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Bauxite price weakness below $52/ton
View Risks →Ashapura Minechem Limited — Q3 FY26
Ashapura Minechem's Q3 FY26 consolidated revenue was ₹960.4 crore, with EBITDA of ₹143 crore (margin 14.9%, up 100bps QoQ).
neutral
medium
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2-Minute Summary
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Ashapura Minechem's Q3 FY26 consolidated revenue was ₹960.4 crore, with EBITDA of ₹143 crore (margin 14.9%, up 100bps QoQ). Guinea contributed 76% of revenue. Volume missed internal targets due to prolonged monsoon in Guinea, but EBITDA margin improved from lower demurrage charges and cost efficiencies. Bauxite prices fell ~$10/ton QoQ to ~$60-61 CIF China, pressuring realizations. Management expects prices to stabilize near current levels and recover after Chinese New Year. They reiterated the long-term volume target of 15 million tons by FY28, with linear ramp-up. Iron ore trials with a beneficiation plant are progressing; volume guidance expected by Q4. Risks: further bauxite price weakness below $52/ton could threaten viability; concentration risk to China; and elevated related-party transactions flagged by an analyst.
अशापुरा माइनकेम की तीसरी तिमाही में कुल कमाई ₹960.4 करोड़ रही। कंपनी ने ₹143 करोड़ का EBITDA कमाया, जो पिछली तिमाही से 1% ज़्यादा है। गिनी देश से 76% कमाई आई। बारिश की वजह से उत्पादन लक्ष्य से कम रहा, लेकिन खर्च कम होने से मुनाफा बढ़ा। बॉक्साइट की कीमत ₹10 प्रति टन गिरकर ₹60-61 प्रति टन (चीन पहुंचने पर) हो गई, जिससे कमाई पर दबाव पड़ा। कंपनी को उम्मीद है कि चीनी नए साल के बाद कीमतें स्थिर होंगी। उनका लक्ष्य 2028 तक सालाना 1.5 करोड़ टन उत्पादन का है। लोहे के अयस्क के परीक्षण चल रहे हैं, अगली तिमाही में स्पष्टता मिलेगी। जोखिम: अगर बॉक्साइट की कीमत ₹52 से नीचे गिरी तो नुकसान हो सकता है; चीन पर निर्भरता; और कंपनी के अंदरूनी लेन-देन ज़्यादा हैं।
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Guinea bauxite volume
1.39M tons
flat QoQ
Volume missed internal target due to prolonged monsoon in Guinea.
EBITDA per ton (Guinea)
$10.5
-$4.5 QoQ
EBITDA per ton moderated from ~$15 in Q2 due to lower bauxite prices.
Guinea revenue share
76%
flat QoQ
Guinea contributed 76% of consolidated revenue in Q3.
9-month revenue growth
₹3,268Cr
+50% YoY
9M FY26 revenue grew ~50% YoY, driven by Guinea volume ramp-up.
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Guidance and risk preview
Management reiterated confidence in achieving 15 million tons bauxite export volume from Guinea by FY28, with linear ramp-up from ~3 million tons i...
Management admitted that if bauxite prices fall below $52/ton, business viability becomes a concern, especially for mines farther from port.
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