Ashima Limited (ASHIMASYN) AI Stock Analysis

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Ashima Limited

(NSE:ASHIMASYN)

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Rating:42Neutral

Price Target:INR 13.50▼(-5.26% Downside)

Action:reiterated

Date:10/22/26

The score is driven primarily by weak financial performance, especially consistently negative operating/free cash flow and recent heavy losses following sharp revenue contraction. Technicals add further pressure with a clear downtrend, only partially mitigated by oversold signals. Valuation provides limited support due to a negative P/E and no dividend yield data.

Positive Factors

Textile Manufacturing BaseAshima operates an established textile manufacturing and sales model focused on fabrics and related products. Its access to both domestic and export markets provides multiple revenue channels and supports the potential to serve varied customer demand over the medium term.

Negative Factors

Persistent Negative Cash FlowPersistent negative operating and free cash flow means the business has not funded itself through operations across the period shown. Weak cash conversion can increase reliance on external funding, constrain investment flexibility, and make recovery more vulnerable to execution setbacks.

Ashima Limited (ASHIMASYN) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 3.12B
Dividend Yield: ―
Average Volume (3M): 12.07K
Price to Earnings (P/E): -9.6
Beta (1Y): 1.39
Revenue Growth: 185.63%
EPS Growth: -47.76%
Country: India
Employees: 52
Sector: General
Sector Strength: 55
Industry: Real Estate - Development

Ashima Limited Business Overview & Revenue Model

Company Description

Ashima Limited engages in real estate business in India. It operates through Real Estate and Investment segments. The company provides portfolio management services, as well as develops residential and commercial properties. Ashima Limited was incorp...

How the Company Makes Money

Ashima Limited primarily makes money by selling textile products—principally fabrics—produced from its manufacturing operations. Revenue is generated when the company supplies these fabrics to customers (such as brands, garment manufacturers, wholesa...

Ashima Limited Financial Statement Overview

Summary

Overall financial strength is weak. Earnings are highly volatile with a sharp revenue drop after 2024 and heavy losses in 2025–2026 (Income Statement score 34). The balance sheet is only mixed, with rising leverage (Debt-to-Equity trending up to ~0.59 in 2026) despite a still meaningful equity cushion (Balance Sheet score 58). The biggest risk is persistent negative operating and free cash flow every year shown, including a notable deterioration in 2026, signaling poor cash conversion and higher funding risk (Cash Flow score 21).

Income Statement

34Negative

Balance Sheet

58Neutral

Cash Flow

21Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	216.00M	218.60M	104.80M	3.29B	2.07B	2.08B
Gross Profit	183.80M	183.80M	109.80M	1.37B	494.40M	890.70M
EBITDA	30.90M	30.80M	71.90M	706.40M	-13.10M	312.50M
Net Income	-202.90M	-203.00M	-190.00M	964.10M	-66.50M	179.20M
Balance Sheet
Total Assets	5.57B	5.57B	5.02B	5.44B	3.20B	3.18B
Cash, Cash Equivalents and Short-Term Investments	699.30M	699.30M	920.00M	670.10M	239.70M	271.10M
Total Debt	1.64B	1.64B	1.22B	1.24B	327.10M	181.50M
Total Liabilities	2.80B	2.80B	2.04B	2.27B	998.90M	914.10M
Stockholders Equity	2.77B	2.77B	2.99B	3.17B	2.20B	2.26B
Cash Flow
Free Cash Flow	3.40M	-441.40M	-201.60M	-436.10M	-421.40M	-367.80M
Operating Cash Flow	12.10M	-432.60M	-198.60M	-384.40M	-239.10M	-264.00M
Investing Cash Flow	-940.70M	-465.80M	294.40M	-35.40M	160.20M	374.50M
Financing Cash Flow	416.50M	417.50M	-97.20M	864.50M	132.20M	-55.40M

Ashima Limited Technical Analysis

Technical Analysis SentimentNeutral

Last Price14.25

Price Trends

50DMA15.91Negative

100DMA16.14Negative

200DMA15.92Negative

Market Momentum

MACD-0.55Negative

RSI45.35Neutral

STOCH73.59Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASHIMASYN, the sentiment is Neutral. The current price of 14.25 is above the 20-day moving average (MA) of 14.11, below the 50-day MA of 15.91, and below the 200-day MA of 15.92, indicating a neutral trend. The MACD of -0.55 indicates Negative momentum. The RSI at 45.35 is Neutral, neither overbought nor oversold. The STOCH value of 73.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:ASHIMASYN.

Ashima Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ASHIMASYN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:ZENITHEXPO	58Neutral	INR 965.93M	316.76	―	―	-17.96%	-90.24%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:ASHIMASYN	42Neutral	INR 2.73B	-9.60	―	―	185.63%	-47.76%
IN:FILATFASH	41Neutral	INR 1.42B	77.27	―	―	-56.57%	-80.73%
IN:VIPCLOTHNG	41Neutral	INR 1.59B	16.89	―	―	0.34%	26.39%
IN:ZODIACLOTH	40Underperform	INR 1.76B	-4.89	―	―	-11.34%	7.18%
IN:LOVABLE	39Underperform	INR 974.58M	30.82	―	―	-10.49%	17.66%

* General Sector Average

Performance Comparison

IN:ASHIMASYN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ASHIMASYN	Ashima Limited	14.25	-7.57	-34.69%
IN:FILATFASH	Filatex Fashions Limited	0.17	-0.33	-66.00%
IN:LOVABLE	Lovable Lingerie Limited	65.85	-28.56	-30.25%
IN:VIPCLOTHNG	VIP Clothing Limited	17.67	-16.11	-47.69%
IN:ZENITHEXPO	Zenith Exports Limited	179.00	-61.00	-25.42%
IN:ZODIACLOTH	Zodiac Clothing Company Limited	64.20	-35.10	-35.35%

Ashima Limited Corporate Events

Ashima Ends Legal Dispute as HDFC Bank Releases Rs 4.06 Crore

Oct 31, 2026

Ashima Limited has announced a further update on the settlement of its long-running legal disputes with HDFC Bank and Bank of Bahrain and Kuwait. The company has withdrawn its civil suit against HDFC Bank before the Commercial Court in Ahmedabad, and...

Ashima Limited Files Voting Results and Scrutinizer’s Report for 43rd AGM

Aug 6, 2026

Ashima Limited held its 43rd Annual General Meeting on August 6, 2026, conducted via video conferencing and other audio-visual means in compliance with applicable corporate and securities regulations. The meeting, held between 11:30 a.m. and 11:59 a....

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 22, 2026

Ashima Limited AI Stock Analysis