Associated Ceramics Ltd.

BSE: ASSOCER · Other Construction Materials

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52W Range₹140 – ₹244

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Snapshot

Unlock Associated Ceramics Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Associated Ceramics Limited manufactures and markets a diverse range of refractory products, including high alumina bricks, fireclay bricks, and castables. The company provides essential heat-resistant solutions for high-temperature industrial processes in sectors such as steel, cement, and glass.

Business Model

The company generates revenue by supplying industrial consumables to both public and private sector clients across India. Its business model relies on the consistent demand for refractory materials used in the maintenance and operation of industrial furnaces and kilns.

Growth Outlook

Growth is primarily driven by the ongoing expansion of core industrial sectors like steel and cement, which require continuous refractory replenishment. The company leverages its long-standing domestic presence to maintain its position within the industrial consumables market.

Key Risks

  • Cyclicality of Core Industries. The company's performance is highly dependent on the capital expenditure cycles of the steel, cement, and glass industries.
  • Raw Material Price Volatility. Fluctuations in the costs of raw materials used in refractory manufacturing can significantly impact profit margins.
  • Intense Market Competition. The refractory industry is highly competitive, with pressure from both large domestic players and low-cost imports.

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Key Metrics

REVENUE

₹44 Cr

TTM · standalone

+5.9%YoY

NET PROFIT

₹3 Cr

TTM · standalone

+17.5%YoY

EPS

₹12.40

TTM · standalone

+17.3%YoY

RETURN ON EQUITY

10.6%

TTM · standalone

+0.7 ppYoY

RETURN ON CAPITAL EMPLOYED

14.1%

TTM · standalone

-1.6 ppYoY

P/E

11.8x

Q4 FY26 · standalone

11.8 vs 19.1x5Y avg

EV/EBITDA

7.7x

Q4 FY26 · standalone

7.7 vs 7.0x5Y avg

EBITDA MARGIN

15.0%

TTM · standalone

-1.8 ppYoY

NET PROFIT MARGIN

2.1%

Q4 FY26 · standalone

-0.1 ppYoY

DEBT TO EQUITY

0.1x

Q4 FY26 · standalone

+0.06xYoY

Peers · Other Construction Materials

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Associated Ceramics Ltd.ASSOCER
₹48 Cr11.807.685.9%15.0%10.6%14.1%-37.7%
Glass Wall Systems (India) LimitedGLASSWALL
₹2,519 Cr———23.0%———
Arisinfra Solutions LimitedARIS
₹1,175 Cr16.248.93—11.0%15.5%23.8%—
Everest Industries LimitedEVERESTIND
₹707 Cr-601.651254.84-20.5%0.0%-0.2%5.0%-30.4%
Marble City India LimitedMARBLE
₹438 Cr56.8518.18—29.6%11.5%16.0%+15.5%
Sahyadri Industries LimitedSAHYADRI
₹405 Cr8.704.7519.9%12.1%11.4%15.5%+36.9%

As of Q4 FY26

Financials