Driven by short-term liabilities exceed short-term assets, negative free cash flow, the company is currently loss-making.
In simple words: The company is currently losing money, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.
Decision support, not a buy or sell call.
As of 18 Oct 2026, 6:02 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.
The 60-second version of Ashram Online.com Limited — what it does, how it earns, and who it competes with, before any of the numbers below.
What does this company do?
Ashram Online.com Limited engages in the trading and marketing of a diverse range of traditional and spiritual products in India. The company offers homam, puja, pariharam, and samskaram services.
IndustryPersonal Services
SectorConsumer Cyclical
Employees4
Annual revenue₹0 Cr
How does it make money?
Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-27 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹12.1 lakh of revenue a year, the signature of a people-led business.
EBITDA margin25.5%
Net margin-26.8%
Revenue / employee₹12.1 lakh
Who are its competitors?
The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.
MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%
TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%
TRENT LTDP/E 87.2x · ROE 25.9%
AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%
What is its competitive advantage?Little sign of one
Returns on capital of 1.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.
ROCE1.0%
ROE-1.2%
Peer median ROE25.9%
What has been driving growth?
Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +23% while net margin moved -58% 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+23%
Margin effect-58%
DalalBaazaar Score
38/ 100
Weak
Weighted across six categories. Every point is explained below.
✗ Return on equity is negative
Quality vs. Valuation
Company Quality
36/ 100
Weak
How good the business is, ignoring the share price entirely.
vs
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
No P/E — the company is lossmaking
P/E (Trailing)
Not meaningful
P/B
0.56x
EV/EBITDA
78.8x
PEG
—
Dividend Yield
None
What's Good / What's Bad
🟢 What's Going Well2
Margins are improving
EBITDA margin is up from 3.4% to 25.5% over 3 years.
Return on capital is rising
ROCE has improved from -2.0% to 1.0%.
🔴 What Needs Attention3
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 384% against revenue growth of 23% — customers are taking longer to pay.
Short-term liquidity is tight
Current ratio of 0.25 — near-term obligations exceed near-term assets.
Red Flags
5 items require attention · 4 high · 1 watch
🔴Thin interest coverageFinancial
Operating profit covers interest only 0.5x — 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 -₹0 Cr in the latest reported year.
🔴Receivables growing faster than salesFinancial
Receivables up 384% against revenue up 23% — sales are being booked faster than they are collected.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.25 — near-term obligations exceed near-term assets.
Investment Thesis
🟢 Bull CaseWhat could make this work?
Margin expansion has further to run
EBITDA margin has risen from 3.4% to 25.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
🔴 Bear CaseWhat could go wrong?
The debt load needs earnings to hold up
Debt is 29.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 384% against revenue up 23%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 7.2% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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.
🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today
1EBITDA margin holds above 24%✓ 25.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 29.0x
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✗ -₹3 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 0.5x
How much operating profit can fall before interest stops being comfortably covered.
5Revenue growth stays above 5% a year✓ 7.2% CAGR
Latest reported year was 64.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
Investment Checklist
4 / 11 checks passed
✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ 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
3 good · 2 neutral · 6 weak
Market Cap
₹6 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
0.56x
Reasonable
Reasonable against the company's book value
EPS (TTM)
₹-0.09
Loss-making
Negative earnings per share — the business is losing money
ROE
-1.2%
Weak
Weak capital efficiency
ROCE
1.0%
Weak
Low return on total capital employed
Debt/Equity
0.32x
Low
Conservative leverage
Revenue Growth (YoY)
64.8%
Healthy
Healthy top-line growth
Profit Growth (YoY)
-84.8%
Falling
Profits are shrinking
Dividend Yield
None
None
No dividend yield reported — usually means no payout, but verify if one was recently initiated
Free Cash Flow
-₹3 Cr
Cash burning
Spending more cash than the operations bring in
More Metrics
CMP
₹5.17
Operating Margin
20.8%
Good
Healthy core-business profitability
Net Margin
-9.7%
Weak
Very little revenue reaches the bottom line
Current Ratio
0.25
Tight
Tight short-term liquidity
Beta (vs Nifty)
0.40
Defensive
Steadier than the market
52W Range Position
43%
Mid-range
Mid-range
Technical Snapshot
SMA 20 / SMA 50
5.5 / 5.6
Bearish alignment (short < long)
Price vs SMA 200
Below
Long-term downtrend
RSI (14)
28.3
Oversold zone
Financial Trend (4-Year)
Metric
FY23
FY24
FY25
FY26
3Y CAGR
Revenue
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
+7.2%
EBITDA
₹0 Cr
₹0 Cr
-₹0 Cr
₹0 Cr
+109.5%
EBITDA Margin
3.4%
12.6%
-10.8%
25.5%
—
PAT (Net Profit)
-₹0 Cr
-₹0 Cr
-₹0 Cr
-₹0 Cr
—
EPS
₹-0.21
₹-0.01
₹-0.06
₹-0.11
—
ROE
-2.1%
-0.0%
-0.6%
-1.2%
—
ROCE
-2.0%
0.2%
-0.5%
1.0%
—
Total Debt
—
₹0 Cr
₹0 Cr
₹4 Cr
—
Free Cash Flow
₹0 Cr
-₹0 Cr
-₹0 Cr
-₹3 Cr
—
🟢 Revenue has grown at 7.2% a year over 3 years.
🟢 EBITDA has grown at 109.5% a year over 3 years.
🟢 EBITDA Margin has risen from 3.4% to 25.5% over 3 years (+22.1 pts).
🟡 ROE has held roughly flat at -1.2% over 3 years.
🟢 ROCE has risen from -2.0% to 1.0% over 3 years (+3.0 pts).
🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹3 Cr.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.
DalalBaazaar Thesis
🟡Business QualityAdequate10.3/20
🔴Financial HealthStretched7.8/20
🔴GrowthWeak7.6/20
🔴ProfitabilityWeak1.3/15
🟡ValuationFair7.1/15
🔴RiskHigh4/10
Weak on the fundamentals
Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.
