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Shree Rama Multi-Tech Limited (SHREERAMA)

₹58.53 +15.33% last close, 16 Oct

📊 NSE: SHREERAMA 🏢 Packaging 📢 Latest filing: 21 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Shree Rama's revenue was ₹80.5 Cr (+45.5% year on year, +28.9% on the previous quarter), and net profit ₹8.1 Cr (+9.7% year on year); the operating margin was 16.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹80.5	+45.5%	+28.9%
Operating profit	₹13.5	+21.0%	+51.6%
Net profit	₹8.1	+9.7%	+71.0%
EPS (₹)	0.58	+9.4%	+75.8%
Operating margin	16.7%	—	—

Full quarterly financials → Results calendar →

SHREERAMA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 50.4% of the SHREERAMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.38%. That is close to its usual level. It traded 14.5 times its average daily volume. It closed at a price band (circuit) on 1 session in about the last 20.

50.4%Delivery, 16 Oct

61.38%Own 20-session average

14.5×Volume vs its average

₹58.53NSE close · +15.33%

Delivery in the last 5 sessions: 84.3% · 68.3% · 49.8% · 65.0% · 50.4%

Delivery across the market →Unusual volume today →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Shree Rama Multi-Tech Commences Production on New Tubing Machine, Adds 1.15 Cr Tubes/Month

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 21 Sep 2026, 03:26 PM

Shree Rama Multi-Tech has commenced commercial production from a new Tubing Machine at its Moti-Bhoyan plant on September 21, 2026. The expansion adds 1.15 crore tubes per month to its existing capacity of 7.70 crore tubes per month, representing a ~14.9% capacity increase. The project involves a capex of Rs 20 Crore (~11.2% of net worth), financed entirely via internal accruals, with full addition targeted within Q3 FY 2026-27. Existing capacity was operating at 90% utilization, justifying the brownfield expansion to capture sustained product demand.

Commercial production commenced on September 21, 2026 at Moti-Bhoyan facility
Capacity expansion of 1.15 Crores Tubes per month added to existing 7.70 Crore Tubes per month (~14.9% increase)
Existing capacity utilization was running at 90%
Total investment required is Rs. 20 Crore, funded entirely through internal accruals
Target completion period for the proposed capacity addition is the Third quarter of FY 2026-27

💡 Track capacity ramp-up and revenue contribution in Q3 and Q4 FY27 quarterly results, alongside operating margin preservation given sensitivity to polymer and aluminum raw material prices.

Shree Rama Multi-Tech Dispatches 32nd AGM Notice and FY26 Annual Report Links

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 26 Aug 2026, 12:16 PM

Shree Rama Multi-Tech Limited has informed the exchanges regarding the dispatch of letters under Regulation 36(1)(b) of SEBI LODR to shareholders whose email addresses are not registered. The communication provides QR codes and web links to access the FY 2025-26 Annual Report and 32nd AGM Notice. The 32nd Annual General Meeting is scheduled for Friday, September 25, 2026, at 11:00 AM IST via Video Conference/OAVM.

32nd AGM scheduled for Friday, 25th September, 2026 at 11:00 AM IST via VC/OAVM
Notice of the 32nd AGM was approved and dated 13th August, 2026
Letters dispatched with web links and QR codes to shareholders without registered emails pursuant to Regulation 36(1)(b)

💡 Shareholders can review the FY 2025-26 Annual Report via the provided web links and register email addresses with KFin Technologies or DPs ahead of the September 25, 2026 AGM.

Shree Rama Multi-Tech Schedules 32nd AGM on Sep 25, 2026; Proposes Reappointment of WTD

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 11:14 AM

Shree Rama Multi-Tech Limited has issued the notice for its 32nd Annual General Meeting (AGM) scheduled to be held via Video Conferencing on Friday, September 25, 2026. Key agenda items include adopting the audited financial statements for FY26 and the reappointment of Shri Hemal R. Shah as Whole-Time Director for a 3-year tenure effective November 27, 2026. The remote e-voting window will open on September 22, 2026, and close on September 24, 2026, with the cut-off date set as September 18, 2026.

32nd AGM scheduled for Friday, September 25, 2026, at 11:00 AM IST via Video Conferencing.
Remote e-voting opens on September 22, 2026 (09:00 AM) and ends on September 24, 2026 (05:00 PM).
Cut-off date for determining shareholder voting rights is Friday, September 18, 2026.
Proposed reappointment of Shri Hemal R. Shah as Whole-Time Director for a period of 3 years w.e.f. November 27, 2026.

💡 Shareholders on record as of September 18, 2026, may review the annual report and cast their votes during the remote e-voting period from September 22 to 24, 2026.

Shree Rama Q1 Revenue Grows 45% to ₹80.52 Cr; Preference Share Redemption Extended by 5 Years

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 01:25 PM

Shree Rama Multi-Tech reported a robust 45.5% YoY increase in revenue to ₹80.52 Cr for Q1 FY27. Net profit grew more moderately by 9.7% to ₹8.06 Cr, as raw material costs surged 50.5% YoY. A significant capital structure move was the 5-year extension for the redemption of 7,66,666 unlisted 15% cumulative preference shares (totaling ₹7.67 Cr), which preserves immediate liquidity. The company also re-appointed its Whole-Time Director for a 3-year term, ensuring leadership continuity.

Revenue from operations increased 45.5% YoY to ₹80.52 Cr in Q1 FY27 from ₹55.35 Cr.
Net profit rose to ₹8.06 Cr in Q1 FY27 compared to ₹7.35 Cr in the year-ago period.
Redemption of 7,66,666 preference shares (face value ₹7.67 Cr) deferred by 5 years.
Raw material consumption costs jumped to ₹47.87 Cr, representing 59.4% of total revenue.
Re-appointment of Shri Hemal R. Shah as Whole-Time Director for 3 years effective Nov 27, 2026.

💡 Investors should monitor the company's ability to maintain margins as revenue scales, given the high sensitivity to polymer and aluminum prices. The upcoming AGM on September 25, 2026, will be a key event for shareholder approvals on director re-appointments.

SHREERAMA Q1 PAT up 9.7% YoY to ₹8.06 Cr; Revenue grows 45% YoY to ₹80.52 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 01:20 PM

Shree Rama Multi-Tech reported a strong Q1 FY27 with revenue from operations reaching ₹80.52 Cr, a 45.5% increase compared to ₹55.35 Cr in the same quarter last year. Net profit grew 9.7% YoY to ₹8.06 Cr, while sequential growth was significant, rising 71% from ₹4.72 Cr in Q4 FY26. The board also approved extending the redemption tenure of 7,66,666 15% Cumulative Redeemable Preference shares (totaling ~₹7.67 Cr) by another 5 years, which preserves immediate liquidity. Additionally, Shri Hemal R. Shah was re-appointed as Whole-Time Director for a 3-year term starting November 2026.

Revenue from operations increased 45.5% YoY to ₹80.52 Cr in Q1 FY27.
Net profit for the quarter stood at ₹8.06 Cr, up from ₹7.35 Cr in the year-ago period.
Redemption of 7,66,666 preference shares of ₹100 each extended by 5 years.
Earnings Per Share (EPS) improved to ₹0.58 for the quarter from ₹0.33 in the previous quarter.
Profit Before Tax (PBT) reached ₹11.19 Cr, representing a 13.9% margin on total income.

💡 Investors should monitor if the company can sustain this higher revenue run-rate and track the progress of the planned ₹10-15 Cr modernization capex mentioned in previous filings. The extension of preference share redemption is a key liquidity management move to watch.

71% Sequential Profit Growth in Q1 FY27; Rs 7.67 Cr Preference Share Redemption Extended

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 01:07 PM

Shree Rama Multi-Tech reported a strong start to FY27 with Q1 revenue rising 45.5% YoY to Rs 80.52 Cr. Net profit grew 71% sequentially to Rs 8.06 Cr compared to Rs 4.72 Cr in the preceding March quarter. The board also approved extending the redemption period for 7,66,666 unlisted 15% cumulative preference shares (totaling Rs 7.67 Cr) by an additional five years, which aids short-term liquidity. Management continuity was also addressed with the re-appointment of Whole-Time Director Hemal R. Shah for three years.

Revenue from operations grew 45.5% YoY to Rs 80.52 Cr from Rs 55.35 Cr in the same quarter last year.
Net profit increased 71% quarter-on-quarter to Rs 8.06 Cr, up from Rs 4.72 Cr in March 2026.
Redemption of 7,66,666 preference shares worth Rs 7.67 Cr extended by 5 years, preserving immediate cash reserves.
Earnings Per Share (EPS) improved to Rs 0.58 for the quarter, compared to Rs 0.33 in the previous quarter.
Total expenses rose to Rs 69.56 Cr, with raw material costs accounting for 68.8% of total expenditure.

💡 Investors should monitor the sustainability of the 45% YoY revenue growth in upcoming quarters and check for the final approval of the preference share terms and director re-appointment at the AGM on September 25, 2026.

June 30, 2026: Shree Rama Multi-Tech Completes Quarterly SEBI Reg 74(5) Compliance

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 02:41 PM

Shree Rama Multi-Tech Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share dematerialization and rematerialization requests for the quarter ended June 30, 2026, have been processed and reported to the stock exchanges. The certificate was issued by the company's Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, on July 1, 2026. This is a standard procedural requirement for all listed companies to ensure accurate electronic shareholding records.

Compliance certificate covers the three-month period ended June 30, 2026
RTA KFin Technologies Limited issued the confirmation on July 1, 2026
Official intimation filed with BSE and NSE on July 6, 2026
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 No action is required as this is a routine administrative filing. Investors should focus on the upcoming quarterly financial results for updates on business performance.

Shree Rama Multi-Tech to Close Trading Window from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 02:17 PM

Shree Rama Multi-Tech Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the declaration of the company's unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are officially announced. This is a standard regulatory procedure for listed companies during the financial reporting period.

Trading window closure begins on July 1, 2026.
Closure is related to the unaudited financial results for the quarter ending June 30, 2026.
The window will reopen 48 hours after the financial results are declared.
Applies to all Insiders, Designated Persons, and their immediate relatives.

💡 No action is required as this is a routine regulatory filing. Investors should look out for the upcoming quarterly earnings announcement to evaluate the company's financial health.

Shree Rama Multi-Tech Adds 45 Lakh Tubes/Month Capacity via New Tubing Machine

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 03 Jun 2026, 04:39 PM

Shree Rama Multi-Tech Limited has commenced commercial production of a new high-technology tubing machine at its Moti-Bhoyan plant as of June 3, 2026. This expansion adds 45 lakh tubes per month to the existing capacity of 7.25 crore tubes per month, representing a 6% increase. The project required an investment of Rs. 10 crore, which was entirely funded through internal accruals. Given the company's high existing capacity utilization of 90%, this addition is strategically timed to capture growing market demand and is expected to boost both revenue and profitability.

Commenced commercial production of a new tubing machine at the Moti-Bhoyan plant on June 3, 2026.
Capacity addition of 45 lakh tubes per month, a 6% increase over the existing 7.25 crore tubes per month.
Investment of Rs. 10 crore funded completely through internal accruals, indicating strong cash flow management.
Expansion justified by a high existing capacity utilization rate of 90% and consistent product demand.
Expected to contribute to topline and bottomline growth starting from the second quarter of FY 2026-27.

💡 Investors should view this as a positive growth signal, especially since it is funded internally; monitor the Q2 FY27 results to see the actual impact on revenue and margins.

Shree Rama Multi-Tech Corrects Major Clerical Errors in FY26 Audit Impact Statement

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 09 May 2026, 04:41 PM

Shree Rama Multi-Tech Limited has issued a clarification regarding significant clerical errors in its Statement on Impact of Audit Qualifications for the fiscal year ended March 31, 2026. The company corrected its reported Total Assets from ₹207.52 Lakhs to ₹22,785.80 Lakhs and its Net Worth from a negative ₹1,321.64 Lakhs to a positive ₹17,753.13 Lakhs. These revisions are limited to the impact statement and do not affect the actual audited financial results, which reported a net profit of ₹2,435.29 Lakhs. The audit remains 'Qualified' due to the non-consolidation of a defunct Mauritius-based subsidiary.

Corrected Total Assets to ₹22,785.80 Lakhs from the erroneously reported ₹207.52 Lakhs
Net Worth revised to a positive ₹17,753.13 Lakhs from a previously reported negative ₹1,321.64 Lakhs
Total Liabilities adjusted to ₹5,032.67 Lakhs from the earlier reported ₹1,529.15 Lakhs
Net Profit for FY26 remains unchanged at ₹2,435.29 Lakhs with an EPS of ₹1.77
Audit qualification persists due to non-consolidation of defunct subsidiary Shree Rama Mauritius Limited

💡 Investors should update their records with the corrected balance sheet figures, which show a much stronger net worth than initially reported. Monitor the status of the defunct subsidiary qualification, though it appears to be a legacy issue with no immediate cash flow impact.

Shree Rama Multi-Tech FY26 Revenue Up 15% to ₹239.68 Cr; PBT Surges 54%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 09 May 2026, 01:54 PM

Shree Rama Multi-Tech reported a 15.3% year-on-year growth in annual revenue, reaching ₹23,967.74 Lakhs for FY26. Profit Before Tax (PBT) showed significant operational improvement, rising 53.8% to ₹3,359.71 Lakhs compared to ₹2,183.80 Lakhs in the previous year. While Net Profit appears lower at ₹2,476.23 Lakhs compared to ₹5,134.57 Lakhs in FY25, this is due to a one-time deferred tax credit of ₹2,950.77 Lakhs that inflated the previous year's figures. The company continues to operate efficiently in its core packaging materials segment.

Annual Revenue from operations increased by 15.3% to ₹23,967.74 Lakhs in FY26.
Profit Before Tax (PBT) for FY26 grew by 53.8% to ₹3,359.71 Lakhs from ₹2,183.80 Lakhs.
Q4 FY26 Revenue stood at ₹6,245.44 Lakhs, representing a 5.5% growth over Q4 FY25.
Net Profit was impacted by a tax expense of ₹883.48 Lakhs in FY26 versus a tax credit of ₹2,950.77 Lakhs in FY25.
Auditors issued a qualified opinion regarding the non-consolidation of a defunct Mauritius subsidiary, which is already fully provided for.

💡 Investors should prioritize the 54% growth in Profit Before Tax as the key metric for operational performance, as the Net Profit decline is purely a tax-base effect. The company's steady revenue growth and improving margins in the packaging sector make it a positive watch.

Arkade Developers Promoters Confirm Zero Pledged Shares for FY 2025-26

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 08 Apr 2026, 11:59 AM

Arkade Developers Limited has submitted its annual disclosure under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter group, led by Managing Director Amit Mangilal Jain, has declared that no shares held by them were encumbered or pledged, directly or indirectly, during the year. Amit Mangilal Jain holds the largest stake within the group with 12,38,57,808 shares. This routine filing confirms that 100% of the promoter holding remains free of any lien or pledge.

Promoters declared NIL encumbrance on their equity shares for the financial year ended March 31, 2026.
Lead promoter Amit Mangilal Jain holds 12,38,57,808 fully paid-up equity shares.
Other significant promoter group holdings include Anuja Nitesh Jain with 28,20,000 shares and Ketu Amit Jain with 26,82,040 shares.
The disclosure is a mandatory annual compliance under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

💡 Investors should view the lack of promoter pledging as a sign of financial stability and strong promoter confidence. No immediate action is required as this is a routine positive confirmation.

Arkade Developers Promoters Declare Zero Pledged Shares for FY 2025-26

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 08 Apr 2026, 11:58 AM

Arkade Developers Limited's promoter, Amit Mangilal Jain, has declared that the promoter group held zero encumbered shares for the financial year ending March 31, 2026. This disclosure, made under SEBI (SAST) Regulation 31(4), confirms that no shares were pledged directly or indirectly during the period. The promoter, Amit Mangilal Jain, personally holds 12,38,57,808 shares, representing a significant portion of the company. This transparency indicates that the promoters have not leveraged their holdings to raise debt, which is a positive sign for equity investors.

Promoters confirmed zero (NIL) encumbrance on shares as of March 31, 2026.
Lead promoter Amit Mangilal Jain holds 12,38,57,808 fully paid-up equity shares.
Other key promoter group holdings include Anuja Nitesh Jain with 28,20,000 shares and Ketu Amit Jain with 26,82,040 shares.
Compliance filed under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
The declaration covers the entire financial year 2025-26, ensuring no mid-year pledging occurred.

💡 This is a positive confirmation of promoter financial stability and low leverage. Investors can maintain confidence as there is no risk of a 'margin call' sell-off from pledged shares.

Shree Rama Multi-Tech Submits SEBI Reg 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Apr 2026, 11:16 AM

Shree Rama Multi-Tech Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the company and its Registrar and Transfer Agent (RTA), KFin Technologies, have processed all dematerialization and rematerialization requests for the quarter ended March 31, 2026. This document ensures that the company's shareholding records with NSDL and CDSL are accurately maintained. Such filings are mandatory for all listed entities and represent standard corporate governance practices.

Compliance certificate for the quarter ended March 31, 2026, submitted to BSE and NSE.
KFin Technologies Limited confirmed the processing of securities dematerialization requests within stipulated timelines.
The filing adheres to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Confirms that security certificates received were mutilated and cancelled after due verification.

💡 This is a routine administrative update with no impact on company fundamentals. Investors should continue to monitor the company's operational performance and upcoming earnings reports for investment decisions.

Shree Rama Multi-Tech Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 01:29 PM

Shree Rama Multi-Tech Limited has announced the closure of its trading window for all insiders and designated persons starting April 1, 2026. This routine regulatory action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is ahead of the declaration of the company's audited financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are officially disclosed to the stock exchanges.

Trading window closure begins on Wednesday, April 1, 2026.
Closure is related to the Audited Financial Results for the quarter and year ended March 31, 2026.
The restriction applies to Insiders, Designated Persons, and their immediate relatives.
Trading window will reopen 48 hours after the results are declared.
Notification issued in compliance with SEBI Insider Trading Regulations and BSE/NSE circulars.

💡 This is a standard regulatory procedure and does not impact the company's fundamentals; investors should wait for the actual earnings release to assess performance.

View All SHREERAMA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment, 'Manufacturing of Packaging Materials,' which generated INR 207.84 Crore in revenue for FY 2024-25, representing a growth of 16.96% compared to INR 177.70 Crore in the previous year.

Profitability Margins

Operating Profit Margin improved significantly from 6.09% to 11.27% (an 85% increase) due to backward integration. Net Profit Margin rose from 5.63% to 24.93% (a 342% increase), largely aided by deferred tax accounting and operational efficiencies.

EBITDA Margin

The EBITDA for FY 2024-25 was INR 31.98 Crore, resulting in an EBITDA margin of 15.38% on total revenue from operations of INR 207.84 Crore.

Capital Expenditure

The company has planned capital expenditure of INR 10 Crore to INR 15 Crore for the expansion, replacement, and modernization of assets, which is expected to be funded through internal cash accruals.

Credit Rating & Borrowing

CRISIL reaffirmed the rating for working capital facilities of INR 52 Crore at 'CRISIL BBB-/Stable'. Borrowing costs are not explicitly stated, but the company maintains nil long-term debt and a debt-equity ratio of 0.25 as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

The primary raw materials are Polymers and Aluminum, which account for the bulk of the total production cost.

Capacity Expansion

Current capacity is not specified; however, the company is planning a modernization and replacement capex of INR 10-15 Crore to support operational sustainability.

Raw Material Costs

Raw material costs account for the bulk of production expenses; the company recently increased product prices to pass on a hike in input costs, helping to sustain an operating margin above 11%.

Manufacturing Efficiency

Manufacturing efficiency is driven by backward integration, which helped increase the operating profit margin by 518 basis points YoY.

📈 Strategic Growth

Growth Strategy

Growth is targeted through backward integration of manufacturing processes to enhance margins and the modernization of assets via a planned INR 10-15 Crore capex. The company also leverages its position as part of the Nirma Group for financial flexibility and reputation.

Products & Services

The company specializes in the Manufacturing of Packaging Materials, including products like laminated tubes and other specialized packaging solutions.

Strategic Alliances

The company is part of the Nirma Group, which provides significant financial flexibility and support for its standalone business profile.

🌍 External Factors

Industry Trends

The packaging industry is experiencing a peak in input costs which may abate, potentially sustaining or improving operating margins for manufacturers who have integrated processes.

Competitive Moat

The company's moat is its association with the Nirma Group and its diversified product profile. This is sustainable as it provides a safety net for liquidity and credit access despite a modest scale of operations.

Macro Economic Sensitivity

The business is sensitive to economic conditions affecting demand and supply in domestic and international packaging markets.

⚖️ Regulatory & Governance

Industry Regulations

The company maintains ISO 9001:2015 and ISO 15378:2017 (GMP) certifications and is a DMF Type III certified company, ensuring compliance with international packaging standards.

Taxation Policy Impact

The company reported a profit of INR 51.34 Crore for FY 2024-25 after accounting for Deferred Tax, indicating a significant impact from tax-related accounting adjustments.

Legal Contingencies

The financial risk profile is noted to be undermined by a 'large contingent liability,' the specific value of which is not disclosed, but its settlement is a key monitorable for credit analysts.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainties include the settlement of a large contingent liability and the volatility of raw material prices (polymers/aluminum) which can drastically impact the 11.27% operating margin.

Technology Obsolescence Risk

The company is addressing potential obsolescence through a planned INR 10-15 Crore capex for the replacement and modernization of its manufacturing assets.