Ashirwad Steels & Industries Ltd

ASHSI

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Market Cap

₹ 36 Cr

P/E

15.72

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ashirwad Steels & Industries Limited was initially focused on manufacturing sponge iron, a business from which it has fully exited. Now, the company has pivoted towards the business of investments and lending.

Having sold its LPG bottling plant, the company is transitioning and exploring opportunities in real estate development, specifically residential projects in and around Kolkata.

The company's transformation plan includes a potential conversion to a Non-Banking Financial Company (NBFC), signaling a major strategic shift.

Despite its shift in core operations, Ashirwad Steels retains an interest in strategic industrial ventures, pending appropriate opportunities.

Sector

Finance

Industry

Finance - Investment / Others

Market Cap

36 Cr

Volatility

Low Risk

P/E Ratio

15.7

Industry P/E

30.0

PEG Ratio

8.9

P/B Ratio

0.4

52W High

53.00

52W Low

27.03

Sales CAGR

-2.27%

-17.85%

-28.24%

10Y

8.44%

Profit CAGR

1.77%

-20.77%

—

10Y

32.54%

ROE

TTM

2.73%

8.80%

7.11%

10Y

4.89%

ROCE

TTM

3.78%

10.34%

8.20%

10Y

5.84%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LERTHAI	560.00	39 Cr	—	3.87	0.00	-2.46	-2.45	-2.51
ASHSI	28.00	36 Cr	15.72	0.43	0.00	2.73	3.78	2.73
SNLFPP	9.15	35 Cr	—	1.74	0.00	—	—	0.00
MONOT	0.49	34 Cr	4.90	0.00	0.00	-371.96	100.08	95.25
SALSAIN	51.59	34 Cr	3.52	0.58	0.00	16.44	12.17	3.30
GALACTICO	2.23	34 Cr	16.21	0.93	0.00	5.70	8.13	2.87
WILLAMAGOR	30.90	34 Cr	—	0.00	0.00	0.16	10.09	-0.07

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	0.15	0.23	0.34	0.86	0.35	0.28	0.34	0.83	0.40	0.48
Expenses	0.32	0.23	0.18	0.27	0.23	0.23	0.23	0.40	0.32	0.28
Interest	0.01	0.00	0.05	0.01	0.02	0.00	0.00	0.01	0.00	0.02
Financing Profit	-0.18	0.00	0.11	0.58	0.10	0.05	0.11	0.42	0.08	0.18
Financing Margin %	-120.00	0.00	32.35	67.44	28.57	17.86	32.35	50.60	20.00	37.50
Other Income	0.64	0.70	0.69	0.78	0.70	0.67	0.59	0.54	0.65	0.66
Depreciation	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Profit Before Tax	0.43	0.68	0.74	1.33	0.78	0.70	0.68	0.94	0.71	0.82
Tax %	32.56	27.94	22.97	32.33	23.08	27.14	30.88	23.40	29.58	25.61
Net Profit	0.30	0.50	0.57	0.90	0.60	0.51	0.47	0.72	0.50	0.62
EPS in Rs	0.24	0.40	0.45	0.72	0.48	0.41	0.38	0.57	0.40	0.49
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	1.91	26	3.11	9.48	1.68	3.26	2.12	1.59	1.80	1.85
Expenses	2.53	23	7.40	14	4.69	4.29	-0.10	-0.14	1.09	1.18
Interest	0.02	0.11	0.03	0.10	0.05	0.01	0.02	0.06	0.03	0.01
Financing Profit	-0.65	2.77	-4.32	-4.86	-3.07	-1.05	2.20	1.66	0.68	0.66
Financing Margin %	-33.98	10.73	-139.14	-51.26	-183.15	-32.27	103.63	104.81	37.78	35.68
Other Income	2.15	1.78	15	2.99	3.18	0.87	2.32	2.81	2.49	2.45
Depreciation	0.63	0.62	0.46	0.36	0.36	0.35	0.08	0.08	0.08	0.08
Profit Before Tax	0.82	0.39	9.61	-3.53	-0.35	4.78	19	3.19	3.10	3.03
Tax %	1,396.25	-292.72	459.91	-2,468.39	1,048.49	3,030.20	985.53	342.28	386.82	27.39
Net Profit	0.76	0.52	7.52	-3.67	-0.31	4.62	17	2.26	2.30	2.20
EPS in Rs	0.54	0.49	6.01	-2.93	-0.25	3.70	13.43	1.81	1.84	1.84
Dividend Payout %	—	—	—	—	—	—	—	—	—	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	13	13	13	13	13	13	13	13	13	13
Reserves	38	40	40	48	43	44	49	66	68	71
Borrowings	0.00	0.00	0.00	0.00	1.99	0.00	0.00	0.00	0.00	0.00
Other Liabilities	2.23	1.55	2.92	1.02	1.02	0.76	0.02	0.00	0.09	0.01
Total Liabilities	53	54	56	62	59	57	61	78	81	83
Fixed Assets	8.77	8.24	7.40	4.88	4.99	4.65	0.61	0.42	0.35	0.40
CWIP	0.00	0.00	0.00	0.00	0.00	0.94	0.00	0.00	0.00	0.00
Investments	0.00	7.81	8.87	12	10	8.98	5.21	17	32	36
Other Assets	44	38	39	45	44	43	56	61	49	47
Total Assets	53	54	56	62	59	57	61	78	81	83

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.67	-1.46	-3.19	-8.72	3.66	-1.02	9.15	16	9.20	-4.64
Cash from Investing Activity	5.32	2.01	-1.06	17	-17	3.49	11	-9.27	-11	2.64
Cash from Financing Activity	2.89	-0.02	-0.11	-0.03	1.90	-2.05	-0.01	-0.02	-0.06	-0.03
Net Cash Flow	7.54	0.53	-4.37	8.40	-11	0.42	20	7.20	-2.23	-2.03

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	69.06%	69.06%	69.06%	69.06%	69.06%	69.06%	69.06%	69.06%	69.06%	69.06%	69.06%	69.06%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Public	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%
Total Shareholders	5,503	5,432	5,445	5,865	6,292	6,606	7,565	7,825	8,562	8,584	8,506	8,397

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 04, 2024	Swagat trexim private limited	Bulk	Sell	40.49	0.29 Cr	70,698	0.56
Jun 30, 2023	Manish agrawal	Insider - Promoter	Disposal	22.00	0.04 Cr	20,000	0.16
Jun 30, 2023	Larigo lnvestment pvt. ltd	Insider - Promoter Group	Disposal	22.00	0.07 Cr	32,405	0.26
Jun 30, 2023	Swagat trexim pvt. ltd.	Insider - Promoter Group	Disposal	22.00	0.12 Cr	55,000	0.44
Jun 30, 2023	Puran mal agrawal	Insider - Promoter	Disposal	22.00	0.01 Cr	3,250	0.03
Jun 30, 2023	Gita devi agarwal	Insider - Promoter	Disposal	22.00	0.02 Cr	7,000	0.06
Jun 30, 2023	Vinod kumar agarwal	Insider - Promoter	Disposal	22.00	0.02 Cr	10,000	0.08
Jun 30, 2023	Prema agarwal	Insider - Promoter	Disposal	22.00	0.02 Cr	10,000	0.08
Jun 30, 2023	Suresh kumar agrawal huf	Insider - Promoter Group	Disposal	22.00	0.00 Cr	1,500	0.01
Jun 30, 2023	Jagran vyapaar pvt. ltd.	Insider - Promoter Group	Disposal	22.00	0.20 Cr	90,000	0.72

Projection

Actions

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Announcements

Last 7 days

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Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	0.15	0.23	0.34	0.86	0.35	0.28	0.34	0.83	0.40	0.48
Expenses	0.32	0.23	0.18	0.27	0.23	0.23	0.23	0.40	0.32	0.28
Interest	0.01	0.00	0.05	0.01	0.02	0.00	0.00	0.01	0.00	0.02
Financing Profit	-0.18	0.00	0.11	0.58	0.10	0.05	0.11	0.42	0.08	0.18
Financing Margin %	-120.00	0.00	32.35	67.44	28.57	17.86	32.35	50.60	20.00	37.50
Other Income	0.64	0.70	0.69	0.78	0.70	0.67	0.59	0.54	0.65	0.66
Depreciation	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Profit Before Tax	0.43	0.68	0.74	1.33	0.78	0.70	0.68	0.94	0.71	0.82
Tax %	32.56	27.94	22.97	32.33	23.08	27.14	30.88	23.40	29.58	25.61
Net Profit	0.30	0.50	0.57	0.90	0.60	0.51	0.47	0.72	0.50	0.62
EPS in Rs	0.24	0.40	0.45	0.72	0.48	0.41	0.38	0.57	0.40	0.49
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	1.91	26	3.11	9.48	1.68	3.26	2.12	1.59	1.80	1.85
Expenses	2.53	23	7.40	14	4.69	4.29	-0.10	-0.14	1.09	1.18
Interest	0.02	0.11	0.03	0.10	0.05	0.01	0.02	0.06	0.03	0.01
Financing Profit	-0.65	2.77	-4.32	-4.86	-3.07	-1.05	2.20	1.66	0.68	0.66
Financing Margin %	-33.98	10.73	-139.14	-51.26	-183.15	-32.27	103.63	104.81	37.78	35.68
Other Income	2.15	1.78	15	2.99	3.18	0.87	2.32	2.81	2.49	2.45
Depreciation	0.63	0.62	0.46	0.36	0.36	0.35	0.08	0.08	0.08	0.08
Profit Before Tax	0.82	0.39	9.61	-3.53	-0.35	4.78	19	3.19	3.10	3.03
Tax %	1,396.25	-292.72	459.91	-2,468.39	1,048.49	3,030.20	985.53	342.28	386.82	27.39
Net Profit	0.76	0.52	7.52	-3.67	-0.31	4.62	17	2.26	2.30	2.20
EPS in Rs	0.54	0.49	6.01	-2.93	-0.25	3.70	13.43	1.81	1.84	1.84
Dividend Payout %	—	—	—	—	—	—	—	—	—	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	13	13	13	13	13	13	13	13	13	13
Reserves	38	40	40	48	43	44	49	66	68	71
Borrowings	0.00	0.00	0.00	0.00	1.99	0.00	0.00	0.00	0.00	0.00
Other Liabilities	2.23	1.55	2.92	1.02	1.02	0.76	0.02	0.00	0.09	0.01
Total Liabilities	53	54	56	62	59	57	61	78	81	83
Fixed Assets	8.77	8.24	7.40	4.88	4.99	4.65	0.61	0.42	0.35	0.40
CWIP	0.00	0.00	0.00	0.00	0.00	0.94	0.00	0.00	0.00	0.00
Investments	0.00	7.81	8.87	12	10	8.98	5.21	17	32	36
Other Assets	44	38	39	45	44	43	56	61	49	47
Total Assets	53	54	56	62	59	57	61	78	81	83

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.67	-1.46	-3.19	-8.72	3.66	-1.02	9.15	16	9.20	-4.64
Cash from Investing Activity	5.32	2.01	-1.06	17	-17	3.49	11	-9.27	-11	2.64
Cash from Financing Activity	2.89	-0.02	-0.11	-0.03	1.90	-2.05	-0.01	-0.02	-0.06	-0.03
Net Cash Flow	7.54	0.53	-4.37	8.40	-11	0.42	20	7.20	-2.23	-2.03

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Having sold its LPG bottling plant, the company is transitioning and exploring opportunities in real estate development, specifically residential projects in and around Kolkata.

The company's transformation plan includes a potential conversion to a Non-Banking Financial Company (NBFC), signaling a major strategic shift.

Despite its shift in core operations, Ashirwad Steels retains an interest in strategic industrial ventures, pending appropriate opportunities.

Sector

Finance

Industry

Finance - Investment / Others

Market Cap

36 Cr

Volatility

Low Risk

P/E Ratio

15.7

Industry P/E

30.0

PEG Ratio

8.9

P/B Ratio

0.4

52W High

53.00

52W Low

27.03

Sales CAGR

-2.27%

-17.85%

-28.24%

10Y

8.44%

Profit CAGR

1.77%

-20.77%

—

10Y

32.54%

ROE

TTM

2.73%

8.80%

7.11%

10Y

4.89%

ROCE

TTM

3.78%

10.34%

8.20%

10Y

5.84%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LERTHAI	560.00	39 Cr	—	3.87	0.00	-2.46	-2.45	-2.51
ASHSI	28.00	36 Cr	15.72	0.43	0.00	2.73	3.78	2.73
SNLFPP	9.15	35 Cr	—	1.74	0.00	—	—	0.00
MONOT	0.49	34 Cr	4.90	0.00	0.00	-371.96	100.08	95.25
SALSAIN	51.59	34 Cr	3.52	0.58	0.00	16.44	12.17	3.30
GALACTICO	2.23	34 Cr	16.21	0.93	0.00	5.70	8.13	2.87
WILLAMAGOR	30.90	34 Cr	—	0.00	0.00	0.16	10.09	-0.07