Associated Ceramics Ltd

Associated Ceramics Ltd

BBSE:ASSOCER
156.65
INR
-2.00
(-1.26%)
8.66EPS
20.77P/E
367.56MMarket Cap
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
59.63
80.2
120.41
84.18
72.68
116.82
140.72
133.47
167.38
271.74
197.65
204.88
215.39
199.92
Basic EPS, GAAP
0.28
1.12
-4.62
-13.85
-8.77
8.22
14.25
19.86
18.31
22.37
4.19
10.56
10.16
8.66
Free Cash Flow per Basic Share
- -
-3.6
-6.67
1.03
15.46
37.87
-5.49
-8.63
11.98
-35.67
63.78
22.2
8.05
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
- -
81.42
73.88
39.74
39.65
45.9
50.16
71.8
79.12
100.79
104.98
115.36
125.85
- -
Tangible Book Value per Share
- -
81.42
73.88
39.74
39.65
45.9
50.16
71.8
79.12
100.79
104.98
115.36
125.85
- -
Basic Weighted Avg Shares
3
2
2
2
2
2
2
2
2
2
2
2
2
2
Sales/Revenue/Turnover
181
164
246
192
166
267
322
305
382
556
404
419
440
407
Operating Margin (%)
-0.43
0.79
4.27
-15.34
-8.53
5
11.03
11.71
13.28
12.01
4.02
6.8
6.25
4.93
Depreciation Expense
7
6
11
18
16
13
13
11
10
16
36
34
30
29
Net Income, GAAP
1
2
-9
-32
-20
19
33
45
42
46
9
22
21
18
Effective Tax Rate (%)
39.74
19.44
238.76
- -
- -
- -
1.54
- -
21.68
25.85
50.32
34.68
23.45
23.14
Profit Margin (%)
0.47
1.4
-3.83
-16.45
-12.07
7.04
10.12
14.88
10.94
8.23
2.12
5.15
4.72
4.33
Working Capital
- -
129
76
43
37
32
73
97
93
39
-43
2
47
- -
LT Debt
- -
- -
35
29
28
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Equity
- -
186
171
139
119
138
170
216
258
206
215
236
257
- -
Return on Invested Capital (%)
- -
- -
-5.97
- -
- -
- -
22.86
- -
14.12
17.12
2.81
6.84
7.42
- -
Return on Capital (%)
- -
- -
-5.29
- -
- -
- -
20.26
- -
15.19
17.39
3.72
8.86
8.19
- -
Return on Common Equity (%)
- -
- -
-5.95
-23.39
-16.8
14.62
22.56
24.77
18.45
20.62
4.07
9.58
8.43
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
32
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2
2
2
Market Capitalization
431
392
368

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
169
- -
Cash, Cash Equivalents & STI
- -
25
- -
Accounts Receivable, Net
- -
32
- -
Inventories
- -
85
- -
Total Current Liabilities
- -
122
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
32
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.55%
4.51%
9.1%
Free Cash Flow
36.24%
-202.61%
-63.73%
Net Income, GAAP
18.6%
13.71%
-3.76%
Sales/Revenue/Turnover
9.27%
10.45%
5.13%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
90
124
94
113
419
2026
128
151
73
92
440
2027
91
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
5.71
0.44
3.21
1.21
10.56
2026
3.56
7.72
-0.19
-0.93
10.16
2027
2.01
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
2027
- -
- -
- -
- -
- -

Company Description

CEO
Arun Agarwal
Full Time Employees
97
Sector
Non-energy minerals
Industry
Construction materials
Address
17, Ganesh Chandra Avenue Kolkata WB India 700013
IPO Date
Feb 15, 2023
Business
Associated Ceramics Ltd. is an established Indian manufacturer specializing in refractory products used in heat containment industries. Founded in 1970 and headquartered in Kolkata, the company produces a diverse range of refractory bricks and materials including fire clay refractories (superduty, highduty, medium duty, low duty bricks), special purpose refractories such as zircon, zirmul, zircon mullite, magnesite zircon bricks, silicon carbide refractory bricks, alumina-zirconia-silicate bonded bricks, and corundum bricks. The company also manufactures high alumina refractories including multipurpose refractories, phosphate bonded bricks, alumina chrome bricks, insulation refractories produced through a sister company, and basic refractories such as burned magnesite bricks, direct-bonded magnesite chrome bricks, chemically bonded magnesite chrome bricks, magnesite spinal bricks, and alumina magnesia carbon bricks. The product portfolio serves industries including glass, steel, cement, aluminum, coke oven, graphite electrode, and iron and steel. In addition to traditional refractory products, Associated Ceramics operates a segment in solar energy, reflecting a strategic diversification beyond refractory manufacturing. The company leverages a specialized team of ceramic engineers, manufacturing engineers, and tool designers who collaborate with customers to design and produce advanced technical ceramic materials and components tailored for heat/electrical insulation, wear resistance, and chemical and industrial applications. The company has two manufacturing facilities capable of producing over 1.2 million components daily, supporting a global customer base. Recent developments include steady growth in financial performance with significant increases in quarterly net profit and sales reported in 2025, along with a board meeting in November 2025 indicating ongoing strategic oversight. The company continues to refine its manufacturing processes and expand its product capabilities to meet evolving industry demands, maintaining a focus on cost-effective production and high-quality engineering support. Associated Ceramics Ltd. operates primarily in India but serves diverse industrial sectors requiring specialized refractory solutions and technical ceramics, positioning itself as a comprehensive supplier for heat containment and insulation needs in heavy industries. The company remains privately managed with a workforce of approximately 250 employees under the leadership of CEO Arun Agarwal. This description covers Associated Ceramics Ltd.'s core products, recent strategic expansions into solar energy, organizational capabilities, industry focus, and foundational corporate data reflecting its comprehensive role in technical ceramics manufacturing.