Ashiana Ispat
Ashiana Ispat
IndustrialsKey Fundamentals
MicrocapIron & Steel ProductsIndustrial ProductsTapetide Score
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Key Insights
Strengths
6- Company has reduced debt.
- Stock is trading at 0.62 times its book value
- Company has delivered good profit growth of 100% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 46.2%
- Debtor days have improved from 66.4 to 33.0 days.
- Promoter holding has increased by 3.16% over last quarter.
Weaknesses
2- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.30.8 Cr.
Growth Rate
Quarterly Results
| Particulars | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 143 | 59.29 | 96.64 | 76.66 | 90 | 109 | 32.22 | 0.01 | 0.51 | 87.21 | 408 | 613 | 808 |
| Expenses | 142 | 56.88 | 93.38 | 72.98 | 88.3 | 103 | 34.82 | 1.24 | 15.48 | 87.44 | 407 | 610 | 807 |
| Operating Profit | 1.42 | 2.41 | 3.26 | 3.68 | 1.7 | 6.08 | -2.6 | -1.23 | -14.97 | -0.23 | 1.79 | 2.68 | 0.52 |
| OPM % | 0.99% | 4.06% | 3.37% | 4.8% | 1.89% | 5.59% | -8.07% | -12300% | -2935.29% | -0.26% | 0.44% | 0.44% | 0.06% |
| Other Income | 0.94 | 0 | 0.01 | 0.01 | 1.86 | 0.03 | 0.02 | 0 | -30.5 | 0.01 | -1.36 | 35.49 | -3.3 |
| Interest | 1.7 | 2.26 | 1.82 | 2.29 | 2.65 | 2.39 | 1.79 | 1.69 | 0.33 | 0.26 | 0.22 | 0.35 | 1.02 |
| Depreciation | 0.54 | 0.5 | 0.48 | 0.47 | 0.47 | 0.44 | 0.45 | 0.45 | 0.42 | 0.03 | 0.03 | 0.01 | 0.01 |
| PBT | 0.12 | -0.35 | 0.97 | 0.93 | 0.44 | 3.28 | -4.82 | -3.37 | -46.22 | -0.51 | 0.18 | 37.81 | -3.81 |
| Tax % | 25% | 25.71% | 11.34% | 30.11% | 9.09% | 3.05% | 1.45% | 2.08% | -10.15% | -31.37% | -94.44% | -0.03% | 93.44% |
| Net Profit | 0.09 | -0.44 | 0.86 | 0.65 | 0.39 | 3.17 | -4.89 | -3.44 | -41.53 | -0.35 | 0.34 | 37.82 | -7.38 |
| EPS in Rs | 0.11 | -0.55 | 1.08 | 0.82 | 0.49 | 3.98 | -6.14 | -4.32 | -52.14 | -0.44 | 0.43 | 47.48 | -9.27 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 268 | 192 | 203 | 295 | 441 | 310 | 295 | 439 | 465 | 322 | 142 | 1,916 |
| Expenses | 260 | 191 | 199 | 283 | 429 | 314 | 286 | 428 | 453 | 312 | 154 | 1,911 |
| Operating Profit | 8 | 1 | 4 | 12 | 11 | -5 | 9 | 10 | 12 | 10 | -13 | 5 |
| OPM % | 3% | 0.8% | 2.1% | 4% | 2.6% | -1.5% | 2.9% | 2.3% | 2.5% | 3.2% | -9% | 0.2% |
| Other Income | 2 | 6 | 5 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | -30 | 31 |
| Interest | 6 | 5 | 4 | 5 | 5 | 6 | 6 | 7 | 7 | 9 | 6 | 2 |
| Depreciation | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 0 |
| PBT | 3 | 1 | 4 | 5 | 6 | -12 | 1 | 2 | 3 | 2 | -51 | 34 |
| Tax % | 32% | 26% | 30% | 35% | 26% | -1% | 19% | 35% | 13% | 26% | -9% | 10% |
| Net Profit | 2 | 1 | 3 | 4 | 4 | -12 | 1 | 1 | 3 | 1 | -47 | 30 |
| EPS in Rs | 4.46 | 1.46 | 6.92 | 4.42 | 5.36 | -14.71 | 1.44 | 1.27 | 3.77 | 1.85 | -58.62 | 38.21 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 18 | 19 | 22 | 31 | 36 | 24 | 25 | 26 | 29 | 31 | -16 | 15 |
| Borrowings | 63 | 56 | 46 | 43 | 66 | 79 | 86 | 85 | 91 | 101 | 91 | 37 |
| Other Liabilities | 25 | 22 | 17 | 21 | 36 | 26 | 31 | 35 | 42 | 33 | 29 | 178 |
| Total Liabilities | 110 | 101 | 89 | 104 | 145 | 137 | 150 | 155 | 171 | 173 | 112 | 237 |
| Fixed Assets | 9 | 9 | 9 | 12 | 13 | 11 | 10 | 36 | 32 | 29 | 9 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 12 | 21 | 25 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 100 | 91 | 80 | 92 | 121 | 105 | 114 | 118 | 139 | 144 | 103 | 237 |
| Total Assets | 110 | 101 | 89 | 104 | 145 | 137 | 150 | 155 | 171 | 173 | 112 | 237 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -11 | 8 | 13 | 2 | -4 | 2 | 8 | 11 | -2 | -2 | 12 | 18 |
| Investing | 0 | -1 | 0 | -4 | -14 | -9 | -4 | -3 | 3 | 1 | 1 | 37 |
| Financing | 14 | -12 | -14 | 2 | 18 | 7 | -3 | -8 | -1 | 1 | -14 | -54 |
| Net Cash Flow | 3 | -5 | -1 | 0 | 1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -12 | 7 | 11 | -2 | -18 | -7 | 3 | 8 | 1 | 0 | 12 | 61 |
| CFO/OP | -132 | 564 | 298 | 20 | -32 | -35 | 88 | 101 | -15 | -16 | -98 | 408 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 84 | 102 | 79 | 72 | 63 | 91 | 104 | 66 | 58 | 71 | 96 | 33 |
| Inventory Days | 28 | 61 | 53 | 43 | 34 | 21 | 28 | 24 | 30 | 58 | 73 | 3 |
| Days Payable | 28 | 31 | 13 | 19 | 30 | 30 | 38 | 28 | 31 | 33 | 51 | 32 |
| Cash Conversion Cycle | 85 | 132 | 119 | 96 | 66 | 82 | 95 | 62 | 57 | 95 | 117 | 4 |
| Working Capital Days | 58 | 61 | 68 | 86 | 27 | 26 | 32 | 24 | 30 | 34 | -41 | 2 |
| ROCE % | 12% | 7% | 10% | 14% | 11% | -5% | 7% | 7% | 8% | 7% | -9% | 64% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY10–FY26.
Documents
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Company Information
Incorporated in 1992, Ashiana Ispat Ltd is in the business of manufacturing TMT Bars.[1]
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