BSE: 541702
Ashnisha Industries Limited
Trades steel as its main line and, through subsidiary Adzillow Private Limited, also trades software, electronic and IT products. In FY26 consolidated revenue reached Rs. 12.85 crore, with standalone revenue of Rs. 8.44 crore; Steel Trading contributed Rs. 5.51 crore of revenue in Q4 FY26 alone and is the dominant segment. The software/IT product trading runs through subsidiary Adzillow. In March 2026 the company amended its objects clause to permit trading in metals, bullion, minerals, energy products, and related derivatives including hedging. Following a November 2025 rights issue of 16.41 crore shares at Rs. 3 each, raising Rs. 49.24 crore, the company is funding a 1.5 MW solar power project alongside working capital and general corporate purposes. Costs are dominated by other operating expenses at 8.5% of revenue and depreciation at 4.0%; employee cost is 2.2%. FY26 capex was Rs. 6.99 crore, equivalent to 54.4% of revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Steel Trading, Trading of Software, Electronic and IT Products, Others. Small, thin-margin trading firm that recently broadened its permitted scope to commodities and is investing rights-issue proceeds in a solar power project.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 20 | 12 | 5 | 13 |
| EBITDA (ex other income) | (0) | (0) | (0) | (4) | (2) |
| margin % | (0.6) | (1.5) | (3.6) | (82.9) | (13.2) |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 1.40 | 0.09 | 0.10 | 0.02 | 0.01 |
| ROE % · ROCE % | 0.7 · 2.0 | 1.2 · 1.5 | 1.2 · 1.8 | 0.2 · 1.5 | 0.2 · 0.3 |
| Debt / equity (x) | 0.03 | 0.02 | 0.05 | 0.60 | 0.04 |
| Cash from operations | (15) | (7) | 3 | (54) | (43) |
| Capex | (0) | 0 | (0) | (0) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 3 | 1 | 0 | 4 | 3 | 6 | 1 |
| Profit before tax | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.02 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel Trading | 9 | 65.9 |
| trading of software, electronic and IT product | 4 | 34.1 |
| Total, before eliminations | 13 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 77.3 | 13.9 | 116 of 130 | 11% |
| P/B | 0.5 | 0.9 | 41 of 150 | 71% |
| ROCE | 0.3 | 2.1 | 126 of 177 | 29% |
| ROE | 0.2 | 2.3 | 112 of 158 | 29% |
| Debt / Equity | 0.0 | 0.1 | 70 of 154 | 55% |
| EBITDA margin | 12.7 | 4.5 | 36 of 137 | 74% |
| Revenue growth | 286.9 | (8.6) | 12 of 135 | 92% |
| Profit growth | (66.8) | 0.6 | 108 of 157 | 31% |
| Market cap | 62 | 21 | 51 of 179 | 72% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 5 to approve September results | results | low | — | — |
| 2 Oct 2026 · RTA submits Reg 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · Independent Director appointment regularised at AGM | management changes | medium | — | — |
| 23 Sept 2026 · New statutory auditor appointed via AGM approval | management changes | medium | — | — |
| 23 Sept 2026 · AGM results: 8 resolutions passed including 4 related party deals | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Proceedings of 17th AGM held via video conferencing on September 23, 2026 | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Commencement of Power Generation from Solar Power Project | business updates | high | — | — |
| 31 Aug 2026 · Newspaper publication of 17th AGM notice on September 23, 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Ashnisha Industries: AGM notice dispatched to non-email shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.