Ashika Global Securities Limited (ASHIKA.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+25.2%

₹456.22

vs ₹364.50 price

Levered DCF

-₹844.87

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	38.85×	43.35×	7.95×	10×	16.78×	35.86×	-22.81×	6.53×
P/B	2×	2.51×	1.25×	1.03×	1.14×	1.23×	1.25×	1.13×
P/S	9.37×	260.31×	4.63×	5.55×	7.84×	9.02×	1,333.5×	3.79×
EV / EBITDA	19.4×	-18.55×	9.99×	7.27×	12.35×	22.78×	-9.99×	1.87×
Gross margin	65.2%	19.0%	93.5%	96.3%	63.9%	87.8%	100.0%	100.0%
Operating margin	40.2%	-1395.8%	73.4%	76.0%	87.8%	120.6%	-6597.7%	84.9%
Net margin	24.1%	-1213.5%	58.2%	55.5%	46.7%	25.1%	-5850.9%	57.9%
Current ratio	18.49×	224.81×	0.01×	0.15×	0.02×	51.02×	2.86×	16.24×
Debt / equity	0.22×	0×	0.74×	0×	0.19×	0×	0×	0×
Interest coverage	0×	-7.84×	18.38×	69.71×	77.55×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	0.0%
Payout ratio	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	-44.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.2%	-11.7%	15.7%	10.3%	6.8%	3.4%	-5.5%	17.3%
Return on invested capital	3.1%	-10.3%	-3854.8%	10.3%	6.8%	7.6%	-4.4%	13.5%
Return on assets	3.2%	-11.6%	11.3%	10.0%	5.6%	3.4%	-5.4%	12.5%
Free cash flow yield	6.5%	-35.4%	-29.2%	16.5%	-20.2%	2.7%	14.3%	121.1%
Earnings yield	2.6%	-4.7%	12.6%	10.0%	6.0%	2.8%	-4.4%	15.3%
Enterprise value	₹21.2B	₹11B	₹1.3B	₹586.5M	₹683.3M	₹564.5M	₹571.3M	₹462.1M
Net debt / EBITDA	-2.05×	0.13×	3.69×	-0.02×	1.72×	-0.95×	0.13×	-0.36×
Cash conversion cycle (days)	624	0	-132	20	10	1,132	0	0