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ASK Investment Managers Ltd Unlisted Shares
DRHP Status : Not Filed
993
Fundamentals About ASK Investment Managers Ltd
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of ASK Investment Managers Ltd
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 909 | 936 | 1063 | 1038 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 | 100 |
| Employee Benefit Expenses | 240 | 175 | 232 | 275 |
| Other Expenses | 278 | 340 | 360 | 387 |
| EBITDA | 391 | 421 | 471 | 376 |
| OPM | 43.01 | 44.98 | 44.31 | 36.22 |
| Other Income | 32 | 37 | 58 | 74 |
| Finance Cost | 2 | 3 | 3 | 5 |
| D&A | 15 | 16 | 10 | 16 |
| EBIT | 376 | 405 | 461 | 360 |
| EBIT Margins | 41.36 | 43.27 | 43.37 | 34.68 |
| PBT | 406 | 439 | 516 | 429 |
| PBT Margins | 44.66 | 46.9 | 48.54 | 41.33 |
| Tax | 96 | 104 | 113 | -14 |
| PAT | 310 | 335 | 403 | 443 |
| NPM | 34.1 | 35.79 | 37.91 | 42.68 |
| EPS | 37.78 | 40.02 | 47.78 | 50.86 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 43.01 | 44.98 | 44.31 | 36.22 |
| Net Profit Margin | 34.1 | 35.79 | 37.91 | 42.68 |
| Earning Per Share (Diluted) | 37.78 | 40.02 | 47.78 | 50.86 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 34 | 29 | 25 | 19 |
| CWIP | 1 | 1 | 0 | 0.39 |
| Investments | 621 | 895 | 1127 | 1393 |
| Trade Receivables | 232 | 210 | 225 | 169 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 397 | 760 | 754 | 618.61 |
| Total Assets | 1285 | 1895 | 2131 | 2200 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 16.41 | 16.74 | 16.87 | 17.42 |
| FV | 2 | 2 | 2 | 2 |
| Reserves | 1045 | 1372 | 1542 | 1796 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 48 | 96 | 75 | 66 |
| Other Liabilities | 175.59 | 410.26 | 497.13 | 320.58 |
| Total Liabilities | 1285 | 1895 | 2131 | 2200 |
About Company
The following table shows a 10-point analysis of ASK Investment Managers Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹1,084 cr (↓ ~0.8% YoY) PAT ~₹400–500 cr PAT margin ~37–47% AUM ~₹20,200 cr+ (Dec 2025) Clients ~14,500+ |
Leading wealth & asset management firm offering PMS, AIFs (real estate & long-short), mutual funds (in-principle approval) & wealth advisory. Focused on HNWIs with ~95% annuity-style sticky fee revenue. Alternatives AUM surged (+122% YoY to ~₹6,072 cr). Strong domestic presence with international reach (e.g., DIFC Dubai). |
| Industry & Market Position | Top-tier PMS/AIF player 600+ distribution partners UCITS AUM > US$100 Mn |
Competitive advantage from performance track record & wide distribution network. Diversified product mix strengthens resilience across market cycles. Competes with leading wealth managers but differentiated via strong alternatives growth & global AUM presence. |
| Revenue Growth Trend | FY23–FY25 CAGR ~30%+ (historical) FY25 flat/slight dip |
Strong historical growth driven by AUM expansion & fee traction. FY25 topline moderated due to market conditions, but bottom-line improved via efficiency & tax optimization. Long-term supported by rising financialization & wealth penetration. |
| Profitability & Margins | EBITDA margin ~60–70% (est.) ROE ~28% PAT margin ~37–47% |
Exceptional margins from asset-light, annuity-driven model. Strong operating leverage & cost efficiency. High-quality recurring earnings with superior ROE compared to many peers. |
| Cash Flow Quality | OCF ~₹211 cr (FY25) Dividends ~₹223 cr Capex ~₹17 cr |
Strong operational cash generation from fee-based revenues. Minimal capex & working capital needs. Excellent earnings visibility supporting dividends & reinvestment. |
| Balance Sheet Strength | Strong net worth Low/negligible debt Cash ~₹128 cr |
Conservative capital structure with high liquidity. Asset-light model provides downside protection. Minimal leverage risk and strong financial buffers. |
| Valuation Comfort | Unlisted price ₹1,000–1,075 (Feb 2026) P/E ~25–35x Market cap ~₹9,000–10,000 cr |
Premium valuation justified by high ROE, annuity revenue & alternatives growth. Attractive relative to listed peers given scale, profitability & IPO anticipation. |
| Management & Governance | Professional management Transparent disclosures |
Proven execution in scaling alternatives & distribution. Clean governance practices with regular reporting. Strong regulatory alignment & performance focus. |
| Growth Triggers & Catalysts | Alternatives AUM growth Mutual Fund launch Client & distribution expansion IPO discussions (no active DRHP as of Feb 2026) |
Upside from wealth management boom & alternative investments traction. Incremental gains from MF license execution & global expansion. Potential IPO could unlock valuation & liquidity. |
| Liquidity & Exit Visibility | OTC liquidity only IPO buzz (no confirmed filing) |
Moderate unlisted trading activity. Exit visibility improves if IPO materializes. Strong fundamentals reduce downside risk despite liquidity constraints. |
The following is the company overview for ASK Investment Managers Limited:
- ASK Investment Managers Limited (also referred to in the provided data as Ascend) is a leading Indian asset and wealth management firm operating on an advice-led, annuity-driven business model.
- Unlike broking or lending firms, ASK focuses on stable, long-term revenue through wealth advisory rather than transaction-based flows.
- The company follows an open-architecture model, enabling growth across both the asset management and wealth advisory verticals.
- ASK boasts a wide product suite and has built a strong distribution ecosystem with 600+ external distributors across India, along with a global distribution network.
- Its revenue is highly predictable, with ~95% classified as “sticky” annuity income, primarily earned through advisory and management fees.
- The company’s management team is one of its biggest strengths — with average senior management tenure of ~15 years, industry experience of ~25 years, and 15% employee ownership through ESOPs.
- ASK is backed by a large global private equity investor as its controlling shareholder, ensuring governance, capital depth, and strategic oversight.
- The firm has demonstrated strong financial performance with double-digit CAGR in AUM, revenue, and profitability over the past decade.
Challenges in ASK Investment Managers Limited’s Business
The following section lists the challenges faced by ASK Investment Managers Limited:
- Dependence on affiliated bank distribution: Reliance on a partner bank for CASA and related distribution introduces potential conflicts of interest.
- Limited third-party distribution in asset management: This may slow AUM expansion in certain segments.
- Conflict of interest risks: While advisory-led, ASK also earns transaction-based fees, which may create alignment challenges.
- Regulatory exposure: Any shifts in wealth-management or fee-based revenue regulations could affect business sustainability.
Financial Review of ASK Investment Managers Limited
The following is the financial performance summary of ASK Investment Managers Limited.
AUM & Growth:
- Total AUM: ₹82,600 crore (as of Sept 30, 2023)
- AUM Growth: 26% CAGR (10 years)
- AUM expanded from ₹12 billion (FY13) to ₹974 billion (FY23)
Revenue & Profitability:
- Revenue CAGR: 27% (10 years)
- PAT CAGR: 39% (10 years)
- ROE: 27%
- PAT Margin: 47%
Historic Growth Rates:
- FY18–23 PAT CAGR: 23%
- FY18–23 Revenue CAGR: 16%
Future Estimates:
- FY24E Revenue: ~₹1,075 crore
- FY24E PAT: ~₹400 crore
- FY25E PAT: ~₹500 crore
Quick Summary
ASK Investment Managers Limited is a top-tier asset and wealth management company built on a stable annuity revenue model, strong distribution networks, and a diversified AUM base. With exceptional financial growth momentum, high governance standards, and an experienced leadership team, ASK stands out as one of India’s most powerful private wealth platforms.
While dependency on affiliated bank distribution and regulatory sensitivity pose challenges, ASK’s consistent AUM growth, strong margins, and long-term client stickiness make it a compelling name in the unlisted market landscape.
Click Here to visit the official website of ASK Investment Managers Limited
Shareholding Pattern of ASK Investment Managers Ltd
| Name | Holding |
|---|---|
| BCP Topco XII Pte Ltd | 63.91% |
| Sameer Koticha | 9.59% |
| Fortress Trust | 7.46% |
| Others | 19.04% |
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Frequently Asked Questions
ASK Investment Managers Limited unlisted shares are the equity shares of ASK Investment Managers Limited, a company not listed on NSE or BSE. These shares can be purchased through private markets like UnlistedKraft.
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All unlisted investments involve risk. However, ASK Investment Managers Limited’s strong AUM growth, high margins, and stable annuity revenue enhance investor confidence. UnlistedKraft ensures transparent and verified transactions.
The price of ASK Investment Managers Limited unlisted shares depends on recent private transactions, demand–supply trends, financial performance, and overall investor sentiment. UnlistedKraft keeps pricing updated and fair.
Yes. A demat account is essential to hold ASK Investment Managers Limited unlisted shares.
There is no fixed lock-in until an IPO is announced. Investors usually hold ASK Investment Managers Limited unlisted shares until a liquidity event such as an IPO or acquisition.
Yes. You can sell ASK Investment Managers Limited unlisted shares through UnlistedKraft’s resale network, depending on buyer availability and prevailing market conditions.
Yes. As per SEBI rules, all pre-IPO shares of ASK Investment Managers Limited will be locked in for six months after listing.
For ASK Investment Managers Limited unlisted shares held over two years, long-term capital gains tax applies at 20% with indexation. For holdings under two years, gains are taxed as per your income slab.
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