BSE: 531168
ASSOCIATED CERAMICS LTD.
Manufactures refractory items — heat-resistant ceramic products used in industrial furnaces, kilns and other high-temperature applications — at a plant in Chirkunda, Dhanbad. The Refractory Items segment generated ₹43.86 crore in FY26, accounting for essentially all of the ₹44.4 crore in total revenue, with a small Solar Energy segment contributing a marginal additional amount. Segment-level results in FY26 were mixed: Refractory Items posted an EBIT loss of ₹0.40 crore even as the overall company earned a net profit of ₹2.08 crore, while Solar Energy delivered a small EBIT profit of ₹0.10 crore. Quarterly refractory revenue fluctuates — Q1 FY26 at ₹12.57 crore, Q2 at ₹15.08 crore, Q3 at ₹7.11 crore and Q4 at ₹9.09 crore — and the segment swung to a quarterly loss in Q3 and Q4. Raw materials are the largest cost at 50.2% of revenue, followed by employee costs at 14.7% and other operating expenses at 13.6%, with capex running at 1.2% of revenue. EBITDA margin was 13.3% in FY26, and the board did not declare a dividend. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Refractory Items (100%), Solar Energy. Small, asset-light refractory ceramics manufacturer with a minor solar energy sideline.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 38 | 55,79,520 | 41 | 42 | 44 |
| EBITDA (ex other income) | 6 | 7,67,470 | 5 | 6 | 5 |
| margin % | 15.7 | 13.8 | 12.1 | 13.5 | 12.0 |
| Owners' profit | 4 | 4,57,540 | 1 | 2 | 2 |
| EPS, as reported (₹) | 18.70 | 22.38 | 4.19 | 10.56 | 10.16 |
| ROE % · ROCE % | 16.3 · 20.9 | 15.1 · 21.2 | 4.0 · 9.2 | 9.2 · 14.5 | 8.1 · 10.7 |
| Debt / equity (x) | 0.12 | 0.21 | 0.33 | 0.06 | 0.12 |
| Cash from operations | 8 | 8,62,390 | 16 | 6 | 2 |
| Capex | (6) | (15,91,820) | (3) | (1) | (1) |
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 | 12 | 9 | 11 | 13 | 15 | 7 | 9 | 9 |
| Profit before tax | 0 | 1 | 1 | 1 | 2 | (0) | (0) | 1 |
| Net profit | 0 | 1 | 0 | 1 | 2 | (0) | (0) | 0 |
| EPS (₹) | 0.44 | 3.21 | 1.21 | 3.56 | 7.72 | (0.19) | (0.93) | 2.01 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Refractory Items | 9 | 20.2 |
| b) Solar Energy | 0 | 0.5 |
| c) Unallocated income | 0 | 0.3 |
| Refractory Items | 35 | 77.3 |
| Solar Energy | 1 | 1.3 |
| Unallocated income | 0 | 0.4 |
| Total, before eliminations | 45 | 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. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED | 2,504 | 7.6 | 0.55 | 10.0 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,159 | 16.6 | 1.54 | 10.1 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 946 | — | 0.85 | 16.9 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 766 | — | 1.55 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 393 | 51.9 | 4.21 | 17.3 | 9.5 | 7.0 | — | 23.5 |
| SAHYADRI INDUSTRIES LTD | 350 | 7.8 | 0.86 | — | 7.1 | 9.4 | — | 16.1 |
| MIDWEST ENERGY LIMITED | 348 | 221.9 | 0.87 | — | (3.5) | (2.3) | — | 19.4 |
| GLITTEK GRANITES LTD. | 199 | 226.9 | 18.19 | — | (3.6) | (3.6) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.8 | 27.1 | 8 of 17 | 56% |
| P/B | 1.3 | 1.5 | 9 of 20 | 58% |
| ROCE | 10.0 | 2.8 | 4 of 22 | 86% |
| ROE | 8.1 | 2.5 | 4 of 20 | 84% |
| Debt / Equity | 0.1 | 0.1 | 11 of 20 | 47% |
| EBITDA margin | 14.2 | 16.7 | 11 of 16 | 33% |
| Revenue growth | (29.3) | 14.0 | 14 of 18 | 24% |
| Profit growth | (43.6) | 83.2 | 17 of 19 | 11% |
| Market cap | 33 | 49 | 12 of 22 | 48% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Routine RTA certificate for Q2 FY26 dematerialisation compliance | compliance | minimal | — | — |
| 2 Oct 2026 · AGM approves executive director Umang Agarwal and director pay revision | management changes | medium | — | — |
| 2 Oct 2026 · AGM e-voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Associated Ceramics holds 56th AGM; four resolutions tabled including director pay revision | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 5 Sept 2026 · AGM notice published in newspapers, meeting on 30 September 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · FY26 Annual Report filed; 56th AGM on Sept 30 with director and pay revisions | compliance | medium | — | — |
| 4 Sept 2026 · E-voting facility announced for September 30 AGM | compliance | minimal | — | — |
| 4 Sept 2026 · Book Closure Sep 24 to Sep 30 for 56th AGM on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Board approves 56th AGM on Sept 30, appoints Executive Director | board shareholder meetings | low | — | — |
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.