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Revenue
₹1,969 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹211 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ashapura Minechem reported Q4 FY26 consolidated revenue of ₹1,969 crore, up 105% QoQ, and EBITDA of ₹211 crore (vs ₹143 crore in Q3). Full-year revenue grew 91% YoY to ₹5,237 crore, with EBITDA at ₹674 crore. The Guinea bauxite segment drove performance, exporting 8 million tons in FY26 vs 3.5 million tons prior year. However, EBITDA margins compressed sharply due to rising fuel, freight, and input costs, with Q4 EBITDA/ton falling to $5.9. Management expects Q1 FY27 margins to remain similar to Q4 before improving post-Guinea's quota system implementation. India business faced cost headwinds but remains stable. Key risk: further freight volatility or delayed quota system could prolong margin pressure.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to export 10-12 million tons in FY27, up from 8 million tons in FY26, subject to freight availability and Guinea's quota system.
- Management guided for Guinea revenue of at least $700 million in FY27, based on 10-12 million tons at current prices.
- Planned capex of approximately ₹150 crore across India divisions to upgrade plants and add new products.
- Boffa port expansion to ~10 million tons near completion; GSM port expansion to add 50-60% capacity by FY27-28.
Risks flagged
- Elevated ocean freight due to geopolitical tensions could compress net bauxite realizations and delay volume ramp-up.
- Details of the quota system are not yet public; delay or unfavorable allocation could impact export volumes and pricing.
- Iron ore beneficiation and commercialization have taken longer than anticipated; meaningful contribution may be several quarters away.
- Rising fuel, transportation, and sulphuric acid costs continue to pressure India segment margins, with no near-term relief visible.
Key quotes
- We are optimistic that we are close to the lowest end of the cycle as far as EBITDA is concerned.
- Our concessions are free from any such terms and conditions [refinery obligation].
- We are today price takers and not price makers even if we double or triple our volume.
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