Automotive Stampings & Assemblies Ltd. (ASAL) AI Stock Analysis

• Market Cap: ₹6.51B
• Dividend Yield: N/A
• Average Volume (3M): 35.61K
• Price to Earnings (P/E): 25.6
• Beta (1Y): 1.10
• Revenue Growth: -7.98%
• EPS Growth: -25.19%
• Country: IN
• Employees: 497
• Sector: Industrials
• Sector Strength: 72
• Industry: Auto - Parts
• EPS (TTM): 4.71
• Shares Outstanding: 15,864,397
• 10 Day Avg. Volume: 4,537
• 30 Day Avg. Volume: 35,613
• PEG Ratio: -2.78
• Price to Book (P/B): 89.33
• Price to Sales (P/S): 1.01
• P/FCF Ratio: -33.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: ₹408.00 ▼(-13.48% Downside)
• Action: Downgraded Date: 01/28/26
• Date: Action: Downgraded 01/28/26

The score is held back primarily by balance-sheet risk (high leverage and negative equity) and pressured cash generation, which outweigh moderate operating improvements. Technicals also remain weak with the stock below key longer-term moving averages and a negative MACD. Valuation adds further downside risk given the high P/E and lack of dividend support.

Positive Factors

Improved EBIT Margin

Improved EBIT margin signals lasting operational improvements: better press/utilization, cost control and productivity gains can persist across periods. Higher operating profitability enhances resilience versus volume swings and supports internal funding for tooling and process upgrades.

Recurring OEM Supply Model

A core business of recurring stamped parts and sub-assemblies to OEMs creates stable, program-based revenue and switching costs via tooling and qualification. This model produces predictable volume cadence and longer contract horizons that support durability of revenues.

Historical Revenue Growth

A reported ~41% revenue growth metric implies ability to expand sales and win programs over time. Persistent top-line growth capacity indicates scalable manufacturing and market demand access, which supports long-term margin recovery if cost structures stay controlled.

Negative Factors

High Leverage & Negative Equity

Negative equity and a high debt-to-equity ratio materially weaken financial flexibility. This raises refinancing and covenant risk, limits ability to invest in capacity or weather OEM order volatility, and increases insolvency risk during cyclical downturns in auto demand.

Negative Free Cash Flow

Negative free cash flow driven by elevated capex and weaker operating cash flow forces reliance on external financing. In a capital-intensive stamping business, persistent FCF deficits can constrain deleveraging, delay tooling investments, and raise liquidity risk over months.

Weak Net Margins & EPS Decline

Low net profitability combined with a ~65% EPS decline indicates limited ability to convert revenue into shareholder returns. Structural margin pressure from commodity input swings and OEM pricing dynamics reduces internal funding and heightens sensitivity to revenue volatility.

Automotive Stampings & Assemblies Ltd. Business Overview & Revenue Model

Company Description

Automotive Stampings and Assemblies Limited designs, develops, manufactures, assembles, and sells sheet metal stampings, welded assemblies, and modules for passenger vehicles, commercial vehicles and tractors in India. The company offers skin panels, including panel front doors, side panel outers, assembly front panel and side wall outers, front cabin shields, assembly front bumpers, and assembly outer tail gates; and body in whites components, comprising assembly panel planium, body side inners, panel dash, cabin rear walls, fire walls, rail under bodies, and reinf hinge pillars, as well as cabin floors and assy reinf rears. It also provides suspension panels, which includes front suspension modules, assembly cross member, and assy semi trailing arm and rear suspension modules, as well as oil sumps, rear twist beams, and fuel tanks. The company was formerly known as JBM Tools Limited and changed its name to Automotive Stampings and Assemblies Limited in August 2003. The company was incorporated in 1990 and is based in Pune, India. Automotive Stampings and Assemblies Limited is a subsidiary of Tata AutoComp Systems Limited.

How the Company Makes Money

ASAL makes money primarily by manufacturing and supplying automotive metal stampings and assemblies to customers (typically vehicle OEMs and/or tier-1 suppliers) under purchase orders or supply contracts. Revenue is generated per part shipped, where pricing generally reflects raw-material input costs (e.g., steel), conversion costs (press/stamping operations, welding, tooling changeovers, quality control), and an agreed margin. Key revenue streams typically include: (1) recurring production supply of stamped components; (2) supply of welded sub-assemblies/assemblies that add value beyond stamping; and (3) where applicable, recovery/charging mechanisms related to tooling, dies, or development support for new programs (if contractually billed). Earnings are influenced by customer production volumes, program wins/losses, negotiated price revisions (often linked to commodity/material movements), manufacturing efficiency and scrap/rejection rates, and the ability to utilize capacity across presses and assembly lines. Specific details on ASAL’s customer mix, contract structure, tooling income, and partnerships are not available; therefore these items are null.

Automotive Stampings & Assemblies Ltd. Financial Statement Overview

Summary

Mixed fundamentals: income statement is moderate (some margin resilience and improved EBIT) but revenue declined most recently and net margins are low. Balance sheet is the key drag with high leverage and negative equity. Cash flow is pressured, with free cash flow turning negative due to higher capex and weaker operating cash flow.

Income Statement

Automotive Stampings & Assemblies Ltd. shows a mixed performance in its income statement. The company has witnessed fluctuating revenue growth, with a decline in the latest year. Margins such as gross profit and EBITDA margins have shown some resilience, but the net profit margin remains low, reflecting challenges in converting revenue to profit. The EBIT margin has improved, indicating operational efficiencies.

Balance Sheet

The balance sheet reveals a high level of debt relative to equity, leading to a concerning debt-to-equity ratio. While total assets have seen moderate growth, stockholders' equity remains negative, which is a risk factor. The equity ratio is weak, indicating a highly leveraged position. These factors pose potential risks to financial stability.

Cash Flow

Cash flow analysis shows challenges in maintaining positive free cash flow, which turned negative in the latest period due to higher capital expenditures. Operating cash flow is also under pressure, with a notable decline. However, the company has managed some financing activities to maintain liquidity.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.71B	7.75B	8.80B	8.28B	6.08B	3.39B
Gross Profit	2.15B	2.06B	1.89B	1.62B	1.12B	779.46M
EBITDA	498.70M	483.64M	498.03M	348.51M	781.28M	1.20M
Net Income	154.36M	167.79M	201.70M	83.25M	523.11M	-296.99M
Balance Sheet
Total Assets	3.01B	2.94B	2.85B	2.26B	1.81B	1.75B
Cash, Cash Equivalents and Short-Term Investments	174.23M	44.03M	18.80M	29.14M	35.71M	259.00K
Total Debt	1.13B	1.49B	1.05B	826.69M	819.44M	1.59B
Total Liabilities	2.85B	2.86B	2.92B	2.53B	2.17B	2.64B
Stockholders Equity	157.73M	87.36M	-73.70M	-273.42M	-357.14M	-887.21M
Cash Flow
Free Cash Flow	399.68M	-232.61M	184.80M	102.80M	259.79M	30.18M
Operating Cash Flow	441.43M	-67.19M	311.23M	249.65M	438.24M	42.28M
Investing Cash Flow	-40.98M	-154.97M	-124.19M	-136.26M	912.41M	28.83M
Financing Cash Flow	-428.78M	247.39M	-197.38M	-119.95M	-1.32B	-74.95M

Automotive Stampings & Assemblies Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 471.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASAL, the sentiment is Negative. The current price of 471.55 is above the 20-day moving average (MA) of 452.17, above the 50-day MA of 452.82, and below the 200-day MA of 508.10, indicating a bearish trend. The MACD of -9.02 indicates Positive momentum. The RSI at 32.42 is Neutral, neither overbought nor oversold. The STOCH value of 13.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ASAL.

Automotive Stampings & Assemblies Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STERTOOLS	70 Outperform	₹6.45B	157.48	―	0.87%	-19.33%	-26.30%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
INDNIPPON	58 Neutral	₹17.01B	18.47	―	1.57%	22.67%	24.50%
HIRECT	58 Neutral	₹25.07B	49.83	―	0.13%	35.05%	99.65%
ASAL	49 Neutral	₹6.51B	25.61	―	―	-7.98%	-25.19%
GUJAPOLLO	47 Neutral	₹4.80B	204.12	―	0.48%	4.69%	-124.17%

Automotive Stampings & Assemblies Ltd. Corporate Events

Automotive Stampings & Assemblies Publishes Unaudited Q3 and Nine-Month Results in Newspapers

Automotive Stampings and Assemblies Limited has announced that it has published its unaudited financial results for the quarter and nine months ended 31 December 2025 in leading newspapers Financial Express and Loksatta, in line with securities market disclosure regulations. The company has also provided a QR code and website link in the newspaper notices to give investors and other stakeholders convenient digital access to the complete financial statements, underscoring its focus on regulatory compliance, transparency and ease of information access for the market.