Ashapura Minechem LimitedMetals & MiningASHAPURMIN
Q1 FY27 concall · earnings callAshapura Minechem Limited
The company navigated a challenging quarter marked by volatile freight and input costs, maintaining stable financials while advancing port and washing plant infrastructure to support medium-term volume growth.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Bauxite volume | 2.34 million tons | — | |
| EBITDA per ton | 6.3 per ton | Q4: 5.9 | |
| Consolidated revenue | ₹1,616 Cr | — | |
| Revenue YoY growth | approximately 19.2% | 19.2% | |
| Consolidated EBITDA | ₹188.9 Cr | — | |
| EBITDA margin | approximately 11.7% | 13.8% -> 11.7% | |
| Profit before tax | ₹130.03 Cr | — | |
| Earnings per share | INR12.07 | 11.5 |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹865.44 Cr+21.4% YoY+43.3% QoQ | ₹107.59 Cr+98.5% YoY+152.4% QoQ | ₹11.15+81% YoY+136.7% QoQ |
| Q2 FY25 | ₹604.10 Cr+9% YoY-15.4% QoQ | ₹42.63 Cr-26.7% YoY-29.3% QoQ | ₹4.71-27.4% YoY-27.6% QoQ |
| Q1 FY25 | ₹714.16 Cr-29.8% YoY+62.3% QoQ | ₹60.31 Cr-40.9% YoY-10.5% QoQ | ₹6.51-42.1% YoY-13.1% QoQ |
| Q4 FY24 | ₹440.08 Cr-36.8% YoY-38.3% QoQ | ₹67.37 Cr+69.3% YoY+24.3% QoQ | ₹7.49+71.4% YoY+21.6% QoQ |
| Q3 FY24 | ₹713.10 Cr+33.3% YoY+28.7% QoQ | ₹54.19 Cr+86.7% YoY-6.8% QoQ | ₹6.16+72.1% YoY-5.1% QoQ |
TL;DR
- Bauxite volumes were 2.34 million tons, down sequentially from 3.16 million tons but up year-on-year.
- Consolidated revenue grew 19.2% YoY to INR1,616 Cr, but EBITDA margin compressed to 11.7% due to higher costs.
- Management expects full-year volume target of 10-12 million tons with a +/-10% variance.
- The Guinea government's bauxite export quota system, expected before year-end, is viewed as a positive future development.
- India operations faced headwinds from high freight and raw material costs, particularly sulphuric acid for bleaching clay.
Said on the call
“We are consciously taking a call to focus on profitability until the times are improved, then we can really focus on pushing the volumes.”
From the Q&A
| Topic | What management said |
|---|---|
| Guinea bauxite quota system | Management expects the quota system to be introduced before end of this year, and realizations/margins to remain near current levels until then. |
| FY28 volume target | Confirmed on track to achieve or exceed 15 million ton target by FY28, despite near-term volume headwinds. |
| Competitive landscape in Guinea | Said new entrant (Nimba) volume targets are small relative to total Guinea exports and will not significantly disrupt the market; Ashapura could also participate in tenders. |
| Bauxite washing plant impact | Stated the bauxite washing plant is for sustainability and cost mitigation, not primarily for EBITDA uplift; quantifying EBITDA impact is not commented on. |
| EBITDA per ton outlook | EBITDA per ton is expected to remain around USD6 in the near term; improvement depends on geopolitical stabilization and the quota system. Long-term target is to return to ~USD10. |
Source
Summary written from the transcript filed by Ashapura Minechem Limited for the call held on 19 Aug 2026; published 24 Aug 2026, 13:28 IST.
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