Ashapura Minechem Limited (ASHAPURMIN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-694.7%

-₹2,494.89

vs ₹419.50 price

Levered DCF

-₹2,898.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	10.94×	11.64×	12.17×	8.76×	13.23×	10.39×	0.46×	-0.75×
P/B	2.66×	2.79×	3.76×	1.54×	2.2×	2.09×	0.51×	-0.69×
P/S	0.84×	1.26×	1.33×	0.57×	0.9×	0.8×	0.56×	0.42×
EV / EBITDA	7.93×	10.15×	10.68×	6.63×	8.91×	7.6×	1.32×	-1.51×
Gross margin	68.2%	71.3%	71.5%	61.0%	70.9%	48.8%	8.1%	40.0%
Operating margin	8.1%	10.8%	7.2%	7.1%	3.8%	11.0%	-16.2%	-0.9%
Net margin	7.7%	10.8%	11.0%	6.5%	6.8%	7.7%	122.2%	-56.4%
Current ratio	1.36×	1.23×	1.19×	1.26×	1.14×	1.16×	1.02×	0.47×
Debt / equity	0.88×	0.94×	1.06×	1.14×	1.23×	1.53×	1.28×	-0.58×
Interest coverage	3.61×	3.32×	2.69×	1.99×	0.83×	2.09×	-1.65×	-0.28×
Dividend yield	0.2%	0.0%	0.0%	0.6%	0.4%	0.0%	0.0%	0.0%
Payout ratio	2.3%	0.0%	0.0%	4.9%	5.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.3%	23.8%	30.9%	17.6%	16.6%	20.1%	111.9%	91.7%
Return on invested capital	12.4%	11.1%	8.3%	5.8%	3.0%	7.3%	-4.6%	7.6%
Return on assets	8.5%	7.5%	8.7%	3.9%	3.6%	3.9%	21.3%	-31.5%
Free cash flow yield	3.4%	-6.7%	-5.3%	-3.6%	-3.0%	-22.4%	-1.9%	-91.0%
Earnings yield	9.1%	8.5%	8.2%	11.4%	7.6%	9.6%	217.9%	-132.8%
Enterprise value	₹55.1B	₹45.1B	₹43.4B	₹17.1B	₹17.6B	₹15.4B	₹5.8B	₹4.1B
Net debt / EBITDA	1.61×	2.37×	2.09×	2.66×	3.11×	3.11×	0.91×	-0.59×
Cash conversion cycle (days)	-6	105	65	-13	205	56	435	125