Construction - Real Estate · Founded 1982 · www.ashima.in · BSE 514286 · NSE ASHIMA LTD. · ISIN INE440A01010
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Business
Ashima Ltd. operates in the Construction - Real Estate sector in India. As a real estate company, its core business model likely involves the acquisition of land parcels, development and construction of various types of properties (such as residential apartments, commercial complexes, retail spaces, or plotted developments), and their subsequent sale or lease to customers. The company primarily makes money through the sale of developed properties. It may also engage in contract construction services for external clients or participate in joint development agreements.
Revenue Mix
Specific revenue mix or key segments for Ashima Ltd. are not provided. However, typically for a real estate company in India, potential segments could include:
Residential Development: Sale of apartments, villas, and plotted land.
Commercial Development: Sale or lease of office spaces, IT parks, and business centers.
Retail Development: Sale or lease of shopping malls and high-street retail spaces.
Hospitality or Other: Development and operation of hotels, integrated townships, or other specialized real estate projects.
Without further information, it is difficult to ascertain the exact contribution of each segment to Ashima Ltd.'s revenue.
Industry
The Indian Construction - Real Estate industry is large, diverse, and highly fragmented, comprising numerous regional and national players. It is also cyclical, heavily influenced by economic growth, interest rates, government policies, and consumer sentiment. Ashima Ltd. operates within this competitive landscape, likely focusing on specific geographies or property types where it has established presence or expertise. Its positioning relative to peers would depend on factors like its project portfolio, brand reputation, execution capabilities, market share in specific micro-markets, and financial strength, none of which are detailed in the provided information.
MOAT
Given the limited information, it is challenging to definitively identify specific durable competitive advantages for Ashima Ltd. Potential moats in the real estate sector include:
Established Brand Reputation: A track record of quality construction and timely delivery.
Strategic Land Bank: Owning prime land parcels at attractive acquisition costs in high-growth areas.
Execution Capabilities & Scale: Ability to manage large-scale, complex projects efficiently.
Strong Financial Backing: Access to capital at favorable terms.
Local Market Expertise: Deep understanding of specific regional regulations, demand patterns, and customer preferences.
Without specific details, it is possible Ashima Ltd. possesses some of these advantages, but it is not definitively known from the given data.
Growth Drivers
Key factors that could drive growth for Ashima Ltd. over the next 3-5 years include:
Urbanization and Population Growth: Continued migration to urban centers drives demand for housing and commercial spaces.
Rising Disposable Incomes: Increases in household income lead to higher affordability and willingness to invest in real estate.
Favorable Government Policies: Initiatives like 'Housing for All,' infrastructure development, and regulatory reforms (e.g., RERA implementation improving buyer confidence) can stimulate demand.
Ease of Credit Availability and Stable Interest Rates: Access to affordable home loans and financing for developers can boost market activity.
Successful Project Launches: Timely execution and delivery of new, attractive residential or commercial projects.
Infrastructure Development: Proximity to new roads, metro lines, and other civic amenities can enhance property value and demand.
Risks
Ashima Ltd., like other companies in the real estate sector, faces several risks:
Economic Downturns: A slowdown in economic growth, job losses, or reduced consumer confidence can significantly impact property demand and prices.
High Capital Intensity & Debt: Real estate development requires substantial capital, making companies susceptible to high debt levels and interest rate fluctuations.
Regulatory & Environmental Clearances: Delays or difficulties in obtaining various government approvals and environmental clearances can lead to significant project delays and cost overruns.
Interest Rate Sensitivity: Rising interest rates can increase borrowing costs for developers and make home loans more expensive for buyers, thereby dampening demand.
Raw Material Price Volatility: Fluctuations in the prices of key construction materials (cement, steel, labor) can impact project costs and profitability.
Competition: Intense competition from numerous established and new players can pressure pricing and margins.
Execution Risk: Challenges in project management, quality control, and timely delivery can harm reputation and financial performance.
Management & Ownership
Information regarding the promoters, management quality, or specific ownership structure of Ashima Ltd. is not provided. Typically, Indian companies like Ashima Ltd. are promoter-led, with significant ownership and control vested in the founding families or individuals. Management quality would depend on their experience, strategic vision, governance practices, and track record in the real estate sector.
Outlook
Ashima Ltd. operates in the dynamic and structurally growing Indian real estate market, which benefits from long-term trends like urbanization and a rising middle class. This presents a favorable backdrop for expansion and profitability for well-managed companies. However, the sector is also inherently cyclical, capital-intensive, and subject to significant regulatory and economic uncertainties. The company's performance will hinge on its ability to effectively acquire land, execute projects efficiently, manage its debt, adapt to evolving market demands, and navigate the complex regulatory landscape. While the underlying demand drivers for real estate in India remain robust, the specific success of Ashima Ltd. will depend on its individual strategic execution and financial discipline in a competitive environment.
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 79 | 8 | 5 | 2 | 1 | 3 | 4 | 1 | 8 |
| Other Income | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 7 | 2 |
| Total Income | 7 | 79 | 8 | 6 | 3 | 2 | 4 | 6 | 8 | 10 |
| Total Expenditure | 2 | 15 | 2 | 2 | 6 | 2 | 3 | 6 | 3 | 5 |
| Operating Profit | 5 | 64 | 6 | 4 | -3 | -0 | 1 | -1 | 5 | 5 |
| Interest | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 62 | 5 | 2 | -5 | -2 | -1 | -3 | 2 | 3 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 3 | 62 | 5 | 2 | -5 | -2 | -1 | -3 | 2 | 2 |
| Adjustments | 0 | 34 | -3 | -14 | -7 | 5 | -2 | -5 | -5 | -1 |
| Profit After Adjustments | 3 | 96 | 1 | -12 | -12 | 3 | -3 | -8 | -3 | 2 |
| Adjusted Earnings Per Share | 0.2 | 5 | 0.1 | -0.6 | -0.6 | 0.2 | -0.1 | -0.4 | -0.1 | 0.1 |
| #(Fig in Cr.) | Mar 2011 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 259 | 336 | 285 | 104 | 207 | 90 | 10 | 12 | 16 |
| Other Income | 1 | 18 | 8 | 11 | 3 | 2 | 3 | 10 | 12 |
| Total Income | 260 | 354 | 293 | 114 | 210 | 91 | 14 | 22 | 28 |
| Total Expenditure | 248 | 340 | 289 | 107 | 215 | 18 | 6 | 19 | 17 |
| Operating Profit | 12 | 14 | 4 | 8 | -5 | 74 | 7 | 3 | 10 |
| Interest | 1 | 8 | 2 | 2 | 2 | 4 | 7 | 9 | 8 |
| Depreciation | 14 | 6 | 5 | 3 | 3 | 1 | 1 | 0 | 0 |
| Exceptional Income / Expenses | -2 | 32 | 0 | 0 | 36 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -5 | 33 | -3 | 3 | 26 | 69 | -0 | -6 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -1 | 0 |
| Profit After Tax | -5 | 33 | -3 | 3 | 26 | 69 | -0 | -5 | 0 |
| Adjustments | 0 | 0 | 0 | -14 | -8 | 27 | -19 | -16 | -13 |
| Profit After Adjustments | -5 | 33 | -3 | -11 | 18 | 96 | -19 | -20 | -12 |
| Adjusted Earnings Per Share | -1.2 | 3.5 | -0.6 | -0.6 | 0.9 | 5 | -1 | -1.1 | -0.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 20% | -61% | -47% | 0% |
| Operating Profit CAGR | -57% | 0% | -6% | 0% |
| PAT CAGR | 0% | NAN% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -36% | 2% | -5% | -2% |
| ROE Average | -2% | 8% | 7% | 4% |
| ROCE Average | 1% | 8% | 7% | 7% |
| #(Fig in Cr.) | Mar 2011 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -218 | 225 | 221 | 209 | 226 | 317 | 299 | 277 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 471 | 25 | 22 | 19 | 15 | 111 | 121 | 164 |
| Other Non-Current Liabilities | -0 | 1 | 1 | 1 | 0 | -35 | -50 | -45 |
| Total Current Liabilities | 29 | 69 | 53 | 41 | 76 | 105 | 82 | 116 |
| Total Liabilities | 282 | 319 | 296 | 269 | 318 | 498 | 452 | 512 |
| Fixed Assets | 199 | 137 | 139 | 134 | 117 | 131 | 47 | 42 |
| Other Non-Current Assets | 0 | 14 | 12 | 11 | 26 | 44 | 37 | 101 |
| Total Current Assets | 82 | 169 | 145 | 124 | 175 | 319 | 335 | 368 |
| Total Assets | 282 | 319 | 296 | 269 | 318 | 498 | 452 | 512 |
| #(Fig in Cr.) | Mar 2011 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 7 | 13 | 11 | 9 | 20 | 64 | 64 |
| Cash Flow from Operating Activities | -2 | -26 | 4 | -8 | -26 | -39 | -20 | -40 |
| Cash Flow from Investing Activities | 1 | 55 | 13 | -7 | 37 | -3 | 29 | -41 |
| Cash Flow from Financing Activities | -0 | -24 | -20 | 13 | -6 | 86 | -10 | 34 |
| Net Cash Inflow / Outflow | -2 | 6 | -2 | -2 | 6 | 44 | -0 | -48 |
| Closing Cash & Cash Equivalent | 2 | 13 | 11 | 9 | 15 | 64 | 64 | 16 |
| # | Mar 2011 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -1.21 | 3.51 | -0.64 | -0.6 | 0.94 | 5.03 | -0.99 | -1.06 |
| CEPS(Rs) | 2.15 | 4.11 | 0.37 | 0.31 | 1.51 | 3.64 | 0.02 | -0.23 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -67.24 | 24.24 | 15.5 | 10.91 | 11.8 | 16.53 | 15.58 | 14.45 |
| Core EBITDA Margin(%) | 4.22 | -1.28 | -1.24 | -2.72 | -3.34 | 80.26 | 38.84 | -56.45 |
| EBIT Margin(%) | -1.65 | 12.08 | -0.44 | 4.34 | 13.12 | 81.19 | 62.31 | 23.31 |
| Pre Tax Margin(%) | -2 | 9.72 | -1.11 | 2.5 | 12.05 | 77.11 | -2.58 | -51.29 |
| PAT Margin (%) | -2 | 9.72 | -1.11 | 2.34 | 12.05 | 77.05 | -2.29 | -38.88 |
| Cash Profit Margin (%) | 3.57 | 11.37 | 0.66 | 5.45 | 13.5 | 77.92 | 4.01 | -36.55 |
| ROA(%) | -1.83 | 10.85 | -1.1 | 0.89 | 8.81 | 16.94 | -0.05 | -0.97 |
| ROE(%) | 0 | 0 | -2.2 | 1.73 | 11.87 | 25.43 | -0.08 | -1.62 |
| ROCE(%) | -2.13 | 17.79 | -0.54 | 1.96 | 11.83 | 21.24 | 1.52 | 0.65 |
| Receivable days | 26.95 | 23.19 | 24.88 | 51.96 | 30.9 | 120.93 | 716.94 | 92.24 |
| Inventory Days | 61.11 | 67.81 | 79.23 | 161.34 | 96.67 | 537.54 | 6763.82 | 7471.71 |
| Payable days | 44.05 | 76.06 | 112.27 | 198.22 | 93.07 | 1717.87 | 0 | 875 |
| PER(x) | 0 | 3.41 | 0 | 0 | 15.1 | 3.58 | 0 | 0 |
| Price/Book(x) | -0.06 | 0.49 | 0.21 | 1.45 | 1.2 | 1.09 | 1.11 | 0.82 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.93 | 0.36 | 0.09 | 2.63 | 1.26 | 4.45 | 34.03 | 30.17 |
| EV/Core EBITDA(x) | 42.83 | 8.8 | 6.21 | 35.31 | -57.63 | 5.43 | 49.61 | 117.63 |
| Net Sales Growth(%) | 15.39 | 29.49 | -15.01 | -63.64 | 99.82 | -56.79 | -88.3 | 14.6 |
| EBIT Growth(%) | 89.96 | 1045.79 | -103.33 | 445.93 | 502.57 | 158.53 | -91.02 | -57.12 |
| PAT Growth(%) | 88.12 | 729.05 | -110.36 | 174.56 | 925.79 | 167.08 | -100.35 | -1845.83 |
| EPS Growth(%) | 88.12 | 390.73 | -118.11 | 5.85 | 256.22 | 438 | -119.71 | -6.85 |
| Debt/Equity(x) | -1.75 | 0.13 | 0.31 | 0.11 | 0.08 | 0.39 | 0.41 | 0.59 |
| Current Ratio(x) | 2.79 | 2.46 | 2.75 | 3.04 | 2.29 | 3.04 | 4.07 | 3.16 |
| Quick Ratio(x) | 1.04 | 1.39 | 1.64 | 2.14 | 1.28 | 1.26 | 1.63 | 0.67 |
| Interest Cover(x) | -4.81 | 5.1 | -0.67 | 2.36 | 12.29 | 19.93 | 0.96 | 0.31 |
| Total Debt/Mcap(x) | 28.27 | 0.19 | 0.61 | 0.07 | 0.07 | 0.36 | 0.37 | 0.72 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 |
| FII | 0.03 | 0.1 | 0 | 0 | 0.03 | 0.05 | 0.04 | 0.1 | 0.14 | 0.14 |
| DII | 0 | 0.07 | 0.13 | 0.13 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.48 | 26.35 | 26.38 | 26.38 | 26.48 | 26.46 | 26.47 | 26.41 | 26.37 | 26.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 |
| FII | 0.01 | 0.02 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 |
| DII | 0 | 0.01 | 0.03 | 0.03 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 5.07 | 5.05 | 5.06 | 5.06 | 5.08 | 5.07 | 5.07 | 5.06 | 5.05 | 5.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +20% | -61% | -47% | — |
| Operating Profit CAGR | -57% | — | -6% | — |
| PAT CAGR | — | 0% | — | — |
| Share Price CAGR | -36% | +2% | -5% | -2% |
| ROE Average | -2% | +8% | +7% | +4% |
| ROCE Average | +1% | +8% | +7% | +7% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 |
| FII | 0.03 | 0.1 | 0 | 0 | 0.03 | 0.05 | 0.04 | 0.1 | 0.14 | 0.14 |
| DII | 0 | 0.07 | 0.13 | 0.13 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.48 | 26.35 | 26.38 | 26.38 | 26.48 | 26.46 | 26.47 | 26.41 | 26.37 | 26.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 | 14.08 |
| FII | 0.01 | 0.02 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 |
| DII | 0 | 0.01 | 0.03 | 0.03 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 5.07 | 5.05 | 5.06 | 5.06 | 5.08 | 5.07 | 5.07 | 5.06 | 5.05 | 5.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 | 19.17 |
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