Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹21 Cr.
Stock P/E
-0
P/B
—
Current Price
₹0.8
Book Value
₹ 0
Face Value
2
52W High
₹2.1
52W Low
₹ 0.7
Dividend Yield
0%

Arshiya Overview

Business

Arshiya Ltd. is an integrated logistics and supply chain solutions provider based in India. The company operates a unique asset-heavy model, focusing on infrastructure development alongside logistics services. Its core business revolves around providing Free Trade Warehousing Zones (FTWZ), Inland Container Depots (ICD), and domestic rail connectivity for freight movement. Arshiya offers end-to-end logistics solutions, including warehousing, transportation, freight forwarding, custom clearance, and value-added services, primarily catering to clients involved in international trade and domestic distribution. It generates revenue through warehousing charges, freight services (rail and road), handling charges at its depots, and other logistics and supply chain management fees.

Revenue Mix

Arshiya's primary business operations can be broadly segmented into:

FTWZ Operations: Development and operation of Free Trade Warehousing Zones offering duty-free storage, value-added services, and re-export facilities for EXIM cargo. This segment generates revenue from warehousing, handling, and related services.

Rail Infrastructure & Services: Ownership and operation of private freight terminals and rail lines, offering multi-modal transportation solutions connecting ports to hinterland ICDs and FTWZs. Revenue comes from freight charges and terminal handling.

Inland Container Depots (ICDs): Development and operation of ICDs which act as dry ports for import/export container handling, customs clearance, and associated logistics services.

Supply Chain & Logistics Services: Providing integrated logistics solutions including freight forwarding, transportation (road), warehousing beyond FTWZ/ICD, and supply chain consulting.

While specific revenue contributions per segment are not consistently disclosed with precise percentages, the FTWZ and Rail infrastructure components are considered key differentiators and significant revenue drivers due to their capital-intensive nature and strategic importance.

Industry

The Indian logistics industry is large, fragmented, and undergoing a significant transformation driven by infrastructure development, GST implementation, and the "Make in India" initiative. It is characterized by a mix of traditional transporters, 3PL providers, and asset-heavy players. Arshiya Ltd. positions itself as an integrated logistics infrastructure and services provider. Unlike many traditional 3PLs which are asset-light, Arshiya owns and operates significant infrastructure (FTWZ, ICDs, private rail lines), placing it in a niche category. Its FTWZ offering provides a distinct advantage for companies involved in international trade by offering customs benefits and value-added services, setting it apart from standard warehousing providers.

MOAT

Arshiya's competitive advantages are primarily derived from:

High Capital Expenditure & Regulatory Hurdles: The development of FTWZ, ICDs, and private rail sidings requires significant capital investment and navigating complex regulatory approvals. This creates substantial barriers to entry for new players.

Integrated Infrastructure Network: Owning and operating a network of FTWZ, ICDs, and private rail infrastructure allows Arshiya to offer an integrated, multi-modal logistics solution under one umbrella. This "single window" approach can offer efficiency and cost benefits to clients.

Strategic Locations: Its FTWZs and ICDs are often strategically located near major ports and industrial clusters, providing critical connectivity for EXIM trade.

Growth Drivers

Growth in Indian Trade and Manufacturing: Increasing domestic production, consumption, and international trade volumes will directly drive demand for logistics and warehousing services.

"Make in India" & PLI Schemes: Government initiatives promoting manufacturing within India are expected to boost industrial output and, consequently, the demand for efficient supply chain and logistics solutions.

Infrastructure Push: Continued government investment in roads, railways, and ports under schemes like PM Gati Shakti will improve logistics efficiency and open new avenues for integrated players.

E-commerce Expansion: The rapid growth of e-commerce in India demands sophisticated warehousing, fulfillment centers, and last-mile delivery, creating opportunities for organized logistics players.

GST Impact: The Goods and Services Tax (GST) has led to the consolidation of warehousing and increased demand for larger, more efficient, and strategically located facilities like FTWZs and ICDs.

Risks

High Debt & Interest Costs: Arshiya's asset-heavy model entails significant capital expenditure, leading to high debt levels which can strain financial health and profitability, especially in a high-interest rate environment.

Economic Downturn: A slowdown in global or domestic trade, manufacturing, or economic activity can directly impact volumes handled, warehousing demand, and freight revenues.

Regulatory & Policy Changes: Changes in customs policies, trade regulations, or infrastructure development policies (e.g., affecting rail freight) could impact its operations or business model.

Competition: While its infrastructure provides a moat, competition from other integrated logistics players, large warehousing developers, and government-owned logistics entities remains a factor.

Operational Efficiency: The efficient utilization of its capital-intensive assets (FTWZ, ICDs, rail) is crucial. Underutilization can lead to lower returns and higher fixed costs.

Execution Risk: Timely completion and commissioning of new projects and effective operationalization of existing assets are critical for realizing expected returns.

Management & Ownership

Arshiya Ltd. is a promoter-driven company. Mr. Ajay S. Mittal is the Chairman & Managing Director and has been instrumental in conceptualizing and developing Arshiya's integrated logistics infrastructure model. The ownership structure typically involves a significant promoter holding, common among Indian companies, which provides long-term strategic direction but can also concentrate decision-making. The management team generally comprises individuals with experience in logistics, infrastructure, and supply chain management.

Outlook

Arshiya Ltd. operates in a promising sector, with the Indian logistics market poised for significant growth driven by economic expansion, infrastructure development, and structural reforms like GST. Its unique asset-heavy model, with integrated FTWZ, ICD, and rail capabilities, positions it to cater to the growing demand for efficient and complex logistics solutions, particularly for EXIM trade. However, the company faces substantial challenges due to its high capital expenditure leading to considerable debt and interest servicing obligations. The ability to efficiently scale operations, optimize asset utilization, and manage its financial leverage will be critical. The outlook is balanced: strong market tailwinds and a differentiated asset base offer significant potential, but successful execution and prudent financial management are essential to translate this potential into sustainable profitability and reduced risk.

Arshiya Share Price

Live · BSE / NSE · Inception: 1981
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Arshiya Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 37 39 35 37 37 35 36 40 39 34
Other Income 2 91 9 3 2 8 1 1 1 20
Total Income 39 130 45 40 39 43 37 41 40 54
Total Expenditure 17 27 16 27 24 30 63 17 16 30
Operating Profit 22 103 28 13 15 13 -26 25 24 23
Interest 66 -30 43 57 45 108 55 57 63 181
Depreciation 18 18 20 20 20 24 20 21 21 34
Exceptional Income / Expenses 0 490 82 0 0 0 0 0 0 -2226
Profit Before Tax -62 605 47 -64 -51 -120 -102 -53 -60 -2417
Provision for Tax 0 -0 0 0 0 -0 0 1 0 -0
Profit After Tax -62 605 47 -65 -51 -120 -102 -54 -60 -2417
Adjustments -2 -3 -0 -0 -0 -0 -0 -0 -0 0
Profit After Adjustments -64 602 47 -65 -51 -120 -102 -54 -60 -2417
Adjusted Earnings Per Share -2.4 22.9 1.8 -2.5 -1.9 -4.5 -3.9 -2 -2.3 -91.7

Arshiya Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 1140 517 324 309 269 259 289 294 143 150 143 149
Other Income 7 21 2 3 6 17 25 13 17 97 20 23
Total Income 1146 537 326 312 275 276 314 308 160 247 162 172
Total Expenditure 963 700 295 254 232 221 263 202 58 71 110 126
Operating Profit 183 -163 31 58 43 54 51 106 102 176 53 46
Interest 251 366 404 344 295 316 276 336 232 162 212 356
Depreciation 60 84 101 92 108 102 94 143 73 72 79 96
Exceptional Income / Expenses -5 -213 -6 -223 -23 395 52 -78 0 490 82 -2226
Profit Before Tax -133 -825 -480 -601 -383 31 -268 -451 -203 431 -156 -2632
Provision for Tax -6 21 -6 3 0 0 0 11 0 0 0 1
Profit After Tax -127 -846 -474 -604 -383 31 -268 -462 -203 431 -157 -2633
Adjustments 0 0 0 0 0 0 0 0 -2 -7 -0 0
Profit After Adjustments -127 -846 -474 -604 -383 31 -268 -462 -205 424 -157 -2633
Adjusted Earnings Per Share -20.5 -126.1 -37.2 -38.7 -24.5 1.4 -11 -17.9 -7.8 16.2 -6 -99.9

Arshiya Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 870 570 223 -344 321 720 540 135 -115 312 158
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 2044 2509 2082 553 1463 1401 1262 1102 455 184 0
Other Non-Current Liabilities 11 9 6 46 59 44 33 155 117 160 93
Total Current Liabilities 1158 850 1454 3176 1457 992 1224 1714 1409 1248 1559
Total Liabilities 4083 3938 3765 3431 3300 3156 3058 3106 1943 1904 1809
Fixed Assets 2448 3167 3061 3272 3190 2874 2623 2635 1439 1485 1308
Other Non-Current Assets 853 614 612 81 31 66 82 51 39 77 66
Total Current Assets 760 156 92 78 79 216 353 420 277 271 364
Total Assets 4083 3938 3765 3431 3300 3156 3058 3106 1943 1904 1809

Arshiya Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 63 8 10 6 12 9 13 5 14 12 8
Cash Flow from Operating Activities 55 -78 38 49 36 -140 14 81 59 70 100
Cash Flow from Investing Activities -417 6 0 -3 -5 367 -19 -29 -25 154 -29
Cash Flow from Financing Activities 308 73 -42 -40 -34 -218 2 -47 -37 -227 -70
Net Cash Inflow / Outflow -55 2 -4 6 -3 9 -3 4 -2 -4 2
Closing Cash & Cash Equivalent 8 10 6 12 9 18 10 9 12 8 10

Arshiya Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) -20.55 -126.06 -37.2 -38.66 -24.5 1.36 -10.98 -17.91 -7.83 16.16 -5.95
CEPS(Rs) -10.81 -113.62 -29.26 -32.79 -17.59 5.82 -7.12 -12.37 -4.97 19.18 -2.94
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 123.44 -13.85 -32.37 -62.34 8.54 31.18 22.16 5.2 -4.39 11.77 5.91
Core EBITDA Margin(%) 15.49 -35.57 9.06 17.59 13.76 14.53 8.99 31.57 59.19 52.52 23.16
EBIT Margin(%) 10.33 -88.9 -23.33 -83.26 -32.69 134.06 2.79 -38.99 20.18 395.41 38.92
Pre Tax Margin(%) -11.67 -159.81 -147.94 -194.54 -142.32 12.09 -92.44 -153.17 -142.26 287.4 -109.67
PAT Margin (%) -11.16 -163.82 -146.19 -195.58 -142.33 11.98 -92.47 -156.94 -142.32 287.2 -109.99
Cash Profit Margin (%) -5.87 -147.65 -115.02 -165.9 -102.19 51.24 -59.92 -108.43 -91.21 335.03 -54.34
ROA(%) -3.37 -21.1 -12.31 -16.78 -11.37 0.96 -8.61 -15 -8.05 22.42 -8.45
ROE(%) -15.86 -252.26 0 0 0 7.35 -42.76 -137.14 -2128.93 445.32 -67.51
ROCE(%) 3.55 -14.27 -2.98 -14.07 -4.29 13.35 0.32 -5.3 1.94 54.38 4.95
Receivable days 149.68 250.07 59.65 26.72 31.89 36.01 44.2 43.36 67.65 80.02 91.82
Inventory Days 0.07 0.25 0.5 1.2 1.2 0.22 104.2 179.99 320.49 304.79 320.96
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 0 0 0 0 0 53.6 0 0 0 1.78 0
Price/Book(x) 0.15 -1.18 -1.25 -0.46 7.78 2.34 1.35 1.3 -7.66 2.45 0.82
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 2.42 6.01 9.42 9.5 12.23 13.7 8.78 6.78 13.93 10.77 7.14
EV/Core EBITDA(x) 15.03 -19.05 97.25 50.9 75.85 65.36 50.19 18.81 19.54 9.21 19.36
Net Sales Growth(%) 7.78 -54.67 -37.23 -4.79 -12.91 -3.64 11.7 1.77 -51.51 5.15 -5.04
EBIT Growth(%) -52.52 -490.24 83.53 -239.8 65.8 495.14 -97.67 -1520.01 125.1 1960.47 -90.65
PAT Growth(%) -205.26 -565.52 43.99 -27.37 36.62 108.11 -962.01 -72.72 56.03 312.2 -136.37
EPS Growth(%) -200.07 -513.47 70.49 -3.93 36.62 105.55 -907.51 -63.04 56.26 306.33 -136.83
Debt/Equity(x) 3.46 -32.34 -6.17 -2.56 16.94 2.67 3.38 13.67 -9.7 2.82 5.78
Current Ratio(x) 0.66 0.18 0.06 0.02 0.05 0.22 0.29 0.25 0.2 0.22 0.23
Quick Ratio(x) 0.66 0.18 0.06 0.02 0.05 0.22 0.15 0.17 0.11 0.12 0.15
Interest Cover(x) 0.47 -1.25 -0.19 -0.75 -0.3 1.1 0.03 -0.34 0.12 3.66 0.26
Total Debt/Mcap(x) 22.51 27.44 4.93 5.52 2.18 1.14 2.49 10.5 1.27 1.15 7.05

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -5% -21% -11% -19%
Operating Profit CAGR -70% -21% 0% -12%
PAT CAGR -136% — 0% —
Share Price CAGR -54% -43% -51% -30%
ROE Average -68% -584% -386% -199%
ROCE Average +5% +20% +11% +3%

Arshiya Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 14.37 %
FII 0 %
DII (MF + Insurance) 1.06 %
Public (retail) 84.56 %
Others 0.01 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 14.3714.3714.3714.3714.3714.3714.3714.3714.3714.37
FII 0.050.050.040.040.0400000
DII 1.081.081.061.061.061.061.061.061.061.06
Public 84.584.584.5284.5284.5284.5684.5684.5684.5684.56
Others 0000000000
Total 100100100100100100100100100100

Arshiya Peer Comparison

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Arshiya Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Arshiya Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 14.37%.
  • Company has a low return on equity of -584% over the last 3 years.
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