Ashima Limited (ASHIMASYN) AI Stock Analysis

• Market Cap: ₹2.65B
• Dividend Yield: N/A
• Average Volume (3M): 15.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.69
• Revenue Growth: -95.41%
• EPS Growth: -121.35%
• Country: IN
• Employees: 239
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Apparel - Manufacturers
• EPS (TTM): -0.14
• Shares Outstanding: 191,660,080
• 10 Day Avg. Volume: 14,401
• 30 Day Avg. Volume: 15,656
• PEG Ratio: 0.19
• Price to Book (P/B): 1.21
• Price to Sales (P/S): 34.59
• P/FCF Ratio: -17.98
• 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: 42 Neutral
• Price Target: ₹13.50 ▼(-31.02% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is driven primarily by weak financial performance, especially ongoing cash flow deficits and recent losses, with a bearish technical backdrop (below key moving averages, negative MACD). Valuation is difficult to assess due to negative earnings and no dividend yield data, providing only limited offset.

Positive Factors

B2B manufacturing model

Ashima’s core B2B manufacturing model supplies fabrics to downstream garment makers and wholesalers, creating recurring, contract-driven demand. Durable buyer relationships and predictable production cycles support stable baseline volumes if manufacturing and customer service remain competitive.

Strong equity base

A strong equity base relative to assets provides balance-sheet resilience through cyclical downturns, reduces insolvency risk, and allows absorption of short-term losses. This structural capital buffer supports long-term operations and optionality for strategic investments or refinancing.

Healthy gross margin

A healthy gross margin implies the company retains product-level pricing power over input costs and that manufacturing unit economics are viable. If overhead and working-capital drains are controlled, this gross margin can sustain recovery to positive operating profitability over months.

Negative Factors

Negative operating cash flow

Persistent negative operating cash flow signals structural difficulty converting sales into cash, limiting ability to fund capex, pay suppliers, or service debt without external financing. Over 2-6 months this erodes liquidity and forces reliance on financing or asset sales.

Severe revenue decline

An extreme year-over-year revenue drop indicates loss of scale and market traction, hurting fixed-cost absorption and bargaining power with suppliers and buyers. Such a sharp decline meaningfully raises the risk of prolonged recovery and structural margin pressure.

Volatile and negative profitability

Negative and volatile margins show inconsistent cost control and earnings instability. Even with healthy gross margins, persistent net losses reduce retained earnings and ROE, constraining reinvestment and undermining the company’s ability to rebuild sustainable, predictable profitability.

Ashima Limited Business Overview & Revenue Model

Company Description

Ashima Limited manufactures and sells denim fabrics and readymade garments in India. It offers basic denim; ring/slub denim; pigment/discharged print; polyester denim; and piece-dyed product, including basic twills, plain weave, canvas, and satin; and dobby structures with value-added properties, such as chemical, mechanical, and functional finishes. The company also offers a range of shirts and jeans for men and women, as well as provides ready-to-stitch trouser and shirt fabric packs for men. It sells its products under the Frank Jefferson and ICON brands. The company also exports its products to approximately 45 countries. Ashima Limited was incorporated in 1982 and is based in Ahmedabad, India.

How the Company Makes Money

Ashima Limited primarily makes money by selling textile fabrics and related textile products manufactured by the company. Revenue is generated through business-to-business sales to garment makers, apparel brands, wholesalers, and other textile supply-chain customers, where realized earnings depend on sales volumes and product mix (e.g., types of fabric), as well as pricing relative to input costs (such as fibers/yarn, dyes/chemicals, power, labor) and utilization of manufacturing capacity. Any material contributions from contract manufacturing, licensing/branding, exports versus domestic split, distribution partnerships, or other non-operating income streams are null due to unavailable specific details.

Ashima Limited Financial Statement Overview

Summary

Weak overall fundamentals: volatile profitability with recent negative net margins (income statement), persistent negative operating cash flow and free cash flow (cash flow), partially offset by a relatively stable equity base and moderate leverage (balance sheet).

Income Statement

Ashima Limited has shown inconsistent revenue growth with significant fluctuations in profitability. The gross profit margin is healthy but the net profit margin has been negative in recent years. This suggests potential operational inefficiencies or high costs relative to revenue. The EBIT and EBITDA margins have also been volatile, indicating instability in earnings before interest and taxes.

Balance Sheet

The company maintains a moderate debt-to-equity ratio, reflecting balanced leverage. However, the return on equity (ROE) has been negatively impacted by recent net losses. The equity ratio indicates a strong equity base relative to total assets, which is a positive indicator of financial stability.

Cash Flow

Ashima Limited has experienced negative free cash flow growth, with operating cash flow consistently negative, which may signal ongoing cash management challenges. The operating cash flow to net income ratio reflects these operational difficulties. The free cash flow to net income ratio is also negative, indicating struggles in generating free cash flow from its operations.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	97.60M	104.80M	3.29B	2.07B	2.08B	1.03B
Gross Profit	-79.90M	109.80M	1.37B	494.40M	890.70M	367.30M
EBITDA	-19.85M	71.90M	706.40M	-13.10M	312.50M	77.30M
Net Income	-189.10M	-190.00M	964.10M	-66.50M	179.20M	-114.70M
Balance Sheet
Total Assets	5.69B	5.02B	5.44B	3.20B	3.18B	2.69B
Cash, Cash Equivalents and Short-Term Investments	1.66B	920.00M	670.10M	239.70M	271.10M	528.10M
Total Debt	1.68B	1.22B	1.24B	327.10M	181.50M	227.20M
Total Liabilities	2.81B	2.04B	2.27B	998.90M	914.10M	599.90M
Stockholders Equity	2.88B	2.99B	3.17B	2.20B	2.26B	2.09B
Cash Flow
Free Cash Flow	3.40M	-201.60M	-436.10M	-421.40M	-367.80M	-88.70M
Operating Cash Flow	12.10M	-198.60M	-384.40M	-239.10M	-264.00M	-80.40M
Investing Cash Flow	-940.70M	294.40M	-35.40M	160.20M	374.50M	-72.40M
Financing Cash Flow	416.50M	-97.20M	864.50M	132.20M	-55.40M	134.00M

Ashima Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASHIMASYN, the sentiment is Negative. The current price of 19.57 is above the 20-day moving average (MA) of 15.05, above the 50-day MA of 16.42, and below the 200-day MA of 22.09, indicating a bearish trend. The MACD of -0.75 indicates Positive momentum. The RSI at 39.42 is Neutral, neither overbought nor oversold. The STOCH value of 40.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ASHIMASYN.

Ashima Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORBTEXP	71 Outperform	₹4.15B	19.34	―	―	13.84%	4.13%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BANSWRAS	62 Neutral	₹3.81B	7.04	―	0.88%	5.59%	-5.44%
LAMBODHARA	62 Neutral	₹984.32M	13.04	―	0.42%	13.13%	-2.13%
SHREYANIND	61 Neutral	₹2.01B	-23.74	―	1.72%	6.00%	-19.96%
VARDMNPOLY	46 Neutral	₹3.67B	497.66	―	―	5.66%	―
ASHIMASYN	42 Neutral	₹2.65B	-33.58	―	―	-95.41%	-121.35%

Ashima Limited Corporate Events

Ashima Limited Closes Trading Window Ahead of Board Meeting Outcome

Ashima Limited has announced the closure of its trading window for insiders, designated persons, connected persons and their immediate relatives starting 19 February 2026. The window will remain closed until 48 hours after the outcome of the board meeting scheduled for 28 February 2026 is made generally available, in line with SEBI’s insider trading regulations and the company’s internal code of conduct to prevent unlawful trading based on unpublished price-sensitive information.