ASI Industries Limited

Basic Materials — Other Industrial Metals & Mining · BSE

₹24.14+₹0.03 (+0.12%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:49 pm

Understanding the Business

Company site ↗

The 60-second version of ASI Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

ASI Industries Limited engages in the mining and processing of natural stones in India and internationally. It offers Kota stones that are used in the construction of exteriors, pathways, corridors, driveways, balconies, commercial buildings, etc.

IndustryOther Industrial Metals & Mining

SectorBasic Materials

Employees390

Annual revenue₹149 Cr

How does it make money?

Turns over ₹149 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation. Each of its 390 employees supports ₹38.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹38.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are HINDALCO INDUSTRIES LTD, VEDANTA LIMITED, TATA STEEL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 9.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE12.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +9% while net margin moved +21% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+9%

Margin effect+21%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 2.8% — barely ahead of inflation
• Profit CAGR of 9.5%

Quality vs. Valuation

Company Quality

61/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

8.6x

3Y Median

11.6x

40 monthly readings · mean 11.9x · range 6.8x–19.0x

Sector Median

12.3x

median of 3 sector peers

🟢Current valuation is approximately 26% below its 3y median of 11.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 30% below the peer median of 12.3x.

vs. its own history

Cheap

11.6x median over 40 months · -26%

vs. sector peers

Cheap

12.3x median of 3 peers · -30%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.7x

PEG

0.91

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 23.8% to 25.8% over 3 years.
Very low debt
Debt/Equity of 0.11x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 watch

🟡Debt is increasingFinancial
Total debt is up 41% over 3 years.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 23.8% to 25.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 26% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 30% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 2.8% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 24%✓ 25.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 4% a year✗ 2.8% CAGR
Latest reported year was 34.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Debt / EBITDA stays below 2x✓ 1.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 9.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹217 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.6x

Cheap

Cheap against the generic band

P/B Ratio

0.60x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.8

Profitable

Profitable on a per-share basis

ROE

6.3%

Weak

Weak capital efficiency

ROCE

9.4%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.11x

Low

Conservative leverage

Revenue Growth (YoY)

34.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

60.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.66%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

10.7%

Average

Average margins

Net Margin

15.7%

Good

Strong bottom-line conversion

Current Ratio

2.79

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

35%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

23.5 / 24.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

56.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹138 Cr	₹145 Cr	₹155 Cr	₹149 Cr	+2.8%
EBITDA	₹33 Cr	₹42 Cr	₹41 Cr	₹39 Cr	+5.6%
EBITDA Margin	23.8%	29.1%	26.3%	25.8%	—
PAT (Net Profit)	₹17 Cr	₹25 Cr	₹25 Cr	₹23 Cr	+9.5%
EPS	₹1.92	₹2.79	₹2.83	₹2.52	+9.5%
ROE	5.6%	7.8%	7.2%	6.3%	—
ROCE	8.7%	11.4%	11.0%	9.4%	—
Total Debt	₹29 Cr	₹29 Cr	₹31 Cr	₹41 Cr	+12.2%
Free Cash Flow	₹14 Cr	₹25 Cr	-₹9 Cr	-₹0 Cr	—

🟢 Revenue has grown at 2.8% a year over 3 years.

🟢 EBITDA has grown at 5.6% a year over 3 years.

🟢 EBITDA Margin has risen from 23.8% to 25.8% over 3 years (+2.0 pts).

🟢 PAT (Net Profit) has grown at 9.5% a year over 3 years.

🟢 EPS has grown at 9.5% a year over 3 years.

🟡 ROE has held roughly flat at 6.3% over 3 years.

🟡 ROCE has held roughly flat at 9.4% over 3 years.

🔴 Total Debt has grown at 12.2% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹14 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹427 Cr

Total Liabilities

₹65 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹16 Cr

Capex

-₹16 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.3%

Corporate Actions

Dividend Rate

₹0.4

Ex-Dividend Date

16 Sept 2026

Peer Comparison

Company	P/E	ROE
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%
TATA STEEL LIMITED	19.8x	10.8%

Recent News

2 positive4 general

Asi Industries exits PC Jeweller stake via open market sale

scanx.trade, 18 Oct

ASI Industries Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 21 Sept

Asi Industries buys 0.027% stake in Lloyds Enterprises for ₹3.03 crore

scanx.trade, 10 Oct

ASI Industries Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Dividend Stocks This Week: Cochin Shipyard, Hindustan Copper, PG Electroplast & More — Check Full List

NDTV Profit, 13 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Dividend record date alert: Last chance to buy today for cash reward; Hindustan Copper, Bajaj Steel, VST Tillers, others

Livemint, 15 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Valuation

MiddlingGrowth · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

2 of 5 tripwires tripped — Free cash flow remains positive; Revenue growth stays above 4% a year · see Key things to watch ↑