Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9.13 | 13.31 | 10.13 | 8.95 | 12.37 | 9.35 | 11.27 | 12.81 | 15.08 | 7.27 | 9.25 | 9.06 |
| Expenses | 6.61 | 11.32 | 9.76 | 6.50 | 11.37 | 7.52 | 10.86 | 11.13 | 12.25 | 6.50 | 9.20 | 7.81 |
| Operating Profit | 2.52 | 1.99 | 0.37 | 2.45 | 1.00 | 1.83 | 0.41 | 1.68 | 2.83 | 0.77 | 0.05 | 1.25 |
| OPM % | 27.60% | 14.95% | 3.65% | 27.37% | 8.08% | 19.57% | 3.64% | 13.11% | 18.77% | 10.59% | 0.54% | 13.80% |
| Other Income | 0.08 | 0.08 | 0.45 | 0.01 | 0.03 | 0.02 | 1.32 | 0.17 | 0.18 | 0.04 | 0.19 | 0.04 |
| Interest | 0.05 | 0.12 | 0.14 | 0.05 | 0.06 | 0.11 | 0.12 | 0.06 | 0.05 | 0.04 | 0.02 | 0.04 |
| Depreciation | 1.23 | 0.97 | 0.77 | 0.83 | 0.84 | 0.88 | 0.86 | 0.82 | 0.86 | 0.82 | 0.54 | 0.70 |
| Profit before tax | 1.32 | 0.98 | -0.09 | 1.58 | 0.13 | 0.86 | 0.75 | 0.97 | 2.10 | -0.05 | -0.32 | 0.55 |
| Tax % | 25.76% | 25.51% | 444.44% | 25.95% | 23.08% | 23.26% | 66.67% | 25.77% | 25.24% | -20.00% | -40.62% | 25.45% |
| Net Profit | 0.98 | 0.72 | -0.49 | 1.17 | 0.09 | 0.66 | 0.25 | 0.73 | 1.58 | -0.04 | -0.19 | 0.41 |
| EPS in Rs | 4.79 | 3.52 | -2.40 | 5.72 | 0.44 | 3.23 | 1.22 | 3.57 | 7.73 | -0.20 | -0.93 | 2.01 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 25.07 | 19.52 | 16.74 | 27.38 | 33.79 | 31.25 | 38.37 | 55.80 | 40.54 | 41.83 | 44.40 | 40.66 |
| Expenses | 22.93 | 20.71 | 16.91 | 24.17 | 29.56 | 26.67 | 32.28 | 48.16 | 35.59 | 36.10 | 39.05 | 35.76 |
| Operating Profit | 2.14 | -1.19 | -0.17 | 3.21 | 4.23 | 4.58 | 6.09 | 7.64 | 4.95 | 5.73 | 5.35 | 4.90 |
| OPM % | 8.54% | -6.10% | -1.02% | 11.72% | 12.52% | 14.66% | 15.87% | 13.69% | 12.21% | 13.70% | 12.05% | 12.05% |
| Other Income | 0.08 | 0.37 | 0.70 | 0.30 | 0.75 | 0.97 | 0.37 | 0.61 | 0.74 | 1.37 | 0.58 | 0.45 |
| Interest | 0.45 | 1.09 | 0.89 | 0.47 | 0.41 | 0.22 | 0.12 | 0.51 | 0.41 | 0.38 | 0.18 | 0.15 |
| Depreciation | 1.09 | 1.79 | 1.56 | 1.33 | 1.27 | 1.13 | 0.99 | 1.57 | 3.56 | 3.41 | 3.03 | 2.92 |
| Profit before tax | 0.68 | -3.70 | -1.92 | 1.71 | 3.30 | 4.20 | 5.35 | 6.17 | 1.72 | 3.31 | 2.72 | 2.28 |
| Tax % | 239.71% | -14.05% | 4.17% | -10.53% | 1.52% | -7.86% | 21.68% | 25.77% | 50.58% | 34.74% | 23.53% | |
| Net Profit | -0.94 | -3.16 | -2.00 | 1.88 | 3.26 | 4.54 | 4.18 | 4.58 | 0.86 | 2.16 | 2.08 | 1.76 |
| EPS in Rs | -3.13 | -10.52 | -6.66 | 6.26 | 10.85 | 15.11 | 20.44 | 22.40 | 4.21 | 10.56 | 10.17 | 8.61 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 6% | 7% | -7% | -11% | ||
| Compounded Profit Growth | 16% | -14% | -23% | 1% | ||
| Stock Price CAGR | % | % | -10% | -32% | ||
| Return on Equity | 10% | 12% | 7% | 8% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 |
| Reserves | 14.36 | 13.38 | 9.66 | 7.65 | 9.53 | 12.79 | 17.32 | 21.49 | 18.33 | 19.18 | 21.30 | 23.45 |
| Borrowings | 4.99 | 14.09 | 13.79 | 12.02 | 3.50 | 5.77 | 7.55 | 5.14 | 16.07 | 16.76 | 6.50 | 3.18 |
| Other Liabilities | 8.00 | 7.74 | 7.36 | 5.30 | 8.86 | 7.46 | 4.47 | 4.67 | 10.63 | 9.32 | 15.57 | 10.31 |
| Total Liabilities | 29.63 | 37.49 | 33.09 | 27.25 | 24.17 | 28.30 | 31.62 | 33.58 | 47.31 | 47.54 | 45.65 | 39.22 |
| Fixed Assets | 5.49 | 13.74 | 12.66 | 11.12 | 10.14 | 9.74 | 10.77 | 10.95 | 25.29 | 25.07 | 22.67 | 20.14 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.10 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.25 | 0.25 | 0.59 | 0.56 | 0.99 | 0.66 | 1.37 | 1.69 | 1.55 | 1.80 | 2.27 | 2.17 |
| Other Assets | 23.89 | 23.50 | 19.84 | 15.57 | 13.04 | 17.90 | 19.48 | 16.84 | 20.47 | 20.67 | 20.71 | 16.91 |
| Total Assets | 29.63 | 37.49 | 33.09 | 27.25 | 24.17 | 28.30 | 31.62 | 33.58 | 47.31 | 47.54 | 45.65 | 39.22 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -0.74 | 0.00 | 0.00 | 3.53 | 9.01 | -0.39 | 0.18 | 8.38 | 8.62 | 16.39 | 5.56 | 2.20 |
| Cash from Investing Activity | -0.68 | 0.00 | 0.00 | -0.01 | -0.29 | -0.85 | -2.15 | -5.33 | -11.78 | -7.29 | 1.80 | -0.39 |
| Cash from Financing Activity | 2.00 | 0.00 | 0.00 | -3.16 | -8.96 | 1.87 | 1.55 | -2.50 | 2.84 | -9.38 | -5.87 | -3.50 |
| Net Cash Flow | 0.59 | 0.00 | 0.00 | 0.36 | -0.25 | 0.63 | -0.42 | 0.54 | -0.31 | -0.28 | 1.49 | -1.69 |
| Free Cash Flow | -1.34 | 0.00 | 0.00 | 3.50 | 8.66 | -1.25 | -1.98 | 3.10 | -3.19 | 13.05 | 4.55 | 1.67 |
| CFO/OP | -72% | 0% | 0% | -2,076% | 304% | -9% | 4% | 152% | 129% | 355% | 112% | 54% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 73.26 | 59.40 | 121.92 | 124.07 | 37.33 | 51.63 | 91.92 | 29.30 | 38.99 | 54.47 | 43.28 | 26.72 |
| Inventory Days | 605.87 | 316.46 | 253.16 | 331.45 | 207.83 | 166.51 | 163.69 | 246.15 | 145.79 | 145.43 | 189.34 | 117.08 |
| Days Payable | 126.86 | 95.58 | 113.88 | 123.58 | 113.31 | 51.59 | 54.62 | 60.57 | 68.85 | 72.51 | 88.82 | 50.35 |
| Cash Conversion Cycle | 552.28 | 280.28 | 261.20 | 331.94 | 131.84 | 166.55 | 200.99 | 214.88 | 115.93 | 127.39 | 143.80 | 93.44 |
| Working Capital Days | 236.90 | 120.40 | 77.79 | 70.86 | 40.26 | 69.02 | 108.04 | 77.81 | 20.41 | -80.76 | -30.54 | 19.98 |
| ROCE % | 4.36% | -9.37% | -4.03% | 12.88% | 20.36% | 17.96% | 19.62% | 20.31% | 5.69% | 10.78% | 9.83% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 55.33% | 55.33% | 55.33% | 55.33% | 55.35% | 55.35% | 55.35% | 55.35% | 55.35% | 55.35% | 55.35% | 55.35% |
| Public | 44.67% | 44.67% | 44.68% | 44.68% | 44.66% | 44.67% | 44.67% | 44.67% | 44.66% | 44.66% | 44.66% | 44.66% |
| No. of Shareholders | 509 | 876 | 1,287 | 1,522 | 1,498 | 1,537 | 1,530 | 1,519 | 1,504 | 1,500 | 1,492 | 1,492 |
Fundamentals
Market Cap₹ 31.7 Cr.
Current Price₹ 155
Stock P/E18.1
Book Value₹ 126
ROCE9.83 %
ROE8.44 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-11%
Compounded Profit Growth (TTM)1%
Standalone figures.
Valuation
Market capRs 30 Cr
Enterprise valueRs 31 Cr
P/E (TTM)17.00x
Price to book1.16x
Price to sales0.74x
EV / EBITDA5.76x
EV / EBIT12.67x
EV / sales0.76x
Price to cash flow13.60x
Earnings yield5.88%
P/E, 3-year average138.55x
P/B, 3-year average6.35x
P/E, 5-year average92.67x
P/B, 5-year average4.30x
Profitability
Operating margin (excl. other income)12.05%
Operating margin (incl. other income)13.36%
EBITDA margin13.16%
Pre-tax margin5.61%
Net profit margin4.33%
Net margin, latest quarter4.53%
ROE8.44%
ROCE9.83%
ROA4.90%
ROE, 3-year average7.37%
ROCE, 3-year average8.78%
ROA, 3-year average3.78%
ROE, 5-year average12.41%
ROCE, 5-year average13.24%
ROA, 5-year average7.10%
ROIC (approx.)6.98%
Tax rate23.53%
Other income / net worth2.25%
Growth
Sales growth (latest year)6.14%
Profit growth (latest year)-3.70%
Sales CAGR, 3 years-7.33%
Sales CAGR, 5 years7.28%
Profit CAGR, 3 years-23.13%
Profit CAGR, 5 years-14.45%
Sales growth QoQ-2.05%
Sales growth YoY (latest quarter)-29.27%
Profit growth YoY (latest quarter)-43.84%
Per share
EPS (TTM)Rs 8.61
EPS (latest quarter)Rs 2.01
EPS, 3-year averageRs 5.02
EPS, 5-year averageRs 9.80
Book value per shareRs 125.85
Sales per shareRs 198.87
Cash flow per shareRs 10.76
Free cash flow per shareRs 8.17
Efficiency
Asset turnover1.13x
Fixed asset turnover2.20x
Inventory turnover3.12x
Inventory days117 days
Debtor days27 days
Debtors turnover13.66x
Creditor days50 days
Cash conversion cycle93 days
Working capital days20 days
Leverage
Total debtRs 3 Cr
Cash and bankRs 2 Cr
Net debtRs 1 Cr
Debt to equity0.12x
Net debt / EBITDA0.16x
Interest coverage16.20x
Owners' fund to total sources65.60%
Debt to assets8.11%
Cash flow
Cash from Operating Activity (latest year)Rs 2 Cr
Cash from Investing Activity (latest year)Rs -0 Cr
Cash from Financing Activity (latest year)Rs -4 Cr
Net Cash Flow (latest year)Rs -2 Cr
Free cash flow (latest year)Rs 2 Cr
FCFE (approx.: FCF + change in debt)Rs -2 Cr
Cash from ops / profit, 5 years2.97x
Sales to cash flow20.18x
Statement figures
Net sales (TTM)Rs 41 Cr
Net sales (latest year)Rs 44 Cr
Sales (latest quarter)Rs 9 Cr
Operating profit excl. other income (latest year)Rs 5 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 5 Cr
PBDT (TTM)Rs 5 Cr
Profit before tax (TTM)Rs 2 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs 2 Cr
Net profit (latest year)Rs 2 Cr
Net profit (latest quarter)Rs 0 Cr
Depreciation (TTM)Rs 3 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 27 Cr
Total expenditure (latest year)Rs 39 Cr
Total income (latest year)Rs 45 Cr
Share capitalRs 2 Cr
ReservesRs 23 Cr
Shareholders' fundsRs 26 Cr
Total assetsRs 39 Cr
Net blockRs 20 Cr
InvestmentsRs 2 Cr
ReceivablesRs 3 Cr
InventoryRs 9 Cr
Other liabilitiesRs 10 Cr
Shares outstanding (crore)0.20
Ownership
Promoter holding55.35% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 25.0 is at the 40th percentile of its own 3.8-year range
(median 26.8, low 1.0, high 110.7).
P/B 1.71 is at the 13th percentile (median 2.94).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | 531168 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -14.4% | -2.8% | -11.7 pts |
| 1 month | -9.0% | -6.8% | -2.3 pts |
| 3 months | -15.9% | -7.6% | -8.3 pts |
| 3 years | -32.6% | +14.2% | -46.8 pts |
Red flags
F-score 7 of 8No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹9 Cr -29.3% vs Jun 2025.
Net profit ₹0 Cr -43.8%.
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Associated Ceramics Ltd?
Associated Ceramics Ltd (531168) has a market capitalisation of Rs 31.7 Cr. at the 2026-10-01 close.
What is the P/E ratio of Associated Ceramics Ltd?
Associated Ceramics Ltd trades at a P/E of 18.1 on trailing twelve-month profit, at the 2026-10-01 close.
What were Associated Ceramics Ltd's latest quarterly results?
In the Jun 2026 quarter, Associated Ceramics Ltd sales was Rs 9 Cr (-29.3% vs Jun 2025) and net profit was Rs 0 Cr.