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ASI Industries Ltd (ASIIL) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of ASI Industries Ltd ₹24.88, price ₹22.67, upside +9.8%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Basic Materials · IN · ISIN INE443A01030

AI Thin data Oct 3, 2026

ASI Industries Ltd

ASIIL · BSE

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value ₹24.88 · Fairly valued (+9.8%)
!Quality 51/100
!Weak Growth (revenue 5y −8.0 %/yr)
✓Solidly profitable · 15.7% net margin (TTM)
!Low debt · negative free cash flow
!1.8% dividend yield · Watch coverage
✓Ranks above peers (12/13)
!Moderate moat 46/100
!Evidence only low, so the estimate is less certain
!Weak on past: 25 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹61.03 ₹10.33 Fair Value ₹24.88 Apr 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range ₹10.33 – ₹61.03 · fair‑value band ₹18.66 – ₹31.10 · the ₹22.67 price screens below the ₹24.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

ASI Industries Limited engages in the mining and processing of natural stones in India and internationally. The company offers Kota stones that are used in constructions of exteriors, pathways, corridors, driveways, balconies, commercial buildings, etc.

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ASI Industries Limited engages in the mining and processing of natural stones in India and internationally. The company offers Kota stones that are used in constructions of exteriors, pathways, corridors, driveways, balconies, commercial buildings, etc. It also provides natural stones, including sand stones; oasis designs; waterfalls; ripple; novara; versa; venezzia; split face; square; torino; and tolde. In addition, the company offers trieste; brick; basket wave; diamond; catania; fermo; ferrara; laspezia; lucca; masonary; mesh mount; fish; pebble; palladiyana; and udi stones. It serves real estate, construction, and infrastructure industries. The company was formerly known as Associated Stone Industries (Kotah) Limited and changed its name to ASI Industries Limited. ASI Industries Limited was incorporated in 1945 and is based in Mumbai, India.

Stock analysis

ASI Industries Ltd (ASIIL) currently trades at ₹22.67, while our model-based Fair Value estimate is ₹24.88, so the stock looks roughly fairly valued today (gap 8.9%).

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Valuation

Bull case: the Growth Earnings group reads highest at a median of ₹32.69 per share, and 7 of the 13 models we run sit above the ₹22.67 price.

Bear case: the Earnings-Based group reads lowest at ₹13.33, and 6 of the 13 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹18.66 (bear) to ₹31.10 (bull), the price of ₹22.67 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 51/100 (solid quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

ASI Industries Ltd reported revenue of ₹1.5B in FY2026 versus ₹2.0B in FY2022, a compound −7.2%/yr. Reported net income was ₹227M in FY2026.

Key figures

Market cap ₹2.0B (≈ $21.2M) · P/E ratio 8.1 · P/S ratio 1.23 · EPS (TTM) ₹2.79 · Dividend yield 1.8% · Net margin 15.2% · Return on equity 6.4% · Return on assets (EBIT) 4.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).

What moves the price

The share trades about 32% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at 10%, ASIIL screens richer than that median.

Fair Value models

Bear ₹18.66 Fair Value ₹24.88 Bull ₹31.10
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹1.22 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings ₹11.83 ₹16.66 ₹25.34 76
Residual Income ₹31.91 ₹33.36 ₹35.85 76
ROIC Compounder ₹11.33 ₹13.33 ₹15.07 72
All 13 models by family
DCF Models
Owner Earnings ₹11.83 ₹16.66 ₹25.34 76
Earnings-Based
Graham-Dodd ₹17.13 ₹20.94 ₹23.56 67
EPV ₹11.33 ₹13.33 ₹15.07 71
Multiples
P/E Multiple ₹32.12 ₹42.83 ₹53.54 63
P/S Multiple ₹18.66 ₹24.88 ₹31.10 58
P/B Multiple ₹32.12 ₹42.83 ₹53.54 55
EV/EBIT ₹17.20 ₹23.40 ₹29.59 66
EV/EBITDA ₹15.44 ₹21.05 ₹26.66 67
EV/Revenue ₹14.72 ₹21.63 ₹28.53 53
Asset-Based
NCAV (Graham) ₹20.07 ₹26.90 ₹40.14 54
Economic Profit
Residual Income ₹31.91 ₹33.36 ₹35.85 76
ROIC Compounder ₹11.33 ₹13.33 ₹15.07 72
Growth Earnings
Growth-Adj P/E ₹22.89 ₹32.69 ₹42.50 67

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Quality Score breakdown

Overall quality 51/100

Of which business quality 50 · Market factors (momentum, volatility) 33

Profitability 44
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 18
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 19/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−3.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.0%
Start year 2021 (pandemic)
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.9%
Dividend (yield on the price)1.8%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 11%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Industrial Metals & Mining · 433 stocks

Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 51 · Top 25%
Fair Value upside +9.7% · Above median
Profitability
Return on equity (TTM) 6.4% · Above median
Return on assets 2.4% · Above median
Net margin (TTM) 15.2% · Above median
Operating margin (TTM) 9.5% · Above median
Growth and dividend
Revenue growth 1.8% · Below median
Dividend yield (TTM) 1.8% · Above median
Balance sheet
Debt / equity 0.04× · Below median

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/E (TTM) 8.1× · Cheapest 25%
P/B 0.61× · Cheapest 25%
P/S (TTM) 1.48× · Cheaper than median
EV/EBITDA 11.5× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)46 · sector 6
FUTURE (revenue growth)100 · sector 62
PAST (return on equity)25 · sector 0
HEALTH (low debt)98 · sector 96
DIVIDEND (yield)35 · sector 31

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Korea Zinc Company 010130 1,116,000 KRW 646,063 KRW −42%
Boliden AB BOL kr 521.00 kr 464.45 −11%
Western Mining Co 601168 ¥35.19 ¥38.71 +10%
Ivanhoe Mines Ltd IVN C$12.06 C$4.46 −63%
Xiamen Tungsten Co 600549 ¥46.90 ¥23.62 −50%
Vedanta Limited VEDL ₹266.35 ₹655.92 +146%

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ASI Industries Ltd · Fair Value
₹24.88 +9%Fair Value
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Cite: Fair Value Calculator (2026). "ASI Industries Ltd Fair Value". https://www.fairvalue-calculator.com/stock/ASIIL

Frequently asked questions

Is ASI Industries Ltd (ASIIL) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹24.88 versus a price of ₹22.67, about +10% upside (fairly valued).
What is the fair value of ASIIL?
Our model-based fair value for ASI Industries Ltd is ₹24.88 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹22.67.
What is the quality score of ASIIL?
ASI Industries Ltd has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ASI Industries Ltd (ASIIL)?
Our model-based price target is the fair value of ₹24.88 (as of Oct 3, 2026) from 13 valuation models. Cautious scenario ₹18.66, optimistic scenario ₹31.10. It is a calculation from audited fundamentals, not an analyst target.
What is the ASI Industries Ltd stock forecast for 2026?
Our models put fair value at ₹24.88, about +10% upside versus a price of ₹22.67 (fairly valued). Cautious scenario ₹18.66, optimistic scenario ₹31.10. The calculation is refreshed regularly with new filings.
What is the revenue of ASI Industries Ltd (ASIIL)?
ASI Industries Ltd reported trailing-twelve-month revenue of about ₹1.6B (latest available figure, as of Oct 3, 2026).
Does ASI Industries Ltd pay a dividend?
ASI Industries Ltd currently shows a dividend yield of about 1.76% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of ASI Industries Ltd (ASIIL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ASI Industries Ltd it is ₹24.88 per share (as of Oct 3, 2026), against a price of ₹22.67. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is ASI Industries Ltd stock overvalued or undervalued in 2026?
As of Oct 3, 2026, ASIIL trades below its calculated fair value: price ₹22.67, fair value ₹24.88, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ASIIL?
No. The price is what the market pays today (₹22.67); the fair value is what the company's own numbers justify (₹24.88). For ASI Industries Ltd the two are ₹2.21 per share apart. That gap is exactly why we show both numbers side by side.
How much is ASI Industries Ltd worth?
The market values ASI Industries Ltd at about ₹2.0B (market capitalisation, as of Oct 3, 2026). Per share that is ₹22.67; our models calculate a fair value of ₹24.88 per share.
What do the bullish and bearish scenarios say about ASIIL?
Our models span a range for ASI Industries Ltd: cautious scenario ₹18.66, base ₹24.88, optimistic ₹31.10 per share (as of Oct 3, 2026, price ₹22.67). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ASIIL?
ASI Industries Ltd trades at a price-to-earnings ratio of 8.1 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹24.88 is built from several models across several years. Other multiples: P/B 0.6, P/S 1.5, EV/EBITDA 11.5.
How solid is the balance sheet of ASI Industries Ltd (ASIIL)?
Balance-sheet figures for ASI Industries Ltd (as of Oct 3, 2026): return on equity 6.4%, debt of 0.04 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is ASIIL from its 52-week high?
ASI Industries Ltd trades at ₹22.67, about 32% below its 52-week high of ₹33.13 and 19% above the low of ₹19.13 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹24.88 is for.
Which stocks are comparable to ASI Industries Ltd?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, China Tungsten And Hightech Materials Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ASI Industries Ltd stock attractive at the current price?
The data as of Oct 3, 2026: price ₹22.67, calculated fair value ₹24.88 (+10%), Quality Score 51/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ASIIL calculated?
We run ASI Industries Ltd through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹24.88, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. ASI Industries Ltd currently trades 9 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ASI Industries Ltd (ASIIL)?
The closing price on Oct 1, 2026 was ₹22.67. Our model-based fair value is ₹24.88, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ASI Industries Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of ASI Industries Ltd

How large is the market capitalisation of ASI Industries Ltd (ASIIL)?
The market capitalisation of ASI Industries Ltd is ₹2.0B (≈ $21.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ASI Industries Ltd (ASIIL)?
The price-to-sales ratio of ASI Industries Ltd is 1.23 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ASI Industries Ltd (ASIIL)?
Earnings per share at ASI Industries Ltd are ₹2.79 (price ÷ EPS = P/E 8.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ASI Industries Ltd (ASIIL)?
The dividend yield of ASI Industries Ltd is 1.8% (payout 14.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ASI Industries Ltd (ASIIL)?
The net margin of ASI Industries Ltd is 15.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ASI Industries Ltd (ASIIL)?
The return on equity (ROE) of ASI Industries Ltd is 6.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ASI Industries Ltd (ASIIL)?
On an EBIT basis the return on assets of ASI Industries Ltd is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ASI Industries Ltd (ASIIL)?
The operating margin of ASI Industries Ltd is 10.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ASI Industries Ltd (ASIIL)?
Revenue at ASI Industries Ltd is growing +34.0% versus a year earlier (3y avg +2.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ASI Industries Ltd (ASIIL)?
Earnings per share at ASI Industries Ltd are growing +60.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ASI Industries Ltd (ASIIL) generate?
The free cash flow of ASI Industries Ltd is −₹1.8M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ASI Industries Ltd (ASIIL) carry?
The net debt of ASI Industries Ltd is ₹405M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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