Debt-Free Stock Surges Over 500% In Year After Stock Split: More Steam Left?

On Friday's closing session, Ashnisha Industries, a small-cap commercial services company, had a market valuation of Rs 199.49. Since the pre-Covid levels, Dalal Street has generated several multibagger stocks, including this one. The talk of the town is that the scrip has gained 21.39% so far in 2023 on a YTD basis, but analysts are bullish on more potential upside, which is like bread and butter for the potential investors, despite the company being one of the debt-free stocks according to the data available on Screener. The corporation announced its first-ever corporate action, a stock split from Rs. 10 to Rs. 1, with an ex-date of June 23, 2022.

Ashnisha Industries Share Price History

On Friday, the shares of Ashnisha Industries closed on the BSE at Rs 20.15 up by 1.82% from the previous close of Rs 19.79. The stock made a 52-week-high of Rs 25.72 on (06/06/2023) and a 52-week-low of Rs 2.95 on (29/09/2022), implying that at the current market price, the stock is trading 583.05% above the 1-year low and 21.65% below the 1 year high. The firm went public on the BSE on July 31, 2018, and from that day, it climbed in value from Rs 1.10 to the current market price of Rs 20.15, registering an all-time high of 1,731.82%.

Boasting a multibagger return of 2,043.62%, the stock price went up from Rs 0.94 to the present market price during the past five years. Considering a multibagger return of 6,661.74%, the stock price has gone up from Rs 0.30 to the present market price during the past three years. A multibagger return of 552.10% was recorded by the stock over the course of the last year, rising from Rs 3.09 to the present market price. On a YTD basis, the stock has rallied 21.39% so far in 2023 and has surged 4.62% in the last 5 trading sessions.

Ashnisha Industries Financials

On a consolidated basis, the firm reported net sales of Rs. 2.55 crore in the June 2023 quarter, which is a rise of 1.56% from Rs. 2.51 crore in the corresponding quarter in the previous year. Its consolidated net profit was Rs. 0.31 crore in the first quarter of FY24, up 2094.41% from Rs. 0.01 crore in the same quarter of FY23. Its EBITDA was Rs. 0.39 crore, up 50% from Rs. 0.26 crore, as per the data of Moneycontrol.

On a standalone basis, the company reported net sales of Rs 2.18 crore in the June 2023 quarter up 313.43% from Rs. 0.53 crore in the June 2022 quarter. Its net profit was Rs. 0.30 crore in the first quarter of FY24, up 19.81% from Rs. 0.25 crore in the same quarter of FY23, and its EBITDA was Rs. 0.30 crore, up 20% from Rs. 0.25 crore.

Ashnisha Industries News

This week, the company inked a Letter of Intent (LOI) for the land in Village: Patdi, District: Surendranagar, which would be utilized to build a 3MW solar power plant. The firm had previously said that its board had approved its entry into the solar power industry and given the director of the company the go-ahead to work with vendors to lease land for the construction of Solar Power Plant Fields. Ashnisha Industries Ltd. aims to play an important role in India's transition to clean energy and make a substantial contribution to the sustainable growth of the country by entering the solar power sector.

Ashnisha Industries Share Price Target

Commenting on the share price outlook of Ashnisha Industries, Vaibhav Kaushik, Research Analyst at GCL Broking said Ashnisha stock is performing exceedingly well with a presence in sunrise sectors, the stock price may double very shortly and touch levels around Rs.38.

Disclaimer

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