Ahmedabad Stock Exchange Ltd
India's second-oldest bourse, founded in 1894, which exited exchange business in 2018 and now lives off its Ambawadi property and treasury investments.
Market cap
₹99 Cr
1.50 Cr shares
P/E ratio
30.00
Sector average 40
Book value
₹70.00
P/B 0.94
1-year return
-3.85%
52w ₹53 – ₹83
Currently 43% of the way through its 52-week range.
Indicative price history
1Y change
-6.08% ₹70 → ₹66
52-week band in this window: ₹61.07 – ₹70.27. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Founded 1894; second-oldest stock exchange in India.
- Exited the exchange business under SEBI's 2018 order; now a property and treasury holding company.
- Debt-free with an owned building in Ambawadi, Ahmedabad.
About ASE
Ahmedabad Stock Exchange Ltd (ASE) was established in 1894 as a members' association trading Gujarat's textile and other shares, making it the second-oldest exchange in the country after BSE. It was corporatised and demutualised in the 2000s under SEBI's exchange reforms, converting members' trading rights into equity shares, but like most regional exchanges it lost virtually all trading volume to NSE and BSE after screen-based trading arrived in the 1990s.
In April 2018 SEBI allowed ASE to exit the exchange business under its regional-exchange exit policy, and the company's recognition as a stock exchange was withdrawn. It survives as a holding company owning the Kamdhenu Complex premises in Ambawadi, Ahmedabad, together with fixed deposits and other investments built up from listing fees and member deposits over the decades. Income is now rent and interest, and the equity story is the value of the property and cash relative to the number of shares.
Shares change hands among former members and unlisted-market investors at around ₹66, valuing the company at roughly ₹100 Cr on an estimated 1.5 Cr shares. Any monetisation of the real estate, a buyback or a distribution would be the catalyst.
All figures here are indicative: share count, income, profit and asset values are reconstructed from remembered public information and could not be re-verified at the time of writing; treat every line item as approximate.
Where the revenue comes from
- Rental income55%
Lease of space in the Kamdhenu Complex
- Interest and investment income45%
Fixed deposits, bonds and mutual funds
Products & services
Kamdhenu Complex leasing
Commercial space let to tenants in the former exchange building.
Treasury portfolio
Fixed deposits, bonds and mutual funds.
What works
- • Debt-free balance sheet backed by owned commercial property in central Ahmedabad and treasury deposits.
- • No operating business to lose money; costs are limited to a small staff and building upkeep.
- • Possible value unlocking through property sale, redevelopment or capital return to shareholders.
What to watch
- • No growth engine — income is rent and interest, so the stock is a play on asset realisation that may never be triggered.
- • Governance and shareholder communication are minimal; audited figures reach investors only through RoC filings.
- • Very illiquid; buyers are a small circle of ex-members and speculators and quotes can be stale.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| ASEThis page | ₹66.00 | ₹99 Cr | 30.00 | 0.94 | +6.90% |
| MSEI | ₹7.38 | ₹8,114 Cr | — | 11.18 | -31.59% |
Latest reported year: FY25 ending 31 Mar 2025.