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
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
46%Questions answered5Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
What is the cost of production or delivery of bauxite?
Asked by Kamlesh Bhagmar, Lotus Asset Managers
Management described cost categories but did not provide actual cost figures.
no specific numbers givenrefused detailed breakup
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Question
So what is the cost of uh let's say production or the cost is the delivery of uh boxite.
Management (unidentified)
I think broadly the cost is a break up into the three major categories... seafairing cost, transshipment cost, mining and logistics to the port cost.
Answered
High priority
What was the realization in Q3?
Asked by Kamlesh Bhagmar, Lotus Asset Managers
Management directly stated the EBITDA per ton as $10.5.
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Question
So like say it is $10 and half dollars a bit per turn in this quarter. So what was the realization?
Management (unidentified)
Realization is 10 and a half dollars. That's the AIDA.
Answered
High priority
What is the revenue from Guinea business?
Asked by Kamlesh Bhagmar, Lotus Asset Managers
Management provided the revenue figure of 729 crores and average price of $70.
Read the exchange
Question
I am asking that what is the revenue there?
Management (unidentified)
We have given that the total turnover from our guinea business has come 729 crores... the approx price would be around $70.
Evasive
Medium priority
Any update on the iron ore business?
Asked by Kamlesh Bhagmar, Lotus Asset Managers
Management gave a vague update and deferred specifics to Q4.
deferred to next quarterno concrete numbers
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Question
And uh any update on the irono business here like say what is this?
Management (unidentified)
We were having some trial activity with this benefit plant which has progressed quite well... we would be having a very clear projection for iron ore at the end of quarter 4.
Evasive
High priority
What is the bauxite volume target for FY27?
Asked by Kamlesh Bhagmar, Lotus Asset Managers
Management avoided giving a specific FY27 target, only referencing linear growth.
no specific target givenvague guidance
Read the exchange
Question
And you have highlighted about the FI 28 volume guidance on box five. So what we are targeting for this year FI 207?
Management (unidentified)
We have not given out a target basically but we do think that it could be a linear growth... from 3 million to 15 million with three milestones in the middle.
Evasive
Medium priority
Can you quantify the demurrage charges in Q2?
Asked by Nikk Mohata, Sequent Investments
Management declined to provide the actual demurrage amount, only attributing improvement.
refused to give amountgave percentage instead
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Question
Can you help us quantify what were these damage charges that were paid in quarter two like the amount for it?
Management (unidentified)
We're not currently offering that kind of data but I can tell you that... a good part of that contribution... maybe at about 20 25 30% of the improvement actually comes from... faster turnaround times.
Answered
Medium priority
Will demurrage be a problem in coming quarters?
Asked by Nikk Mohata, Sequent Investments
Management directly stated that future contracts are on CQD terms, eliminating demurrage.
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Question
Would that warrant another quarter of del charges that might become a problem in coming quarters?
Management (unidentified)
Our future threat contracts at the load court we are now working on CQD terms. So in security terms there is no damage is applicable.
Partial answer
High priority
How sustainable is EBITDA per ton of $9-$10 at current prices?
Asked by Nikk Mohata, Sequent Investments
Management gave a range of moderation but no precise figure.
range given, not specific
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Question
At current prices how uh sustainable would our abida per turn of $9 $10 would be?
Management (unidentified)
We definitely expect will moderate... there may be a 40 50% moderation which I expect that may come in the AIDA... but we expected the volumes to offset.
Partial answer
High priority
What are the capex numbers for next few years?
Asked by Dhanjay Boria, Alchemy
Management gave a percentage but no absolute capex figure.
no absolute numbers given
Read the exchange
Question
A broadly what capex numbers are we thinking for the next few years?
Management (unidentified)
In Guinea we feel that most of our capex is completed... another 20 25% more capex may come through over the next year or year and a half.
Evasive
Medium priority
What is our cost of production versus peers?
Asked by Dhanjay Boria, Alchemy
Management gave a vague 'middle of the curve' without specifics.
vague positioningno specific comparison
Read the exchange
Question
What is our cost of production versus some of our peers in terms of the cost goal?
Management (unidentified)
I would like to think that probably we are somewhere... between the two deposits probably we would be somewhere in the middle of the curve.
Answered
High priority
What is the floor price below which you reconsider production?
Asked by Verdaman Sanji, AVS group
Management explicitly stated $52 as the floor price.
Read the exchange
Question
What is your floor level below which you need to reconsider the production volumes?
Management (unidentified)
If it is below $52 maybe then then uh we have to reconsider our stand otherwise uh we will will be very comfortable uh till that number.
Partial answer
High priority
What is the export target for current year and next year?
Asked by Kitraati (Nalin Sha), NVS brokerage
Management gave a range for next year but no specific current year target.
no exact current year targetgave range for next year
Read the exchange
Question
Can you tell us that what is the target for the current year uh total exports? ... what will be the target for the 2627 next year?
Management (unidentified)
For quarter 4 we expect it to be a record quarter... 15 million being year after next next year would be somewhere around halfway between this year and 15 so... 11 and a half 12 million.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Guinea business turnover 729 crores | ₹729 cr | ₹960.4 cr | Understated vs filing |
| EBITDA per ton $10.5 | 10.5 | 143 | Understated vs filing |
| EBITDA moderation 40-50% expected | 45% | 100% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.