Ahimsa Industries Limited (AHIMSA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Ahimsa Industries' revenue was ₹0.0 Cr (-100.0% year on year, -100.0% on the previous half-year), and net profit ₹-0.3 Cr (a smaller loss than a year earlier).
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹0.0 | -100.0% | -100.0% |
| Operating profit | ₹-0.2 | loss narrowed | loss widened |
| Net profit | ₹-0.3 | loss narrowed | loss widened |
| EPS (₹) | -0.49 | loss narrowed | loss widened |
📢 Recent Corporate Announcements
Rarever Financial Advisors Private Limited has submitted a post-offer advertisement under Regulation 18(12) of the SEBI (SAST) Regulations for Ahimsa Industries Limited. Ahimsa is a micro-cap plastic products manufacturer with a market cap of Rs 14 Cr and TTM revenue of Rs 10 Cr. The filing signals the completion of the open offer process under SEBI takeover rules. However, specific open offer pricing, tendered share volume, and final post-offer shareholding details are corrupted in the disclosure document.
- Post-offer advertisement issued under Regulation 18(12) of SEBI SAST Regulations 2011
- Rarever Financial Advisors acted as the manager to the open offer
- Company market cap stands at Rs 14 Cr with promoter holding at 51.03% as of Mar 2026
- Detailed tendering statistics and acquisition figures in the filing document are illegible/corrupted
Rarever Financial Advisors Private Limited has issued a pre-offer advertisement and corrigendum to the detailed public statement under SEBI (SAST) Regulations, 2011 for Ahimsa Industries. The filing follows requirements regarding physical share transfers, dematerialization windows, and regulatory compliance under LODR rules. The company has a market capitalization of ₹14 Cr and reported negative operating performance with TTM revenue of ₹10 Cr and a TTM net loss of ₹5 Cr.
- Pre-offer advertisement and corrigendum submitted under Regulation 18(7) of SEBI (SAST) Regulations, 2011
- Pertains to open offer processes alongside compliance with SEBI LODR Regulations, 2015
- Addresses transmission and dematerialization procedures for shareholders holding physical securities
- Current company market capitalization stands at ₹14 Cr against TTM revenue of ₹10 Cr
RarEver Financial Advisors, acting as merchant banker, has submitted the Independent Directors Committee's recommendations regarding an open offer for Ahimsa Industries Limited. The open offer to public shareholders is being made by Mr. Guruprasad Seetharam Kudva under Regulation 26(7) of the SEBI (SAST) Regulations, 2011. Ahimsa Industries is currently a micro-cap firm (market cap of approximately Rs 14 Cr) struggling with negative operating margins of -36.1% and a TTM net loss of Rs -5 Cr. Any change in management or promoter control arising from this open offer could significantly impact the operational direction of the struggling packaging firm.
- Open offer made by Mr. Guruprasad Seetharam Kudva to public shareholders under SEBI (SAST) Regulations, 2011
- Independent Directors Committee submitted recommendations via merchant banker RarEver Financial Advisors
- Company trades at a market cap of Rs 14 Cr against a TTM revenue base of Rs 10 Cr and net loss of Rs -5 Cr
Rarever Financial Advisors has issued a Letter of Offer on behalf of Mr. Guruprasad Seetharam Kudva to acquire up to 14,23,238 equity shares (26% voting share capital) of Ahimsa Industries at Rs 25 per share in cash. The total consideration payable under the open offer assuming full acceptance is Rs 3,55,80,950, which is fully backed by cash deposited in an escrow account. The tendering period opens on September 18, 2026, and closes on October 01, 2026. The offer price of Rs 25 compares to the independent registered valuer's assessment of Rs 18.36 per share.
- Open offer to acquire up to 14,23,238 shares representing 26% of voting equity capital
- Offer price fixed at Rs 25 per share payable in cash
- Total open offer size is Rs 3,55,80,950 (100% deposited in escrow account)
- Registered valuer CS Abhishek Chhajed determined share fair value at Rs 18.36 per share
- Tendering period scheduled from September 18, 2026 to October 01, 2026
Rarever Financial Advisors announced that the identified date for the proposed open offer to Ahimsa Industries' shareholders is fixed as September 03, 2026. The open offer by acquirer Mr. Guruprasad Seetharam Kudva seeks to acquire up to 14,23,238 equity shares (26.0% of voting equity capital) at ₹25 per share. The total open offer consideration stands at approximately ₹3.56 crore, representing ~25.4% of the company's current market cap of ₹14 crore.
- Open offer to acquire up to 14,23,238 equity shares representing 26.00% voting equity capital
- Offer price fixed at ₹25 per equity share (face value ₹10)
- Identified date established as September 03, 2026 to dispatch the Letter of Offer
- Total open offer size stands at approximately ₹3.56 crore against ₹14 crore market capitalization
Ahimsa Industries Limited has submitted its 31st Annual Report for FY26 and issued notice for its Annual General Meeting scheduled for September 22, 2026, via video conferencing. Key AGM agenda items include the adoption of FY26 audited standalone financial statements, the reappointment of Ms. Pooja Ambure retiring by rotation, and the appointment of Ms. Arti Jain as Independent Director for a 5-year term ending May 2031. The report also highlights ongoing disputed income tax demands aggregating to approximately ₹12.3 crore pending before the Commissioner of Income-tax (Appeals).
- 31st Annual General Meeting scheduled on September 22, 2026, at 11:30 AM IST via Video Conferencing.
- Proposed appointment of Ms. Arti Jain as Independent Director for 5 consecutive years from May 27, 2026, to May 26, 2031.
- Ms. Pooja Ambure (DIN: 10482692) offers herself for reappointment upon retirement by rotation.
- Disputed income tax demands pending before CIT(Appeals) total ~₹12.30 crore across multiple assessment years (including ₹7.88 crore for FY16 and ₹3.75 crore for FY15).
Ahimsa Industries has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended June 30, 2026, as per SEBI Insider Trading regulations. The company confirmed that 2 out of 2 required Unpublished Price Sensitive Information (UPSI) events were successfully captured in its internal, non-tamperable database. While this confirms regulatory hygiene, the company remains in a precarious financial position with a market cap of only Rs 14 Cr and zero revenue reported in the most recent quarter (March 2026). This filing is a routine administrative requirement and does not impact the company's underlying business operations.
- Successfully captured 2 out of 2 required UPSI events for the quarter ended June 30, 2026
- Maintains a non-tamperable internal database with an audit trail capability for 8 years
- Zero non-compliance observed in the previous quarter regarding SDD maintenance
- Compliance certified by Surbhi Singhvi Gupta, Compliance Officer, as of July 28, 2026
Financial Performance
Revenue Growth by Segment
Total revenue decreased by 26.88% from INR 20.24 Cr in FY23 to INR 14.80 Cr in FY24. Segment-specific growth percentages were not disclosed in the available documents.
Geographic Revenue Split
The company operates a manufacturing unit in Ahmedabad, Gujarat, and previously operated a unit in Maharashtra. It also exports machinery, but the specific percentage contribution from each region is not disclosed.
Profitability Margins
Profitability has significantly declined; PAT margin turned negative at -6.5% in FY24 from 0.47% in FY23. Operating margin dropped from 3.10% in FY23 to 0.50% in FY24 due to the shutdown of the Maharashtra unit.
EBITDA Margin
Operating margin (proxy for EBITDA) was 0.50% in FY24, representing a significant decline from 3.10% in FY23. Core profitability was adversely affected by increased expenses related to the Maharashtra unit closure.
Capital Expenditure
The company reported an acquisition of fixed assets in its cash flow statement for the half-year ended September 30, 2025, but the specific planned capital expenditure in INR Cr was not disclosed.
Credit Rating & Borrowing
CRISIL withdrew its 'CRISIL BB-/Stable' rating in December 2024 at the company's request. Interest coverage ratio deteriorated sharply from 2.15x in FY23 to 0.22x in FY24, indicating high financial risk.
Operational Drivers
Raw Materials
The primary raw material is polyethylene terephthalate (PET) resin, used for manufacturing preforms and bottles. Specific cost percentages for each material were not disclosed.
Capacity Expansion
Current installed capacity and specific planned expansion timelines were not disclosed in the available documents.
Raw Material Costs
Raw material costs are a significant driver, with the company noting susceptibility to price volatility. Specific YoY cost change percentages were not disclosed.
Manufacturing Efficiency
Operating margin fell to 0.50% in FY24, largely due to the operational inefficiency caused by the shutdown of the Maharashtra manufacturing unit.
Strategic Growth
Growth Strategy
The company aims to achieve growth by focusing on high-quality PET packaging products, expanding its export front for machinery (sugar confectionery and plastic processing), and leveraging the 30+ years of industry experience of its promoters.
Products & Services
PET preforms, PET bottles (for water, soft drinks, edible oils, ketchup, milk, fruit juices), sugar confectionery machinery, plastic processing machinery, and injection moulds.
Brand Portfolio
Ahimsa
Market Expansion
The company is optimistic about the recovery of the Indian economy and capital markets as drivers for future growth, though specific target regions and timelines were not disclosed.
Strategic Alliances
The company reported having no subsidiary, associate, or joint venture companies as of September 30, 2025.
External Factors
Industry Trends
The PET packaging industry is growing alongside the Indian economy. The company is positioning itself by focusing on core PET business and machinery exports to capitalize on this momentum.
Competitive Landscape
The landscape is characterized by intense domestic competition and demand fluctuations, which have pressured the company's margins and revenue.
Competitive Moat
The company's moat is based on the extensive 30-year industry experience of its promoters, Mr. Ashutosh Gandhi and Mrs. Sneha Gandhi, which provides deep operational knowledge in the packaging sector.
Macro Economic Sensitivity
The company is highly sensitive to Indian GDP growth and capital market development, which it views as the backbone of economic growth for its industry.
Consumer Behavior
Demand is driven by consumer consumption of bottled water, soft drinks, and edible oils, which require PET packaging.
Geopolitical Risks
The company notes that the country must grow economically to withstand international pressures from foreign countries, which could impact trade.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. As an SME-listed entity, certain corporate governance regulations like 27(2) are not applicable.
Taxation Policy Impact
The company recognized deferred tax assets of INR 0.36 Cr as of September 30, 2025.
Legal Contingencies
The secretarial audit for FY25 did not report any major pending court cases or specific case values in INR.
Risk Analysis
Key Uncertainties
Key risks include raw material price volatility and the ability to maintain margins amidst intense competition. The net loss of INR 0.92 Cr in FY24 highlights these uncertainties.
Geographic Concentration Risk
Manufacturing is concentrated in Ahmedabad, Gujarat, following the shutdown of the Maharashtra unit.
Technology Obsolescence Risk
The company has implemented audit trail features in its accounting software to ensure data integrity and mitigate digital risks.
Credit & Counterparty Risk
Receivables of INR 5.27 Cr against total assets of INR 8.58 Cr indicate significant credit exposure and potential risks to liquidity if collections are delayed.
