Ashoka Metcast Limited (ASHOKAMET) AI Stock Analysis

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Ashoka Metcast Limited

(NSE:ASHOKAMET)

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Rating:61Neutral

Price Target:INR 14.50▲(3.20% Upside)

Action:reiterated

Date:10/16/26

The score is driven mainly by mixed financial performance: improved profitability is offset by consistently weak cash flow conversion and higher 2026 leverage. Technicals are moderately supportive with price holding above key moving averages, and valuation is a positive contributor due to the very low P/E.

Positive Factors

Improved ProfitabilityThe substantial increase in net income indicates that the company has strengthened its earnings capacity from a low base. If profitability remains at these improved levels, it can support reinvestment, strengthen the equity base, and provide a more durable foundation for future operations.

Negative Factors

Weak Cash ConversionPersistent negative operating cash flow shows that reported earnings are not consistently converting into internally generated liquidity. This can constrain investment and working capital flexibility, while increasing the company’s dependence on external funding during weaker operating periods.

Ashoka Metcast Limited (ASHOKAMET) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 372.44M
Dividend Yield: ―
Average Volume (3M): 18.71K
Price to Earnings (P/E): 2.5
Beta (1Y): 1.12
Revenue Growth: ―
EPS Growth: ―
Country: India
Employees: 2
Sector: General
Sector Strength: 55
Industry: Steel

Ashoka Metcast Limited Business Overview & Revenue Model

Company Description

Ashoka Metcast Limited, founded in 2009, is headquartered in Ahmedabad, India. The company's primary activities revolve around the purchase and sale of steel, alongside a variety of other goods and merchandise, predominantly within the Gujarat area....

How the Company Makes Money

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Ashoka Metcast Limited Financial Statement Overview

Summary

Profitability has improved materially (net income rising to 108.0M by 2026), but the financial picture is weakened by volatile revenue trends, a sharp debt increase in 2026, and persistently negative operating/free cash flow in most years—raising liquidity and funding risk.

Income Statement

62Positive

Balance Sheet

58Neutral

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	309.49M	277.02M	389.63M	662.49M	511.89M	670.29M
Gross Profit	140.06M	116.52M	76.07M	127.75M	76.64M	90.10M
EBITDA	183.08M	158.76M	101.38M	67.90M	49.83M	42.28M
Net Income	129.08M	108.00M	73.39M	47.94M	32.21M	20.91M
Balance Sheet
Total Assets	0	2.08B	1.43B	1.38B	1.33B	741.77M
Cash, Cash Equivalents and Short-Term Investments	17.88M	17.88M	7.99M	15.06M	13.80M	2.13M
Total Debt	0	577.28M	149.34M	166.50M	157.52M	208.95M
Total Liabilities	-1.34B	746.18M	242.27M	266.32M	264.81M	309.51M
Stockholders Equity	1.34B	1.22B	1.11B	1.05B	1.01B	406.26M
Cash Flow
Free Cash Flow	-61.05M	-216.35M	-79.37M	70.98M	-479.86M	-146.79M
Operating Cash Flow	-58.39M	-171.85M	-62.66M	158.97M	-472.07M	-145.75M
Investing Cash Flow	40.53M	14.66M	-24.16M	-133.20M	-104.82M	-36.38M
Financing Cash Flow	18.25M	167.07M	79.76M	-24.52M	529.11M	182.12M

Ashoka Metcast Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price14.05

Price Trends

50DMA14.55Negative

100DMA14.50Negative

200DMA14.80Negative

Market Momentum

MACD-0.18Positive

RSI45.96Neutral

STOCH30.84Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASHOKAMET, the sentiment is Negative. The current price of 14.05 is below the 20-day moving average (MA) of 14.39, below the 50-day MA of 14.55, and below the 200-day MA of 14.80, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 45.96 is Neutral, neither overbought nor oversold. The STOCH value of 30.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ASHOKAMET.

Ashoka Metcast Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ASHOKAMET against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:VENUSPIPES	78Outperform	INR 35.67B	34.22	―	0.09%	21.10%	10.63%
IN:STEELCAS	68Neutral	INR 36.53B	40.35	―	0.50%	8.91%	14.58%
IN:ELECTCAST	62Neutral	INR 42.50B	35.10	―	1.31%	-15.69%	-78.92%
IN:ASHOKAMET	61Neutral	INR 351.19M	2.54	―	―	―	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:HITECH	53Neutral	INR 15.74B	20.81	―	0.03%	61.15%	-9.11%
IN:GFSTEELS	47Neutral	INR 1.12B	39.66	―	―	―	―

* General Sector Average

Performance Comparison

IN:ASHOKAMET and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ASHOKAMET	Ashoka Metcast Limited	14.05	-2.62	-15.72%
IN:ELECTCAST	Electrosteel Castings Ltd.	68.75	-15.87	-18.76%
IN:GFSTEELS	Grand Foundry Ltd.	36.92	27.42	288.63%
IN:HITECH	Hi-Tech Pipes Ltd.	77.51	-27.99	-26.53%
IN:STEELCAS	Steelcast Ltd.	361.00	153.36	73.86%
IN:VENUSPIPES	Venus Pipes & Tubes Ltd.	1722.05	444.20	34.76%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 16, 2026

Ashoka Metcast Limited AI Stock Analysis