About Associated Coaters
Associated Coaters is a publicly listed company based in Kolkata (India) founded in 1984 by Gurmel Singh Dhillon. Powder coating services for aluminum extrusions are provided. Its Indian entity Associated Coaters Limited reported revenue of ₹8.36 Cr. Its focus areas include Chemicals and Materials, Paints and Coatings, Coatings and Powder Coatings.
Company details
Associated Coaters was founded in 1984 in Kolkata, India, and operates in the industrial coatings sector. Pre-treatment and powder coating processes for aluminum extrusions are handled, with a focus on architectural applications. Advanced equipment is employed to apply coatings, ensuring adherence to specifications. Services encompass surface preparation, application, and finishing for various extrusion profiles. Operations are based in India, serving regional manufacturing needs.
- Headquarters Kolkata, India
- Founders Gurmel Singh Dhillon
- Stage Public
- SectorsChemicals & Materials
- Email••••••••
- Phone•••• ••••
- Website associatedcoaters.in
- Legal Name Associated Coaters Limited
- Market Cap₹13.05 Cr
ASSOCIATED · BSE
- Share Price₹96.50
0.00% today
- Revenue₹8.26 Cr
FY 2025-26 · +38.6% YoY
- EBITDA₹1.61 Cr
Margin 19.5%
- Net Profit₹1.14 Cr
FY 2025-26 · +6.5% YoY
- P/E (TTM)11.4x
P/B 1.7x
- ROE15.8%
ROCE 20.2%
- Debt / Equity0.01
Interest cover 0.0x
Associated legal entities of Associated Coaters
Associated Coaters operates through Associated Coaters Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Associated Coaters Limited Listed CIN L28129WB2017PLC224001 | Active | 22 Dec 2017 | Thakurpukur Mahestola, West Bengal | ₹8.4 Cr | 14 | 7 | View details |
Board of directors of Associated Coaters Limited (Associated Coaters)
Associated Coaters Limited is the primary company behind Associated Coaters. The board of Associated Coaters Limited currently have 5 directors; the longest-serving is Navneet Kaur, appointed in 2017. 7 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Navneet Kaur DIN 07980468 | Whole-time director | 22 Dec 2017 | 8 yrs 10 mo | Associated Coaters Limited |
| Jagjit Singh Dhillon DIN 07980441 | Managing Director | 22 Dec 2017 | 8 yrs 10 mo | Associated Coaters Limited |
| Chetna Gupta DIN 02212440 | Director | 07 Dec 2023 | 2 yrs 10 mo | Associated Coaters Limited |
| Jay Kumar Shaw DIN 09627535 | Director | 07 Dec 2023 | 2 yrs 10 mo | Associated Coaters Limited |
| Harbhajan Singhthethi DIN 10416459 | Director | 09 Dec 2023 | 2 yrs 10 mo | Associated Coaters Limited |
People of Associated Coaters
1 people are tracked at Associated Coaters (1 in leadership).
| Name | Role | Group |
|---|---|---|
| Founder | Leadership |
Complete people profiles for Associated Coaters
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
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IPO & Listings of Associated Coaters
Associated Coaters is a publicly listed company on the BSE with ticker symbol ASSOCIATED in India, operating in the Process industries sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date06 Jun 2024
- Listed onBSE: 544183
- Listed entityAssociated Coaters Limited
- Exchange sectorProcess industries
- ISININE0RIQ01013
- Share price₹95.00 (+2.15% on the day) · 2026-10-13
- Market capitalisation₹12.8 Cr
- Price to earnings11.8
- EPS (diluted, trailing year)₹8.04
- Volume (last session)1,000
Financials of Associated Coaters
Exchange-reported figures of Associated Coaters Limited, the listed company behind Associated Coaters (BSE: ASSOCIATED).
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 8.26 | 5.96 | 5.38 | 3.59 | 1.39 | 0.00 | 0.00 |
| Revenue growth | +38.6% | +10.8% | +49.9% | +158.3% | - | - | - |
| EBITDA | 1.61 | 1.71 | 1.51 | 0.82 | 0.22 | 0.00 | 0.00 |
| EBITDA margin | +19.5% | +28.7% | +28.1% | +22.8% | +15.8% | - | - |
| Profit before tax | 1.48 | 1.44 | 1.35 | 0.73 | 0.18 | 0.00 | 0.00 |
| Net profit | 1.14 | 1.07 | 1.01 | 0.54 | 0.13 | 0.00 | 0.00 |
| Net profit margin | +13.8% | +18.0% | +18.8% | +15.0% | +9.4% | - | - |
| EPS (₹) | 8.47 | 7.85 | 10.83 | 182.27 | 45.57 | (0.47) | (0.60) |
| Balance sheet | |||||||
| Total assets | 7.95 | 6.90 | 2.03 | 1.37 | 0.27 | 0.03 | 0.03 |
| Net worth | 7.82 | 6.78 | 1.66 | 0.71 | 0.16 | 0.02 | 0.03 |
| Total debt | 0.10 | 0.10 | 0.35 | 0.66 | 0.10 | 0.00 | 0.00 |
| Cash & bank | 1.53 | 2.70 | 0.56 | 0.67 | 0.08 | 0.03 | 0.03 |
| Net working capital | 3.60 | 4.71 | 1.15 | 0.90 | (0.25) | 0.03 | 0.03 |
| Cash flow | |||||||
| Cash from operations | 1.29 | (0.09) | 0.80 | 0.63 | 0.52 | 0.00 | - |
| Cash from investing | (2.36) | (1.56) | (0.54) | (0.03) | (0.56) | 0.00 | - |
| Cash from financing | (0.10) | 3.80 | (0.37) | (0.01) | 0.10 | 0.00 | - |
Financial Statements
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 8.26 | 5.96 | 5.38 | 3.59 | 1.39 | 0.00 | 0.00 |
| Revenue growth | +38.6% | +10.8% | +49.9% | +158.3% | - | - | - |
| Other income | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total expenses | 6.65 | 4.25 | 3.87 | 2.77 | 1.17 | 0.00 | 0.00 |
| Employee cost | 0.09 | 0.08 | 0.06 | 0.06 | 0.00 | 0.00 | 0.00 |
| EBITDA | 1.61 | 1.71 | 1.51 | 0.82 | 0.22 | 0.00 | 0.00 |
| EBITDA margin | +19.5% | +28.7% | +28.1% | +22.8% | +15.8% | - | - |
| Depreciation | 0.23 | 0.26 | 0.15 | 0.08 | 0.04 | 0.00 | 0.00 |
| Interest | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 1.48 | 1.44 | 1.35 | 0.73 | 0.18 | 0.00 | 0.00 |
| Tax | 0.34 | 0.37 | 0.34 | 0.19 | 0.05 | 0.00 | 0.00 |
| Net profit | 1.14 | 1.07 | 1.01 | 0.54 | 0.13 | 0.00 | 0.00 |
| Net profit margin | +13.8% | +18.0% | +18.8% | +15.0% | +9.4% | - | - |
| EPS (₹) | 8.47 | 7.85 | 10.83 | 182.27 | 45.57 | (0.47) | (0.60) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 1.35 | 1.35 | 0.93 | 0.03 | 0.03 | 0.03 | 0.03 |
| Reserves & surplus | 6.47 | 5.43 | 0.73 | 0.68 | 0.13 | (0.01) | 0.00 |
| Shareholders' funds (net worth) | 7.82 | 6.78 | 1.66 | 0.71 | 0.16 | 0.02 | 0.03 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 0.10 | 0.10 | 0.35 | 0.66 | 0.10 | 0.00 | 0.00 |
| Total debt | 0.10 | 0.10 | 0.35 | 0.66 | 0.10 | 0.00 | 0.00 |
| Total liabilities | 7.95 | 6.90 | 2.03 | 1.37 | 0.27 | 0.03 | 0.03 |
| Assets | |||||||
| Gross block | 3.35 | 2.63 | 1.07 | 0.55 | 0.56 | 0.00 | 0.00 |
| Net block | 2.63 | 2.15 | 0.85 | 0.47 | 0.52 | 0.00 | 0.00 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 1.64 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 0.40 | 0.38 | 0.20 | 0.04 | 0.03 | 0.00 | 0.00 |
| Sundry debtors | 3.80 | 3.67 | 2.53 | 1.51 | 1.36 | 0.00 | 0.00 |
| Cash & bank balances | 1.53 | 2.70 | 0.56 | 0.67 | 0.08 | 0.03 | 0.03 |
| Loans & advances | 0.34 | 0.39 | 0.35 | 0.27 | 0.03 | 0.00 | 0.00 |
| Total current assets | 6.07 | 7.14 | 3.64 | 2.49 | 1.50 | 0.03 | 0.03 |
| Total current liabilities | 2.47 | 2.43 | 2.49 | 1.59 | 1.75 | 0.00 | 0.00 |
| Net working capital | 3.60 | 4.71 | 1.15 | 0.90 | (0.25) | 0.03 | 0.03 |
| Total assets | 7.95 | 6.90 | 2.03 | 1.37 | 0.27 | 0.03 | 0.03 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 2.70 | 0.56 | 0.67 | 0.08 | 0.03 | 0.03 | - |
| Net cash from operating activities | 1.29 | (0.09) | 0.80 | 0.63 | 0.52 | 0.00 | - |
| Net cash from investing activities | (2.36) | (1.56) | (0.54) | (0.03) | (0.56) | 0.00 | - |
| Net cash from financing activities | (0.10) | 3.80 | (0.37) | (0.01) | 0.10 | 0.00 | - |
| Net change in cash | (1.17) | 2.14 | (0.11) | 0.59 | 0.05 | 0.00 | - |
| Closing cash | 1.53 | 2.70 | 0.56 | 0.67 | 0.08 | 0.03 | - |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +38.6% | +10.8% | +49.9% | +158.3% | - | - | - |
| EBITDA growth | -5.9% | +13.3% | +84.2% | +272.7% | - | - | - |
| PBT growth | +2.8% | +6.7% | +84.9% | +305.6% | +9997.0% | +9997.0% | +9997.0% |
| Net income growth | +6.5% | +5.9% | +87.0% | +315.4% | - | - | - |
| Revenue CAGR (3Y) | +32.0% | +62.5% | - | - | - | - | - |
| EBITDA CAGR (3Y) | +25.2% | +98.1% | - | - | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +13.8% | +18.0% | +18.8% | +15.0% | +9.4% | - | - |
| Return on capital employed | +20.2% | +32.5% | +80.0% | +92.0% | +135.7% | 0.0% | 0.0% |
| Return on net worth | +15.8% | +25.1% | +85.2% | +126.4% | +155.6% | 0.0% | 0.0% |
| Debt / equity | 0.01 | 0.05 | 0.42 | 0.87 | 0.54 | 0.00 | 0.00 |
| Long-term debt / equity | 0.01 | 0.01 | 0.24 | 0.77 | 0.54 | 0.00 | 0.00 |
| Interest cover | 0.00 | 0.69 | 0.74 | 1.35 | 0.00 | - | - |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.76 | 3.22 | 6.64 | 6.47 | 4.96 | 0.00 | 0.00 |
| Inventory turnover | 21.18 | 20.55 | 44.83 | 102.57 | 92.67 | 0.00 | 0.00 |
| Debtors turnover | 2.21 | 1.92 | 2.66 | 2.50 | 2.04 | 0.00 | 0.00 |
| EPS (₹) | 8.47 | 7.85 | 10.83 | 182.27 | 45.57 | (0.47) | (0.60) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 57.87 | 50.14 | 17.84 | 237.37 | 53.50 | 7.93 | 8.39 |
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Frequently Asked Questions about Associated Coaters
Associated Coaters was founded in 1984.
Associated Coaters is headquartered in Kolkata, India. It is registered at Kolkata, West Bengal, India.
The primary company behind Associated Coaters, Associated Coaters Limited, reported revenue of ₹8.36 Cr for FY 2026, up 39% year on year.
Associated Coaters was founded in 1984 in Kolkata, India, and operates in the industrial coatings sector. Pre-treatment and powder coating processes for aluminum extrusions are handled, with a focus on architectural applications. Advanced equipment is employed to apply coatings, ensuring adherence to specifications. Services encompass surface preparation, application, and finishing for various extrusion profiles. Operations are based in India, serving regional manufacturing needs.
Yes, Associated Coaters is publicly traded on BSE under the ticker symbol ASSOCIATED.
Associated Coaters operates through Associated Coaters Limited.
The legal entities of Associated Coaters currently have 6 directors, including Navneet Kaur, Jagjit Singh Dhillon, Chetna Gupta and others.