Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
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.
₹197.1
-9.50 · -4.60%
Market cap ₹451 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:52 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
68BullishSMA20 -2.1% / mo · MACD − · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ARHAMD candles · FIT view+34.7%Latest close ₹197.10 on 2026-10-19
Bar
-1.5%
RSI
45
MACD hist
-0.96
52W pos
78%
2026-10-19O ₹200.05H ₹200.05L ₹197.05C ₹197.10Vol 17,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ARHAMNifty ITNifty 500
- ARHAM
- +39.2%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +44.8 pp
Chart stats
19 Oct 2026- From 52W high
- -11.9%
- 52W range position
- 79%
- ATR (14)
- 4.8%
- Volume vs 20D
- 0.23x
- Avg traded value
- ₹1.5 Cr
- 20D price channel
- ₹185 - ₹221.8
₹223.8
₹95.2 - ₹223.8
₹9.5
Latest completed session
20-session average
43.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +160.7% · PAT +100.0% YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model-9.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 72/100Rev +161% YoY · PAT +100% YoY · +59% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹73 Cr | +160.7% | +58.7% |
| EBITDA | ₹11 Cr | NDF | +37.5% |
| Operating margin | 15.0% | NDF | -400 bps |
| PAT | ₹6 Cr | +100.0% | +0.0% |
| PAT margin | 8.2% | NDF | -482 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 36.90
- P/B
- 4.58
- EV/EBITDA
- 23.85
- Market Cap
- 451.00Cr
Profitability
- ROE
- 18.80%
- ROCE
- 19.80%
- ROA
- 7.36%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 47.09%
- EPS 5Y
- 54.92%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 48.00%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 9.50×
- Altman Z
- 6.22
- 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
- 86%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 73.0+58.7% vs prev
Net Profit
₹ CrLatest: 6.0+0.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.1% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 96% 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 & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth21/25
Quality12/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-4
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 21/25 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 -9.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
36.9
PB
4.6
EV/EBITDA
23.9
ROE
18.8%
ROCE
19.8%
FCF Yield
—
Debt/Equity
0.3
MoS
-9.8%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-9.8%
Previous: -9.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
42
42
42
42
42
42
40
40
40
40
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹75.4
-161.4% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹179.44
-9.8% MoS
PEG
0.71
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KORE
SME
Jay Jalaram Technologies Ltd.
IT Services / Digital
match 157
35
33.3
13.7%
-9%
WATCHLIST
OPTIVALUE
SME
Optivalue Tek Consulting Ltd.
IT Services / Digital
match 130
49
37.2
22.2%
-16%
FAIR VALUE
TECHD
SME
TechD Cybersecurity Ltd.
IT Services / Digital
match 130
56
29.4
29.9%
+18%
FAIR VALUE
ESCONET
SME
Esconet Technologies Ltd.
IT Services / Digital
match 129
21
66.8
8.0%
-104%
OVERVALUED
ANLON
SME
Anlon Technology Solutions Ltd.
IT Services / Digital
match 129
53
37.9
21.1%
+2%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-21T07:26:22.779Z
Management commentary snapshot
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.
Current business mix
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Televisions65.0%
Fans20.0%
Air Coolers14.0%
Washing Machine & Mixing Editors1.0%
Growth engines
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.
Capacity and execution
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).
Tailwinds
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.
Headwinds
Raw Material Volatility
Compressed H2 FY26 margins; company plans to pass on price increases to consumers.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · IT: 36th pctile, median 69 · SME: 45th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
63
acceptable · quarterly consistency
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.
Continue researching Arham Technologies Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
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Annual reportMar 2025
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.