1. At a Glance – The Stone Age Stock That Refuses to Die
ASI Industries Ltd is one of those companies that quietly sits on Dalal Street like an old haveli — cracked paint, solid foundation, zero PR. Founded in 1945, this ₹232 crore micro-cap is India’s only listed Kota stone miner and claims to own the largest stone mining quarry in the world. No fancy buzzwords. No ESG decks. Just rocks. Literally.
Current price is hovering around ₹25.7, down ~36% YoY, while the company casually posts ₹12.3 crore PAT in the latest quarter, trades at 8.9x P/E, 0.66x book value, and throws in a 1.56% dividend yield like an old-school baniya.
Debt? Almost extinct.
Promoter holding? 73% and steady.
ROCE? A very meh ~10%, but at least it exists.
Latest quarter sales came at ₹50.7 crore, up 3% YoY, profit grew just 1% YoY, basically saying: “Main hoon, zinda hoon, but don’t expect fireworks.”
So the big question —
Is this a forgotten gem… or a geological fossil?
2. Introduction – When Monopoly Meets Boredom
ASI Industries is not a growth story.
It is not a turnaround story.
It is not even pretending to be a tech-enabled platform.
It is a monopoly-like niche business stuck in a cyclical, low-glamour industry with demand tied to construction, real estate, and government mood swings.
The company mines and processes Kota stone — a limestone found only in Rajasthan — used extensively in flooring, pathways, government buildings, railway stations, and the kind of places where design consultants are not invited.
Despite being the world’s largest stone mining company, revenue in FY25 was just ₹149 crore. That tells you everything about how unscalable this business really is.
Yet, ASI survives.
Why?
Because:
- No real competition in listed space
- Low capex intensity now
- Asset base built decades ago
- And promoters who run it like a family kirana, not a startup pitch deck
This is a cash-generating, low excitement, low expectation stock — the exact opposite of SME IPO Twitter fantasies.
3. Business Model – WTF Do They Even Do?
Let’s simplify it like we’re explaining to a CA student who skipped lectures.
Core Business: Stones (92% revenue)
- Kota Stone mining and processing
- Sandstone for construction
- Sold to builders, infra projects, real estate developers, government contractors
No branding.
No retail chain.
No D2C nonsense.
If you’ve walked on a railway platform or government office floor — congrats, you’ve probably stepped on ASI’s product.
Other Stuff (Now Mostly Gone)
- Wind power generation (sold off — wind stopped cooperating)
- Overseas subsidiary in UAE (liquidated — capital reallocated)
- Trading in steel coils & fabrics (side hustle vibes)
Management has quietly exited distractions and returned to its boring core: dig stone, cut stone, sell stone, repeat.
Simple? Yes.
Sexy? Absolutely not.
4. Financials Overview – Numbers Don’t Lie, They Just Yawn
📊 Quarterly Performance Table (₹ Crore)
| Metric | Latest Qtr (Dec 25) | YoY Qtr (Dec 24) | Prev Qtr (Sep 25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 51 | 49 | 21 | 4.1% | 143% |
| EBITDA | 14 | 15 | -2 | -6.7% | NA |
| PAT | 12 | 12 | 1 | 0.99% | NA |
| EPS (₹) | 1.37 | 1.35 | 0.09 | 1.5% | NA |
