Associated Ceramics Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: March 12, 2025, 9:25 am

Market Cap	75.5 Cr.
Current Price	251
High / Low	1,105/190
Stock P/E	52.8
Book Value	75.6
Dividend Yield	0.00 %
ROCE	5.69 %
ROE	4.09 %
Face Value	10.0
PEG Ratio	-2.56

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Associated Ceramics Ltd

Competitors of Associated Ceramics Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Morganite Crucible (India) Ltd	720 Cr.	1,286	1,964/1,170	26.3	246	3.11 %	28.3 %	20.2 %	5.00
Associated Ceramics Ltd	75.5 Cr.	251	1,105/190	52.8	75.6	0.00 %	5.69 %	4.09 %	10.0
Vesuvius India Ltd	8,498 Cr.	4,186	6,000/3,012	32.1	705	0.30 %	26.4 %	20.2 %	10.0
IFGL Refractories Ltd	1,338 Cr.	371	755/326	28.4	306	1.89 %	8.97 %	7.82 %	10.0
Industry Average	3,518.67 Cr	1,523.50		34.90	333.15	1.33%	17.34%	13.08%	8.75

All Competitor Stocks of Associated Ceramics Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	10.39	8.83	9.58	14.70	12.74	18.78	7.99	9.13	13.31	10.13	8.95	12.37	9.35
Expenses	7.30	8.43	8.05	14.29	9.71	16.29	7.97	6.61	11.32	9.76	6.50	11.37	7.52
Operating Profit	3.09	0.40	1.53	0.41	3.03	2.49	0.02	2.52	1.99	0.37	2.45	1.00	1.83
OPM %	29.74%	4.53%	15.97%	2.79%	23.78%	13.26%	0.25%	27.60%	14.95%	3.65%	27.37%	8.08%	19.57%
Other Income	0.09	0.05	0.07	0.04	0.03	0.47	0.13	0.08	0.08	0.45	0.01	0.03	0.02
Interest	0.00	0.02	0.07	0.10	0.13	0.03	0.04	0.05	0.12	0.14	0.05	0.06	0.11
Depreciation	0.28	0.15	0.23	0.23	0.23	0.89	0.59	1.23	0.97	0.77	0.83	0.84	0.88
Profit before tax	2.90	0.28	1.30	0.12	2.70	2.04	-0.48	1.32	0.98	-0.09	1.58	0.13	0.86
Tax %	0.00%	414.29%	0.00%	0.00%	0.00%	77.94%	-25.00%	25.76%	25.51%	444.44%	25.95%	23.08%	23.26%
Net Profit	2.90	-0.88	1.30	0.13	2.70	0.44	-0.35	0.98	0.72	-0.49	1.17	0.09	0.66
EPS in Rs	9.65	-2.93	4.33	0.43	8.99	1.46	-1.16	3.26	2.40	-1.63	3.89	0.30	2.20

Last Updated: February 28, 2025, 3:19 pm

Below is a detailed analysis of the quarterly data for Associated Ceramics Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is ₹9.35 Cr.. The value appears to be declining and may need further review. It has decreased from 12.37 Cr. (Sep 2024) to ₹9.35 Cr., marking a decrease of 3.02 Cr..
For Expenses, as of Dec 2024, the value is ₹7.52 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 11.37 Cr. (Sep 2024) to ₹7.52 Cr., marking a decrease of 3.85 Cr..
For Operating Profit, as of Dec 2024, the value is ₹1.83 Cr.. The value appears strong and on an upward trend. It has increased from 1.00 Cr. (Sep 2024) to ₹1.83 Cr., marking an increase of ₹0.83 Cr..
For OPM %, as of Dec 2024, the value is 19.57%. The value appears strong and on an upward trend. It has increased from 8.08% (Sep 2024) to 19.57%, marking an increase of 11.49%.
For Other Income, as of Dec 2024, the value is ₹0.02 Cr.. The value appears to be declining and may need further review. It has decreased from 0.03 Cr. (Sep 2024) to ₹0.02 Cr., marking a decrease of 0.01 Cr..
For Interest, as of Dec 2024, the value is ₹0.11 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 0.06 Cr. (Sep 2024) to ₹0.11 Cr., marking an increase of ₹0.05 Cr..
For Depreciation, as of Dec 2024, the value is ₹0.88 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 0.84 Cr. (Sep 2024) to ₹0.88 Cr., marking an increase of ₹0.04 Cr..
For Profit before tax, as of Dec 2024, the value is ₹0.86 Cr.. The value appears strong and on an upward trend. It has increased from 0.13 Cr. (Sep 2024) to ₹0.86 Cr., marking an increase of ₹0.73 Cr..
For Tax %, as of Dec 2024, the value is 23.26%. The value appears to be increasing, which may not be favorable. It has increased from 23.08% (Sep 2024) to 23.26%, marking an increase of 0.18%.
For Net Profit, as of Dec 2024, the value is ₹0.66 Cr.. The value appears strong and on an upward trend. It has increased from 0.09 Cr. (Sep 2024) to ₹0.66 Cr., marking an increase of ₹0.57 Cr..
For EPS in Rs, as of Dec 2024, the value is 2.20. The value appears strong and on an upward trend. It has increased from ₹0.30 (Sep 2024) to 2.20, marking an increase of ₹1.90.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 1:57 pm

Metric	Mar 2011	Mar 2012	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	32.32	26.51	16.64	25.07	19.52	16.74	27.38	33.79	31.25	38.37	55.80	40.54	40.80
Expenses	30.25	24.34	15.90	22.93	20.71	16.91	24.17	29.56	26.67	32.28	48.16	35.59	35.15
Operating Profit	2.07	2.17	0.74	2.14	-1.19	-0.17	3.21	4.23	4.58	6.09	7.64	4.95	5.65
OPM %	6.40%	8.19%	4.45%	8.54%	-6.10%	-1.02%	11.72%	12.52%	14.66%	15.87%	13.69%	12.21%	13.85%
Other Income	0.45	0.16	0.24	0.08	0.37	0.70	0.30	0.75	0.97	0.37	0.61	0.74	0.51
Interest	0.33	0.63	0.09	0.45	1.09	0.89	0.47	0.41	0.22	0.12	0.51	0.41	0.36
Depreciation	1.13	0.91	0.61	1.09	1.79	1.56	1.33	1.27	1.13	0.99	1.57	3.56	3.32
Profit before tax	1.06	0.79	0.28	0.68	-3.70	-1.92	1.71	3.30	4.20	5.35	6.17	1.72	2.48
Tax %	44.34%	31.65%	17.86%	239.71%	-14.05%	4.17%	-10.53%	1.52%	-7.86%	21.68%	25.77%	50.58%
Net Profit	0.59	0.54	0.23	-0.94	-3.16	-2.00	1.88	3.26	4.54	4.18	4.58	0.86	1.43
EPS in Rs	1.96	1.80	0.77	-3.13	-10.52	-6.66	6.26	10.85	15.11	13.91	15.24	2.86	4.76
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2011-2012	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-8.47%	-508.70%	-236.17%	36.71%	194.00%	73.40%	39.26%	-7.93%	9.57%	-81.22%
Change in YoY Net Profit Growth (%)	0.00%	-500.22%	272.53%	272.88%	157.29%	-120.60%	-34.14%	-47.19%	17.50%	-90.79%

Associated Ceramics Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2011-2012 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	8%
3 Years:	9%
TTM:	-17%

Compounded Profit Growth
10 Years:	%
5 Years:	-16%
3 Years:	-42%
TTM:	-11%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	-78%

Return on Equity
10 Years:	%
5 Years:	18%
3 Years:	15%
Last Year:	4%

Last Updated: Unknown

Balance Sheet

Last Updated: January 13, 2025, 2:15 pm

Month	Mar 2011	Mar 2012	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28
Reserves	13.59	14.12	14.36	13.38	9.66	7.65	9.53	12.79	17.32	21.49	18.33	19.18	20.44
Borrowings	6.22	6.09	4.99	14.09	13.79	12.02	3.50	5.77	7.55	5.14	16.07	16.75	6.50
Other Liabilities	8.59	8.28	8.00	7.74	7.36	5.30	8.86	7.46	4.47	4.67	10.63	9.33	13.44
Total Liabilities	30.68	30.77	29.63	37.49	33.09	27.25	24.17	28.30	31.62	33.58	47.31	47.54	42.66
Fixed Assets	7.34	6.52	5.49	13.74	12.66	11.12	10.14	9.74	10.77	10.95	25.29	25.07	24.09
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.10	0.00	0.00	0.00
Investments	0.13	0.13	0.25	0.25	0.59	0.56	0.99	0.66	1.37	1.69	1.55	1.80	1.80
Other Assets	23.21	24.12	23.89	23.50	19.84	15.57	13.04	17.90	19.48	16.84	20.47	20.67	16.77
Total Assets	30.68	30.77	29.63	37.49	33.09	27.25	24.17	28.30	31.62	33.58	47.31	47.54	42.66

Below is a detailed analysis of the balance sheet data for Associated Ceramics Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹2.28 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded ₹2.28 Cr..
For Reserves, as of Sep 2024, the value is ₹20.44 Cr.. The value appears strong and on an upward trend. It has increased from ₹19.18 Cr. (Mar 2024) to ₹20.44 Cr., marking an increase of 1.26 Cr..
For Borrowings, as of Sep 2024, the value is ₹6.50 Cr.. The value appears to be improving (decreasing). Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has decreased from ₹16.75 Cr. (Mar 2024) to ₹6.50 Cr., marking a decrease of 10.25 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹13.44 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹9.33 Cr. (Mar 2024) to ₹13.44 Cr., marking an increase of 4.11 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹42.66 Cr.. The value appears to be improving (decreasing). It has decreased from ₹47.54 Cr. (Mar 2024) to ₹42.66 Cr., marking a decrease of 4.88 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹24.09 Cr.. The value appears to be declining and may need further review. It has decreased from ₹25.07 Cr. (Mar 2024) to ₹24.09 Cr., marking a decrease of 0.98 Cr..
For CWIP, as of Sep 2024, the value is ₹0.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded ₹0.00 Cr..
For Investments, as of Sep 2024, the value is ₹1.80 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded ₹1.80 Cr..
For Other Assets, as of Sep 2024, the value is ₹16.77 Cr.. The value appears to be declining and may need further review. It has decreased from ₹20.67 Cr. (Mar 2024) to ₹16.77 Cr., marking a decrease of 3.90 Cr..
For Total Assets, as of Sep 2024, the value is ₹42.66 Cr.. The value appears to be declining and may need further review. It has decreased from ₹47.54 Cr. (Mar 2024) to ₹42.66 Cr., marking a decrease of 4.88 Cr..

Notably, the Reserves (₹20.44 Cr.) exceed the Borrowings (6.50 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2012	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	-0.13	-0.74	0.00	0.00	3.53	9.01	-0.39	0.18	8.38	8.62	16.39
Cash from Investing Activity +	-0.10	-0.68	0.00	0.00	-0.01	-0.29	-0.85	-2.15	-5.33	-11.78	-7.29
Cash from Financing Activity +	-0.14	2.00	0.00	0.00	-3.16	-8.96	1.87	1.55	-2.50	2.84	-9.38
Net Cash Flow	-0.37	0.59	0.00	0.00	0.36	-0.25	0.63	-0.42	0.54	-0.31	-0.28

Free Cash Flow

Month	Mar 2011	Mar 2012	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-4.15	-3.92	-4.25	-11.95	-14.98	-12.19	-0.29	-1.54	-2.97	0.95	-8.43	-11.80

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2011	Mar 2012	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	82.78	98.86	73.26	59.40	121.92	124.07	37.33	51.63	91.92	29.30	38.99	54.47
Inventory Days	209.66	254.44	605.87	316.46	253.16	331.45	207.83	166.51	163.69	246.15	145.79	145.43
Days Payable	96.53	100.30	126.86	95.58	113.88	123.58	113.31	51.59	54.62	60.57	68.85	72.51
Cash Conversion Cycle	195.91	253.00	552.28	280.28	261.20	331.94	131.84	166.55	200.99	214.88	115.93	127.39
Working Capital Days	151.56	206.11	302.92	245.91	243.83	229.81	60.52	110.07	173.10	107.97	61.95	-17.38
ROCE %	6.49%	6.33%		4.36%	-9.37%	-4.03%	12.88%	20.36%	17.96%	19.62%	20.31%	5.69%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	55.33%	55.33%	55.33%	55.33%	55.33%	55.33%	55.33%	55.33%	55.33%	55.33%	55.35%	55.35%
Public	44.67%	44.67%	44.67%	44.68%	44.67%	44.67%	44.67%	44.67%	44.68%	44.68%	44.66%	44.67%
No. of Shareholders	485	484	484	484	487	486	509	876	1,287	1,522	1,498	1,537

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	4.19	22.38	18.32	19.86	14.25
Diluted EPS (Rs.)	4.19	22.38	18.32	19.86	14.25
Cash EPS (Rs.)	19.33	26.89	22.66	24.80	19.79
Book Value[Excl.RevalReserv]/Share (Rs.)	93.95	124.09	103.65	85.74	65.87
Book Value[Incl.RevalReserv]/Share (Rs.)	93.95	124.09	104.06	85.79	65.97
Revenue From Operations / Share (Rs.)	177.48	244.20	167.94	136.76	147.91
PBDIT / Share (Rs.)	24.67	34.44	28.26	23.80	21.70
PBIT / Share (Rs.)	9.09	27.58	23.92	18.86	16.16
PBT / Share (Rs.)	7.55	27.00	23.39	18.39	14.47
Net Profit / Share (Rs.)	3.75	20.02	18.32	19.86	14.25
PBDIT Margin (%)	13.89	14.10	16.82	17.40	14.67
PBIT Margin (%)	5.12	11.29	14.24	13.79	10.92
PBT Margin (%)	4.25	11.05	13.92	13.44	9.78
Net Profit Margin (%)	2.11	8.20	10.90	14.52	9.63
Return on Networth / Equity (%)	3.99	16.13	17.67	23.16	21.63
Return on Capital Employeed (%)	9.20	20.51	21.02	19.73	20.90
Return On Assets (%)	1.80	10.26	12.46	14.35	11.50
Total Debt / Equity (X)	0.32	0.22	0.13	0.28	0.25
Asset Turnover Ratio (%)	0.88	1.43	1.18	1.04	1.29
Current Ratio (X)	0.82	1.28	2.22	1.99	1.68
Quick Ratio (X)	0.54	0.47	0.79	1.03	0.70
Inventory Turnover Ratio (X)	2.45	2.97	2.33	1.77	1.84
Interest Coverage Ratio (X)	15.98	23.19	68.69	24.63	11.98
Interest Coverage Ratio (Post Tax) (X)	3.43	13.87	45.81	21.04	8.80
Enterprise Value (Cr.)	163.29	10.79	0.00	0.00	0.00
EV / Net Operating Revenue (X)	4.03	0.19	0.00	0.00	0.00
EV / EBITDA (X)	28.97	1.37	0.00	0.00	0.00
MarketCap / Net Operating Revenue (X)	3.97	0.05	0.00	0.00	0.00
Price / BV (X)	7.50	0.11	0.00	0.00	0.00
Price / Net Operating Revenue (X)	3.97	0.05	0.00	0.00	0.00
EarningsYield	0.01	1.41	0.00	0.00	0.00

After reviewing the key financial ratios for Associated Ceramics Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 10.00.
For Basic EPS (Rs.), as of Mar 24, the value is 4.19. This value is below the healthy minimum of 5. It has decreased from 22.38 (Mar 23) to 4.19, marking a decrease of 18.19.
For Diluted EPS (Rs.), as of Mar 24, the value is 4.19. This value is below the healthy minimum of 5. It has decreased from 22.38 (Mar 23) to 4.19, marking a decrease of 18.19.
For Cash EPS (Rs.), as of Mar 24, the value is 19.33. This value is within the healthy range. It has decreased from 26.89 (Mar 23) to 19.33, marking a decrease of 7.56.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 93.95. It has decreased from 124.09 (Mar 23) to 93.95, marking a decrease of 30.14.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 93.95. It has decreased from 124.09 (Mar 23) to 93.95, marking a decrease of 30.14.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 177.48. It has decreased from 244.20 (Mar 23) to 177.48, marking a decrease of 66.72.
For PBDIT / Share (Rs.), as of Mar 24, the value is 24.67. This value is within the healthy range. It has decreased from 34.44 (Mar 23) to 24.67, marking a decrease of 9.77.
For PBIT / Share (Rs.), as of Mar 24, the value is 9.09. This value is within the healthy range. It has decreased from 27.58 (Mar 23) to 9.09, marking a decrease of 18.49.
For PBT / Share (Rs.), as of Mar 24, the value is 7.55. This value is within the healthy range. It has decreased from 27.00 (Mar 23) to 7.55, marking a decrease of 19.45.
For Net Profit / Share (Rs.), as of Mar 24, the value is 3.75. This value is within the healthy range. It has decreased from 20.02 (Mar 23) to 3.75, marking a decrease of 16.27.
For PBDIT Margin (%), as of Mar 24, the value is 13.89. This value is within the healthy range. It has decreased from 14.10 (Mar 23) to 13.89, marking a decrease of 0.21.
For PBIT Margin (%), as of Mar 24, the value is 5.12. This value is below the healthy minimum of 10. It has decreased from 11.29 (Mar 23) to 5.12, marking a decrease of 6.17.
For PBT Margin (%), as of Mar 24, the value is 4.25. This value is below the healthy minimum of 10. It has decreased from 11.05 (Mar 23) to 4.25, marking a decrease of 6.80.
For Net Profit Margin (%), as of Mar 24, the value is 2.11. This value is below the healthy minimum of 5. It has decreased from 8.20 (Mar 23) to 2.11, marking a decrease of 6.09.
For Return on Networth / Equity (%), as of Mar 24, the value is 3.99. This value is below the healthy minimum of 15. It has decreased from 16.13 (Mar 23) to 3.99, marking a decrease of 12.14.
For Return on Capital Employeed (%), as of Mar 24, the value is 9.20. This value is below the healthy minimum of 10. It has decreased from 20.51 (Mar 23) to 9.20, marking a decrease of 11.31.
For Return On Assets (%), as of Mar 24, the value is 1.80. This value is below the healthy minimum of 5. It has decreased from 10.26 (Mar 23) to 1.80, marking a decrease of 8.46.
For Total Debt / Equity (X), as of Mar 24, the value is 0.32. This value is within the healthy range. It has increased from 0.22 (Mar 23) to 0.32, marking an increase of 0.10.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.88. It has decreased from 1.43 (Mar 23) to 0.88, marking a decrease of 0.55.
For Current Ratio (X), as of Mar 24, the value is 0.82. This value is below the healthy minimum of 1.5. It has decreased from 1.28 (Mar 23) to 0.82, marking a decrease of 0.46.
For Quick Ratio (X), as of Mar 24, the value is 0.54. This value is below the healthy minimum of 1. It has increased from 0.47 (Mar 23) to 0.54, marking an increase of 0.07.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 2.45. This value is below the healthy minimum of 4. It has decreased from 2.97 (Mar 23) to 2.45, marking a decrease of 0.52.
For Interest Coverage Ratio (X), as of Mar 24, the value is 15.98. This value is within the healthy range. It has decreased from 23.19 (Mar 23) to 15.98, marking a decrease of 7.21.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 3.43. This value is within the healthy range. It has decreased from 13.87 (Mar 23) to 3.43, marking a decrease of 10.44.
For Enterprise Value (Cr.), as of Mar 24, the value is 163.29. It has increased from 10.79 (Mar 23) to 163.29, marking an increase of 152.50.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 4.03. This value exceeds the healthy maximum of 3. It has increased from 0.19 (Mar 23) to 4.03, marking an increase of 3.84.
For EV / EBITDA (X), as of Mar 24, the value is 28.97. This value exceeds the healthy maximum of 15. It has increased from 1.37 (Mar 23) to 28.97, marking an increase of 27.60.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 3.97. This value exceeds the healthy maximum of 3. It has increased from 0.05 (Mar 23) to 3.97, marking an increase of 3.92.
For Price / BV (X), as of Mar 24, the value is 7.50. This value exceeds the healthy maximum of 3. It has increased from 0.11 (Mar 23) to 7.50, marking an increase of 7.39.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 3.97. This value exceeds the healthy maximum of 3. It has increased from 0.05 (Mar 23) to 3.97, marking an increase of 3.92.
For EarningsYield, as of Mar 24, the value is 0.01. This value is below the healthy minimum of 5. It has decreased from 1.41 (Mar 23) to 0.01, marking a decrease of 1.40.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Associated Ceramics Ltd as of March 12, 2025 is: ₹133.22

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of March 12, 2025, Associated Ceramics Ltd is Overvalued by 46.92% compared to the current share price 251.00

Intrinsic Value of Associated Ceramics Ltd as of March 12, 2025 is: 105.74

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of March 12, 2025, Associated Ceramics Ltd is Overvalued by 57.87% compared to the current share price 251.00

Last 5 Year EPS CAGR: -20.63%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (14.76 cr) compared to borrowings (9.11 cr), indicating strong financial stability. The company has shown consistent growth in sales (31.13 cr) and profit (1.70 cr) over the years.	The stock has a low average ROCE of 8.38%, which may not be favorable. The stock has a high average Working Capital Days of 156.36, which may not be favorable. The stock has a high average Cash Conversion Cycle of 236.02, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Associated Ceramics Ltd:
1. Net Profit Margin: 2.11%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 9.2% (Industry Average ROCE: 17.34%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 3.99% (Industry Average ROE: 13.08%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 3.43
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.54
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 52.8 (Industry average Stock P/E: 34.9)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.32
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Associated Ceramics Ltd. is a Public Limited Listed company incorporated on 28/09/1970 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L26919WB1970PLC027835 and registration number is 027835. Currently Company is involved in the business activities of Quarrying of stone, sand and clay. Company's Total Operating Revenue is Rs. 40.55 Cr. and Equity Capital is Rs. 2.28 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Refractories	17, Ganesh Chandra Avenue, 4th Floor, Kolkata West Bengal 700013	assockd@rediffmail.com http://www.associatedceremics.com

Management
Name	Position Held
Mr. Arun Agarwal	Managing Director
Mr. Bimal Agarwal	Director
Mr. Sharad Agarwal	Director
Mrs. Sumana Bose	Independent Director
Mr. Abhishek Agarwal	Independent Director
Mr. Nitesh Singh	Independent Director

FAQ

What is the latest intrinsic value of Associated Ceramics Ltd?

The latest intrinsic value of Associated Ceramics Ltd as on 12 March 2025 is ₹133.22, which is 46.92% lower than the current market price of 251.00, indicating the stock is overvalued by 46.92%. The intrinsic value of Associated Ceramics Ltd is calculated using PE ratio method. The stock has a market capitalization of ₹75.5 Cr. and recorded a high/low of ₹1,105/190 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹20.44 Cr and total liabilities of ₹42.66 Cr.

What is the Market Cap of Associated Ceramics Ltd?

The Market Cap of Associated Ceramics Ltd is 75.5 Cr..

What is the current Stock Price of Associated Ceramics Ltd as on 12 March 2025?

The current stock price of Associated Ceramics Ltd as on 12 March 2025 is ₹251.

What is the High / Low of Associated Ceramics Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of Associated Ceramics Ltd stocks is ₹1,105/190.

What is the Stock P/E of Associated Ceramics Ltd?

The Stock P/E of Associated Ceramics Ltd is 52.8.

What is the Book Value of Associated Ceramics Ltd?

The Book Value of Associated Ceramics Ltd is 75.6.

What is the Dividend Yield of Associated Ceramics Ltd?

The Dividend Yield of Associated Ceramics Ltd is 0.00 %.

What is the ROCE of Associated Ceramics Ltd?

The ROCE of Associated Ceramics Ltd is 5.69 %.

What is the ROE of Associated Ceramics Ltd?

The ROE of Associated Ceramics Ltd is 4.09 %.

What is the Face Value of Associated Ceramics Ltd?

The Face Value of Associated Ceramics Ltd is 10.0.