ASI Industries share price & results
- Sept 2026
- Sept 2026
Rajasthan-based miner and processor of Kota stone and other natural building stones for the real estate, construction and infrastructure sectors.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 23.6 | +14.5% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | -1.8 | +7.3 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2.3 | +186.4% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 7.44 | −0.2 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 1.74 | +2.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 10.43 | −10.8 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −28.9% 1Y
1Y: ₹31.1 on 24 Oct 2025 → ₹22.1. High ₹33.13 (31 Oct 2025), low ₹19.13 (30 Mar 2026).
- Previous close
- ₹22.9
- Market cap
- ₹223 Cr
- 52-week range
- ₹19.13 – ₹33.13
- One year
- −29.62%
- Price to earnings (TTM to Sept 2026)
- 8.38×
- Return on equity (TTM to Sept 2026)
- 7.44%
Overview
- Symbol
- NSE:ASIIL
- Sector
- Metals & Mining
- Industry
- Commodities
- Exchange
- NSE
- Currency
- INR
What ASI INDUSTRIES LIMITED does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +186% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 49 | 48 | 29 | 21 | 51 | 49 | 40 | 24 |
| Expenses | 35 | 40 | 26 | 22 | 37 | 43 | 34 | 24 |
| Operating profit | 15 | 8 | 3 | -2 | 14 | 5 | 5 | -0 |
| Operating margin | 29.6% | 16.9% | 10.5% | −9.1% | 26.7% | 11.2% | 13.5% | −1.8% |
| Other income | 5 | 6 | 5 | 4 | 6 | 5 | 4 | 5 |
| Interest | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 18 | 13 | 6 | 1 | 17 | 9 | 8 | 3 |
| Tax rate | 33.1% | 29.6% | 32.9% | 13.8% | 29.3% | 37.5% | 22.9% | 26.8% |
| Net profit | 12 | 9 | 4 | 1 | 12 | 6 | 6 | 2 |
| EPS (₹ per share) | 1.35 | 0.99 | 0.45 | 0.09 | 1.37 | 0.62 | 0.72 | 0.26 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 227 | 238 | 146 | 145 | 155 | 149 |
| Expenses | 190 | 252 | 136 | 125 | 130 | 129 |
| Operating profit | 37 | -14 | 9 | 20 | 24 | 20 |
| Other income | 4 | 6 | 11 | 22 | 19 | 20 |
| Interest | 7 | 12 | 3 | 2 | 2 | 2 |
| Depreciation | 17 | 44 | 11 | 5 | 5 | 4 |
| Profit before tax | 17 | -63 | 7 | 35 | 37 | 33 |
| Net profit | 12 | -56 | -1 | 25 | 25 | 23 |
| Line item | Sept 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 282 | 298 | 313 | 344 | 341 | 353 |
| Borrowings | 27 | 29 | 29 | 31 | 15 | 41 |
| Other liabilities | 29 | 26 | 19 | 22 | 31 | 24 |
| Total liabilities | 347 | 362 | 370 | 405 | 396 | 427 |
| Fixed assets | 168 | 167 | 165 | 162 | 157 | 158 |
| Capital work in progress | 0 | 1 | 3 | 3 | 2 | 13 |
| Investments | 42 | 60 | 85 | 101 | 100 | 110 |
| Other assets | 137 | 134 | 116 | 140 | 137 | 147 |
| Total assets | 347 | 362 | 370 | 405 | 396 | 427 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 24 | 56 | 20 | 34 | -3 | 16 |
| Cash from investing | -26 | 137 | 19 | -32 | 4 | -19 |
| Cash from financing | 6 | -195 | -37 | -4 | -3 | 4 |
| Net cash flow | 4 | -2 | 2 | -2 | -2 | 1 |
| Free cash flow | -3 | 255 | 18 | 30 | -2 | 2 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 167 | 106 | 168 | 119 | 112 | 125 |
| Inventory days | 168 | 114 | — | — | — | — |
| Days payable | 55 | 27 | — | — | — | — |
| Cash conversion cycle | 281 | 193 | 168 | 119 | 112 | 125 |
| Working capital days | -121 | 96 | 171 | 135 | 157 | 196 |
| Return on capital employed | 4.0% | −1.0% | 9.0% | 10.0% | 10.0% | 9.0% |
| Dividend payout | 0.0% | 0.0% | 10.0% | 13.0% | 14.0% | 16.0% |
What the price assumes
ExpensiveTo justify its price of ₹22, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹14 — downside of 35%.
- Growth the price implies
- 21.6% 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
- 0.1 pp
- -35% downside if it only repeats history
Ownership
Who owns it
Promoters hold 73.07% as of Sept 2026; institutions added 0.00 pts since Jun 2026.
- Promoters 73.07%
- Foreign institutions 0.00%
- Public 26.92%
Who is on the register
Named in the Sep 2026 filing
Every holder of ASI INDUSTRIES LIMITED above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 34.98% | unchanged | |
| 27.26% | unchanged | |
| 4.28% | unchanged | |
| 4.23% | unchanged | |
| 3.37% | unchanged | |
| 2.91% | unchanged | |
| 1.18% | unchanged | |
| 1.01% | unchanged | |
| 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.
Your own record
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