Ashima Limited (ASHIMASYN) AI Stock Analysis

• Market Cap: ₹2.67B
• Dividend Yield: N/A
• Average Volume (3M): 15.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.84
• 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: 41 Neutral
• Price Target: ₹13.50 ▼(-31.02% Downside)
• Action: Upgraded Date: 12/10/25
• Date: Action: Upgraded 12/10/25

Ashima Limited's overall stock score reflects significant challenges in financial performance and valuation. The company's profitability and cash flow issues, coupled with a bearish technical outlook, contribute to a low score. The absence of earnings call insights and corporate events further limits positive factors.

Positive Factors

Balance sheet strength

A moderate debt-to-equity ratio and strong equity base provide durable financial flexibility: the company can better withstand cyclical demand swings in textiles, access credit on reasonable terms, and support working-capital or restructuring needs without immediate solvency pressure, improving medium-term resilience.

Healthy gross profit margin

A healthy gross margin signals underlying product economics and manufacturing efficiencies. If management stabilizes volumes and controls overhead, gross profitability supports regaining positive operating cash flow and rebuilding margins over months, making core operations recoverable as demand normalizes.

B2B textile manufacturing model

A focused B2B fabric manufacturing model serves recurring demand from garment makers and wholesalers, anchoring steady order sources and predictable unit economics. Structural apparel demand and established supplier-customer dynamics give a durable revenue base if operational execution and capacity use improve.

Negative Factors

Negative operating cash flow

Consistently negative operating cash flow is a durable weakness: it forces reliance on external financing or equity to fund operations, limits reinvestment in plant or working capital, and increases vulnerability to input-cost shocks or customer payment delays, constraining recovery prospects.

Severe revenue decline

A >90% reported revenue decline indicates a structural loss of scale that increases unit costs and fixed-cost absorption challenges. Restoring volume, customer relationships, and supply-chain positioning can take many months, leaving margins and cash generation impaired until scale is rebuilt.

Negative net margins and volatile earnings

Persistent net losses and volatile EBIT/EBITDA undermine retained earnings and long-term profitability. This reduces internal funding for capex or modernization, pressures ROE, and forces difficult cost or pricing decisions, making sustainable margin recovery an essential but challenging priority.

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 generates revenue primarily through the sale of its textiles and garments to both domestic and international markets. The company's key revenue streams include direct sales to major fashion retailers, export of fabrics, and long-term contracts with apparel brands. Significant partnerships with global retail chains enhance its market reach and provide stable income. Furthermore, Ashima Limited leverages its expertise in sustainable manufacturing to attract environmentally-conscious brands, which can command higher price points, thereby increasing profit margins. The company also invests in innovation and product development, ensuring a competitive edge and the ability to meet evolving consumer demands.

Ashima Limited Financial Statement Overview

Summary

Ashima Limited faces challenges in profitability and cash flow despite a stable balance sheet. Inconsistent revenue growth and negative net profit margins indicate operational inefficiencies. Cash flow issues persist, highlighting potential liquidity concerns.

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	110.30M	104.80M	3.29B	2.07B	2.08B	1.03B
Gross Profit	-72.10M	109.80M	1.37B	494.40M	890.70M	367.30M
EBITDA	27.05M	71.90M	706.40M	-13.10M	312.50M	77.30M
Net Income	-227.50M	-190.00M	964.10M	-66.50M	179.20M	-114.70M
Balance Sheet
Total Assets	0.00	5.02B	5.44B	3.20B	3.18B	2.69B
Cash, Cash Equivalents and Short-Term Investments	915.90M	920.00M	670.10M	239.70M	271.10M	528.10M
Total Debt	0.00	1.22B	1.24B	327.10M	181.50M	227.20M
Total Liabilities	-2.99B	2.04B	2.27B	998.90M	914.10M	599.90M
Stockholders Equity	2.99B	2.99B	3.17B	2.20B	2.26B	2.09B
Cash Flow
Free Cash Flow	0.00	-201.60M	-436.10M	-421.40M	-367.80M	-88.70M
Operating Cash Flow	0.00	-198.60M	-384.40M	-239.10M	-264.00M	-80.40M
Investing Cash Flow	0.00	294.40M	-35.40M	160.20M	374.50M	-72.40M
Financing Cash Flow	0.00	-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 15.84, above the 50-day MA of 16.88, and below the 200-day MA of 22.59, indicating a bearish trend. The MACD of -0.80 indicates Positive momentum. The RSI at 34.24 is Neutral, neither overbought nor oversold. The STOCH value of 30.25 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	₹4.31B	19.34	―	―	13.84%	4.13%
LAMBODHARA	69 Neutral	₹1.03B	13.04	―	0.42%	13.13%	-2.13%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BANSWRAS	62 Neutral	₹3.76B	7.04	―	0.88%	5.59%	-5.44%
SHREYANIND	61 Neutral	₹2.06B	-23.74	―	1.72%	6.00%	-19.96%
VARDMNPOLY	46 Neutral	₹3.91B	497.66	―	―	5.66%	―
ASHIMASYN	41 Neutral	₹2.67B	-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.