NSE: ASHOKAMET · BSE: 540923
ASHOKA METCAST LIMITED
Trades metals, primarily steel, through the parent and its subsidiary Rhetan TMT Limited. FY26 consolidated revenue was Rs 27.70 crore and net profit was Rs 10.80 crore. Steel trading contributed Rs 27.17 crore of consolidated revenue, with trading of goods contributing Rs 0.54 crore. The latest segment report shows steel trading at 83.6% of segment revenue and trading of goods at 16.4%, with no revenue but Rs 1.10 crore of EBIT from 'Others'. Operations are asset-light: capex was 0.0% of revenue and depreciation 3.0% of revenue. Materials are the largest cost at 76.3% of revenue, with employee cost at 4.5% and other operating expenses at 14.2%. Long-term borrowings rose to Rs 4,294 lakhs from Rs 748 lakhs in FY26, and operating cash flow was negative Rs 1,718 lakhs. The registered office is in Ahmedabad, and the company is listed on NSE and BSE. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel Trading (84%), Trading of Goods (16%), Others (0%). Asset-light metals trading company with no manufacturing footprint
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 67 | 50 | 66 | 39 | 28 |
| EBITDA (ex other income) | — | — | 7 | 4 | 6 |
| margin % | — | — | 10.6 | 9.6 | 23.4 |
| Owners' profit | — | — | 0 | 0 | 0 |
| EPS, as reported (₹) | 1.95 | 1.29 | 1.92 | 2.94 | 6.05 |
| ROE % · ROCE % | — · 7.6 | — · 4.3 | 4.3 · 7.0 | 6.2 · 7.5 | 8.1 · 8.6 |
| Debt / equity (x) | — | — | 0.14 | 0.13 | 0.43 |
| Cash from operations | (15) | (47) | 16 | (6) | (17) |
| Capex | — | — | (9) | (2) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 7 | 6 | 5 | 5 | 7 | 10 | 4 |
| Profit before tax | 4 | 2 | 0 | 1 | 3 | 5 | 4 | 3 |
| Net profit | 3 | 2 | 1 | 1 | 3 | 4 | 2 | 3 |
| EPS (₹) | 1.39 | 0.72 | 0.22 | 0.45 | 1.18 | 1.80 | 2.62 | 1.29 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel Trading | 27 | 98.1 |
| Trading of Goods | 1 | 1.9 |
| Total, before eliminations | 28 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SG MART LIMITED | 10,105 | 81.3 | 6.33 | 47.7 | 7.0 | 8.7 | — | 5.2 |
| LLOYDS ENTERPRISES LTD | 9,336 | 30.4 | 1.72 | 18.0 | 7.7 | 7.5 | 365.3 | 23.2 |
| NUPUR RECYCLERS LIMITED | 1,084 | 63.3 | 7.38 | 40.0 | 11.2 | 12.4 | — | 16.2 |
| BMW VENTURES LIMITED | 551 | 13.0 | 1.25 | — | 8.5 | 11.1 | — | 3.6 |
| EMERGENT INDUSTRIAL SOLUTIONS | 219 | 171.7 | 7.53 | 64.0 | 4.4 | 5.8 | (3.4) | 1.8 |
| La Tim Metal & Industries Limi | 130 | 16.2 | 1.66 | 8.4 | 10.4 | 11.7 | (0.3) | 4.9 |
| BONLON INDUSTRIES LIMITED | 55 | 18.1 | 0.55 | 11.4 | 2.6 | 3.0 | 32.7 | 2.6 |
| RR METALMAKERS INDIA LIMITED | 42 | — | 6.67 | 43.8 | (4.9) | (5.7) | — | 4.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.1 | 30.4 | 1 of 9 | 100% |
| P/B | 0.3 | 1.7 | 1 of 10 | 100% |
| ROCE | 7.8 | 7.7 | 5 of 10 | 56% |
| ROE | 8.1 | 7.3 | 4 of 10 | 67% |
| Debt / Equity | 0.4 | 0.3 | 7 of 10 | 33% |
| EBITDA margin | 95.6 | 4.7 | 1 of 10 | 100% |
| Revenue growth | (25.4) | 20.0 | 7 of 10 | 33% |
| Profit growth | 187.2 | 61.8 | 2 of 10 | 89% |
| Market cap | 35 | 175 | 9 of 10 | 11% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Ashoka Metcast board to approve September 2026 results | results | low | — | — |
| 14 Oct 2026 · RTA compliance certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 till Q2 FY26 results announcement | compliance | minimal | — | — |
| 17 Sept 2026 · Independent Director appointment regularised at AGM | management changes | medium | — | — |
| 17 Sept 2026 · 5 of 9 AGM resolutions fail; all related-party deals rejected by shareholders | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Ashoka Metcast 17th AGM held via VC; key items include RPTs and director appointments | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · No undisclosed info behind recent share price movement: Ashoka Metcast | regulatory legal | medium | — | — |
| 15 Sept 2026 · BSE seeks clarification from Ashoka Metcast on price movement | regulatory legal | high | — | — |
| 26 Aug 2026 · Ashoka Metcast sends Annual Report FY26 web link letters to shareholders | compliance | minimal | — | — |
| 26 Aug 2026 · Notice of 17th AGM on 17 Sep 2026 via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.