Associated Group

Thane, India Founded: 1973 • Age: 53 yrs Listed
Metal products are manufactured by Associated Group since 1973.

About Associated Group

Associated Group is a publicly listed company based in Thane (India) founded in 1973 by Lalit Kumar Daga. Metal products are manufactured by Associated Group since 1973. The company has 12 employees. Its Indian entity Hind Aluminium Industries Limited reported revenue of ₹10.54 Cr.

Company details

Associated Group was established in 1973 in Thane, India, with Lalit Kumar Daga as founder. Metal products are produced by the company within the manufacturing sector. Operations are based in Thane, encompassing fabrication and assembly processes for industrial applications. The entitys domain, associatedgroup.com, supports its online activities. Key personnel details include the founders DIN 00089905 and PAN ADTPD1808K.

  • Headquarters Thane, India
  • Employees 12
  • Founders Lalit Kumar Daga
  • Stage Public
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website associatedgroup.com
  • Social LinkedIn
  • Legal Name Hind Aluminium Industries Limited
Key Metrics
  • Market Cap
    ₹56.68 Cr

    HINDALUMI · NSE

  • Share Price
    ₹90.43

    +0.51% today

  • Revenue
    ₹7.21 Cr

    FY 2025-26 · +134.9% YoY

  • EBITDA
    −₹4.06 Cr

    Margin -56.3%

  • Net Profit
    ₹4.35 Cr

    FY 2025-26 · -49.4% YoY

  • P/E (TTM)
    15.1x

    P/B 0.6x

  • ROE
    -4.8%

    ROCE -2.7%

  • Debt / Equity
    0.04

    Interest cover -5.6x

  • Employee Count
    12

Board of directors of Hind Aluminium Industries Limited (Associated Group)

Hind Aluminium Industries Limited is the primary company behind Associated Group. The board of Hind Aluminium Industries Limited currently have 4 directors; the longest-serving is Shailesh Daga, appointed in 1987. 6 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Shailesh Daga
DIN 00074225
Managing Director12 May 198739 yrs 6 moHind Aluminium Industries Limited
Lalit Kumar Daga
DIN 00089905
Director12 May 198739 yrs 6 moHind Aluminium Industries Limited
Kiran Mundhra
DIN 07059160
Director29 Nov 20187 yrs 11 moHind Aluminium Industries Limited
Ambarish Daga
DIN 00897867
Director30 May 20242 yrs 5 moHind Aluminium Industries Limited

People of Associated Group

1 people are tracked at Associated Group (1 in leadership); the tracked headcount is 12.

NameRoleGroup
FounderLeadership
Premium access

Complete people profiles for Associated Group

Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.

  • Full employee list
  • Team structure
  • Board tenure
  • Professional contacts

Verified entity values are shown only after access is granted.

IPO & Listings of Associated Group

Associated Group is a publicly listed company on the BSE with ticker symbol HINDALUMI in India, operating in the Non-energy minerals 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 date16 Jun 2000
  • Listed onBSE: 531979
  • Listed entityHind Aluminium Industries Limited
  • Exchange sectorNon-energy minerals
  • ISININE227B01019
  • Share price₹103.45 (-0.96% on the day) · 2026-05-11
  • Market capitalisation₹66.4 Cr
  • Price to earnings6.9
  • EPS (diluted, trailing year)₹15.03
  • Volume (last session)1,967
  • Analyst consensusNo rating

Financials of Associated Group

Exchange-reported figures of Hind Aluminium Industries Limited, the listed company behind Associated Group (NSE: HINDALUMI).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹7.21 Cr
+134.9% YoY
EBITDA
−₹4.06 Cr
-107.1% YoY
Profit After Tax
₹4.35 Cr
-49.4% YoY
Net Worth
₹90.89 Cr
+7.8% YoY
Total Assets
₹98.67 Cr
+17.0% YoY
Total Debt
₹7.78 Cr

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue7.213.071.333.1024.3095.68398
Revenue growth+134.9%+130.8%-57.1%-87.2%-74.6%-76.0%-
EBITDA(4.06)(1.96)(5.06)(15.61)(2.25)(8.46)(3.45)
EBITDA margin-56.3%-63.8%-380.5%-503.6%-9.3%-8.8%-0.9%
Profit before tax(1.38)0.355.89(4.73)(8.67)(19.12)(14.17)
Net profit4.358.595.92(0.73)(0.95)(14.19)(8.53)
Net profit margin+60.3%+279.8%+445.1%-23.6%-3.9%-14.8%-2.1%
EPS (₹)9.0511.8025.3710.69(1.35)(22.55)(13.56)
Balance sheet
Total assets98.6784.3276.9263.2773.9586.14172
Net worth90.8984.3176.8765.5957.3156.9371.12
Total debt7.780.000.002.0421.5331.73103
Cash & bank1.742.542.541.914.705.3015.86
Net working capital22.6611.008.1814.9030.5725.72114
Cash flow
Cash from operations(16.75)(3.19)(3.44)(0.10)12.6770.5818.60
Cash from investing9.102.005.6721.513.73(0.26)(11.88)
Cash from financing7.53(0.26)(2.27)(20.26)(16.99)(80.48)3.72
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue5.361.182.352.621.062.210.250.36
Revenue growth (YoY)+405.7%-46.6%+840.0%+627.8%+324.0%---
Other income2.192.911.812.105.036.220.622.98
EBITDA0.68(1.70)(0.84)(0.75)(0.77)(0.87)(0.38)(0.58)
EBITDA margin+12.7%-144.1%-35.7%-28.6%-72.6%-39.4%-152.0%-161.1%
Depreciation0.110.110.100.100.090.080.080.09
Interest0.040.140.070.000.040.150.050.00
Profit before tax2.720.960.801.254.135.120.112.31
Tax0.81(0.08)0.830.460.230.310.911.26
Net profit1.911.04(0.03)0.793.904.81(0.80)1.05
EPS (₹)3.031.65(0.05)1.256.197.63(1.27)1.67
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue7.213.071.332.3823.5885.31389
Revenue growth+134.9%+130.8%-44.1%-89.9%-72.4%-78.1%-
EBITDA(4.06)(1.96)(17.73)(16.36)1.29(10.21)0.21
EBITDA margin-56.3%-63.8%-1333.1%-687.4%+5.5%-12.0%+0.1%
Profit before tax5.624.618.53(4.93)(2.58)(17.62)(7.97)
Net profit2.43(0.26)(0.79)(12.39)(0.87)(13.32)(4.78)
Net profit margin+33.7%-8.5%-59.4%-520.6%-3.7%-15.6%-1.2%
EPS (₹)6.653.1714.71(8.01)(1.23)(21.14)(7.58)
Balance sheet
Total assets81.7968.9566.9859.7481.5294.52174
Net worth74.0168.9466.9357.6162.6563.2776.07
Total debt7.780.000.002.0418.7731.0097.43
Cash & bank1.742.492.491.634.615.0014.91
Net working capital22.6510.968.1316.6635.5544.40110
Cash flow
Cash from operations(16.70)(3.19)0.572.3811.6066.6717.17
Cash from investing9.102.001.8915.934.25(0.25)(16.74)
Cash from financing7.53(0.26)(2.27)(17.34)(16.22)(75.93)9.15
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue5.371.182.352.621.062.210.250.36
Revenue growth (YoY)+406.6%-46.6%+840.0%+627.8%+324.0%---
Other income2.071.214.292.692.141.693.890.74
Total expenses4.682.883.193.421.783.080.240.94
EBITDA0.69(1.70)(0.84)(0.80)(0.72)(0.87)0.01(0.58)
EBITDA margin+12.8%-144.1%-35.7%-30.5%-67.9%-39.4%+4.0%-161.1%
Depreciation0.110.110.100.100.090.080.080.09
Interest0.040.140.070.000.040.150.050.00
Profit before tax2.61(0.74)3.281.791.290.593.770.07
Tax0.81(0.08)0.830.460.230.310.921.25

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 12 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue5.361.182.352.621.062.210.250.36
Revenue growth (YoY)+405.7%-46.6%+840.0%+627.8%+324.0%---
Other income2.192.911.812.105.036.220.622.98
EBITDA0.68(1.70)(0.84)(0.75)(0.77)(0.87)(0.38)(0.58)
EBITDA margin+12.7%-144.1%-35.7%-28.6%-72.6%-39.4%-152.0%-161.1%
Depreciation0.110.110.100.100.090.080.080.09
Interest0.040.140.070.000.040.150.050.00
Profit before tax2.720.960.801.254.135.120.112.31
Tax0.81(0.08)0.830.460.230.310.911.26
Net profit1.911.04(0.03)0.793.904.81(0.80)1.05
EPS (₹)3.031.65(0.05)1.256.197.63(1.27)1.67
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue7.213.071.333.1024.3095.68398
Revenue growth+134.9%+130.8%-57.1%-87.2%-74.6%-76.0%-
Other income3.332.8711.7313.041.361.263.62
Total expenses11.275.036.3918.7126.55104402
Employee cost2.530.780.571.072.824.948.48
EBITDA(4.06)(1.96)(5.06)(15.61)(2.25)(8.46)(3.45)
EBITDA margin-56.3%-63.8%-380.5%-503.6%-9.3%-8.8%-0.9%
Depreciation0.400.330.541.392.172.983.50
Interest0.250.230.240.775.618.9410.84
Profit before tax(1.38)0.355.89(4.73)(8.67)(19.12)(14.17)
Tax1.442.61(0.73)(0.47)(0.78)(4.60)(3.53)
Net profit4.358.595.92(0.73)(0.95)(14.19)(8.53)
Net profit margin+60.3%+279.8%+445.1%-23.6%-3.9%-14.8%-2.1%
EPS (₹)9.0511.8025.3710.69(1.35)(22.55)(13.56)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital6.306.306.306.306.306.306.30
Reserves & surplus84.5978.0170.5759.2951.0150.6364.82
Shareholders' funds (net worth)90.8984.3176.8765.5957.3156.9371.12
Minority interest0.000.000.00(4.44)(4.99)(2.51)(2.07)
Secured loans7.640.000.000.0010.9823.5695.04
Unsecured loans0.140.000.002.0410.558.178.23
Total debt7.780.000.002.0421.5331.73103
Total liabilities98.6784.3276.9263.2773.9586.14172
Assets
Gross block19.4717.0717.0945.1356.7157.4957.86
Net block5.774.604.9115.5718.6020.6723.74
Capital work in progress0.000.000.000.000.000.000.00
Investments65.6263.7856.7124.9917.7316.7614.72
Inventories1.930.000.001.154.4812.3834.23
Sundry debtors5.341.100.321.467.5711.5069.45
Cash & bank balances1.742.542.541.914.705.3015.86
Loans & advances16.067.785.8514.1719.106.3410.55
Total current assets25.0711.428.7118.6935.8535.52130
Total current liabilities2.410.420.533.795.289.8016.27
Net working capital22.6611.008.1814.9030.5725.72114
Total assets98.6784.3276.9263.2773.9586.14172
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.231.691.730.581.1711.410.97
Net cash from operating activities(16.75)(3.19)(3.44)(0.10)12.6770.5818.60
Net cash from investing activities9.102.005.6721.513.73(0.26)(11.88)
Net cash from financing activities7.53(0.26)(2.27)(20.26)(16.99)(80.48)3.72
Net change in cash(0.12)(1.45)(0.04)1.14(0.59)(10.16)10.44
Closing cash1.742.542.541.914.705.3015.86
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+134.9%+130.8%-57.1%-87.2%-74.6%-76.0%-
EBITDA growth-107.1%+61.3%+67.6%-593.8%+73.4%-145.2%-
PBT growth--94.1%+9998.0%+45.4%+54.7%-34.9%-
Net income growth-49.4%+45.1%+911.0%+23.2%+93.3%-66.4%-
Revenue CAGR (3Y)+32.5%-49.8%-76.0%-80.2%-64.8%-48.6%-7.2%
EBITDA CAGR (3Y)-36.2%-4.5%-15.8%+65.4%---
Profitability & leverage
Net income margin-39.1%-73.6%+497.7%-137.4%-32.5%-15.2%-2.7%
Return on capital employed-2.7%-1.1%-5.4%-15.6%-3.6%-7.8%-1.9%
Return on net worth-4.8%-1.4%-4.8%-19.1%-13.8%-22.7%-14.0%
Debt / equity0.040.000.010.190.471.051.27
Long-term debt / equity0.000.000.000.050.080.060.07
Interest cover-5.61-10.04-4.29-4.53-126.92-78.15-155.97
Efficiency & per share
Fixed asset turnover0.390.180.040.060.431.666.90
Inventory turnover7.470.002.311.102.884.118.68
Debtors turnover2.244.321.490.692.552.365.37
EPS (₹)9.0511.8025.3710.69(1.35)(22.55)(13.56)
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)144.27133.83122.01104.1090.9690.36112.88
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue5.371.182.352.621.062.210.250.36
Revenue growth (YoY)+406.6%-46.6%+840.0%+627.8%+324.0%---
Other income2.071.214.292.692.141.693.890.74
Total expenses4.682.883.193.421.783.080.240.94
EBITDA0.69(1.70)(0.84)(0.80)(0.72)(0.87)0.01(0.58)
EBITDA margin+12.8%-144.1%-35.7%-30.5%-67.9%-39.4%+4.0%-161.1%
Depreciation0.110.110.100.100.090.080.080.09
Interest0.040.140.070.000.040.150.050.00
Profit before tax2.61(0.74)3.281.791.290.593.770.07
Tax0.81(0.08)0.830.460.230.310.921.25
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue7.213.071.332.3823.5885.31389
Revenue growth+134.9%+130.8%-44.1%-89.9%-72.4%-78.1%-
Other income10.337.1327.0413.011.763.305.31
Total expenses11.275.0319.0618.7422.2995.52389
Employee cost2.530.780.570.721.753.886.82
EBITDA(4.06)(1.96)(17.73)(16.36)1.29(10.21)0.21
EBITDA margin-56.3%-63.8%-1333.1%-687.4%+5.5%-12.0%+0.1%
Depreciation0.400.330.540.971.632.392.80
Interest0.250.230.240.614.008.3210.69
Profit before tax5.624.618.53(4.93)(2.58)(17.62)(7.97)
Tax1.442.61(0.73)0.11(1.80)(4.30)(3.19)
Net profit2.43(0.26)(0.79)(12.39)(0.87)(13.32)(4.78)
Net profit margin+33.7%-8.5%-59.4%-520.6%-3.7%-15.6%-1.2%
EPS (₹)6.653.1714.71(8.01)(1.23)(21.14)(7.58)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital6.306.306.306.306.306.306.30
Reserves & surplus67.7162.6460.6351.3156.3556.9769.77
Shareholders' funds (net worth)74.0168.9466.9357.6162.6563.2776.07
Secured loans7.640.000.000.008.9221.6589.20
Unsecured loans0.140.000.002.049.859.358.23
Total debt7.780.000.002.0418.7731.0097.43
Total liabilities81.7968.9566.9859.7481.5294.52174
Assets
Gross block19.4817.0817.0635.2947.0347.6147.97
Net block5.774.604.919.5812.2013.7416.20
Capital work in progress0.000.000.000.000.000.000.00
Investments48.7448.4646.8311.8513.4817.0614.92
Inventories1.930.000.000.653.0510.3130.57
Sundry debtors5.341.100.320.7110.3416.4671.05
Cash & bank balances1.742.492.491.634.615.0014.91
Loans & advances16.067.785.8514.1719.0620.877.52
Total current assets25.0711.378.6617.1637.0652.64124
Total current liabilities2.420.410.530.501.518.2413.94
Net working capital22.6510.968.1316.6635.5544.40110
Total assets81.7968.9566.9859.7481.5294.52174
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.181.641.460.490.8610.460.87
Net cash from operating activities(16.70)(3.19)0.572.3811.6066.6717.17
Net cash from investing activities9.102.001.8915.934.25(0.25)(16.74)
Net cash from financing activities7.53(0.26)(2.27)(17.34)(16.22)(75.93)9.15
Net change in cash(0.07)(1.46)0.180.97(0.38)(9.52)9.59
Closing cash1.742.492.491.634.615.0014.91
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+134.9%+130.8%-44.1%-89.9%-72.4%-78.1%-
EBITDA growth-107.1%+89.0%-8.4%-1368.2%+112.6%-4961.9%-
PBT growth+21.9%-46.0%+9998.0%-91.1%+85.4%-121.1%-
Net income growth+1034.6%+67.1%+93.6%-1324.1%+93.5%-178.7%-
Revenue CAGR (3Y)+44.7%-49.3%-75.0%-81.7%-64.8%-49.4%-7.9%
EBITDA CAGR (3Y)-37.2%-+20.2%--55.2%--77.3%
Profitability & leverage
Net income margin+58.0%+65.2%+696.2%-211.8%-3.3%-15.6%-1.2%
Return on capital employed+6.0%+5.0%-2.0%-16.7%+1.6%-6.9%+1.6%
Return on net worth+3.4%-0.4%-1.3%-20.6%-1.2%-19.1%-6.0%
Debt / equity0.050.000.020.170.400.921.11
Long-term debt / equity0.000.000.000.05-15,797.360.030.04
Interest cover-5.61-10.04-1.31-3.52-1,176.47-66.03-412.74
Efficiency & per share
Fixed asset turnover0.390.180.050.060.501.798.14
Inventory turnover7.470.004.091.293.534.1710.04
Debtors turnover2.244.322.580.431.761.955.05
EPS (₹)6.653.1714.71(8.01)(1.23)(21.14)(7.58)
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)117.47109.43106.2491.4499.44100.42120.74

Web traffic of Associated Group

The website of Associated Group (associatedgroup.com) receives about 1.2K visits a month.

  • Monthly visits
    1.2K

    ▼ 28.9% vs previous month

Similar websites

Websites whose visitors overlap most with Associated Group. Affinity shows how closely the audiences match.

WebsiteDomainAudience affinityMonthly visitsGlobal rankProfile
radiantmetals.com
radiantmetals.com
100%
#11,435,505–
jsbalu.com
99%
View details
kmcaluminium.com
kmcaluminium.com
96%
#7,374,187–
bansalmetals.com
bansalmetals.com
95%
#10,060,058–
marutialluminium.com
94%
View details
••••••••••••••••.com••%•.•M#•••••–
••••••••••••••••.com••%•.•M#•••••–
••••••••••••••••.com••%•.•M#•••••–
Premium access

All 17 similar websites and full traffic analytics for Associated Group

The complete similar-websites list, audience overlap and engagement analytics require an active premium plan.

  • 17 similar websites
  • Audience overlap
  • Engagement analytics
  • Traffic by brand

Verified entity values are shown only after access is granted.

Upgrade to premium

Unlock complete access to The Company Check

Get unrestricted viewing across everything we track — from companies and brands to investors, funding rounds, acquisitions, financials, and more.

Upgrade to Premium No viewing limits. Your plan controls exports and screening usage.
Included in your Premium account
  • ✓
    Unlimited viewing on all profiles Companies, investors, financials, funding, acquisitions & directors
  • ✓
    Full access to every database India & global coverage, advanced filters and rich profile details
  • ✓
    Always-on access from your team account Single premium plan for everything you see on the portal

Related news about Associated Group

Premium access

Complete news archive for Associated Group

Full article history, source details, and older brand coverage require an active premium plan.

  • Full article archive
  • Source and publication date
  • Older coverage
  • Brand-specific news history

Verified entity values are shown only after access is granted.

Frequently Asked Questions about Associated Group

Associated Group was founded in 1973.

Associated Group is headquartered in Thane, India. It is registered at Thane, Maharashtra, India.

Associated Group has 12 employees.

The primary company behind Associated Group, Hind Aluminium Industries Limited, reported revenue of ₹10.54 Cr for FY 2026, up 135% year on year.

Associated Group was established in 1973 in Thane, India, with Lalit Kumar Daga as founder. Metal products are produced by the company within the manufacturing sector. Operations are based in Thane, encompassing fabrication and assembly processes for industrial applications. The entitys domain, associatedgroup.com, supports its online activities. Key personnel details include the founders DIN 00089905 and PAN ADTPD1808K.

Yes, Associated Group is publicly traded on BSE under the ticker symbol HINDALUMI.

Associated Group operates through Hind Aluminium Industries Limited.

The legal entities of Associated Group currently have 6 directors, including Shailesh Daga, Kiran Mundhra, Mahendra Kumar Jain and others.

Explore millions of companies — effortlessly

Access structured, verified intelligence on 7M+ companies across industries, sectors, and global markets. From early-stage startups to large enterprises, discover ownership, leadership, funding, financials, acquisitions, and market signals — all in one powerful platform.

Free account with essential features Instant access to company reports Enterprise solutions available