Ashapura Minech. Q1 FY27 Results (NSE: ASHAPURMIN)
Signal: Margin pressure
The read
The key inflection is a return to consolidated revenue growth of 19.2% YoY after Q4FY26's 254.8% surge, but the margin arc has weakened for a second consecutive quarter: EBITDA margin fell to 11.7% from 13.8% YoY and 12.0% in Q3FY26, as geopolitical logistics and input costs offset Guinea volume growth; recovery now depends on the filing's expected normalization of margins.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,616.12 Cr | 19.2% | -17.9% |
| EBIT | ₹152.18 Cr | N/A | |
| Net profit | ₹115.34 Cr | 1.3% | |
| EPS | ₹12.07 | 5.0% | |
| EBIT margin | 11.7% |
P&L walk
Consolidated revenue increased to ₹1,616.12 crore, +19.2% YoY, but EBITDA was nearly flat at ₹188.9 crore, +0.6% YoY, as margin declined 210bps to 11.7%; lower finance cost and stable other income limited the PAT decline to 1.3% YoY.
Segments
Although the statutory segment note reports one minerals segment, the business-line disclosure shows Guinea revenue of ₹1,359.7 crore and EBITDA of ₹183.0 crore driving the group, while the standalone India parent contributed only ₹110.63 crore of revenue and ₹24.78 crore of PAT.
Key positives
- Consolidated revenue grew 19.2% YoY to ₹1,616.12 crore, with Guinea bauxite export volume up 14.1% YoY to 2.34 MMT.
- Boffa Port handling capacity increased to 8 Mio MT p.a. from 5 Mio MT p.a., while the 20k MT-per-day bauxite washing plant is operational and should improve marketable quality.
- Finance cost declined 6.5% YoY to ₹28.87 crore, limiting the conversion impact of lower EBITDA margin on PAT.
- Consolidated EPS rose 5.0% YoY to ₹12.07, outperforming PAT growth of 1.3% YoY without an apparent dilution signal.
Key concerns
- EBITDA margin contracted 210bps YoY to 11.7%, and EBITDA grew only 0.6% despite 19.2% revenue growth.
- Guinea EBITDA per tonne fell 32.3% YoY to $6.3 even as export volumes increased 14.1%, indicating weaker unit economics.
- Selling and distribution expenses increased 31.1% YoY to ₹908.45 crore, faster than revenue growth.
- Standalone PAT declined 16.8% YoY to ₹24.78 crore, underscoring the group's dependence on subsidiaries and overseas operations.
Research and educational content only. Not investment advice.