Ashika Global Securities Limited (ASHIKAG) share price

₹415.45 on NSE as of 2026-09-11. +1.01% on the day. market cap ₹1,582 Cr. P/E 35.3. 52-week range ₹411.30 to ₹498.55. Financial Services.

Ashika Global Securities Q1 FY27: ₹169 Cr of Revenue, ₹101 Cr of Profit, and an EPS That Went Down Anyway

At a glance

An NBFC incorporated in 1994 as Ashika Credit Capital just spent a quarter doing things that credit companies from 1994 do not usually do. Revenue for the June 2026 quarter came in at ₹169 Cr against ₹118 Cr a year ago, up 43%. Net profit was ₹101 Cr against ₹88 Cr, up 15%. The company's own release calls it record results, with income of ₹172.14 crore and PBT of ₹129.73 crore.

Then the arithmetic does something odd. PAT rose 15% year on year, and EPS fell from ₹22.97 to ₹13.70. Nobody lost money in the interim — the share count moved. A composite scheme of amalgamation sanctioned by NCLT Kolkata on 8 May 2026 saw 4,03,52,586 shares allotted and 1,13,51,990 cancelled on 28 May, which is a rather large number of new denominators arriving at once.

The same board meeting on 31 July also approved raising up to ₹1,000 crore, appointed a CHRO, and signed off the quarter's numbers — a full evening's work between 6:00 PM and 8:30 PM, per the filing. Meanwhile the previous fundraise ended less tidily: of ₹109.62 crore of preferential warrants, only ₹36.54 crore arrived, and ₹24.36 crore of upfront money on 16,00,000 warrants was forfeited when the balance never came.

Same company, two quarters apart, reported a ₹35 Cr loss in March. Hold that thought.

Introduction

Ashika Global Securities Limited — formerly Ashika Credit Capital Limited, a name change approved by the Ministry of Corporate Affairs during the June 2026 quarter — is the flagship listed entity of the Ashika Group. Screener's description is short: loans and advances, inter-corporate deposits, loans against securities, and investments in shares and securities. The company is an RBI-registered non-deposit-taking NBFC, and management describes it as a Middle Layer NBFC-ICC.

The recent history is mostly corporate restructuring. Two composite schemes of amalgamation were accounted for in FY26 under the pooling-of-interest method: one merging Ashika Commodities & Derivatives Private Limited into Ashika Global Securities Private Limited and then AGSPL into the company (NCLT sanction 8 May 2026), and a second involving Yaduka Financial Services Limited (NCLT order 4 November 2025). Because of these, the auditors note that comparative figures for the June 2025 quarter are management-certified restated numbers and are not comparable with what was originally published.

On 30 June 2026 the company acquired the remaining 80.15% of Ashika Capital for ₹39.32 crore, taking it to a wholly owned subsidiary; the previously held 19.87% stake was fair-valued, with ₹534.41 lakhs recognised in Other Comprehensive Income. On 11 May 2026 it sold 100% of Ashika Logistics for ₹184.44 lakhs against a book value of ₹152.81 lakhs, booking ₹31.63 lakhs of profit. The consolidated results now roll up ten subsidiaries, including a step-down entity in GIFT IFSC.

May 2026 also brought a 5% dividend, an auditor change — DHC & Co out, JKVS & Co reviewing the June quarter — and a postal ballot seeking ₹2,500 crore borrowing limits and ₹3,000 crore of Section 185 limits.

Business model

The registration says NBFC. The org chart says everything else.

The lending business is genuinely a lending business: loans against securities, inter-corporate deposits, special-situation transactions, and long- and short-term investments deployed across equities and fixed income. That is the holding company's own balance sheet at work — proprietary capital, described by management as focused on liquidity management and capital preservation.

Bolted onto that is a broking house with thirty-plus years of heritage, ~1,35,000 total clients, ~1,00,000 demat accounts, ~₹23,400 Cr of assets under advice, 320+ authorised persons and 950+ channel partners, running across 14 operating branches in 17 states with 7 more in pipeline and six opened in the June quarter alone. The trading app is called Dhanush, with a Dhanush 2.0 in the works whose pitch includes an AI assistant named "Ask Ashika," because 2026.

Then the alternatives shelf: a CAT II private equity AIF targeting ₹500 Cr plus green shoe, a CAT II private credit fund targeting ₹2,000 Cr with ₹150 Cr warehoused and ~₹500 Cr of soft commitments, and a CAT III listed-equity fund. Plus CAT I merchant banking, an institutional equities desk empanelled with 100+ institutions, an investment bank claiming $2 bn+ of transaction experience and 200+ marquee clients, a family office research vertical, and a mutual fund whose in-principle SEBI approval is currently sitting with SEBI awaiting an extension of its validity.

Twelve verticals on the wall, three of them marked "in incubation stage" in the presentation's own footnote. The segment disclosure, however, is refreshingly blunt about where the money actually comes from: Financial Activities contributed ₹136.26 Cr of the ₹172.15 Cr of segment income this quarter, with broking and distribution at ₹36.53 Cr and Investment Management at ₹0.28 Cr. The client list — Swiggy, Ola, Saregama, Rebel Foods, Hinduja — belongs to the investment bank. The profit, this quarter, belongs to the balance sheet.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ashika Global Securities Limited.

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