Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated: April 2, 2026, 4:09 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 531168 | NSE: ASSOCER

Associated Ceramics Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹152.41Overvalued by 19.78%vs CMP ₹190.00

P/E (15.4) × ROE (9.6%) × BV (₹127.00) × DY (2.00%)

₹172.94Fairly Valued by 8.98%vs CMP ₹190.00
MoS: -9.9% (Negative)Confidence: 48/100 (Moderate)Models: 2 Under, 2 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹137.7322%Over (-27.5%)
Graham NumberEarnings₹187.6316%Fair (-1.2%)
Earnings PowerEarnings₹85.2811%Over (-55.1%)
DCFCash Flow₹111.2213%Over (-41.5%)
Net Asset ValueAssets₹126.787%Over (-33.3%)
EV/EBITDAEnterprise₹437.109%Under (+130.1%)
Earnings YieldEarnings₹123.207%Over (-35.2%)
ROCE CapitalReturns₹225.689%Under (+18.8%)
Revenue MultipleRevenue₹204.845%Fair (+7.8%)
Consensus (9 models)₹172.94100%Fairly Valued
Key Drivers: Wide model spread (₹85–₹437) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -9.6%

*Investments are subject to market risks

Investment Snapshot

62
Associated Ceramics Ltd scores 62/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health70/100 · Strong
ROCE 10.8% AverageROE 9.6% AverageD/E 0.28 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
Promoter holding at 55.4% Stable
Earnings Quality50/100 · Moderate
OPM stable around 13% Steady
Quarterly Momentum70/100 · Strong
Revenue (4Q): +14% YoY GrowingProfit (4Q): +76% YoY StrongOPM: 10.6% (down 9.0% YoY) Margin pressure
Industry Rank60/100 · Moderate
P/E 15.4 vs industry 27.1 Cheaper than peersROCE 10.8% vs industry 17.5% Average3Y sales CAGR: 3% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Associated Ceramics Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
60/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 15.4 vs Ind 27.1 | ROCE 10.8% | ROE 9.6% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.28x | IntCov 0.0x | Current 1.99x | Borrow/Reserve 0.09x
Cash Flow Reliability
14/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹2 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII N/A | DII N/A | Prom 0.00 pp
Business Momentum
-85
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -51.8% | Q NP -102.5% | Q OPM -8.2 pp
Derived FieldValueHow it is derived
Valuation Gap %-9.0%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.09xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII ChangeN/ALatest FII% minus previous FII%
DII ChangeN/ALatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-4Latest shareholder count minus previous count
Quarterly Sales Change-51.8%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-102.5%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-8.2 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:09 am

Market Cap 38.8 Cr.
Current Price 190
Intrinsic Value₹172.94
High / Low 264/140
Stock P/E15.4
Book Value 127
Dividend Yield0.00 %
ROCE10.8 %
ROE9.55 %
Face Value 10.0
PEG Ratio-1.60

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

View Share Price Target for Associated Ceramics Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Associated Ceramics Ltd 38.8 Cr. 190 264/14015.4 1270.00 %10.8 %9.55 % 10.0
Morganite Crucible (India) Ltd 688 Cr. 1,229 1,964/1,15527.8 2423.99 %30.4 %21.4 % 5.00
IFGL Refractories Ltd 948 Cr. 132 340/12031.1 1582.66 %5.71 %3.94 % 10.0
Vesuvius India Ltd 9,004 Cr. 444 647/39734.1 82.00.34 %22.9 %17.1 % 1.00
Industry Average3,546.67 Cr498.7527.10152.251.75%17.45%13.00%6.50

All Competitor Stocks of Associated Ceramics Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 12.7418.787.999.1313.3110.138.9512.379.3511.2712.8115.087.27
Expenses 9.7116.297.976.6111.329.766.5011.377.5210.8611.1312.256.50
Operating Profit 3.032.490.022.521.990.372.451.001.830.411.682.830.77
OPM % 23.78%13.26%0.25%27.60%14.95%3.65%27.37%8.08%19.57%3.64%13.11%18.77%10.59%
Other Income 0.030.470.130.080.080.450.010.030.021.320.170.180.04
Interest 0.130.030.040.050.120.140.050.060.110.120.060.050.04
Depreciation 0.230.890.591.230.970.770.830.840.880.860.820.860.82
Profit before tax 2.702.04-0.481.320.98-0.091.580.130.860.750.972.10-0.05
Tax % 0.00%77.94%-25.00%25.76%25.51%444.44%25.95%23.08%23.26%66.67%25.77%25.24%-20.00%
Net Profit 2.700.44-0.350.980.72-0.491.170.090.660.250.731.58-0.04
EPS in Rs 13.202.15-1.714.793.52-2.405.720.443.231.223.577.73-0.20

Last Updated: March 3, 2026, 12:06 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 11:05 pm

MetricMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 26.5116.6425.0719.5216.7427.3833.7931.2538.3755.8040.5441.8346.43
Expenses 24.3415.9022.9320.7116.9124.1729.5626.6732.2848.1635.5936.1040.74
Operating Profit 2.170.742.14-1.19-0.173.214.234.586.097.644.955.735.69
OPM % 8.19%4.45%8.54%-6.10%-1.02%11.72%12.52%14.66%15.87%13.69%12.21%13.70%12.26%
Other Income 0.160.240.080.370.700.300.750.970.370.610.741.371.71
Interest 0.630.090.451.090.890.470.410.220.120.510.410.380.27
Depreciation 0.910.611.091.791.561.331.271.130.991.573.563.413.36
Profit before tax 0.790.280.68-3.70-1.921.713.304.205.356.171.723.313.77
Tax % 31.65%17.86%239.71%-14.05%4.17%-10.53%1.52%-7.86%21.68%25.77%50.58%34.74%
Net Profit 0.540.23-0.94-3.16-2.001.883.264.544.184.580.862.162.52
EPS in Rs 1.800.77-3.13-10.52-6.666.2610.8515.1120.4422.404.2110.5612.32
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

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-508.70%-236.17%36.71%194.00%73.40%39.26%-7.93%9.57%-81.22%151.16%
Change in YoY Net Profit Growth (%)0.00%272.53%272.88%157.29%-120.60%-34.14%-47.19%17.50%-90.79%232.39%

Associated Ceramics Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:4%
3 Years:3%
TTM:10%
Compounded Profit Growth
10 Years:43%
5 Years:-8%
3 Years:-20%
TTM:-25%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:-22%
Return on Equity
10 Years:9%
5 Years:15%
3 Years:12%
Last Year:10%

Last Updated: September 5, 2025, 2:26 pm

Balance Sheet

Last Updated: December 4, 2025, 2:26 am

MonthMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 2.282.282.282.282.282.282.282.282.282.282.282.282.28
Reserves 14.1214.3613.389.667.659.5312.7917.3221.4918.3319.1821.3023.61
Borrowings 6.094.9914.0913.7912.023.505.777.555.1416.0716.766.502.14
Other Liabilities 8.288.007.747.365.308.867.464.474.6710.639.3215.579.81
Total Liabilities 30.7729.6337.4933.0927.2524.1728.3031.6233.5847.3147.5445.6537.84
Fixed Assets 6.525.4913.7412.6611.1210.149.7410.7710.9525.2925.0722.6721.29
CWIP 0.000.000.000.000.000.000.000.004.100.000.000.000.00
Investments 0.130.250.250.590.560.990.661.371.691.551.802.272.27
Other Assets 24.1223.8923.5019.8415.5713.0417.9019.4816.8420.4720.6720.7114.28
Total Assets 30.7729.6337.4933.0927.2524.1728.3031.6233.5847.3147.5445.6537.84

Reserves and Borrowings Chart

Cash Flow

MonthMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -0.13-0.740.000.003.539.01-0.390.188.388.6216.395.56
Cash from Investing Activity + -0.10-0.680.000.00-0.01-0.29-0.85-2.15-5.33-11.78-7.291.80
Cash from Financing Activity + -0.142.000.000.00-3.16-8.961.871.55-2.502.84-9.38-5.87
Net Cash Flow -0.370.590.000.000.36-0.250.63-0.420.54-0.31-0.281.49
Free Cash Flow -0.22-1.340.000.003.508.66-1.25-1.983.10-3.1913.054.55
CFO/OP 12%-72%0%0%-2,076%304%-9%4%152%129%355%112%

Free Cash Flow

MonthMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-3.92-4.25-11.95-14.98-12.19-0.29-1.54-2.970.95-8.43-11.81-0.77

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

MonthMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 98.8673.2659.40121.92124.0737.3351.6391.9229.3038.9954.4743.28
Inventory Days 254.44605.87316.46253.16331.45207.83166.51163.69246.15145.79145.43189.34
Days Payable 100.30126.8695.58113.88123.58113.3151.5954.6260.5768.8572.5188.82
Cash Conversion Cycle 253.00552.28280.28261.20331.94131.84166.55200.99214.88115.93127.39143.80
Working Capital Days 206.11236.90120.4077.7970.8640.2669.02108.0477.8120.41-80.76-30.54
ROCE %6.33%4.36%-9.37%-4.03%12.88%20.36%17.96%19.62%20.31%5.69%10.78%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 55.33%55.33%55.33%55.33%55.33%55.33%55.35%55.35%55.35%55.35%55.35%55.35%
Public 44.67%44.67%44.67%44.67%44.68%44.68%44.66%44.67%44.67%44.67%44.66%44.66%
No. of Shareholders 4874865098761,2871,5221,4981,5371,5301,5191,5041,500

Shareholding Pattern Chart

No. of Shareholders

Associated Ceramics Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 10.564.1922.3818.3219.86
Diluted EPS (Rs.) 10.564.1922.3818.3219.86
Cash EPS (Rs.) 24.3919.3326.8922.6624.80
Book Value[Excl.RevalReserv]/Share (Rs.) 103.2493.95124.09103.6585.74
Book Value[Incl.RevalReserv]/Share (Rs.) 103.2493.95124.09104.0685.79
Revenue From Operations / Share (Rs.) 183.57177.48244.20167.94136.76
PBDIT / Share (Rs.) 30.8624.6734.4428.2623.80
PBIT / Share (Rs.) 15.919.0927.5823.9218.86
PBT / Share (Rs.) 14.477.5527.0023.3918.39
Net Profit / Share (Rs.) 9.453.7520.0218.3219.86
PBDIT Margin (%) 16.8013.8914.1016.8217.40
PBIT Margin (%) 8.665.1211.2914.2413.79
PBT Margin (%) 7.884.2511.0513.9213.44
Net Profit Margin (%) 5.142.118.2010.9014.52
Return on Networth / Equity (%) 9.153.9916.1317.6723.16
Return on Capital Employeed (%) 14.479.2020.5121.0219.73
Return On Assets (%) 4.721.8010.2612.4614.35
Total Debt / Equity (X) 0.060.320.220.130.28
Asset Turnover Ratio (%) 0.900.881.431.181.04
Current Ratio (X) 1.010.821.282.221.99
Quick Ratio (X) 0.540.540.470.791.03
Inventory Turnover Ratio (X) 5.042.452.972.331.77
Interest Coverage Ratio (X) 21.3615.9823.1968.6924.63
Interest Coverage Ratio (Post Tax) (X) 7.543.4313.8745.8121.04
Enterprise Value (Cr.) 48.72163.2910.790.000.00
EV / Net Operating Revenue (X) 1.164.030.190.000.00
EV / EBITDA (X) 6.9128.971.370.000.00
MarketCap / Net Operating Revenue (X) 1.213.970.050.000.00
Price / BV (X) 2.167.500.110.000.00
Price / Net Operating Revenue (X) 1.213.970.050.000.00
EarningsYield 0.040.011.410.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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. 41.94 Cr. and Equity Capital is Rs. 2.28 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Refractories17, Ganesh Chandra Avenue, 4th Floor, Kolkata West Bengal 700013Contact not found
Management
NamePosition Held
Mr. Arun AgarwalManaging Director
Mr. Sharad AgarwalExecutive Director
Mrs. Sumana BoseIndependent Director
Mr. Abhishek AgarwalIndependent Director
Mr. Nitesh SinghIndependent Director

FAQ

What is the intrinsic value of Associated Ceramics Ltd and is it undervalued?

As of 05 April 2026, Associated Ceramics Ltd's intrinsic value is ₹172.94, which is 8.98% lower than the current market price of ₹190.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (9.55 %), book value (₹127), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Associated Ceramics Ltd?

Associated Ceramics Ltd is trading at ₹190.00 as of 05 April 2026, with a FY2026-2027 high of ₹264 and low of ₹140. The stock is currently in the middle of its 52-week range. Market cap stands at ₹38.8 Cr..

How does Associated Ceramics Ltd's P/E ratio compare to its industry?

Associated Ceramics Ltd has a P/E ratio of 15.4, which is below the industry average of 27.10. This is broadly in line with or below the industry average.

Is Associated Ceramics Ltd financially healthy?

Key indicators for Associated Ceramics Ltd: ROCE of 10.8 % is moderate. Dividend yield is 0.00 %.

Is Associated Ceramics Ltd profitable and how is the profit trend?

Associated Ceramics Ltd reported a net profit of ₹2 Cr in Mar 2025 on revenue of ₹42 Cr. Compared to ₹4 Cr in Mar 2022, the net profit shows a declining trend.

Does Associated Ceramics Ltd pay dividends?

Associated Ceramics Ltd has a dividend yield of 0.00 % at the current price of ₹190.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Associated Ceramics Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
Explore Industry-wise Stock Analysis Reports