Document Dates

July 13, 2026 (Annual Report), May 23, 2026 (Financial Statements approval)

Financial Performance Summary

Ashima Limited reported deteriorating financial results for FY 2025-26, with consolidated net loss widening to ₹20.30 crore from ₹19.00 crore in the previous year. The loss was driven by both continuing operations (₹4.67 crore loss vs ₹0.24 crore loss in FY25) and discontinued textile operations (₹15.63 crore loss vs ₹18.76 crore loss in FY25).

Key Financial Metrics (Consolidated):

  • Revenue from Operations: ₹12.01 crore (FY26) vs ₹10.48 crore (FY25)
  • Total Comprehensive Loss: ₹22.99 crore (FY26) vs ₹18.18 crore (FY25)
  • Cash and Cash Equivalents: ₹16.25 crore (FY26) vs ₹64.33 crore (FY25) - 75% decrease
  • Net Cash from Operating Activities: Negative ₹40.29 crore (FY26) vs Negative ₹19.86 crore (FY25)
  • Total Borrowings: ₹164.21 crore (FY26) vs ₹121.63 crore (FY25)
  • Earnings Per Share: ₹(1.06) (FY26) vs ₹(0.99) (FY25)

Segment Performance:

Real Estate Division: Revenue increased to ₹5.66 crore with satisfactory progress on 'Swan Lake' and 'The Sovereign' projects, though the segment reported a loss of ₹1.39 crore before finance cost.

Investment Division: Managed by wholly-owned subsidiary Ashima Capital Management Limited (SEBI-registered PMS), reported profit of ₹0.61 crore with TWRR performance of 5.66% outperforming the benchmark (-3.12%). Assets Under Management stood at ₹302 crore as of March 31, 2026.

Capital Structure and Financing

  • Paid-up Capital: Remained unchanged at ₹19,166 lakhs (191,660,078 equity shares)
  • Preference Shares: 20,50,000 1% redeemable non-cumulative preference shares of ₹100 each outstanding
  • NCD Activity: Issued ₹120 crore through private placement at 7.5% interest, while redeeming ₹50 crore of existing debentures and partially redeeming another ₹28.25 crore
  • Net Debt to Equity Ratio: Increased to 0.59 from 0.41 in FY25

Corporate Governance and AGM Details

The company will hold its 43rd Annual General Meeting virtually on August 6, 2026. Key agenda items include:

  • Adoption of audited financial statements
  • Re-appointment of Mr. Chintan N. Parikh as Director
  • Appointment of Ms. Uttara Chintan Parikh as Non-Executive Non-Independent Director
  • Approval of director remuneration changes

No dividend was recommended for FY26. Remote e-voting will be available from August 3-5, 2026.

Management and Board Changes

Significant changes include appointment of Mrs. Vanita Mathur as CEO (w.e.f. March 1, 2026), Mr. Malay Dalal as Independent Director (w.e.f. May 1, 2026), and Ms. Uttara C. Parikh as Non-Executive Director (w.e.f. July 1, 2026).

Contingent Liabilities and Legal Matters

Total contingent liabilities of ₹45.02 crore include disputed tax demands (₹19.34 crore sales tax/VAT, ₹0.23 crore income tax) and other claims. A significant legal matter involves ₹750 lakhs in suspense account related to HDFC Bank-BBK cheque dispute, currently under appeal at DRAT/Bombay High Court.

Related Party Transactions

All transactions entered at arm's length and in ordinary course of business, including purchase of goods (₹119 lacs), professional fees (₹37 lacs to subsidiary), and development charges (₹235 lacs to related parties).

The company faces challenges from continued losses, cash flow deterioration, and increased leverage, while maintaining operations in real estate development and portfolio management services.