Arham Technologies Ltd. (ARHAM)
SME CapIT stocks · SME cap · NSE
Arham Technologies, established in 2013, evolved from a regional assembler to a public-listed integrated manufacturer of consumer electronics under the Starshine brand. It also offers Google-certified institutional IFPD displays, serving B2B and smart classroom markets with a network of 500+ dealers across India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +161% YoY · PAT +100% YoY · +59% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹73 Cr | +160.7% | +58.7% |
| EBITDA | ₹11 Cr | +37.5% | +37.5% |
| Operating margin | 15.0% | -500 bps | -400 bps |
| PAT | ₹6 Cr | +100.0% | +0.0% |
| PAT margin | 8.2% | -529 bps | -482 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Arham Technologies reported robust FY26 consolidated revenue growth of 70% YoY to INR 118.5 crores and PAT growth of 68% YoY to INR 12.2 crores, driven by strategic expansion and market penetration despite H2 margin compression.
The company delivered strong top-line and bottom-line growth in FY26, supported by strategic investments in brand building, capacity expansion, and technology leadership. While H2 margins faced pressure from raw material volatility and market penetration efforts, management expects future margin improvement and continued growth from distribution expansion and new product segments.
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Brand Elevation
Appointed Vicky Kaushal as brand ambassador for Starshine, seeing early traction in brand recall and retail pull.
Capacity & Backward Integration
New facility for molding, sheet metals, motors, and packaging will materially improve margin profile over coming years.
Technology Leadership
Secured Google EDLA certification with Android 14 for IFPD displays, opening B2B and smart classroom markets.
Distribution Expansion
Targeting 250 distributors by FY28; expanding into Gujarat, Rajasthan, Jharkhand, Bihar, North India, and Maharashtra.
New Manufacturing Facility
Acquired 6,350 sq meters of land at EMC Nava Raipur at subsidized cost for backward integration. Targeting production by January (likely 2027), investing ~INR 40 crores.
IFPD Plant
New facility for IFPD units is in final trials and will be operational in two to three weeks' time (from May 27, 2026).
Strong Demand Visibility
Reflects confidence in sustained growth trajectory of India's consumer electronic market and company's positioning.
Supply Chain Capability
Company capitalized on competitors' supply chain disruptions and inventory shortages in H2 FY26 to acquire more customers.
Raw Material Volatility
Compressed H2 FY26 margins; company plans to pass on price increases to consumers.
Geopolitics & Government Policies
Sudden policy changes (e.g., import restrictions from China) or major wars could disrupt business due to dependence on China.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
FY26 full-year results are best understood YoY for overall growth. H2 margin compression and trade receivables discussion highlight the importance of QoQ/sequential trends for operational efficiency and working capital management.
Revenue from Operations
INR 118.5 crores for FY26, representing a growth of approximately 70% on YoY basis.
PAT
INR 12.2 crores for FY26, up nearly 68% from INR 7.2 crores last year.
EBITDA Margin
Reduced in H2 FY26 due to strategic market penetration and passing on margins to acquire dealers; PAT levels remained similar.
Capacity Utilization
Improved from 30% to 50% in FY26; targeting to cross 75% by FY28 for current capacity.
FY27 Revenue Target
Targeting to cross INR 200 crores revenue in FY27.
Margin Improvement
Expects margins to improve continuously year on year after FY28 as initial ad spends reduce and revenues grow.
LFR Entry
Will approach large format retailers (LFRs) after full-fledged brand visibility from Vicky Kaushal campaign.
Interactive Panels (IFPD)
Received positive signals from Chhattisgarh government for tenders; an investor is trying for Maharashtra government tenders.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Target | INR 118.5 Cr (FY26) | Progress towards INR 200 Cr in FY27. |
| Capacity Utilization | ~50% | Progress towards 75% by FY28 for current capacity, and ramp-up of new facilities. |
| Distributor Network | ~80 distributors | Expansion towards 250 distributors by FY28. |
| LFR Onboarding | Discussions pending post ad campaign | Successful placement of products in large electronic store chains. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +23.9% / mo · MACD − · near 52W high
Technical chart
ARHAMdaily · 1Y · AUTO+65.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 70. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~19.3% over last month) — short-term momentum positive.
- RSI(14) at 70 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 4% off 52W high · 129% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 22/25 to the score.
- Quality contributes 12/20 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Fair-value margin of safety is negative at -13.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 36th percentile within IT. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 56.2%. Key concern: Promoter holding fell 16.2%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 36th pctile, median 69 · SME: 45th pctile, median 64
3 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.2%.
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Promoter holding fell 16.2%.
- ▸Operating cash flow is negative at ₹-40 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.20
- P/B
- 4.73
- EV/EBITDA
- 24.65
- Market Cap
- 467.00Cr
Profitability
- ROE
- 18.80%
- ROCE
- 19.80%
- ROA
- 7.36%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 47.09%
- EPS 5Y
- 54.92%
- Revenue 3Y
- 54.00%
- EPS 3Y
- 54.00%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 9.50×
- Altman Z
- 6.37
- Book Value
- 45.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -40.00 Cr
- EPS TTM
- 5.59
Shareholding
- Promoter Hold
- 56.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 92%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.