Automotive Stampings and Assemblies Limited (ASAL) share price

₹423.30 on NSE as of 2026-10-07. -0.68% on the day. market cap ₹672 Cr. P/E 22.5. 52-week range ₹377.40 to ₹601.70. Automobile and Auto Components.

www.autostampings.com

Automotive Stampings & Assemblies Q1 FY27: Revenue Up 46%, and a Tax Line That Finally Showed Up

At a glance

Automotive Stampings and Assemblies, known as ASAL, presses sheet metal into parts for vehicle makers. Revenue for the three months to June 2026 was ₹253.32 crore, against ₹173.07 crore a year earlier. That is a rise of 46.4% on the same quarter last year. Operating profit came to ₹14.11 crore, against ₹10.75 crore. Net profit was ₹4.69 crore against ₹2.54 crore, up 84.6%. Earnings per share, the quarter's profit spread over the shares, was ₹2.96.

Set against the previous quarter, the numbers read differently. Revenue in the three months to March 2026 was ₹255.55 crore, so sales barely moved. Operating profit fell from ₹18.20 crore to ₹14.11 crore. Operating margin, the share of sales left after running costs, moved from 7.12% to 5.57%. Net profit dropped from ₹13.28 crore to ₹4.69 crore. The March quarter carried a deferred tax credit of ₹2.54 crore. The June quarter recorded a tax rate of 25.08%, the first meaningful tax charge in the company's recent run of quarters.

For the year to March 2026, revenue was ₹890.52 crore against ₹775.28 crore. Net profit was ₹27.68 crore against ₹16.78 crore. Reserves turned positive at ₹20.30 crore, after a decade spent mostly below zero.

Crisil, a credit-rating agency, reaffirmed its ratings at Crisil A-/Stable and Crisil A2+ in June 2026. It cited parent support from Tata AutoComp Systems and an improving business risk profile. Against that it set customer concentration, a modest financial risk profile and the cyclical nature of the vehicle trade. The company's announcements also record a fine.

Introduction

The company began in March 1990 as JBM Tools Limited, set up by SK Arya and Associates. It came to the market in March 1994, and took the name Automotive Stampings and Assemblies in August 2003. Tata AutoComp Systems, the Tata group's auto components arm, was promoted in 1995. It became a joint venture partner in 1997. SK Arya and Associates exited in April 2002, transferring its holding to Tata AutoComp Systems and Tata Industries. In February 2007 Tata AutoComp struck an agreement with Gestamp Servicios S L. Both were to hold equal stakes, and Tata AutoComp cut its own holding to 37.5% to match. In December 2010 it bought Gestamp out, and has held 75% since. The share register has been rearranged four times since 1997.

That ownership record sits alongside a long stretch of thin years. Reserves were negative in every year from March 2018 to March 2025. The company lost ₹46.56 crore in the year to March 2018. It lost ₹29.70 crore in the year to March 2021. Crisil, a credit-rating agency, notes that Tata AutoComp has a record of providing financial support. That support came through unsecured loans and inter-corporate deposits. Crisil adds that it applies a parent notch-up framework to ASAL's rating, which lifts a rating on the owner's strength.

The factory count has grown recently. Commercial production began at Sanand in Gujarat in November 2023, and at Jamshedpur in Jharkhand in March 2024. That takes the company to five plants, alongside Chakan near Pune and Pantnagar in Uttarakhand. Capital spending of ₹54 crore in the year to March 2024 went towards capacity for battery trays and aluminium cooling tubes. The same spending covered heavy fabrication for commercial vehicles.

The compliance file has entries of its own. SEBI, the market regulator, sent an administrative warning letter in June 2024 over non-compliance. Company Secretary Saurabh Erande resigned with effect from September 2025. Krishna Dayma was appointed with effect from March 2026. Crisil upgraded the bank ratings in March 2025 and reaffirmed them in June 2026.

Business model

ASAL takes flat sheets of metal and makes them less flat. It then welds them to other formerly flat sheets. The catalogue runs to sheet metal components, welded assemblies, battery tray assemblies and aluminium cooling tubes. Heavy fabricated parts sit alongside those. The parts go into passenger vehicles, commercial vehicles, two and three wheelers, and off-road machines.

The customer list is the whole plot. Tata Motors buys across its passenger, commercial and electric mobility divisions. FIAT India Automobiles, Ashok Leyland, Piaggio Vehicles and Tata Hitachi Construction Machinery are on the list too. So are JCB Heavy Products, Tata AutoComp Systems itself, Tata Autocomp Gotion Green Energy Solutions and Tata Autocomp Hendrickson Suspensions. A good deal of that list shares a surname.

Crisil, a credit-rating agency, puts around 78% of revenue in the year to March 2026 on Tata group buyers. Those are Tata Motors, its passenger vehicle company and other Tata AutoComp companies. The comparable figure was above 80% the year before. Crisil calls this high customer concentration in revenue. It adds that the company is engaging new clients and diversifying its product base.

The mix has been moving. Components were 78.97% of total revenue in the year to March 2026. Tools, dies and moulds came to 11.28%, the highest that line has reached in the disclosed decade. The same line sat at 1.36% in the year to March 2021. Crisil says around 64% of revenue comes from the passenger vehicle segment, followed by commercial vehicles and three wheelers. It points to battery trays for electric vehicles, aluminium cooling tubes, fabrication parts and newly launched seating structures. Crisil expects those value-added products to aid revenue growth, and puts sales growth at 7% to 8% over the medium term.

The company is exploring High Strength Steel for press components, to offer lightweight solutions. It is also expanding robotic welding capacity and working on lighter battery trays. ASAL reports itself as a single business segment under Ind AS 108, the accounting rule on segment reporting. It had no subsidiary, associate or joint venture company as at 30 June 2026.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Automotive Stampings and Assemblies Limited.

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