Automotive Stampings and Assemblies Limited (ASAL) share price

₹462.40 on NSE as of 2026-09-11. -0.89% on the day. market cap ₹734 Cr. P/E 24.6. 52-week range ₹377.40 to ₹601.70. Automobile and Auto Components.

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

At a glance

Automotive Stampings and Assemblies Limited (ASAL) reported revenue of ₹253.32 crore for the quarter ended June 2026, against ₹173.07 crore a year earlier — a rise of 46.4%. Operating profit came in at ₹14.11 crore versus ₹10.75 crore, and net profit at ₹4.69 crore versus ₹2.54 crore, up 84.6%. EPS for the quarter was ₹2.96.

Sequentially the picture reads differently. March 2026 revenue was ₹255.55 crore, so the top line was flat quarter-on-quarter. Operating profit fell from ₹18.20 crore to ₹14.11 crore, and operating margin moved from 7.12% to 5.57%. Net profit dropped from ₹13.28 crore to ₹4.69 crore — though the March quarter carried a deferred tax credit of ₹2.54 crore, while the June quarter recorded a tax rate of 25.08%, the first meaningful tax charge in this company's recent run of quarterly numbers.

For the full year ended March 2026, revenue was ₹890.52 crore against ₹775.28 crore, with net profit of ₹27.68 crore against ₹16.78 crore. Reserves turned positive at ₹20.30 crore, after a decade in which that line spent most of its time below zero.

Crisil reaffirmed its ratings at Crisil A-/Stable and Crisil A2+ in June 2026, citing parent support from Tata AutoComp Systems and an improving business risk profile, offset by customer concentration, a modest financial risk profile, and auto-sector cyclicality.

There is also a fine in the announcements. More on that later.

Introduction

ASAL was set up as JBM Tools Ltd by SK Arya and Associates in March 1990, and took its current name in August 2003. It went public in March 1994. TACO — Tata AutoComp Systems, the Tata group's auto components vehicle, promoted in 1995 — became a joint venture partner in 1997. SKAA exited in April 2002, transferring its holding to TACO and Tata Industries. In February 2007 TACO struck an agreement with Gestamp Servicios S L under which both would hold equal stakes; TACO cut its holding to 37.5%, matching Gestamp's. In December 2010 TACO bought Gestamp out, and has held 75% since.

That ownership history matters because the operating history is one long argument for having a parent. Reserves were negative every year from March 2018 through March 2025 — a stretch that includes losses of ₹46.56 crore in FY18 and ₹29.70 crore in FY21. Crisil notes TACO has a track record of providing financial support by way of unsecured loans and inter-corporate deposits, and that it applies a parent notch-up framework to ASAL's rating.

The manufacturing footprint has grown recently. Commercial production commenced at Sanand, Gujarat in November 2023 and at Jamshedpur, Jharkhand in March 2024, taking the count to five units alongside Chakan (Pune) and Pantnagar (Uttarakhand). Capex of ₹54 crore in FY24 went towards capacity for battery trays and aluminium cooling tubes, plus heavy fabrication for commercial vehicles.

On the compliance side, the register is busier than the product catalogue. A SEBI administrative warning letter arrived in June 2024 for non-compliance. Company Secretary Saurabh Erande resigned effective September 2025; Krishna Dayma was appointed effective March 2026. Crisil upgraded the bank ratings in March 2025 and reaffirmed them this June.

Business model

They take flat sheets of metal and make them less flat, then weld them to other formerly flat sheets. Sheet metal components, welded assemblies, battery tray assemblies, aluminium cooling tubes, and heavy fabricated parts — for passenger vehicles, commercial vehicles, the 2/3 wheeler segment, and off-road.

The customer list is the entire plot. Tata Motors across passenger, commercial and electric mobility divisions; plus FIAT India Automobiles, Ashok Leyland, Piaggio Vehicles, Tata Hitachi Construction Machinery, JCB Heavy Products, Tata Autocomp Systems itself, Tata Autocomp Gotion Green Energy Solutions and Tata Autocomp Hendrickson Suspensions. Count the Tata entities. Crisil states ASAL derived around 78% of FY26 revenue from TMPVL, TML and other TACO group companies, up from above 80% in FY25, and describes this as high customer concentration in revenue, adding that the company is engaging new clients and diversifying its product base.

So the business is: press metal, ship it to the parent's ecosystem, invoice, repeat. The sales team's hardest quarter presumably involves walking down a corridor.

The mix has been moving. Components were 78.97% of total revenue in FY26, with tools, dies and moulds at 11.28% — the highest that line has been in the disclosed decade, having sat at 1.36% back in FY21. Crisil says ASAL books around 64% of revenue from the PV segment, followed by CV and three wheelers, and points to battery trays for EVs, aluminium cooling tubes, fabrication parts and newly launched seating structures as value-added products likely to aid revenue growth. It expects topline growth of 7–8% over the medium term.

The company is also exploring High Strength Steel for press components to offer lightweight solutions, expanding robotic welding capacity, and working on light-weighting battery trays. Which is a tidy summary of the whole stamping trade: the industry's grand technological frontier is making the same part slightly thinner without it snapping.

Five plants, one segment. ASAL reports itself as a single business segment under Ind AS 108, and has no subsidiary, associate or joint venture company as of June 30, 2026. No holding-structure diagram required. Refreshing.

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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