Arshiya Limited

Industrials — Integrated Freight & Logistics · BSE

₹0.88+₹0.01 (+1.15%)

DalalBaazaar Score

16 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, the company is currently loss-making.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, with modest growth. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Arshiya Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Arshiya Limited provides integrated supply chain and logistics infrastructure solutions in India. The company operates in two segments, Free Trade Warehousing Zones (FTWZ)/Special Economic Zone (SEZ) and Domestic Warehousing.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Annual revenue₹15 Cr

How does it make money?

Turns over ₹15 Cr a year. Of every ₹100 of sales, about ₹-7322 reaches shareholders as profit, with ₹67 left at the operating level before interest, tax and depreciation.

EBITDA margin66.8%

Net margin-7321.5%

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -90% while net margin moved -2693% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-90%

Margin effect-2693%

DalalBaazaar Score

16/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

15/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

Multiples unreliable — equity base is negative

P/E (Trailing)

Not meaningful

P/B

—

EV/EBITDA

86.1x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention5

Debt is rising
Total debt is up 38% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Inventory building faster than sales
Inventory is up 32% against revenue growth of -90% — stock may not be moving.
Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.
Short-term liquidity is tight
Current ratio of 0.08 — near-term obligations exceed near-term assets.

Red Flags

8 items require attention · 5 high · 3 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only -58.0x — little room if earnings dip.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹1,094 Cr in the latest reported year.
🔴Inventory building faster than salesFinancial
Inventory up 32% against revenue up -90% — stock may not be moving.
🟡Debt is increasingFinancial
Total debt is up 38% over 3 years.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -2.9x to -58.0x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.08 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
The debt load needs earnings to hold up
Debt is 83.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
5 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 65%✓ 66.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 83.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹6 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ -58.0x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 6 neutral · 4 weak

Market Cap

₹23 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-0.08

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

2.8%

Modest

Modest growth

Profit Growth (YoY)

6.9%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹3,022 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹0.88

ROA

-2.5%

Weak

Assets generate little profit

Operating Margin

-88.7%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.08

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.40

Defensive

Steadier than the market

52W Range Position

17%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

0.8 / 0.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

76.7

Overbought zone

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹150 Cr	₹26 Cr	₹14 Cr	₹15 Cr	-53.6%
EBITDA	₹99 Cr	-₹4 Cr	-₹37 Cr	₹10 Cr	-53.5%
EBITDA Margin	66.1%	-13.8%	-272.2%	66.8%	—
PAT (Net Profit)	₹424 Cr	-₹183 Cr	-₹1,175 Cr	-₹1,094 Cr	—
EPS	₹16.11	₹-6.95	₹-44.59	₹-41.54	—
ROE	42.0%	-22.0%	—	—	—
ROCE	49.4%	-8.2%	—	—	—
Total Debt	₹605 Cr	₹606 Cr	₹821 Cr	₹836 Cr	+11.4%
Free Cash Flow	₹68 Cr	-₹35 Cr	-₹22 Cr	-₹6 Cr	—

🔴 Revenue has shrunk at 53.6% a year over 3 years.

🔴 EBITDA has shrunk at 53.5% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 66.8% over 3 years.

🔴 PAT (Net Profit) has turned negative, from ₹424 Cr to -₹1,094 Cr.

🔴 EPS has turned negative, from ₹16.11 to ₹-41.54.

🔴 Total Debt has grown at 11.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹68 Cr to -₹6 Cr.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹1,444 Cr

Total Liabilities

₹2,884 Cr

Total Debt

₹836 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹6 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

24.5%

Corporate Actions

Ex-Dividend Date

06 Sept 2012

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 mixed4 general

Arshiya Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 16 Oct

Arshiya Limited (ARSHIYA.NS) Edges Higher: Penny Stock Holds Above ₹0.80 Support - ALMA Signal

https://www.siam.in/, 09 Oct

Arshiya NSE:ARSHIYA Regulation 74(5) Compliance Certificate Q2 FY27

Kalkine India, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

ARSHIYA.NS Q2 2025 Earnings: Revenue Climbs 8.59% While Per-Share Loss of ₹41.54 Dominates - Earnings Deceleration Risk

https://www.siam.in/, 07 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Arshiya Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 30 Aug

PRISMX Stock Price and Chart — NSE:PRISMX

TradingView, 17 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Arshiya Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 5 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 65%66.8%
✗Debt / EBITDA falls below 3x83.8x
✗Free cash flow remains positive-₹6 Cr
✗Interest cover stays above 3x-58.0x