WEBSITE BSE:531168 NSE: ASSOC CERAMI Inc. Year: 1970 Industry: Refractories
Last updated: 11:22
Associated Ceramics Limited is a public limited company that was incorporated in 1970 as a subsidiary of W.H. Brady & Co. Ltd. The company is one of India’s leading manufacturers of material handling equipment, such as cranes, hoists, winches, pulleys, trolleys, pallet trucks, etc. It caters to various industries, such as steel, cement, power, oil and gas, mining, defence, and others. The company’s promoters are Pavan G. Morarka, Vaibhav Morarka, Kaushik D. Shah, and W.H. Brady & Co. Ltd, who together hold 73.98% of the companyââ...Read More
Associated Ceramics Limited is a public limited company that was incorporated in 1970 as a subsidiary of W.H. Brady & Co. Ltd. The company is one of India’s leading manufacturers of material handling equipment, such as cranes, hoists, winches, pulleys, trolleys, pallet trucks, etc. It caters to various industries, such as steel, cement, power, oil and gas, mining, defence, and others. The company’s promoters are Pavan G. Morarka, Vaibhav Morarka, Kaushik D. Shah, and W.H. Brady & Co. Ltd, who together hold 73.98% of the company’s shares. Pavan G. Morarka is also the chairman and managing director of the company, while Vaibhav Morarka is an executive director. The company’s management team also includes Rajiv Bakshi, Rajender Kumar Sharma, Mita Jha, and H.S. Bindra as directors. The company’s website is bradymorris.in. ...Read Less
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Market Cap ₹45 Cr.
Stock P/E 20.7
P/B 1.7
Current Price ₹219
Book Value ₹ 125.5
Face Value 10
52W High ₹264
Dividend Yield 0%
52W Low ₹ 177.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 8 | 9 | 13 | 10 | 9 | 12 | 9 | 11 | 13 | 15 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Total Income | 8 | 9 | 13 | 11 | 9 | 12 | 9 | 13 | 13 | 15 |
| Total Expenditure | 8 | 7 | 11 | 10 | 7 | 11 | 8 | 11 | 11 | 12 |
| Operating Profit | 0 | 3 | 2 | 1 | 2 | 1 | 2 | 2 | 2 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 1 | 1 | -0 | 2 | 0 | 1 | 1 | 1 | 2 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Profit After Tax | -0 | 1 | 1 | -0 | 1 | 0 | 1 | 0 | 1 | 2 |
| Adjustments | 0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | -0 | 1 | 1 | -0 | 1 | 0 | 1 | 0 | 1 | 2 |
| Adjusted Earnings Per Share | -1.7 | 4.8 | 3.5 | -2.4 | 5.7 | 0.4 | 3.2 | 1.2 | 3.6 | 7.7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 17 | 25 | 20 | 17 | 27 | 34 | 31 | 38 | 56 | 41 | 42 | 48 |
| Other Income | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 |
| Total Income | 17 | 25 | 20 | 18 | 28 | 35 | 32 | 39 | 56 | 41 | 43 | 50 |
| Total Expenditure | 16 | 23 | 21 | 17 | 25 | 30 | 27 | 32 | 48 | 36 | 36 | 42 |
| Operating Profit | 1 | 2 | -1 | 0 | 3 | 5 | 5 | 6 | 8 | 6 | 7 | 9 |
| Interest | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 4 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 1 | -4 | -2 | 2 | 3 | 4 | 5 | 6 | 2 | 3 | 5 |
| Provision for Tax | 0 | 2 | -1 | 0 | -0 | 0 | -0 | 1 | 2 | 1 | 1 | 2 |
| Profit After Tax | 0 | -1 | -3 | -2 | 2 | 3 | 5 | 4 | 5 | 1 | 2 | 4 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -1 | -3 | -2 | 2 | 3 | 5 | 4 | 5 | 1 | 2 | 4 |
| Adjusted Earnings Per Share | 1 | -4.1 | -13.8 | -8.8 | 8.2 | 14.2 | 19.9 | 20.5 | 22.4 | 4.2 | 10.6 | 15.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 2% | 3% | 4% | 9% |
| Operating Profit CAGR | 17% | 5% | 7% | 21% |
| PAT CAGR | 100% | -21% | -8% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 3% | NA% | NA% | NA% |
| ROE Average | 10% | 10% | 15% | 7% |
| ROCE Average | 14% | 14% | 16% | 9% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 19 | 18 | 14 | 12 | 14 | 17 | 22 | 26 | 30 | 21 | 24 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 3 | 3 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 2 |
| Total Current Liabilities | 11 | 15 | 16 | 12 | 10 | 11 | 10 | 8 | 17 | 25 | 21 |
| Total Liabilities | 30 | 37 | 33 | 27 | 24 | 28 | 32 | 34 | 47 | 48 | 46 |
| Fixed Assets | 5 | 12 | 13 | 11 | 10 | 10 | 9 | 11 | 25 | 25 | 23 |
| Other Non-Current Assets | 0 | 2 | 1 | 1 | 1 | 1 | 3 | 6 | 2 | 2 | 2 |
| Total Current Assets | 24 | 24 | 20 | 16 | 13 | 18 | 19 | 17 | 20 | 21 | 21 |
| Total Assets | 30 | 37 | 33 | 27 | 24 | 28 | 32 | 34 | 47 | 48 | 46 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 0 |
| Cash Flow from Operating Activities | -1 | -1 | 0 | 4 | 9 | -0 | 0 | 8 | 9 | 16 | 6 |
| Cash Flow from Investing Activities | -1 | -9 | 1 | -0 | -0 | -1 | -2 | -5 | -12 | -7 | 2 |
| Cash Flow from Financing Activities | 2 | 9 | -1 | -3 | -9 | 2 | 2 | -3 | 3 | -9 | -6 |
| Net Cash Inflow / Outflow | 1 | -2 | -0 | 0 | -0 | 1 | -0 | 1 | -0 | -0 | 1 |
| Closing Cash & Cash Equivalent | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1 | -4.13 | -13.85 | -8.77 | 8.22 | 14.25 | 19.86 | 20.47 | 22.38 | 4.19 | 10.56 |
| CEPS(Rs) | 3.66 | 0.65 | -6.03 | -1.93 | 14.05 | 19.79 | 24.8 | 25.32 | 30.04 | 21.6 | 27.26 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 72.04 | 67.83 | 52.27 | 43.5 | 51.72 | 65.97 | 85.79 | 115.11 | 137.48 | 103.81 | 114.19 |
| Core EBITDA Margin(%) | 3.96 | 7.72 | -5.43 | -2.48 | 9.3 | 11.65 | 14.72 | 15.84 | 13.68 | 12.22 | 13.67 |
| EBIT Margin(%) | 2.05 | 4.06 | -11.97 | -6.07 | 7.95 | 11.1 | 14.2 | 14.23 | 11.97 | 5.27 | 8.81 |
| Pre Tax Margin(%) | 1.53 | 2.45 | -17.24 | -11.23 | 6.22 | 9.78 | 13.45 | 13.93 | 11.06 | 4.25 | 7.88 |
| PAT Margin (%) | 1.23 | -3.4 | -14.78 | -11.68 | 6.86 | 9.63 | 14.53 | 10.91 | 8.2 | 2.11 | 5.15 |
| Cash Profit Margin (%) | 4.49 | 0.54 | -6.43 | -2.57 | 11.73 | 13.38 | 18.14 | 13.49 | 11.01 | 10.89 | 13.29 |
| ROA(%) | 0.84 | -2.81 | -8.96 | -6.64 | 7.31 | 12.41 | 15.15 | 12.84 | 11.31 | 1.81 | 4.63 |
| ROE(%) | 1.4 | -5.91 | -23.06 | -18.32 | 17.27 | 24.21 | 26.18 | 19.4 | 17.72 | 3.47 | 9.69 |
| ROCE(%) | 1.87 | 4.42 | -9.18 | -4.32 | 11.68 | 20.75 | 18.49 | 19.48 | 20.36 | 6.56 | 13.79 |
| Receivable days | 85.7 | 48.78 | 90.35 | 129.81 | 56.6 | 40.98 | 73.88 | 52.04 | 29.55 | 54.04 | 47.92 |
| Inventory Days | 251.83 | 212.78 | 238.42 | 204.77 | 107.02 | 98.9 | 115.61 | 96.12 | 71.74 | 82.17 | 72.44 |
| Payable days | 107.22 | 92.4 | 142.43 | 164.48 | 76.76 | 80.96 | 68.69 | 66.41 | 51.78 | 90.27 | 79.52 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.63 | 168.11 | 21.1 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 6.78 | 1.95 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.31 | 0.64 | 0.85 | 0.83 | 0.2 | 0.21 | 0.3 | 0.16 | 0.19 | 3.61 | 1.03 |
| EV/Core EBITDA(x) | 6.32 | 7.25 | -21.01 | 40.71 | 1.81 | 1.44 | 1.72 | 0.94 | 1.27 | 25.7 | 6.1 |
| Net Sales Growth(%) | -7.84 | 50.61 | -22.16 | -14.23 | 63.53 | 23.44 | -7.54 | 22.8 | 45.41 | -27.32 | 3.43 |
| EBIT Growth(%) | 46.47 | 195.83 | -327.16 | 59.39 | 309.06 | 72.31 | 18.3 | 23.08 | 22.25 | -68.01 | 72.99 |
| PAT Growth(%) | 170.36 | -511.65 | -235.18 | 36.66 | 193.74 | 73.28 | 39.41 | -7.8 | 9.33 | -81.28 | 152.04 |
| EPS Growth(%) | 170.36 | -511.65 | -235.18 | 36.66 | 193.74 | 73.28 | 39.41 | 3.03 | 9.33 | -81.28 | 152.04 |
| Debt/Equity(x) | 0.16 | 0.69 | 0.89 | 0.84 | 0.11 | 0.22 | 0.26 | 0.12 | 0.21 | 0.33 | 0.06 |
| Current Ratio(x) | 2.17 | 1.58 | 1.28 | 1.32 | 1.33 | 1.68 | 1.99 | 2.22 | 1.23 | 0.83 | 1.01 |
| Quick Ratio(x) | 0.76 | 0.45 | 0.56 | 0.63 | 0.52 | 0.71 | 1.03 | 0.8 | 0.56 | 0.54 | 0.54 |
| Interest Cover(x) | 3.94 | 2.52 | -2.27 | -1.17 | 4.6 | 8.43 | 18.82 | 46.17 | 13.17 | 5.19 | 9.48 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.19 | 0.05 | 0.03 |
| # | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.33 | 55.33 | 55.33 | 55.33 | 55.33 | 55.35 | 55.34 | 55.34 | 55.34 | 55.34 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 44.67 | 44.67 | 44.67 | 44.67 | 44.67 | 44.65 | 44.66 | 44.66 | 44.66 | 44.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
* The pros and cons are machine generated.
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