502015
Asi Industries financials
- Market cap
- ₹225 Cr
- Sector
- Metals & Mining
What Asi Industries does
ASI Industries quarries and processes natural stone, primarily Kota stone along with sandstone varieties, at its mining and processing works in Ramganjmandi, Kota district, Rajasthan. Raw stone is blasted, cut and finished into slabs used for flooring, exteriors, pathways and commercial construction. Incorporated in 1945, the company describes itself as the largest stone mining company and the only listed player in India's stone mining industry, selling to real estate, construction and infrastructure end-users.
Segments
- Natural stone mining & processing
- Mining & processing works
- 1 site — Kudayla Industrial Area, Ramganjmandi, Kota district, Rajasthan
- Quarry area at Ramganjmandi
- ~10 sq. km
- Kota stone production capacity
- 12 million+ sq. m per year
- Stone mining industry share (company estimate)
- ~46%
- Product lines
- 6 (Kota Stone Blue/Brown + 4 sandstone varieties)
- Captive solar power installed (FY25)
- 60 kW at Ramganjmandi
Quarterly results
Q4 FY26: revenue up 1.8%, net profit down 37.7% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34 | 23 | 49 | 48 | 29 −14% | 21 −12% | 51 +3% | 49 +2% |
| EBITDA | 3 | -2 | 15 | 8 | 3 −10% | -2 −4% | 14 −7% | 5 −33% |
| Net profit | 4 | 1 | 12 | 9 | 4 +4% | 1 +62% | 12 +1% | 6 −38% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −22.6% 1Y
1Y: ₹32.51 on 10 Sept 2025 → ₹25.15. High ₹33.13 (31 Oct 2025), low ₹19.13 (30 Mar 2026).
Financials, as filed
Revenue fell 8.0% a year over 5 years, FY21 to FY26. Operating margin narrowed to 13.5%.
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Revenue | ₹227 Cr | ₹238 Cr | ₹146 Cr | ₹145 Cr | ₹155 Cr | ₹149 Cr |
| Operating profit | ₹37 Cr | ₹-14 Cr | ₹9 Cr | ₹20 Cr | ₹24 Cr | ₹20 Cr |
| Operating margin | 16.1% | -5.9% | 6.4% | 13.7% | 15.7% | 13.5% |
| Interest | ₹7 Cr | ₹12 Cr | ₹3 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Depreciation | ₹17 Cr | ₹44 Cr | ₹11 Cr | ₹5 Cr | ₹5 Cr | ₹4 Cr |
| Net profit | ₹12 Cr | ₹-56 Cr | ₹-1 Cr | ₹25 Cr | ₹25 Cr | ₹23 Cr |
| Net margin | 5.2% | -23.5% | -0.7% | 17.4% | 16.4% | 15.2% |
| Cash from operations | ₹30 Cr | ₹60 Cr | ₹20 Cr | ₹34 Cr | ₹-3 Cr | ₹16 Cr |
| Free cash flow | ₹0 Cr | ₹261 Cr | ₹18 Cr | ₹30 Cr | ₹-2 Cr | ₹2 Cr |
| ROCE | 4.0% | -9.0% | — | — | — | — |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | ₹340 Cr | ₹282 Cr | ₹298 Cr | ₹313 Cr | ₹341 Cr | ₹353 Cr |
| Borrowings | ₹303 Cr | ₹27 Cr | ₹29 Cr | ₹29 Cr | ₹15 Cr | ₹41 Cr |
| Other liabilities | ₹82 Cr | ₹29 Cr | ₹26 Cr | ₹19 Cr | ₹31 Cr | ₹24 Cr |
| Total liabilities | ₹734 Cr | ₹347 Cr | ₹362 Cr | ₹370 Cr | ₹396 Cr | ₹427 Cr |
| Fixed assets | ₹485 Cr | ₹168 Cr | ₹167 Cr | ₹165 Cr | ₹157 Cr | ₹160 Cr |
| Capital work in progress | ₹6 Cr | ₹0 Cr | ₹1 Cr | ₹3 Cr | ₹2 Cr | ₹10 Cr |
| Investments | ₹43 Cr | ₹42 Cr | ₹60 Cr | ₹85 Cr | ₹100 Cr | ₹110 Cr |
| Other assets | ₹201 Cr | ₹137 Cr | ₹134 Cr | ₹116 Cr | ₹137 Cr | ₹147 Cr |
| Total assets | ₹734 Cr | ₹347 Cr | ₹362 Cr | ₹370 Cr | ₹396 Cr | ₹427 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 6% to 11,541.
- Promoters
- 73.1%
- Public
- 26.9%
Since Jun 2025
- Public −0.01 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 72.5%, Public 27.5%.Dec '23: Promoters 72.5%, Public 27.5%.Mar '24: Promoters 72.5%, Public 27.5%.Jun '24: Promoters 72.5%, Public 27.5%.Sep '24: Promoters 72.9%, Public 27.1%.Dec '24: Promoters 73.1%, Public 26.9%.Mar '25: Promoters 73.1%, Public 26.9%.Jun '25: Promoters 73.1%, Public 26.9%.Sep '25: Promoters 73.1%, Public 26.9%.Dec '25: Promoters 73.1%, Public 26.9%.Mar '26: Promoters 73.1%, Public 26.9%.Jun '26: Promoters 73.1%, Public 26.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Asi Industries above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Deepak Nemnath Jatia | 34.98% | unchanged |
| Stone Masters India Private Limited | 27.26% | unchanged |
| Tushya Jatia | 4.28% | unchanged |
| Halan Properties Private Limited | 4.23% | unchanged |
| Anita Deepak Jatia | 3.37% | unchanged |
| Prerna Agarwal | 2.91% | unchanged |
| Mita Dipak Shah | 1.18% | unchanged |
| Sangeetha S . | 1.01% | unchanged |
| Ritu Tushya Jatia | 0.28% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹25, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹8 — downside of 67%.
- Growth the price implies
- 35.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 13.9% a year
- net profit, FY21–FY26 · EPS 13.4%
- The gap
- 0.2 pp
- -67% downside if it only repeats history
Learn to analyse Asi Industries
Guides on how to read this kind of business and the numbers that matter.