Ashoka Refinerie (526983)

Score breakdown: P/E: 0/3 · ROCE: 0/2 · Growth: 2/2 · Dividend: 0/1

Key Financials

Strengths

• Zero debt on the balance sheet, reducing financial risk
• Positive book value of ₹7.82 per share, providing some asset backing
• Piotroski F-Score of 6/9 indicates moderate financial health
• Stable 52-week range (₹11.79–₹14.15) showing low volatility

Concerns

• No revenue or profits, with negative ROE and ROCE
• Trades at 1.7x book value for a non-earning asset
• Micro-cap with ₹5 crore market cap and unknown promoter holding
• No dividend, no growth, and no clear path to profitability

AI Analysis

When I look at Ashoka Refinerie, I see a company that fails the first test I always apply: does it earn a return on the capital it employs? The answer is clearly no. With ROE at -6.19% and ROCE at -6.06%, this business is destroying value, not creating it. There is no sales growth, no profit growth, and the latest quarter shows essentially zero revenue. As Graham would say, a company without earnings is a speculation, not an investment. The only bright spot is the balance sheet: book value is ₹7.82 per share, and there appears to be no debt. But at ₹13.31, I am being asked to pay a 70% premium over that book value for a company that cannot generate a rupee of profit. That makes no sense. The Piotroski F-Score of 6/9 suggests the financial position isn't deteriorating badly, but that is a far cry from a quality business. With a market cap of just ₹5 crore, this is a micro-cap with negligible liquidity and no promoter holding data, which raises governance and transparency questions. There is no dividend, no growth, and no clear moat. In fact, I cannot identify any economic moat for a company in the 'Other Agricultural Products' space with zero revenue. This is a classic asset play at best, but even then, the price is too high relative to book value. I would need a significant margin of safety—perhaps a price closer to book or below—to even consider it. Otherwise, this is a pass.

Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer