Asian Warehousing Limited

Industrials — Specialty Business Services · BSE

₹32.60+₹1.72 (+5.57%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:48 pm

Understanding the Business

Company site ↗

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

What does this company do?

Asian Warehousing Limited engages in the provision of warehousing services for agricultural products in India. The company also trades in agricultural products. Asian Warehousing Limited was incorporated in 2012 and is based in Mumbai, India.

IndustrySpecialty Business Services

SectorIndustrials

Employees8

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹69 left at the operating level before interest, tax and depreciation. Each of its 8 employees supports ₹22.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹22.4 lakh

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.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 3.0% 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.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -2% while net margin moved +39% 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-2%

Margin effect+39%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 0.7% a year
• Profit CAGR of 10.7%

Quality vs. Valuation

Company Quality

51/ 100

Average

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

Valuation

64/ 100

Fair

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

44.1x

3Y Median

117.1x

40 monthly readings · mean 130.9x · range 48.2x–267.8x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 62% below its 3y median of 117.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 50% below the peer median of 88.8x.

vs. its own history

Cheap

117.1x median over 40 months · -62%

vs. sector peers

Cheap

88.8x median of 3 peers · -50%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

14.8x

PEG

4.10

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.27x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 1 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.2x — little room if earnings dip.
🟡Margins are compressingFinancial
EBITDA margin is down 4.9 points over 3 years.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.03 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 62% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 50% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 74.1% to 69.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 5.6x 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.

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

1EBITDA margin holds above 67%✓ 69.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 5.6x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 1.2x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 3.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 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

6 good · 2 neutral · 3 weak

Market Cap

₹11 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

44.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.43x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.74

Profitable

Profitable on a per-share basis

ROE

0.9%

Weak

Weak capital efficiency

ROCE

3.0%

Weak

Low return on total capital employed

Debt/Equity

0.27x

Low

Conservative leverage

Revenue Growth (YoY)

22.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

290.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

32.6%

Good

Healthy core-business profitability

Net Margin

14.2%

Good

Strong bottom-line conversion

Current Ratio

0.03

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.91

Defensive

Steadier than the market

52W Range Position

18%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

33.0 / 33.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

44.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr	-0.7%
EBITDA	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	-3.0%
EBITDA Margin	74.1%	76.8%	35.2%	69.3%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+10.7%
EPS	₹0.49	₹0.42	₹0.17	₹0.67	+10.7%
ROE	0.7%	0.6%	0.2%	0.9%	—
ROCE	3.5%	3.2%	1.8%	3.0%	—
Total Debt	₹8 Cr	₹8 Cr	₹7 Cr	₹7 Cr	-3.1%
Free Cash Flow	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	-18.3%

🟡 Revenue has been broadly flat over 3 years (-0.7% a year).

🔴 EBITDA has shrunk at 3.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 74.1% to 69.3% over 3 years (-4.9 pts).

🟢 PAT (Net Profit) has grown at 10.7% a year over 3 years.

🟢 EPS has grown at 10.7% a year over 3 years.

🟡 ROE has held roughly flat at 0.9% over 3 years.

🟡 ROCE has held roughly flat at 3.0% over 3 years.

🟢 Total Debt has shrunk at 3.1% a year over 3 years.

🔴 Free Cash Flow has shrunk at 18.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹35 Cr

Total Liabilities

₹8 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.1%

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

6 general

Compare Trio Mercantile with

Equitymaster, 17 Oct

Asian Warehousing Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 01 Sept

Asian Warehousing shareholders approve Bhavik Bhimjyani's re-appointment as CMD

scanx.trade, 21 Sept

Compare WOOLITE MERC with

Equitymaster, 06 Oct

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

Value Research, 29 Aug

Asian Warehousing posts ₹23.36 lakh net profit in FY26, shifts to services

scanx.trade, 24 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingBusiness Quality · Financial Health · Profitability · Valuation

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑