Ashima Limited (ASHIMASYN) AI Stock Analysis

• Market Cap: ₹3.09B
• 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): N/A
• 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: ₹15.50 ▼(-20.80% Downside)

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

Strong equity base

A strong equity ratio provides a durable capital buffer against cyclical textile demand and input-cost shocks. This structural strength lowers insolvency risk, supports credit access for working capital and capital expenditure, and improves resilience during multi-quarter revenue recovery.

Balanced leverage

Moderate debt-to-equity indicates controlled leverage that reduces refinancing and interest burden risks. For a manufacturing firm, balanced leverage supports steady operation of plants and procurement cycles, enabling financing of capex or working-capital needs without excessive financial strain.

Healthy gross margins

Sustainably healthy gross margins suggest competitive manufacturing efficiency or pricing power on fabrics. If maintained, these margins provide a foundation to absorb SG&A and interest costs, enabling a path back to net profitability as volumes recover or fixed costs are optimized.

Negative Factors

Negative operating cash flow

Persistently negative operating cash flow is a structural red flag: it limits the company’s ability to self-fund working capital and capex, forces reliance on external financing, and raises sustainability concerns if losses continue over multiple quarters.

Severe revenue decline

A ~95% reported revenue decline implies loss of core sales or major contracts, creating a long-term scale and demand problem. This structural shrinkage undermines fixed-cost absorption, economies of scale, supplier terms, and makes margin recovery and profitable growth materially more difficult.

Negative and volatile profitability

Sustained net losses and volatile EBIT/EBITDA margins point to operational inefficiencies or unstable product mix. Over time this erodes equity, reduces reinvestment capacity, and increases execution risk for turnaround plans, making consistent earnings recovery uncertain.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Neutral
• Last Price: 19.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 Neutral. The current price of 19.57 is above the 20-day moving average (MA) of 16.84, above the 50-day MA of 17.94, and below the 200-day MA of 24.13, indicating a neutral trend. The MACD of -0.42 indicates Negative momentum. The RSI at 54.85 is Neutral, neither overbought nor oversold. The STOCH value of 71.72 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORBTEXP	71 Outperform	₹4.47B	13.00	―	―	13.84%	4.13%
LAMBODHARA	69 Neutral	₹1.12B	13.80	―	0.42%	13.13%	-2.13%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BANSWRAS	62 Neutral	₹3.69B	16.98	―	0.88%	5.59%	-5.44%
SHREYANIND	61 Neutral	₹2.23B	4.74	―	1.72%	6.00%	-19.96%
VARDMNPOLY	47 Neutral	₹2.79B	8.16	―	―	5.66%	―
ASHIMASYN	41 Neutral	₹3.09B	-17.30	―	―	-95.41%	-121.35%