Newjaisa Technologies Ltd. (NEWJAISA)
SME CapIT stocks · SME cap · NSE
Newjaisa Technologies Ltd. is India's leading full-stack refurbished electronics company, specializing in laptops and desktops. It provides end-to-end IT lifecycle services, including refurbishment, data sanitization, and asset management, serving both D2C and institutional B2B channels.
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, management trust needs verification, price trend is neutral, and recent execution is weak.
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
Bad · 0/100Rev -53% YoY · PAT -533% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹17 Cr | -52.8% | -26.1% |
| EBITDA | ₹-13 Cr | -225.0% | -225.0% |
| Operating margin | -74.0% | -6000 bps | -5800 bps |
| PAT | ₹-13 Cr | -533.3% | NDF |
| PAT margin | -76.5% | -6084 bps | -5473 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
FY26 revenue declined 38% YoY to ₹40.5 Cr, with a PAT loss of ₹17.42 Cr, significantly impacted by a ₹12.38 Cr inventory write-off. Gross margin remained stable at 36%, but units sold halved to 23,506.
The company faced significant revenue contraction and a substantial net loss in FY26, primarily due to channel disruption and inventory obsolescence. While management has taken steps to rationalize costs and diversify channels, the scale of the decline and the large write-off indicate material operational challenges.
D2C Digital Channel
Scaling upDirect-to-consumer website is now a primary revenue channel, with active users surpassing 1 million monthly and ongoing optimization.
Institutional B2B Channel
Scaling upActive engagement with large corporates across BFSI, BPO, Retail; dedicated enterprise sales team operational and scaling, multiple POs executed in H2 FY26.
Value-Added Services
New revenue streamOffering end-to-end IT lifecycle services (refurbishment, data sanitization, asset management) with a capital-light, high-margin fee-based model.
Distribution Partnerships
Expanding reachMOUs signed with established electronics distribution partners in South India to extend reach to Tier 2 and Tier 3 cities; B2R channel operational.
R2v3 Certification
AchievedReceived R2v3 Certification, placing the company among top 5 refurbishers in India and enabling direct engagement with large corporates.
In-house Component Repair Capability
OperationalDeveloped India's only 100% in-house component repair capability at display and motherboard level.
AI-driven Diagnostics
Operational10-step refurbishment process with AI-driven diagnostics operational, along with 70+ quality checks and video-proof QC reports.
Growing Demand for Refurbished Devices
PositiveManagement states India's appetite for quality refurbished devices continues to grow.
Cost-Conscious Enterprises
OpportunityEnterprises, while cautious, are cost-conscious, creating a potential market for refurbished IT solutions.
Technology Shift
Impacted inventoryMarket demand shifted to higher-specification devices, making older-configuration inventory non-realisable at carrying cost.
Channel Disruption
Significant impactExit of a major marketplace from refurbished electronics in March 2025 caused abrupt and material revenue disruption.
Spare Parts Obsolescence
Impacted inventoryLegacy spare parts and components for older models became obsolete, assessed at approximately nil Net Realisable Value.
Inventory Obsolescence
HighRisk of older-generation laptops/desktops and spare parts becoming non-realisable due to rapid technology shifts and changing market demand.
Channel Dependency
MitigatingPast reliance on a single major marketplace led to abrupt revenue disruption, highlighting risks of concentrated sales channels.
Enterprise Adoption Hesitation
Ongoing challengeEnterprises remain cautious about adopting refurbished IT due to concerns around quality consistency, warranty, and serviceability.
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.
YoY comparison is essential for assessing the full impact of the channel disruption and technology shift on annual financials. QoQ/monthly data is crucial for monitoring the sequential recovery in sales, EBITDA trajectory, and the execution of new B2B pipeline post-disruption.
Units Sold (Laptops + Desktops)
Declined significantlyFY26: 23,506 units (13,920 Laptops, 9,586 Desktops) vs FY25: 49,850 units.
Gross Margin %
StableFY26: 36% vs FY25: 35%.
EBITDA (before extraordinary)
Turned negativeFY26: -6% vs FY25: 1%.
Inventory Write-off (one-time)
Significant impact₹12.38 Cr in FY26, due to technology shift, channel disruption, and spare parts obsolescence.
Disruption was Channel-Driven
ClaimManagement states the disruption was channel-driven, not demand-driven, and the fundamentals of the business are intact.
Strategic Transformation Year
PerspectiveFY26 was a year of significant disruption and deliberate transformation, with actions taken to build new revenue channels and trust infrastructure.
Cost Rationalization
Action takenHeadcount reduced ~37% initially, and operating fixed costs brought down ~46% to sustainable levels aligned with the new operating model.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA % | Jan: -6%, Mar: 4%, Jun (proj): 5% | Sustained positive EBITDA margin expansion and stabilization of variable costs at 85%. |
| B2B Revenue Pipeline Conversion | Confirmed POs, Hot Pipeline (80% conversion applied), Warm Pipeline (35% conversion applied). | Successful conversion and execution of large B2B orders, especially the ~6,000 unit service engagement in Q2-Q3 FY27. |
| Inventory Turnover Velocity | Inventory at ₹26.67 Cr (36% of assets) post write-off. | Reduction in inventory days and improved turnover velocity through active sales cycles and new channels. |
| D2C Digital Channel Growth | Active users surpassed 1 million monthly. | Continued growth in organic traffic, conversion rates, and its contribution as a primary revenue channel. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +9.0% / mo · MACD + · near 52W low
Technical chart
NEWJAISAdaily · 1Y · AUTO+3.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 57. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~8.3% over last month) — short-term momentum positive.
- RSI(14) at 57 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 66% off 52W high · 33% 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 14 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 14 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 10/15 to the score.
- Growth contributes 6/25 to the score.
- Valuation contributes 5/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; 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: +0 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.
Weak Trust: Claim history is still being built. It ranks around the 3rd percentile of the scored universe and 3rd percentile within IT. Main check: results consistency is weak at 17/100.
Mixed Trust Lite: Promoter holding is 61%. Key concern: Operating cash flow is negative at ₹-2 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · IT: 3rd pctile, median 69 · SME: 3rd pctile, median 64
18 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
Weak 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 61%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-2 Cr.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 2.3%.
- ▸Only 0 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
- —
- P/B
- 1.04
- EV/EBITDA
- —
- Market Cap
- 59.90Cr
Profitability
- ROE
- -25.70%
- ROCE
- -24.50%
- ROA
- -23.61%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- -2.00%
- Revenue 3Y
- -3.00%
- EPS 3Y
- -7.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- -17.00×
- Altman Z
- 3.41
- Book Value
- 16.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -2.00 Cr
- EPS TTM
- -4.87
Shareholding
- Promoter Hold
- 61.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable names in IT, ranked by similarity
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.