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SPAM email -Initiating Coverage: Ashnisha Industries Ltd (BSE: 541702) | Renewable Energy Upside Smallcap Investing

 

EQUITY RESEARCH REPORT Initiating Coverage | Renewable Energy Sector DATE10 DEC 2025

Ashnisha Industries Ltd Strategic pivot to renewable energy & green hydrogen Investment Rating BUY

BSE Code 541702 Ticker AHNI CMP ₹3.10 - ₹3.30 ISIN INE694W01024

MEDIUM-TERM TARGET ₹30 Upside: ~870% LONG-TERM TARGET ₹50 Upside: ~1,515%

Key Investment Highlights 1 Strategic Business Transformation Pivot from legacy trading business to focus on solar, wind & clean energy solutions. 2 200 MW Solar Project (Botswana-Namibia) Cross-border solar energy project with execution already underway in Southern Africa. 3 Strong Revenue Potential Expected ~USD 50 million revenue in Year 1 of project operations. 4 High-Level Government Support Agreements supported at Presidential level in partner countries.

Project Execution Status Currently in progress with international operations active Project Progress35% Complete

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Disclaimer This communication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell securities. The information contained herein is obtained from sources believed to be reliable but has not been independently verified. Investors are advised to consult a SEBI-registered investment advisor before taking any investment decision. Investments in securities markets are subject to market risks. Past performance is not indicative of future results.

Team Smallcap Investing Mumbai, India Contact: research@smallcapinvesting.in

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