Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 31 Oct - H1FY27 consolidated PAT ₹118.08 crore; fund first closes, rating upgrade, DRHP filings and mutual fund launch plan.
Source: Bse
Ashika Global Securities Limited (ASHIKAG)
Small CapFinancial Services stocks · Small cap · NSE
Ashika Global Securities Limited is an RBI-registered Middle Layer NBFC-ICC and a diversified financial services group offering retail and institutional broking, investment banking, merchant banking, asset management (AIF and mutual funds), global family office services, and lending solutions across India.
Data qualityFresh enough for analysisQuote updated 04 Nov, 03:31 pm ISTDetails
Quote04 Nov, 03:31 pm IST
Base fundamentals01 Nov 2026 · screener
Latest result02 Nov, 01:06 am IST
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 15.0 (n=246)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -5.8% / mo · MACD +
Stock trend: 45
Sector RS: 45
Sector 3M: -4.7% vs Nifty 500 -4.1%
Financial Services FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
ASHIKAGD candles · FIT view-4.4%Latest close ₹372.00 on 2026-11-04
Daily history is available from 2026-04-20; the requested 1Y window is partially covered.
Bar
+3.6%
RSI
43
MACD hist
0.06
52W pos
23%
2026-11-04O ₹359.20H ₹375.00L ₹355.65C ₹372.00Vol 19,556 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ASHIKAGNifty Financial ServicesNifty 500
- ASHIKAG
- -18.1%
- Nifty 500
- -4.0%
- Nifty Financial Services
- -3.3%
- Vs Nifty 500
- -14.2 pp
Chart stats
4 Nov 2026- From 52W high
- -22.2%
- 52W range position
- 23%
- ATR (14)
- 4.4%
- Volume vs 20D
- 0.46x
- Avg traded value
- ₹1.6 Cr
- 20D price channel
- ₹355.7 - ₹400.4
₹478
₹340 - ₹478
₹16.5
Latest completed session
20-session average
39.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +12.5% · PAT +466.7% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-124.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 65/100Rev +13% YoY · PAT +467% YoY · operating leverage
Filed 30 Sept 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹63 Cr | +12.5% | -62.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹17 Cr | +466.7% | -83.2% |
| PAT margin | 27.0% | +2162 bps | -3278 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 35.20
- P/B
- 2.16
- EV/EBITDA
- 165.89
- Market Cap
- 2809.00Cr
Profitability
- ROE
- 5.58%
- ROCE
- 9.44%
- ROA
- 4.38%
- Dividend Y
- 0.13%
Growth (CAGR)
- Revenue 5Y
- 59.00%
- EPS 5Y
- 59.00%
- Revenue 3Y
- 108.00%
- EPS 3Y
- 108.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- —
- Altman Z
- 4.54
- Book Value
- 176.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -86.00 Cr
- EPS TTM
- 7.36
Shareholding
- Promoter Hold
- 74.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 4/11/2026
Revenue
₹ CrLatest: 63.0-62.7% vs prev
Net Profit
₹ CrLatest: 17.0-83.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 43.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 22% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
54
RS percentile
Insufficient history
1M return
-7.2%
3M return
-8.3%
6M return
-9.0%
1Y return
-
RS 1D
-7
RS 20D
-
Sector rank
#11
Industry rank
#67
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
price below
200-DMA
unavailable
Sector
neutral
Industry
lagging
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
128 observations
03 Nov 2026Value 96.06-5.97%
RS vs Nifty 50096
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth21/25
Quality0/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 21/25 to the score.
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Fair-value margin of safety is negative at -124.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
35.2
PB
2.2
EV/EBITDA
165.9
ROE
5.6%
ROCE
9.4%
FCF Yield
—
Debt/Equity
0.1
MoS
-124.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-124.6%
Previous: -124.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
05 Nov 2026
v4.3-runtime-valuation
28
28
28
28
28
32
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹170.72
-117.9% MoS
Growth-justified P/E
22.5
Growth-justified Value
₹165.6
-124.6% MoS
PEG
0.45
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FINKURVE
Small
Finkurve Financial Services Limited
NBFC
match 164
41
44.4
13.3%
-84%
WATCHLIST
CIFL
Small
Capital India Finance Limited
NBFC
match 163
15
—
-8.6%
-288%
OVERVALUED
BAIDFIN
Small
Baid Finserv Limited
NBFC
match 162
43
9.8
7.3%
+54%
WATCHLIST
DCMFINSERV
Small
DCM Financial Services Limited
NBFC
match 161
16
—
—
—
OVERVALUED
HYBRIDFIN
Small
Hybrid Financial Services Limited
NBFC
match 161
51
18.0
6.5%
+25%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-11-03T05:11:18.671Z
Management commentary snapshot
Consolidated H1 FY27 total income grew 32.4% YoY to ₹23,443 lakhs and PAT rose 32.5% YoY to ₹11,808 lakhs, supported by amalgamation-driven net worth expansion to ₹1,29,755 lakhs.
The investment thesis remains intact following a structural amalgamation in May 2026 that lifted consolidated net worth to ₹1,29,755 lakhs (31.0% YoY), funding new verticals including AIFs, merchant banking, and mutual fund incubation without immediate dilution. Diversification across fee- and spread-based revenue streams provides resilience.
Growth engines
Alternative Investment Funds (AIF)
POSITIVEAshika Growth Equity Fund (PE) achieved first close with >₹215 cr commitments; Ashika Credit Opportunities Fund achieved first close with ~₹300 cr commitments.
Merchant Banking Pipeline
POSITIVEFiled two Mainboard DRHPs aggregating an issue size of ~₹800 Cr (Mount Everest Breweries Ltd. and Kataline Ltd.).
Digital Platform Scaling (Dhanush 2.0)
POSITIVECompleted 100% rollout and customer migration to Dhanush 2.0, moving from legacy execution to an integrated wealth ecosystem.
Institutional Equities Expansion
POSITIVEExpanded coverage universe across sectors and empanelled with 100+ clients including DIIs, FIIs, Banks, AIFs, PMS, and Family Offices.
Capacity and execution
Private Credit Fund Deployment
ON_TRACKAshika Credit Opportunities Fund secured ~₹300 cr in commitments with 20% drawdown initiated and deployment starting in Q3 FY27.
Mutual Fund Incubation
ON_TRACKReceived in-principle SEBI approval for Mutual Fund, progressing towards securing final regulatory approval.
Tailwinds
Financialisation of Savings
POSITIVERising retail participation, expanding SIP habits (~₹32,000 cr monthly across ~10 crore accounts), and growing participation from Tier 2/3 cities.
Private Credit Market Growth
POSITIVEStrong mid-market credit gap supporting India's growing private credit market demand for structured finance.
Headwinds
Capital Market Volatility
NEUTRALForward-looking statements note potential risks from securities market volatility, shifting economic conditions, and interest rate fluctuations.
Risk radar
Regulatory and Compliance Risks
MONITORBusiness operations remain subject to new regulatory frameworks, SEBI guidelines, and evolving compliance policies.
Execution Risk in New Verticals
MONITORScale-up of incubation-stage verticals like Mutual Funds and specialized AIF funds requires sustained deployment and competitive positioning.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company discloses half-yearly consolidated financial performance and growth metrics primarily against the corresponding previous periods (YoY) to demonstrate scale acceleration following corporate actions.
Sector KPIs management disclosed
Total Assets Under Advice (AUA)
POSITIVETotal assets under advice stood at over ₹26,000 Cr+ across the platform.
Margin Trading Facility (MTF) Book
POSITIVEMTF book crossed ₹500+ cr.
Client Base
POSITIVEServing approximately 1,35,000+ total clients and ~1,00,000 demat accounts.
Consolidated Net Worth
POSITIVENet worth reached ₹1,29,755 lakhs (31.0% YoY) up from ₹1,16,910 lakhs as of March 2026.
Management forward view
Amalgamation Benefits
POSITIVEManagement highlights that the May 2026 amalgamation lifted consolidated net worth to ₹1,16,910cr+, funding the entire growth agenda without near-term equity dilution.
Cross-Synergy Model
POSITIVEManagement emphasizes leveraging existing client relationships and brand heritage across 10+ operating divisions to cross-sell new asset management and lending products.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Private Credit Deployment | ~₹300 cr commitments received with deployment commencing Q3 FY27 | Pace of capital deployment and realization of targeted gross returns of 16-18% |
| Merchant Banking Issue Conversions | 2 Mainboard DRHPs filed aggregating ~₹800 Cr issue size | Successful regulatory approvals and listing completions for filed mandates |
| Mutual Fund Final Approval | In-principle SEBI approval received | Receipt of final regulatory license and operational launch of Ashika Mutual Fund |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 44th percentile within Financial Services. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Financial Services: 44th pctile, median 63 · Small: 32nd pctile, median 66
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 5%.
Trust risks
- ▸Operating cash flow is negative at ₹-86 Cr.
- ▸Promoter holding is only 7%.
- ▸ROE is low at 7.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ashika Global Securities Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationOct 2026
Oct 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 23 Oct - Completed 26% acquisition of Resurgent India Rating Pvt Ltd for ₹26,000; it becomes an associate company.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 18 Sep - Two WOS, Ashika Global Asset Management and Trustee Company, incorporated on 17 Sept 2026 for mutual fund business.
Source: Bse
Credit rating
Intimation About The Credit Rating Of The Material Subsidiary Of The Company Under Regulation 30 Of SEBI (LODR) Regulations 2015 23 Sep - CARE upgraded Ashika Stock Services’ ratings: ₹200 crore long-term A-, ₹300 crore short-term A1, ₹100 crore commercial paper A1.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 3h - The newspaper advertisement published on Thursday, 23rd July, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 30 Jun - Acquired remaining 80.1527% in Ashika Capital for Rs 39.32 crore; ACL becomes wholly owned subsidiary.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Acquisition 2 Sep - SEBI extended mutual fund sponsorship approval by six months from 29 June 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change of Company Name 24 Jun - MCA issued fresh incorporation certificate renaming company to Ashika Global Securities Limited on 23 June 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Jun - Copies of newspaper advertisement published today, i.e. Monday, 29.06.2026 in Financial Express- English-All India Edition and Arthik Lipi- Bengali- West Bengal Edition.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jun - The Newspaper Publication dated 11.06.2026 - Notice for Compulsory transfer of Equity Shares of the Company to IEPF in the Financial Year 2026-27
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.