Ashima Limited (ASHIMASYN.NS) 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

-39.5%

₹8.48

vs ₹14.01 price

Levered DCF

-₹75.10

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.62

Distress zone

Rating

Overall 2 / 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	-11.11×	-1,453.08×	3.83×	-35.57×	15.05×	-26.25×	-17.78×	7.41×
P/B	0.81×	1.21×	1.16×	1.08×	1.2×	1.44×	0.28×	0.74×
P/S	10.32×	34.59×	1.12×	1.15×	1.3×	2.94×	0.22×	0.5×
EV / EBITDA	117.44×	58.39×	6.06×	-191.85×	8.79×	40.8×	17.4×	4×
Gross margin	84.1%	104.8%	41.5%	23.9%	42.8%	35.8%	35.0%	35.3%
Operating margin	29.3%	44.0%	19.7%	-4.4%	-4.9%	-6.1%	-2.9%	-2.4%
Net margin	-92.9%	-181.3%	29.3%	-3.2%	8.6%	-11.2%	-1.2%	9.8%
Current ratio	205.89×	4.48×	3.18×	2.38×	2.29×	3.04×	2.75×	2.46×
Debt / equity	0.59×	0.41×	0.39×	0.15×	0.08×	0.11×	0.14×	0.13×
Interest coverage	0.72×	0.68×	12.67×	-4.01×	-4.43×	-3.15×	-4.06×	-1×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-7.3%	-6.4%	30.4%	-3.0%	7.9%	-5.5%	-1.5%	14.5%
Return on invested capital	0.9%	1.1%	14.3%	-3.6%	-4.1%	-2.5%	-3.3%	-3.1%
Return on assets	-3.6%	-3.8%	17.7%	-2.1%	5.6%	-4.3%	-1.1%	10.2%
Free cash flow yield	-19.6%	-5.6%	-11.8%	-17.7%	-13.6%	-2.9%	-6.8%	-16.2%
Earnings yield	-9.0%	-5.2%	26.1%	-2.8%	6.6%	-3.8%	-5.5%	19.5%
Enterprise value	₹3.6B	₹4.2B	₹4.3B	₹2.5B	₹2.7B	₹3.2B	₹807.4M	₹1.8B
Net debt / EBITDA	44.19×	7.97×	0.84×	-9.7×	0.11×	1.75×	4.18×	0.33×
Cash conversion cycle (days)	-870	-142,899	327	142	191	139	107	102