PC Jeweller and was completed on October 15, 2026, purely for investment purposes. ASI Industries explicitly stated it has no intention to acquire management control of the target company. Relative to ASI Industries' market capitalization of ₹211 crore and net worth of ₹362 crore, the investment represents ~2.1% and ~1.2%, respectively.

Acquired 30,00,000 equity shares of PC Jeweller Limited via stock exchange
Total cash consideration paid stands at ₹4.34 Crores
Acquired shareholding represents 0.031% of PC Jeweller Limited
Target entity reported a standalone turnover of ₹3,352.88 Crore and PAT of ₹710.62 Crore as of March 31, 2026

💡 Track whether this signals ongoing treasury/equity trading activities or is an isolated portfolio investment, alongside ASI's core operational recovery in its mining business.

ASI Industries Invests ₹3.03 Cr to Acquire 0.027% Stake in Lloyds Enterprises

🟡 NEUTRAL ⭐ 3/10

M&A 📅 10 Oct 2026, 03:25 PM

ASI Industries acquired an additional 4,10,000 equity shares (0.027%) of Lloyds Enterprises Limited via the stock exchange on October 9, 2026. The total cash consideration paid for the purchase was ₹3.03 crore, representing approximately 1.4% of ASI's market cap of ₹211 crore. Following this transaction, ASI's total holding in Lloyds Enterprises stands at 5,00,000 shares, or 0.033% of its total share capital. The acquisition is purely for treasury/investment purposes without any intention to gain management control.

Acquired 4,10,000 shares (0.027%) of Lloyds Enterprises for a total cost of ₹3.03 crore
Total holding increased to 5,00,000 shares, representing 0.033% of the target company's share capital
Acquisition carried out via open market/stock exchange for cash consideration on October 9, 2026
Target entity reported standalone turnover of ₹463.20 crore and PAT of ₹268.09 crore as of March 31, 2026

💡 Track ASI's core mining business and upcoming quarterly performance, as this minor treasury investment does not alter operational fundamentals.

ASI Industries Invests ₹4.81 Cr in Lloyds Engineering Works via Secondary Market

🟡 NEUTRAL ⭐ 3/10

M&A 📅 09 Oct 2026, 03:57 PM

ASI Industries has acquired 5,00,000 equity shares (0.034% stake) of Lloyds Engineering Works Ltd for a cash consideration of ₹4.81 crore. The transaction was executed on October 8, 2026, through open market stock exchange purchases solely as a financial investment. The investment represents approximately 2.3% of ASI Industries' market capitalization of ₹211 crore and 3.0% of its TTM revenue of ₹161 crore. The company explicitly noted that it does not intend to acquire management control.

Acquired 5,00,000 equity shares amounting to 0.034% shareholding in Lloyds Engineering Works Ltd
Total cash consideration paid stands at ₹4.81 Crores
Target company reported standalone turnover of ₹1,052.22 Crore and PAT of ₹118.27 Crore for FY26
Transaction completed on 08/10/2026 purely for short/long-term investment purposes without acquiring control

💡 Track subsequent quarterly financial statements for any mark-to-market impacts or further treasury allocations outside core operations.

ASI Industries Convenes 80th AGM on Sept 22, 2026; Recommends ₹0.40/Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 04:11 PM

ASI Industries Ltd has released the notice convening its 80th Annual General Meeting on September 22, 2026, via video conferencing. The agenda includes the adoption of FY26 financial statements and declaration of a dividend of ₹0.40 per equity share (40% on face value of ₹1). The company has fixed September 16, 2026, as both the cut-off date for e-voting and the record date for dividend entitlement. Other agenda items include the re-appointment of Director Mr. Tushya Jatia (remuneration of ₹266.08 lakhs in FY26) and cost auditor remuneration ratification of ₹40,000 for FY27.

80th Annual General Meeting scheduled for September 22, 2026, at 11:30 AM IST via VC/OAVM.
Proposed equity dividend of ₹0.40 per share (40% on ₹1 face value) for FY26.
Record date and cut-off date for e-voting fixed as September 16, 2026.
Re-appointment of Director Mr. Tushya Jatia, who drew ₹266.08 Lakhs in FY26 remuneration.
Ratification of cost auditor M/s. N.D. Birla & Co. remuneration fixed at ₹40,000 for FY27.

💡 Shareholders seeking dividend entitlement and voting rights must hold shares prior to the September 16, 2026 record date. Watch for voting results following the AGM on September 22, 2026.

ASI Industries submits FY26 Annual Report; Sales down 4.1% to ₹148.41 Cr, PAT ₹22.69 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 04:05 PM

ASI Industries Limited has submitted its 80th Annual Report for FY 2025-26 under Regulation 34(1) of SEBI LODR. During FY 2025-26, the company reported revenue from operations of ₹148.41 Cr (₹14,841.44 Lakhs) compared to ₹154.77 Cr in FY 2024-25, marking a 4.1% decline. Net profit for the year stood at ₹22.69 Cr (₹2,269.48 Lakhs) vs ₹25.45 Cr in the previous year. Key balance sheet metrics show a debt-to-equity ratio of 0.11x and loans/inter-corporate deposits given to other entities totalling ₹52.01 Cr.

Annual revenue from sales dropped to ₹148.41 Cr (₹14,841.44 Lakhs) in FY26 from ₹154.77 Cr in FY25
Net profit declined to ₹22.69 Cr (₹2,269.48 Lakhs) in FY26 from ₹25.45 Cr in FY25
Return on Equity (RoE) moderated to 6.36% from 7.54% in the prior year
Outstanding business loans and ICDs extended under Section 186(4) stood at ₹52.01 Cr (₹5,201.48 Lakhs) as of March 31, 2026

💡 Track subsequent quarterly earnings updates and monitor updates on the engineered stone division's operational ramp-up and recovery in mining volumes.

ASI Industries: Rs 0.40/Share Dividend for FY26 to be Paid Within 30 Days of Sept 22 AGM

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 24 Aug 2026, 05:56 PM

ASI Industries Ltd has intimated that its dividend of ₹0.40 per share (face value ₹1.00) for FY 2025-26 will be disbursed within 30 days from the date of declaration at the upcoming Annual General Meeting (AGM). The AGM is scheduled for September 22, 2026. At the current share price of ₹25.0, this represents an indicated dividend yield of approximately 1.6%.

Dividend rate fixed at ₹0.40 per equity share of face value ₹1.00 (40% payout on nominal value)
Annual General Meeting (AGM) to approve dividend is scheduled for September 22, 2026
Payout timeline established within 30 days from the declaration date at the AGM
Implies an approximate dividend yield of 1.6% at the current share price of ₹25.0

💡 Monitor shareholder voting outcomes at the AGM on September 22, 2026, and confirm the specific record date for dividend eligibility.

ASI Industries Sets Book Closure From Sep 17 to Sep 22, 2026 for Annual General Meeting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 05:10 PM

ASI Industries Limited has announced the closure of its Register of Members and Share Transfer Books from Thursday, September 17, 2026, to Tuesday, September 22, 2026 (both days inclusive). This closure is in preparation for the company's upcoming Annual General Meeting (AGM). The AGM is scheduled to take place on Tuesday, September 22, 2026. This is a standard annual compliance requirement with no direct financial impact.

Register of Members and Share Transfer Books closed from September 17, 2026, to September 22, 2026
Annual General Meeting scheduled for Tuesday, September 22, 2026
Filing submitted on August 24, 2026 under scrip code 502015 / ISIN INE 443A01030

💡 Track the upcoming AGM proceedings on September 22, 2026, and look out for the release of the detailed Annual Report for operational and strategic updates.

ASI Industries Fixes Sept 16, 2026 Record Date for ₹0.40/Share (40%) Dividend

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 24 Aug 2026, 05:05 PM

ASI Industries Ltd has fixed Wednesday, September 16, 2026, as the record date to determine shareholder eligibility for a dividend of ₹0.40 per share (40% on face value of ₹1) for FY 2025-26. At the prevailing share price of ₹25.0, this translates to a dividend yield of approximately 1.6%. The company currently holds a market cap of ₹225 crore, with promoter holding steady at 73.07%.

Dividend declared at ₹0.40 per share (40% on face value of ₹1/-)
Record date fixed as Wednesday, 16th September 2026
Applicable for the financial year FY 2025-26
Translates to an approximate dividend yield of 1.6% at the current price of ₹25.0

💡 Track the ex-dividend date ahead of September 16, 2026 to ensure eligibility, and observe operational recovery in upcoming quarterly results given negative TTM earnings.

ASI Industries Schedules 80th AGM for September 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 04:58 PM

ASI Industries Ltd has announced that its 80th Annual General Meeting (AGM) will be held on Tuesday, September 22, 2026, via video conferencing and audio-visual means. The e-voting window for shareholders is scheduled from September 19, 2026 (9:00 AM) to September 21, 2026 (5:00 PM). The Register of Members and Share Transfer Books will be closed from September 17 to September 22, 2026, for the AGM.

80th Annual General Meeting scheduled for September 22, 2026, via video conferencing
E-voting period opens on September 19, 2026 (9:00 AM) and closes on September 21, 2026 (5:00 PM)
Register of Members and Share Transfer Books closed from September 17 to September 22, 2026

💡 Shareholders should look out for the detailed AGM notice and annual report for FY26 disclosures, management commentary, and voting resolutions.

ASI Industries sells 10,00,000 shares of Lloyds Engineering Works, exits investment

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 29 Jul 2026, 11:08 AM

ASI Industries Ltd has exited its investment in Lloyds Engineering Works Ltd by selling its entire holding of 10,00,000 equity shares on July 28, 2026. The stake represented approximately 0.068% of Lloyds Engineering's paid-up share capital. The transaction was executed via open market sales at prevailing market prices. The company has stated that this divestment will not have a material impact on its financial or operational activities.

Sold 10,00,000 equity shares of Lloyds Engineering Works Ltd on July 28, 2026
Divested stake represents approximately 0.068% of the target company's paid-up capital
Post-transaction holding in Lloyds Engineering Works Ltd is now NIL
Sale conducted through open market transactions via stock exchange

💡 Investors should treat this as a routine portfolio cleanup. Monitor upcoming quarterly results for any minor non-operating income gains from this sale, though the impact is expected to be negligible given the small stake size.

₹1.64 Cr investment completed in Sunsure Solarpark Fifty Two for solar power procurement

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 28 Jul 2026, 04:26 PM

ASI Industries Ltd has completed the second and final tranche of its investment in M/s. Sunsure Solarpark Fifty Two Private Limited (SSFTPL). The company subscribed to 11,776 equity shares at a total cost of ₹164.16 lakhs (₹1.64 Cr). This investment is specifically for the procurement of solar power to support its mining and industrial operations. While the investment is small relative to the company's ₹291 Cr net worth, it aligns with operational cost-saving measures through renewable energy.

Subscribed to 11,776 fully paid-up equity shares in the final tranche.
Total investment value for this tranche stands at ₹164.16 lakhs.
Shares were acquired at a face value of ₹10 with a premium of ₹1,384 per share.
Investment is aimed at securing solar power procurement for the company's operations.
The transaction follows previous intimations dated February 10 and March 25, 2026.

💡 Investors should monitor future quarterly results to see if power and fuel costs decrease as a result of this solar procurement, which could help mitigate the company's current operating losses (OPM of -29%).

ASI Industries Q1 Net Profit up 60% YoY to ₹6.45 Cr; New Subsidiary Incorporated

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 27 Jul 2026, 01:25 PM

ASI Industries reported a strong start to FY27 with Q1 revenue growing 34% YoY to ₹39.53 Cr. Net profit surged 60% YoY to ₹6.45 Cr, up from ₹4.04 Cr in the same period last year, despite a sequential revenue decline from Q4 FY26. The company also announced the incorporation of a new subsidiary, ASI Steel & Energy Limited, on June 26, 2026, signaling potential diversification. Finance costs were significantly reduced by 48% YoY to ₹0.34 Cr, aiding the bottom-line expansion.

Revenue from operations increased 34% YoY to ₹39.53 Cr from ₹29.49 Cr.
Net profit grew 60% YoY to ₹6.45 Cr, resulting in an EPS of ₹0.72.
Finance costs reduced by 48.5% YoY to ₹0.34 Cr from ₹0.66 Cr.
Incorporated new subsidiary ASI Steel & Energy Limited on June 26, 2026.
Total Comprehensive Income stood at ₹8.23 Cr, supported by ₹2.45 Cr in equity instrument gains.

💡 Investors should monitor the operationalization of the new Steel & Energy subsidiary and watch for the impact of the monsoon season in Q2, which historically leads to mining halts and seasonal revenue dips.

ASI Industries Q1 PAT Jumps 60% YoY to ₹6.45 Cr; Revenue Up 34%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 27 Jul 2026, 01:22 PM

ASI Industries reported a strong start to FY27, with revenue from operations growing 34% YoY to ₹39.53 Cr. Net profit surged 59.6% YoY to ₹6.45 Cr, a notable performance considering the company's TTM loss of ₹66 Cr. While revenue declined 18.7% sequentially from Q4 FY26, profitability improved as other expenses normalized. The company also announced the incorporation of a new subsidiary, ASI Steel & Energy Limited, on June 26, 2026.

Revenue from operations increased 34% YoY to ₹39.53 Cr from ₹29.49 Cr.
Net profit for the quarter rose to ₹6.45 Cr, compared to ₹4.04 Cr in the year-ago period.
Earnings Per Share (EPS) improved to ₹0.72 from ₹0.45 YoY.
Power and fuel expenses increased significantly to ₹8.59 Cr from ₹6.97 Cr YoY.
Incorporated a new subsidiary, ASI Steel & Energy Limited, on June 26, 2026.

💡 Watch for the operationalization timeline of the new Steel & Energy subsidiary and monitor Q2 results, which are typically impacted by monsoon-related mining slowdowns.

Rs 8.90 Cr Investment in Lloyds Engineering Works Ltd for 0.068% Stake

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 23 Jul 2026, 01:10 PM

ASI Industries has acquired 10,00,000 equity shares of Lloyds Engineering Works Ltd through the stock exchange for a total cash consideration of Rs 8.90 crore. The acquisition represents a minor 0.068% stake in the target company, which specializes in heavy equipment manufacturing for sectors like Oil & Gas and Steel. ASI Industries has stated this is a financial investment for long-term/short-term benefits and does not intend to seek management control. This investment represents approximately 5.5% of ASI's TTM revenue and 3.1% of its net worth.

Acquired 10,00,000 shares of Lloyds Engineering Works Ltd for Rs 8.90 crore
The stake acquired represents 0.068% of the target entity's shareholding
Target entity Lloyds Engineering reported a standalone turnover of Rs 1,052.22 crore for FY26
Investment is equivalent to ~5.5% of ASI Industries' TTM revenue of Rs 161 crore
Acquisition was completed on July 22, 2026, via cash consideration

💡 Investors should monitor the company's capital allocation strategy, specifically why cash is being deployed into minority financial investments while the core business remains loss-making (TTM PAT of Rs -66 Cr).

ASI Industries exits Lloyds Engineering Works Ltd; sells 6,05,291 shares

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 22 Jul 2026, 12:37 PM

ASI Industries Ltd has completely exited its investment in Lloyds Engineering Works Ltd by selling 6,05,291 equity shares on July 21, 2026. The stake sold represents approximately 0.041% of the paid-up share capital of Lloyds Engineering. The transaction was executed through open market sales at prevailing market prices. The company has officially stated that this divestment will have no material impact on its financials or operations.

Sold 6,05,291 equity shares of Lloyds Engineering Works Ltd on July 21, 2026
Divested stake represents approximately 0.041% of the target company's paid-up capital
Post-transaction holding in Lloyds Engineering Works Ltd is now NIL
Transaction conducted via open market transactions at prevailing market prices

💡 Investors should treat this as a routine treasury action. The focus remains on the company's core stone mining operations and its ability to reverse the TTM net loss of Rs 66 Cr.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY19 was INR 272.18 Cr, representing a 15% decrease from INR 320.34 Cr in FY18. However, Q4 FY19 revenue grew 9% YoY to INR 83.53 Cr. The mining business is the primary driver, with a new engineered stone division launched in fiscal 2021 to diversify revenue streams.

Geographic Revenue Split

The company operates primary mining activities in Ramganjmandi, Kota, Rajasthan, India. It also has international operations through its wholly-owned subsidiary, Al Rawasi Rock and Aggregates LLC, based in the UAE, which contributes to the consolidated rock and aggregates segment.

Profitability Margins

Profitability showed significant improvement in Q4 FY19; PAT margin increased to 12.6% (INR 10.52 Cr) from 8.3% (INR 6.39 Cr) YoY. PBT for FY19 was INR 30.36 Cr, up 15% from INR 26.39 Cr in FY18, despite lower revenues, indicating improved operational efficiency.

EBITDA Margin

EBITDA margin for Q4 FY19 improved to 26.1% (INR 21.78 Cr) from 19.8% (INR 15.28 Cr) in Q4 FY18, a 43% increase in absolute EBITDA. For the full year FY19, EBITDA was INR 55.39 Cr (20.3% margin) compared to INR 52.72 Cr (16.4% margin) in FY18.

Capital Expenditure

The company is investing in technology up-gradation to match global standards and recently established an engineered stone division. While specific future INR Cr figures are not disclosed, the group maintains an above-average financial risk profile with a net worth of INR 179.14 Cr as of March 31, 2020.

Credit Rating & Borrowing

CRISIL upgraded the rating to 'CRISIL BB+/Positive/CRISIL A4+' in October 2020 from 'CRISIL BB/Negative'. Total rated bank facilities were INR 130 Cr. Borrowings include a Cash Credit of INR 38 Cr, ECB of INR 27.05 Cr, and FCNR loans of INR 28.86 Cr. Promoters provided unsecured loans of INR 63.68 Cr as of March 31, 2020.

⚙️ Operational Drivers

Raw Materials

The primary raw material is natural Kota stone deposits from owned mines, representing the core of the business. Other inputs include consumables for mining and technology components for the engineered stone division.

Import Sources

Raw materials are primarily sourced from the company's own mines in Ramganjmandi, District Kota, Rajasthan. Aggregates are sourced from operations in the UAE.

Key Suppliers

Not specifically disclosed, as the company is a primary miner; however, it relies on equipment and utility providers for mining operations.

Capacity Expansion

The company is the largest stone mining company in India. It recently expanded into the engineered stone division (fiscal 2021) and resumed full mining operations after obtaining a 5-year consent to operate.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the company faces high archetypical costs during the monsoon (Q2), specifically for dewatering mines, which often leads to seasonal losses.

Manufacturing Efficiency

Bank limit utilization averaged 86% through March 2020. Efficiency is impacted by Q2 seasonality where labor remains comparatively idle due to rains.

Logistics & Distribution

The company distributes Kota stone to over 1,000 diversified customers. Distribution costs are inherent to the heavy nature of stone products but specific INR values are not provided.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the resumption of mining activities, the launch of the engineered stone division, and technology upgrades to meet global standards. The company leverages its position as the only listed player in the stone mining industry to maintain a strong market position.

Products & Services

Kota stone, engineered stone, and rock aggregates.

Brand Portfolio

ASI Industries, Al Rawasi Rock and Aggregates.

New Products/Services

Engineered stone division, which started in fiscal 2021, is expected to improve the business risk profile.

Market Expansion

The company is diversifying its business and investing in technology to match global standards, targeting both domestic and international markets through its UAE subsidiary.

Market Share & Ranking

Largest stone mining company in India and the only listed player in the stone mining industry.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward engineered and processed stones. ASI is positioning itself by diversifying into engineered stone while maintaining its lead in natural Kota stone mining.

Competitive Landscape

The industry is largely unorganized; ASI Industries has no direct listed peers in the stone mining sector in India.

Competitive Moat

The company's moat is built on 30+ years of experience, ownership of large-scale mining assets, and being the only listed entity in its sector. This scale provides a cost advantage that is difficult for smaller, unorganized players to replicate.

Macro Economic Sensitivity

The business is sensitive to construction and real estate cycles, as well as environmental regulations affecting mining licenses.

Consumer Behavior

There is an increasing demand for standardized, high-quality stone products, which the company is addressing through its engineered stone division.

Geopolitical Risks

Operations in the UAE through Al Rawasi Rock and Aggregates LLC expose the company to Middle Eastern regulatory and geopolitical environments.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Mines and Minerals (Development and Regulation) Act and environmental clearances. Compliance with SEBI LODR and the Companies Act 2013 is maintained.

Environmental Compliance

The company must comply with National Green Tribunal (NGT) norms. It recently secured a consent to operate for the next five years following a short-duration ban.

Legal Contingencies

The company has disclosed pending litigations in Note 31 of its financial statements. It also transferred INR 25.96 Lakhs (INR 0.26 Cr) to a special account for unspent CSR amounts related to ongoing projects.

⚠️ Risk Analysis

Key Uncertainties

Regulatory changes regarding mining rights and environmental norms (NGT) pose a high risk. Seasonality (monsoon) remains a consistent operational uncertainty.