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.

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