BSE: 544183
Associated Coaters Limited
Applies powder coating and wood finish to metal products, based in Kolkata, and operates as a single segment industrial coater. FY26 revenue from operations was Rs 826.33 lakhs, up 38.7% from Rs 595.78 lakhs in FY25, with profit after tax of Rs 114.52 lakhs and EPS of Rs 8.47. Raw materials are the largest input at 56.6% of revenue, followed by other operating expenses at 20.6% and employee costs at 3.1%. The company invested in property, plant and equipment during the year, with Rs 135.98 lakhs spent in H1 FY26 alone. It carries almost no debt - long-term borrowings of Rs 9.90 lakhs against equity of Rs 782.35 lakhs - and held Rs 270.08 lakhs in cash and cash equivalents at year-end. The company is listed on the BSE SME platform and its entire shareholding is held in demat form. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Powder coating and wood finish on metals. Small, single-segment industrial coater with low debt and equity-funded capex
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 5 | 6 | 8 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 10.83 | 8.10 | 8.47 |
| ROE % · ROCE % | — · 66.8 | — · 21.5 | — · 18.7 |
| Debt / equity (x) | — | — | — |
| Cash from operations | 1 | (0) | 1 |
| Capex | — | (2) | (1) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 2 | 4 | 3 | 5 |
| Profit before tax | 0 | 1 | 1 | 1 | 1 |
| Net profit | — | — | — | — | — |
| EPS (₹) | 0.00 | 4.30 | 5.14 | 0.35 | 4.51 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 21,784 | 23.6 | 9.84 | 18.7 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,363 | 68.1 | 15.54 | 45.3 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,087 | 36.5 | 18.83 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,039 | 24.3 | 3.25 | 11.4 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 3,819 | 24.1 | 1.94 | 10.9 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 3,780 | 24.4 | 2.70 | 14.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,389 | 21.1 | 4.31 | 17.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,512 | 27.5 | 3.73 | 20.2 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.8 | 18.4 | 6 of 27 | 81% |
| ROCE | 18.8 | 12.3 | 7 of 31 | 80% |
| Market cap | 13 | 102 | 31 of 31 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Associated Coaters files SEBI Regulation 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · 9th AGM results: All 3 ordinary resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Associated Coaters 9th AGM held; results within 2 working days | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Newspaper publication of AGM notice filed with BSE | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report and 9th AGM Notice for FY 2025-26 | results | medium | — | — |
| 3 Sept 2026 · 9th AGM on Sep 25, 2026 via video conferencing; FY26 annual report with revenue up 39 percent | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Notice of 9th AGM via video conferencing published in newspapers | compliance | minimal | — | — |
| 19 Aug 2026 · Reappointment of Internal and Secretarial Auditors for FY 2026-27 | management changes | medium | — | — |
| 7 Aug 2026 · Responds to BSE query on share price movement, cites market conditions | regulatory legal | medium | — | — |
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.