Ashapura Minechem Ltd(ASHAPURMIN)

NSE: ASHAPURMINBSE: 527001

₹ 419.3-3.07%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,005 crWebsite: www.ashapura.comUpdated: 24 Oct 2026

About

Ashapura Minechem Ltd is India's most diversified and globally integrated industrial mineral solutions provider, mining and processing bauxite, bentonite, kaolin, bleaching earth, and other minerals across seven countries with marketing relationships in over 70 nations. In FY26 consolidated revenue reached Rs 5,237 crores, nearly doubling from Rs 2,739 crores in FY25, driven by the ramp-up of Guinea bauxite exports to 8 million metric tonnes. The Ashapura Group holds a 12 - 14% global bentonite market share and approximately 15% global bauxite export market share, and is positioned among the world's top five bentonite processing entities.^[1][2][3]

Business segments

Guinea bauxite contributed 84% of consolidated revenue in Q1 FY27, generating EBITDA of INR 163 crores that quarter.^[4]
Guinea segment EBITDA was INR 561 crores in FY26; India segment revenue was INR 998 crores and India segment EBITDA was INR 112 crores in FY26.^[2]
India operations span four verticals: Bentonite (processed and specialty), Kaolin/CCC/GCC, Bleaching Earth, and Drilling Fluids, plus associate exposure to advanced ceramics via Orient Ceratech.^[1]

Products and market position

Seven product lines: Bentonite (processed and specialty), Bauxite, Kaolin/CCC/GCC, Bleaching Earth, Geosynthetic Clay Liners, Calcined Bauxite, and Drilling Fluids.^[1]
AML is India's second-largest kaolin producer with installed capacity of 108,000 TPA across hydrous and calcined grades.^[1]
Bleaching clay holds over 70% market share in India's premium segment as of Q2 FY26; bentonite India market share is approximately 35% as of FY26.^[5][2]
Has been a preferred supplier to ONGC since 1987, a 38-year institutional relationship, supplying drilling fluids on a B2B model to global industry leaders in fibreglass, paint, cement, and civil engineering.^[1]

Operations and capacity

India plants at Village Paddhar (Bhuj, Kutch, Gujarat), Mamuara (Bhuj, Kutch, Gujarat), and KINFRA Apparel Park (Menamkulam, Thiruvananthapuram, Kerala); 7 national plant/mine locations in total.^[1]
Guinea port handling capacity stands at 18 million MT currently; Boffa port expanded from 5 MT to 8 MT (fully operational as of Q1 FY27), with GSM port's new jetty under construction to expand GSM from 6 MT to 10 MT by Q4 FY27, lifting combined capacity to approximately 23 MT.^[4]
A bauxite washing/beneficiation plant at 20,000 tons per day capacity has been commissioned in Guinea on an operate-and-transfer model to upgrade low-grade bauxite to exportable quality.^[4]
Over 60 million tonnes of identified bentonite reserves in Kutch, Gujarat; seven new bentonite mining leases were granted in Q4 FY26, and two new bentonite mines in Kutch started production after receiving clearances.^[1][2][5]
The Company holds over 1 million tonnes of in-house bentonite grinding capacity within the group, described as the world's largest bentonite grinding capacity.^[4]
Operations in India, Guinea (West Africa), Oman, and Belgium; offices in UAE (Dubai) and China; exports account for 47.35% of standalone turnover with customers in 47 countries.^[1]

Key operating numbers

Guinea bauxite export volume: 2.34 million MT in Q1 FY27 (up from 2.05 MT in Q1 FY26; down from 3.16 MT in Q4 FY26 due to freight and vessel constraints).^[4]
Guinea bauxite EBITDA per ton: $6.3/ton in Q1 FY27, up from $5.9/ton in Q4 FY26.^[4]
CIF bauxite price (China index) was approximately $72/ton in Q1 FY27.^[4]
Full-year FY26 Guinea bauxite exports reached 8 million MT, up from 3.5 million MT in FY25.^[2]
Consolidated EBITDA margin was 11.7% in Q1 FY27, down from 13.8% in Q1 FY26.^[4]

Customers and distribution

B2B model serving global and Indian industry leaders across fibreglass, paint, cement, and civil engineering sectors; marketing relationships spanning over 70 nations.^[1]
Subsidiary Ashapura International Limited (AIL) reported revenue of Rs 734 crores and profit of Rs 60 crores in FY26, with mining division production up over 25%.^[1]

Expansion and capex

GSM port new jetty under construction; expected operational by Q4 FY27, expanding capacity from 6 MT to 10 MT. Combined port capacity will reach approximately 23 MT post-completion.^[4]
India business capex revised upward to approximately INR 200 crores across multiple projects and business verticals for FY27.^[4]
Iron ore business in Guinea remains in commissioning phase; ore grades 40 - 50% Fe, beneficiable to 60%+ Fe. A beneficiation plant partnership is under BOT evaluation targeting capacity north of 1.5 MT.^[2]
FY27 Guinea bauxite volume target is 9 - 11 million MT (±10% around 10 - 12 MT target), with a longer-term target of 15 million MT annually by FY28, at which point Guinea revenues are expected to reach approximately $1 billion.^[4]

Recent developments

A wholly owned subsidiary, Ashapura Resources FZCO, was incorporated in the UAE on 5 June 2026 for operational and business convenience.^[1]
Board recommended a 100% dividend for FY26, the first payout in recent history, subject to shareholder approval.^[2]
Guinea government is expected to implement a bauxite export quota system before end of CY2026; management expects this to reduce supply from large operators and improve ex-works bauxite prices and freight rates for established miners.^[4][2]
Sulphuric acid prices increased five-fold over the past year to above INR 30/kg, significantly pressuring the bleaching clay JV (Ashapura Perfoclay) in Q1 FY27.^[4]
MoUs signed with IIT-BHU and IIT-Patna for collaborative work on an Indo-French nanotechnology-driven advanced tribological solutions project; DSIR R&D recognition renewed, valid to 2028.^[1]
Orient Ceratech (32% associate) EBITDA contribution to the segment more than doubled in Q1 FY27, driven by higher oil and gas activity and premium product mix.^[4]

Market Cap

₹4,005 Cr

High / Low

₹925 / 457

Stock P/E

11.2

Price / Book

2.7

Book Value

₹173

EPS

₹42.0

No. of Shares

9.55 Cr

ROCE

19.9%

ROE

27.8%

OPM

10.1%

Debt / Equity

0.88

Sales

₹5,237 Cr

Net Profit

₹416 Cr

Promoter holding

48.1%

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