Ashapura Minechem Limited (ASHAPURMIN)
₹420.50 -2.82% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ashapura Minechem's revenue was ₹1,616 Cr (+19.2% year on year, -17.9% on the previous quarter), and net profit ₹108 Cr (-5.0% year on year); the operating margin was 11.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,616 | +19.2% | -17.9% |
| Operating profit | ₹181 | -0.4% | +41.6% |
| Net profit | ₹108 | -5.0% | -10.5% |
| EPS (₹) | 12.07 | +5.0% | +4.1% |
| Operating margin | 11.2% | — | — |
ASHAPURMIN delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 41.42% of the ASHAPURMIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.84%. The price fell 2.82% on unusually low delivery.
Delivery in the last 5 sessions: 50.0% · 56.1% · 53.4% · 48.3% · 41.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ashapura Minechem Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that securities received for dematerialisation during the period were duly processed, confirmed or rejected, and cancelled within prescribed timelines. This is a regular administrative compliance requirement with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 12, 2026
- Dematerialisation requests confirmed and certificates mutilated per regulatory timelines
Ashapura Minechem announced the retirement of Director Chetan Shah from the Board upon the conclusion of its 45th AGM on September 29, 2026. Shah will continue his association with the company in an executive role as Chief - Strategy & Planning effective October 1, 2026, subject to shareholder approval for holding an office or place of profit. During the AGM, the company recapped FY26 consolidated revenue of Rs 5,237 crore, Guinea bauxite export volumes of approximately 8 million tonnes (vs ~3.5 million tonnes in FY25), and approved a 100% final dividend of Rs 2 per share.
- Chetan Shah retired as Director at the 45th AGM on September 29, 2026, and transitions to Chief - Strategy & Planning effective October 1, 2026
- Final dividend of 100% (Rs 2 per equity share of face value Rs 2) declared for FY26
- FY26 consolidated income from operations stood at Rs 5,237 crore with PBT before exceptional items of Rs 449 crore
- Guinea bauxite exports reached approximately 8 million tonnes in FY26 compared to ~3.5 million tonnes in FY25
Ashapura Minechem has appointed Mr. Manan Shah as an Additional Director and designated him as Whole Time Director – Business Development for a 5-year tenure effective October 1, 2026, subject to shareholder approval. Mr. Shah has been with the group for over a decade, overseeing 4 core business verticals in India including Bentonite, Performance Materials, Adsorbents, and Ceramics. He is the son of promoter Mr. Chetan Shah and brother of director Ms. Himani Shah, representing next-generation leadership elevation in a business that generated Rs 5,497 Cr in TTM revenue.
- Appointment of Mr. Manan Shah as Whole Time Director – Business Development for a tenure of 5 years starting October 1, 2026
- Manan Shah brings over 1 decade of experience across minerals, refractories, and specialty materials within Ashapura Group
- He previously served as Managing Director at associate entity Orient Ceratech Limited
- Direct relative of promoters: son of Mr. Chetan Shah and brother of Director Ms. Himani Shah
- Designated as a Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013
Ashapura Minechem's Board has approved the appointment of Mr. Manan Shah as an Additional Director and designated him as Whole Time Director – Business Development for a 5-year tenure effective October 1, 2026, subject to shareholder approval. Mr. Shah, son of promoter Mr. Chetan Shah, brings over a decade of experience within the group and previously served as MD at associate firm Orient Ceratech Limited. He oversees four domestic verticals, aligning with the company's strategy to expand high-margin value-added minerals from its ₹5,497 Cr TTM revenue base. He has also been designated as a Key Managerial Personnel (KMP) authorized to determine materiality under SEBI Reg. 30(5).
- Appointed as Whole Time Director – Business Development for a tenure of 5 years.
- Appointment takes effect from October 1, 2026, subject to approval from shareholders.
- Brings over a decade of group experience, overseeing 4 major verticals including Bentonite and Advanced Ceramics.
- Candidate is son of Promoter Chetan Shah and brother of Director Himani Shah.
Ashapura Minechem Limited received an order dated September 22, 2026, from the Geology and Mining Department under Rule 22 of the Gujarat Minerals Rules, 2017. The order directs the company to pay an aggregate penalty amount of Rs 6,13,173 for alleged mining violations. Given the company's TTM revenue of Rs 5,497 crore and quarterly PAT of Rs 108.31 crore (Jun 2026), the financial impact is negligible (<0.01% of revenue). The company stated it is contemplating an appeal before the Appellate Authority.
- Received order dated September 22, 2026, from Gujarat Geology and Mining Department on September 23, 2026
- Requires company to pay a penalty of Rs 6,13,173 under Rule 22 of Gujarat Minerals Rules, 2017
- Company reported no material operational or financial impact
- Management is contemplating escalation to the Appellate Authority
Ashapura Minechem has circulated an intimation to shareholders detailing tax deduction at source (TDS) norms for its recommended final dividend of ₹2.00 per equity share (face value ₹2.00 each) for FY26. The company confirmed Tuesday, September 22, 2026, as the record date for determining dividend entitlement. Resident shareholders with a registered PAN will incur a 10% TDS (unless dividend payouts are ≤₹10,000), while those without a valid or Aadhaar-linked PAN face a 20% rate. Non-resident shareholders face withholding tax at 20% plus applicable surcharge and cess, subject to DTAA relief upon valid documentation.
- Final dividend recommended at ₹2.00 per equity share of face value ₹2/- each for FY26
- Record date set as Tuesday, September 22, 2026, to determine eligible shareholders
- Standard TDS rate of 10% for resident individuals with valid PAN; no TDS if total dividend does not exceed ₹10,000
- 20% TDS rate applicable for resident shareholders without a valid PAN or where PAN is not linked to Aadhaar
- Deadline for tax exemption document submissions via the RTA portal is September 22, 2026
Ashapura Minechem Limited has dispatched letters containing the FY 2025-26 Annual Report and 45th Annual General Meeting (AGM) notice weblink to shareholders without registered email addresses. The 45th AGM is scheduled to take place on Tuesday, September 29, 2026, at 3:00 PM IST via video conferencing. The cut-off date applied for identifying these unregistered shareholders was August 28, 2026. This is a standard statutory compliance filing under SEBI LODR Regulations 30 and 36(1)(b).
- 45th Annual General Meeting scheduled for September 29, 2026 at 3:00 PM IST via VC/OAVM
- Weblink to Annual Report for FY 2025-26 shared with unregistered email holders per SEBI Listing Regulations
- Cut-off date for dispatch of the notice letter was August 28, 2026
Ashapura Minechem has scheduled its 45th Annual General Meeting for September 29, 2026, and fixed September 22, 2026, as the record date for determining dividend eligibility. The Board has recommended a final dividend of 100% (Rs 2 per equity share of face value Rs 2) for FY26, subject to shareholder approval. Remote e-voting runs from September 25 to September 28, 2026. The AGM agenda also includes shareholder approval for the appointment and remuneration of up to Rs 2 crore per annum for Shri Chetan Shah as Chief – Strategy & Planning.
- Final dividend recommended at 100% i.e. Rs 2 per equity share of face value Rs 2 each for FY26
- Record date and remote e-voting cut-off date fixed as September 22, 2026
- 45th Annual General Meeting to be convened via VC/OAVM on September 29, 2026, at 3:00 PM IST
- Remote e-voting window open from September 25, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
- Approval sought for remuneration up to Rs 2.00 crore per annum for Chief – Strategy & Planning
Ashapura Minechem Limited has scheduled its 45th Annual General Meeting (AGM) for September 29, 2026, via Video Conferencing. The Board has recommended a final dividend of 100% (₹2.00 per share on a face value of ₹2.00) for FY 2025-26, subject to shareholder approval. The record date for determining dividend entitlement and e-voting eligibility has been set as September 22, 2026. Key special resolutions include the approval of up to ₹2.00 crore annual remuneration for Shri Chetan Shah as Chief – Strategy & Planning (KMP) effective October 1, 2026.
- 45th AGM convened on September 29, 2026 at 3:00 PM IST via VC/OAVM
- Final dividend of 100% (₹2 per share on ₹2 FV) proposed for FY26
- Record date and cut-off date for e-voting fixed for September 22, 2026
- Remote e-voting window open from September 25, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
- Proposed remuneration of up to ₹2.00 crore per annum for Chief – Strategy & Planning
Ashapura Minechem Limited announced the declaration of voting results and Scrutinizer's report for its Postal Ballot process initiated via notice dated July 24, 2026. The shareholder voting pertained to approving material Related Party Transactions between subsidiary Ashapura Holdings UAE FZE and two entities: Ashapura Minex Resources SA and Societe Guineenne Des Mines De Fer SA. The filing confirms regulatory compliance under Section 110 of the Companies Act and Regulation 44(3) of SEBI LODR.
- Postal ballot process completed following notice issued on 24th July, 2026
- Resolution 1 sought approval for material Related Party Transactions between Ashapura Holdings UAE FZE and Ashapura Minex Resources SA
- Resolution 2 sought approval for material Related Party Transactions between Ashapura Holdings UAE FZE and Societe Guineenne Des Mines De Fer SA
- Scrutinizer report submitted by Practicing Company Secretary Mr. Virendra Bhatt
Ashapura Minechem announced the passing of two ordinary resolutions via postal ballot with over 99.9% approval. The resolutions approve material related party transactions for FY 2026-27 between step-down subsidiary Ashapura Holdings UAE FZE and two entities: Ashapura Minex Resources SA (up to ₹3,540 crore / ₹3,54,000 lakhs) and Societe Guineenne Des Mines De Fer SA (up to ₹325 crore / ₹32,500 lakhs). Combined, the approved transactions total ₹3,865 crore, representing ~70% of TTM revenue (₹5,497 crore), enabling ongoing international mining operations in Guinea and UAE.
- Resolution 1 passed with 99.9552% majority to approve RPT between AHUF and MINEX up to ₹3,54,000 Lakhs (₹3,540 Cr) for FY 2026-27.
- Resolution 2 passed with 99.9550% majority to approve RPT between AHUF and SGMF up to ₹32,500 Lakhs (₹325 Cr) for FY 2026-27.
- Total remote e-voting recorded 1,69,55,968 valid votes polled across public institutional and non-institutional categories.
- Combined transaction limit of ₹3,865 Cr represents ~70.3% of TTM revenue (₹5,497 Cr).
Ashapura Minechem announced that promoter Chetan Shah will not seek re-appointment as a Director at the upcoming 45th AGM on September 29, 2026, citing sub-judicial litigation. The Board has approved his appointment as Chief – Strategy & Planning and a designated Key Managerial Personnel (KMP) effective October 1, 2026. In this executive role, he is eligible for remuneration of up to ₹2.00 crore per annum, subject to shareholder approval. He will also be authorized to determine materiality under SEBI Regulation 30(5).
- Promoter Chetan Shah not seeking re-appointment as Director at AGM on September 29, 2026 due to sub-judicial litigation
- Appointed as Chief – Strategy & Planning (designated KMP) effective October 1, 2026
- Eligible for annual remuneration up to ₹2,00,00,000 (₹2.00 crore) subject to shareholder approval
- 45th Annual General Meeting scheduled for September 29, 2026 via VC/OAVM
Ashapura Minechem reported Q1 FY27 Guinea bauxite export volumes of 2.34 million tons, up from 2.05 million tons in Q1 FY26, with EBITDA per ton improving to $6.3. The company is scaling its combined port infrastructure in Guinea to approximately 23 million tons per annum as Boffa reaches 8 MTPA and GSM expands to 10 MTPA by Q4 FY27. Management reiterated its target to achieve or exceed 15 million tons of bauxite volume by FY28. Near-term margins face headwinds from high ocean freight volatility and a 5-fold surge in domestic sulfuric acid prices above ₹30/kg affecting the bleaching clay vertical.
- Guinea bauxite volume stood at 2.34 million tons in Q1 FY27 vs 2.05 million tons in Q1 FY26, with EBITDA/ton improving to $6.3 vs $5.9 in Q4
- Combined port capacity in Guinea expanding to ~23 MTPA (Boffa at 8 MTPA, GSM expanding to 10 MTPA by Q4 FY27)
- Bauxite washing plant operational with a capacity of 20,000 tons per day to upgrade low-grade bauxite
- Management reaffirmed medium-term target to achieve or cross 15 million tons volume by FY28
- Domestic bleaching clay segment impacted by a 5-fold increase in key raw material sulfuric acid prices to over ₹30/kg
Ashapura Minechem Limited has submitted the link to the audio recording of its Q1 FY2027 earnings conference call held on August 19, 2026. The call was conducted with funds, investors, and analysts between 04:00 PM and 04:49 PM IST. The company confirmed that discussions were based on publicly available information with no unpublished price-sensitive information shared. The recording is publicly accessible on the company's website.
- Conducted Q1 FY2027 earnings conference call on August 19, 2026
- Call started at 04:00 PM IST and concluded at 04:49 PM IST (49-minute duration)
- Audio recording uploaded to the company website under investor relations
- Company confirmed zero sharing of Unpublished Price Sensitive Information (UPSI)
Ashapura Minechem has scheduled its Q1 FY2027 earnings conference call for August 19, 2026, at 4:00 PM IST. The management, including the Promoter and CFO, will discuss the company's performance following a strong FY26 where revenue reached Rs 5,237 Cr. This call is a key event for investors to gauge the progress of the company's 25% expected growth rate and its expansion in Guinea. The company recently reported a TTM PAT of Rs 417 Cr with a high ROCE of 37.0%.
- Earnings conference call scheduled for Wednesday, August 19, 2026, at 4:00 PM IST.
- Management participants include Mr. Chetan Shah (Promoter & Director) and Mr. Ashish Desai (CFO).
- The call will focus on operational and financial performance for the Q1 FY2027 period.
- Follows a fiscal year (FY26) where revenue nearly doubled to Rs 5,237 Cr from Rs 2,738 Cr in FY25.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 grew 75% YoY to INR 2,308 Cr. The Indian business segment recorded a growth of over 25% YoY in H1 FY26, while Q2 FY26 consolidated revenue grew 57% YoY to INR 952.5 Cr, driven by Guinea bauxite exports.
Geographic Revenue Split
Revenue is split between Indian operations (focused on value-added products from domestic mines) and International operations, primarily Guinea (focused on large-scale bauxite mining and exports). Guinea bauxite exports are a primary driver of the 57% Q2 revenue growth.
Profitability Margins
Net Profit Margin for FY25 was 23%, an 18% decrease from 28% in FY24. However, H1 FY26 PBT margin improved to 9.2% from 7.6% YoY, and Q2 FY26 PBT margin rose to 8.5% from 5.9% YoY.
EBITDA Margin
Consolidated EBITDA margin for H1 FY26 was 13.9%, up from 11.8% in H1 FY25. Q2 FY26 EBITDA margin stood at 13.9%, compared to 10.8% in Q2 FY25, representing a 102.6% YoY growth in absolute EBITDA to INR 132.1 Cr.
Capital Expenditure
While specific future INR Cr figures are not disclosed, the company is investing in 'large scale' mining infrastructure in Guinea and 'new initiatives' for value-added product facilities in India to drive long-term volume growth.
Credit Rating & Borrowing
The Debt-Equity ratio stood at 0.25 as of March 31, 2025, compared to 0.22 in the previous year. Interest coverage ratio significantly improved by 466.14% to 28.47 in FY25.
Operational Drivers
Raw Materials
Bauxite (Guinea) and Bentonite (India) are the primary raw materials. Bauxite prices experienced a 3% correction during the quarter, impacting margins slightly.
Import Sources
Bauxite is sourced from the company's large-scale mining operations in Guinea. Bentonite and other minerals are sourced from self-owned mines in India, particularly in the Kutch region.
Key Suppliers
The company largely operates its own mines through subsidiaries like Ashapura Guinea Resources SARL and Ashapura International Limited, reducing third-party supplier dependency.
Capacity Expansion
The company is expanding its resource base in Guinea for large-scale exports and increasing its capacity for value-added mineral products in India to move up the value chain.
Raw Material Costs
EBITDA per metric ton for Guinea bauxite was USD 8.9 in Q2 FY26, a slight decrease from USD 9.3 in Q1 FY26 due to a 3% price correction and local currency strength.
Manufacturing Efficiency
EBITDA growth of 105% in H1 FY26 was supported by improved cost efficiencies and higher operating leverage across domestic and international verticals.
Logistics & Distribution
Shipping vessel timing causes quarterly revenue volatility; the company focuses on long-term volume guidance to offset the impact of vessels departing a few days after reporting cut-offs.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be achieved by scaling large-scale bauxite mining and export volumes in Guinea and transitioning the Indian business toward high-margin value-added products. The company is leveraging internal operational efficiencies to maintain EBITDA margins despite commodity price fluctuations.
Products & Services
Bauxite, Bentonite, and various value-added mineral solutions for industrial applications.
Brand Portfolio
Ashapura.
New Products/Services
The company is focusing on 'value-added products' in the Indian market to diversify from raw mineral sales.
Market Expansion
Expansion is focused on increasing the resource base in Guinea and diversifying activities into various other countries to mitigate geographic risk.
Strategic Alliances
Key JVs include Ashapura Perfoclay Limited (50% stake) and APL Valueclay Private Limited (50% stake).
External Factors
Industry Trends
The mining industry is facing a shortage of skilled manpower and a need for digital transformation. Global demand is influenced by infrastructure growth and trade tensions between major economies.
Competitive Landscape
The company competes with global mining firms and domestic mineral processors, positioning itself through large-scale resource ownership.
Competitive Moat
Moat is built on a 40-year history (since 1982), cost leadership through integrated mining, and a diversified geographic presence across India and Guinea.
Macro Economic Sensitivity
Highly sensitive to global commodity price volatility (specifically Bauxite) and fluctuations in the USD/INR exchange rate.
Consumer Behavior
Industrial demand for minerals is shifting toward processed and value-added variants rather than raw ores.
Geopolitical Risks
Operations in Guinea face cross-border operational risks and complex geopolitical dynamics that could impact the growth agenda.
Regulatory & Governance
Industry Regulations
Operations are subject to evolving compliance norms, mining statutes, and tax laws in both India and Guinea.
Environmental Compliance
The company faces regulatory hurdles including delays in mining permits and environmental clearances which can constrain production and increase costs.
Taxation Policy Impact
The company recognized a deferred tax asset of INR 34.62 Cr in Q2 FY26 following a favorable litigation settlement.
Legal Contingencies
A major litigation regarding carried forward losses of INR 259 Cr was settled in favor of the parent company, resulting in a significant tax credit.
Risk Analysis
Key Uncertainties
Quarterly volatility due to shipping vessel values (USD 10-15M each) and potential regulatory changes in mining jurisdictions.
Geographic Concentration Risk
Significant revenue concentration in Guinea for bauxite exports and the Kutch region in India for Bentonite.
Third Party Dependencies
Low dependency on raw material suppliers due to ownership of mines, but high dependency on global shipping logistics.
Technology Obsolescence Risk
The company identifies a need for faster digital transformation to enhance productivity and safety in mining operations.
Credit & Counterparty Risk
Trade receivables increased in FY25, though the current ratio remains healthy at 2.62.
