Aspinwall & Company Ltd (ASPINWALL)
🎯 Key Takeaways
- Aspinwall & Company Ltd is in a transitional phase marked by modest revenue growth and persistent operational losses, despite improvements in segment-level profitability. The company operates in diversified sectors including logistics, coffee, and plantation, but recent quarters have shown declining revenue and thin margins, with management acknowledging ongoing operational pressures.
- Revenue declined 13.1% QoQ to ₹113 in Q1FY27.
- ⚠️ Persistent operational losses and declining revenue trend in core segments, particularly in Plantation, which continues to erode value.
- ROE
- 7.8%
- ROCE
- 9.1%
- Debt/Equity
- 0.38
- Promoter
- 64.5%
📖 The Story
Aspinwall & Company Ltd is in a transitional phase marked by modest revenue growth and persistent operational losses, despite improvements in segment-level profitability. The company operates in diversified sectors including logistics, coffee, and plantation, but recent quarters have shown declining revenue and thin margins, with management acknowledging ongoing operational pressures. Governance and leadership continuity have been reinforced through shareholder-approved resolutions, including the reappointment of the Managing Director and dividend declarations, signaling stability in management but limited near-term growth visibility.
📰 What's Happening
The company has recently approved unaudited Q3 FY26 results showing a consolidated net loss of ₹70 lakhs, driven by a ₹140 lakhs pre-tax loss and a ₹70 lakhs gratuity provision, though this was partially offset by a ₹576 lakhs land sale gain. Revenue declined 13% QoQ to ₹11,318 lakhs, while EPS turned negative at (₹0.90). The Board confirmed the results under limited review with no material misstatements identified. Shareholders endorsed all AGM resolutions, including the adoption of financial statements, dividend declaration, and reappointment of Mr. Rama Varma as Managing Director for three years starting August 1, 2026, reflecting confidence in governance and continuity.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 83 | 114 | 130 | 113 |
| Operating Profit | -1 | 9 | 8 | -0 |
| OPM % | -1.6% | 7.7% | 5.9% | -0.4% |
| Net Profit | 3 | 8 | 6 | -1 |
| EPS | ₹3.58 | ₹9.74 | ₹7.69 | ₹-0.90 |
Aspinwall's financial trajectory shows a clear downward trend in profitability and revenue momentum, with revenue falling from ₹130 lakhs in Mar 2026 to ₹113 lakhs in Jun 2026, and net profit turning negative at ₹-1 crore. Operating performance has deteriorated, with OPM declining to -0.4% from 5.9% in the prior quarter, reflecting margin compression despite cost control efforts. The company posted a small net loss of ₹70 lakhs in Q3 FY26, but this was an improvement from the previous quarter's loss of ₹68 lakhs, indicating some stabilization in operations despite weak top-line growth.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance on revenue recovery or margin improvement in the latest filings, but has emphasized the continuation of its core business model and confidence in segment profitability, particularly in Logistics and Coffee. The reappointment of Mr. Rama Varma as Managing Director for three years starting August 1, 2026, signals management continuity, and the Board has approved dividend declarations subject to shareholder ratification, indicating a focus on returning capital despite losses. There is no public roadmap for turning around the plantation segment, which continues to incur losses.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 |
| Reserves | 185 | 178 | 193 | 179 |
| Borrowings | 69 | 40 | 76 | 82 |
| Total Liabilities | 312 | 270 | 333 | 315 |
| Fixed Assets | 84 | 87 | 72 | 87 |
| Investments | 1 | 1 | 13 | 1 |
| Total Assets | 312 | 270 | 333 | 315 |
The balance sheet shows stable equity at ₹8 lakhs but rising reserves to ₹193 lakhs as of Mar 2026, suggesting retained earnings are being built despite losses. Borrowings have increased slightly to ₹76 lakhs from ₹69 lakhs a year ago, indicating modest leverage growth, while total assets have risen to ₹333 lakhs, reflecting asset base expansion. The company maintains a low debt-to-equity ratio of 0.38, suggesting a conservative capital structure, but the slight increase in liabilities may reflect working capital needs or capital expenditures not yet disclosed.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | -22 |
| Investing | +20 |
| Financing | -3 |
| Net Cash Flow | -5 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 64.5% | 64.5% | 64.5% | 64.5% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 27.2% | 27.3% | 27.3% | 27.3% |
| # Shareholders | 4,691 | 4,611 | 4,676 | 4,526 |
Promoter holding remains stable at 64.46% across all recent quarters, with no evidence of dilution or stake sales. Public shareholding has slightly increased over time, and the number of shareholders has grown from 4,526 to 4,691, indicating retail interest. FII and DII holdings remain at 0%, suggesting limited institutional interest or accessibility. The lack of foreign or domestic institutional exposure may reflect perceived operational risks or lack of scale in core segments.
⚖️ Peer Comparison — Diversified
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| 3MINDIA | 37,610 | 61.5 | 38.4% | — | 0.00 |
| NAVA | 15,503 | 20.5 | 13.3% | — | 0.25 |
| DCMSHRIRAM | 14,726 | 10.7 | 12.1% | — | 0.36 |
| IBULLSLTD | 6,723 | 15.3 | -2841.4% | — | -0.95 |
| QUESS | 5,093 | 20.1 | 27.2% | — | 0.00 |
| BALMLAWRIE | 2,775 | 9.9 | 16.3% | — | 0.04 |
| BLUSPRING | 2,230 | — | 3.0% | — | 0.12 |
| GOCLCORP | 1,879 | 5.5 | 11.5% | — | 0.00 |
| TTKHLTCARE | 1,433 | 19.4 | 8.5% | — | 0.02 |
| 512014 | 1,410 | 54.3 | 38.2% | — | 0.08 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent operational losses and declining revenue trend in core segments, particularly in Plantation, which continues to erode value. 2. Margin compression evident from falling OPM, with no clear cost optimization or efficiency gains to offset revenue pressure. 3. Limited transparency in forward-looking commentary, with management not providing structured guidance on recovery pathways despite acknowledging operational challenges. 4. Overreliance on non-core income, such as land sales, to offset losses, which is not sustainable as a long-term strategy.
📋 Recent Filings
- 🟡 Board Meeting2026-08-05Aspinwall reported a consolidated net loss of ₹70 lakhs for Q3 FY26, with revenue of ₹11,318 lakhs and expenses of ₹11,533 lakhs, driven by a ₹140 lak…
- 🟡 Board Meeting2026-07-25Aspinwall and Company Limited announced that all resolutions at its 106th Annual General Meeting held on 23 July 2026 were passed, including adoption …
- 🟡 Board Meeting2026-07-23Aspinwall held its 106th Annual General Meeting on July 23, 2026, where shareholders approved the adoption of the audited financial statements for the…
- Financial Results2026-06-29Aspinwall and Company Limited announced that its trading window will close on 1st July 2026 for designated persons and their immediate relatives to co…
- regulation 312026-06-19Aspinwall and Company Limited disclosed under SEBI Takeover Regulations that no encumbrance on shares existed during the financial year ending 31-Mar-…
- regulation 312026-06-15Aspinwall and Company Limited disclosed under SEBI Takeover Regulations that no encumbrance on shares existed during the financial year ending 31-Mar-…
- 🟡 Board Meeting2026-05-27Aspinwall and Company Limited announced the outcome of its 27 May 2026 board meeting, approving audited standalone and consolidated financial results …
- 🔴 Announcement2026-04-17Aspinwall and Company Limited disclosed that the Supreme Court dismissed its 2012 appeal regarding loss set-off under the Kerala Agricultural Income T…
- 🔴 Announcement2026-04-10Aspinwall and Company Limited announced an upgrade in its credit rating from Crisil, with a Long-Term rating of BBB/Stable and a Short-Term rating of …
- share transfer2026-04-10Aspinwall and Company Limited received a certificate from MUFG Intime India Private Limited, its share transfer agent, confirming compliance with SEBI…
🧠 Analyst's Read
Aspinwall remains a cash flow-negative, low-growth business with modest scale and limited institutional interest, currently stabilized by governance continuity and dividend policy but lacking a clear catalyst for operational improvement. Investors should monitor next quarter's revenue trajectory and any commentary on plantation segment restructuring or cost rationalization as early indicators of strategic direction.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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