ASI Industries (BSE: ASIIL) had a P/E of 7.3× on 6 Nov 2026, below the industry P/E of 11.5×, and the shares are 32% below their 52-week high. It earns ROCE of 9.4% and ROE of 7.4%, and sales and net profit grew 2.8% and 9.5% a year over 3 years. It has almost no debt, and its dividend yield is 1.8%. It is a small-cap company with a market cap of ₹195 Cr, ranked 14th of 22 Other Industrial Metals & Mining companies by market cap; the shares fell 31% over the past year.
- ₹22.40
- ₹22.40
- ₹21.00
- ₹21.93
- 9.3K
Health check
- ReturnsBehind
−31.4% over a year, better than 2 of 7 peers.
- Price tagCheaper
P/E 7.3 vs industry 11.5.
- GrowthSlow
Sales +2.8%, profit +9.5% a year over 3 years.
- ProfitabilityWeak
ROCE 9.4% vs peer median 27.9%.
- Balance sheetFair
Practically debt-free, Piotroski 4 of 9.
- Red flags2 to check
Return on equity is low at 7.4%.
Small cap
Defensive
Key metrics
- Market cap
- ₹195 Cr
- Small cap
- P/E
- 7.3
- Industry 11.5
- Price to book
- 0.52
- Peers 5.18
- Dividend yield
- 1.84%
- ROE
- 7.4%
- Peers 28.4%
- ROCE
- 9.4%
- Peers 27.9%
- Debt to equity
- 0.03
- Debt ₹9.47 Cr
- EPS (TTM)
- ₹2.96
- OPM (TTM)
- 12.2%
- Net margin 16.4%
- Sales growth
- +14.6%
- Latest quarter vs a year ago
- Profit growth
- +184.9%
- Latest quarter vs a year ago
- Price to sales
- 1.20
- EV/EBITDA 8.3
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly profit up 184.9% on a year ago.
- P/E of 7.3 against an industry P/E of 11.5.
Risks to check
- Return on equity is low at 7.4%.
- 32% below its 52-week high.
About ASI Industries
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. The company was formerly known as Associated Stone Industries (Kotah) Limited and changed its name to ASI Industries Limited. ASI Industries Limited was incorporated in 1945 and is based in Mumbai, India.
- Headquarters
- Mumbai
- Employees
- 390
- Sector
- Basic Materials
- ISIN
- INE443A01030
- Website
- asigroup.co.in
Price range
- Avg volume (3M)
- 15.3K
- 1-year return
- minus 31.4%
- From 52-week high
- minus 31.8%
Peers · Other Industrial Metals & Mining
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HINDZINCHindustan Zinc | 568.10 | minus 0.46% | 2,40,040 | 11.5 | 10.6 | 62.0% | 53.4% | 0.22 | 5.6% | plus 20.6% |
| VEDLVedanta | 261.75 | minus 0.78% | 1,02,208 | 9.2 | 4.0 | 21.3% | 28.7% | 1.34 | −19.2% | minus 48.1% |
| CMPDICentral Mine Planning & Design Institute | 177.28 | minus 3.82% | 12,653 | 18.8 | 14.4 | 34.6% | 34.2% | 0.00 | 18.7% | plus 15.1% |
| VOGLVedanta Oil and Gas | 30.74 | minus 2.26% | 12,001 | 18.0 | – | 4.1% | 7.3% | 0.15 | 161.8% | minus 14.8% |
| JAINRECJain Resource Recycling | 286.50 | plus 2.23% | 9,887 | 27.8 | 19.4 | 35.5% | 4.5% | 0.82 | 45.4% | minus 25.7% |
| IMFAIndian Metals & Ferro Alloys | 1,106.50 | minus 2.22% | 5,970 | 10.4 | 10.2 | 18.5% | 23.8% | 0.35 | 1.9% | minus 8.0% |
| MOILMOIL | 215.71 | minus 1.41% | 4,389 | 14.9 | 8.7 | – | 20.0% | – | 3.2% | minus 39.9% |
| ASIILASI Industries | 21.70 | minus 1.05% | 195 | 7.3 | 11.2 | 9.4% | 12.2% | 0.03 | 2.8% | minus 31.4% |
| Median of 7 peers | – | −1.41% | 12,001 | 14.9 | 10.4 | 27.9% | 23.8% | 0.29 | 5.6% | −14.8% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 20.6 | 50.7 | 48.7 | 39.5 | 23.6 | |
| 23.5 | 38.3 | 44.1 | 35.3 | 24.9 | |
| −3 | 12.4 | 4.6 | 4.2 | −1.3 | |
| −14.5% | 24.4% | 9.4% | 10.7% | −5.7% | |
| 4.4 | 5.5 | 4.9 | 4.5 | 4.7 | |
| 0.5 | 0.5 | 0.7 | 0.3 | 0.2 | |
| 0.9 | 17.4 | 8.9 | 8.4 | 3.2 | |
| 13.6% | 29.2% | 37.5% | 22.8% | 26.8% | |
| 0.8 | 12.3 | 5.5 | 6.4 | 2.3 | |
| 0.09 | 1.37 | 0.62 | 0.72 | 0.26 |
Profit & loss
- Sales CAGR 3Y
- +2.8%
- Profit CAGR 3Y
- +9.5%
- EPS CAGR 3Y
- +9.5%
- ROE
- 7.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 138 | 145 | 155 | 149 | |
| – | +5.2% | +7.0% | minus 3.5% | |
| 113 | 125 | 130 | 129 | |
| 24.2 | 19.9 | 24.3 | 20.2 | |
| 17.6% | 13.7% | 15.7% | 13.5% | |
| 8.6 | 19.8 | 16.4 | 18.4 | |
| 2.6 | 2.2 | 1.6 | 2.1 | |
| 5.3 | 5 | 4.7 | 4.3 | |
| −0.1 | 2.5 | 2.8 | 1 | |
| 24.8 | 34.8 | 37.2 | 33.2 | |
| 30.2% | 27.9% | 31.6% | 31.6% | |
| 17.3 | 25.1 | 25.4 | 22.7 | |
| – | +45.4% | +1.3% | minus 10.8% | |
| 1.92 | 2.79 | 2.83 | 2.52 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 9 | 9 | 9 | 9 | |
| 298 | 313 | 344 | 353 | |
| 29.2 | 29 | 31 | 41.4 | |
| 26 | 18.6 | 21.8 | 24.1 | |
| 362 | 370 | 405 | 427 | |
| 166 | 163 | 160 | 167 | |
| 0.1 | 0.7 | 0 | 10.6 | |
| 35.7 | 22.1 | 98.9 | 100 | |
| 29 | 65.1 | 2 | 10.4 | |
| 132 | 118 | 145 | 139 | |
| 362 | 370 | 405 | 427 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 19.6 | 33.6 | −3.4 | 15.7 | |
| 19.1 | −31.7 | 4.2 | −19.4 | |
| −37 | −4.3 | −2.8 | 4.4 | |
| 1.7 | −2.4 | −2 | 0.8 | |
| −5.8 | −9.1 | −6.1 | −15.9 | |
| 13.8 | 24.5 | −9.5 | −0.2 | |
| – | −1.8 | −3.2 | −3.6 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
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