Arham Technologies Limited (ARHAM)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Arham Technologies' revenue was ₹73.0 Cr (+97.3% year on year, +58.7% on the previous half-year), and net profit ₹6.0 Cr (+20.0% year on year); the operating margin was 15.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹73.0 | +97.3% | +58.7% |
| Operating profit | ₹11.0 | +37.5% | +37.5% |
| Net profit | ₹6.0 | +20.0% | +0.0% |
| EPS (₹) | 2.89 | +5.5% | -17.2% |
| Operating margin | 15.1% | — | — |
ARHAM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.55% of the ARHAM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.96%. That is close to its usual level. Turnover was only ₹23 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 35.1% · 42.9% · 88.4% · 51.9% · 54.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Arham Technologies has launched a national brand marketing campaign for its flagship consumer electronics brand, STARSHINE, featuring brand ambassador Vicky Kaushal. The campaign, which commenced during the first day of Navratri, aims to expand consumer awareness and brand recall across Tier 2, 3, and 4 markets. This initiative aligns with the company's broader strategic roadmap to invest approximately ₹10 crore in branding and celebrity endorsements to support its revenue targets. No financial outlay or contract terms were disclosed within the press release filing.
- Commenced STARSHINE marketing campaign on the first day of Navratri.
- Campaign features Bollywood actor Vicky Kaushal as brand ambassador, including digital promotion on Instagram.
- Targets distribution penetration across Tier 2, Tier 3, and Tier 4 consumer electronics markets.
- Total marketing spend or contract value was not disclosed in the filing.
Arham Technologies has received in-principle approval from the NSE to migrate its 2,18,12,000 equity shares (face value Rs 10 each) from the SME Platform (EMERGE) to the Main Board. The approval, dated October 14, 2026, is valid for 45 days. The company must now submit its listing application and listing agreement to obtain final approval from the Exchange. Migration to the main board provides higher trading liquidity and broader institutional access compared to the SME segment.
- NSE granted in-principle approval on October 14, 2026, via letter NSE/LIST/311
- Covers migration of 2,18,12,000 equity shares of Rs 10 face value from SME (EMERGE) to Main Board
- In-principle approval validity is 45 days from the date of issuance
- Final approval remains subject to filing the listing application and equity listing agreement
Arham Technologies issued a business update for H1 FY27, projecting revenue exceeding ₹80 crore compared to ₹45.62 crore in H1 FY26, representing an 80% YoY growth. The expected H1 revenue alone constitutes ~43% of its TTM revenue of ₹188 crore. The company diversified its portfolio by entering the Interactive Flat Panel Display (IFPD) market with 65-inch, 75-inch, and 86-inch sizes featuring in-house AI whiteboard software. Additionally, Arham expanded distribution by adding 12 new distributors and plans to launch a celebrity ad campaign and an in-house BLDC fan model in H2 FY27.
- Expected H1 FY27 revenue to exceed ₹80 crore, up ~80% YoY vs ₹45.62 crore in H1 FY26
- Entered Interactive Flat Panel Display (IFPD) segment with 65”, 75”, and 86” models
- Strengthened sales network by onboarding 12 new distributors and generating over 50 business leads at Fan Expo
- Upcoming Plastic Injection Moulding and Sheet Metal backward integration unit remains on track
Arham Technologies Limited has informed the exchange regarding an upcoming investor meeting scheduled for Wednesday, September 16, 2026. The meeting will be an in-person, one-on-one (1x1) interaction with Real Group Family Office. The company stated that discussions will be confined strictly to publicly available information and no unpublished price-sensitive information (UPSI) will be shared.
- Meeting scheduled for Wednesday, September 16, 2026
- Interaction will be In-Person and One on One (1x1)
- Participant is Real Group Family Office
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Arham Technologies has approved the grant of 7,000 stock options to eligible employees under its Employees Stock Option Scheme 2024. Each option is convertible into one equity share of face value ₹10. The vesting period spans between 1 and 3 years, with an exercise window of up to 3 years from vesting. Given the tiny quantum of 7,000 shares, the equity dilution impact is negligible.
- Approved grant of 7,000 employee stock options under ESOP Scheme 2024 on September 7, 2026
- Each option confers the right to apply for 1 equity share of face value ₹10
- Vesting period set between a minimum of 1 year and a maximum of 3 years
- Exercise period expires within a maximum of 3 years from the respective vesting date
Arham Technologies has submitted a revised Scrutinizer's Report dated 24th July, 2026, under Regulation 44(3) of SEBI LODR Regulations. The revision was made to align the report with the specific format prescribed by the National Stock Exchange of India (NSE). This filing supports the company's application to migrate its listing from the SME platform (NSE Emerge) to the Main Board of NSE.
- Submitted revised Scrutinizer's Report dated 24th July, 2026 under Regulation 44(3) of SEBI LODR
- Filing is part of the formal application to migrate from NSE Emerge to the NSE Main Board
- Report reformatted specifically to meet NSE-mandated reporting formats
- Announcement dated 20th August, 2026 following previous intimation on 24th July, 2026
Arham Technologies reported a strong start to FY27 with Q1 revenue reaching ₹40.40 crore, a 122% increase from ₹18.20 crore in Q1FY26. The growth was driven by its core portfolio of air coolers, fans, and televisions, supported by the addition of 12 new distributors and 35 direct dealers. Management has expressed confidence in surpassing ₹200 crore in revenue for FY27, noting that H1 typically only contributes 35-40% of annual sales. The company is also set to launch its first major marketing campaign featuring brand ambassador Vicky Kaushal.
- Q1FY27 revenue surged 121.98% YoY to ₹40.40 crore from ₹18.20 crore.
- Expanded distribution network by adding 12 new distributors and 35 direct dealers in Q1.
- Management guidance set at >₹200 crore revenue for FY27, compared to TTM revenue of ₹188 crore.
- Historical seasonality indicates H1 contributes only 35-40% of annual revenue, suggesting a strong H2 outlook.
- Upcoming launch of celebrity-led marketing campaign to boost 'STARSHINE' brand visibility.
Arham Technologies is participating in the Fan Expo Conclave 2026 from August 6th to 8th at Greater Noida. The company's 'STARSHINE' brand is featured as a Silver Sponsor, showcasing its range of Fans, Air Coolers, Washing Machines, and Televisions. This marketing initiative supports the company's stated goal of reaching ₹300 Cr revenue by FY28 by expanding its distribution network. While the event is a standard promotional activity, it is necessary for increasing capacity utilization from the current 30% level.
- Participating in Fan Expo Conclave 2026 from August 6th to August 8th, 2026
- STARSHINE brand participating as a Silver Sponsor to strengthen market presence
- Showcasing product portfolio including Fans, Air Coolers, Washing Machines, and TVs at Stall No. A20
- Aims to leverage the event to engage with distributors and channel partners to support the ₹300 Cr FY28 revenue target
- Current plant utilization stands at 30%, with a target to reach 80% by FY28
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 19.2% YoY from INR 5,468.94 Lakhs to INR 6,515.75 Lakhs. Consolidated revenue reached INR 6,989.35 Lakhs for FY 2024-25. Segment-specific percentage splits are not disclosed, but growth is driven by TVs, Fans, and Coolers.
Geographic Revenue Split
Not explicitly disclosed by percentage, but the company focuses on 'Bharat' (regional Indian markets) and operates from its base in Chhattisgarh to serve regional demand.
Profitability Margins
Net Profit Ratio remained stable at 9% for FY 2024-25. Standalone Net Profit grew 22.3% from INR 486.48 Lakhs to INR 595.42 Lakhs. Consolidated Net Profit stood at INR 727.54 Lakhs.
EBITDA Margin
Consolidated EBITDA margin is approximately 18.4% (INR 1,288.62 Lakhs on revenue of INR 6,989.35 Lakhs). Standalone EBITDA grew from INR 902.72 Lakhs to INR 1,125.89 Lakhs, a 24.7% increase.
Capital Expenditure
The company follows a 'Capex-Light' model, aiming for 8x revenue for every INR 1 of asset. However, a preferential issue is planned to fund capital expenditure in its subsidiary, Arham Corporate Private Limited, and INR 10 Cr is committed to branding over 2 years.
Credit Rating & Borrowing
Borrowing costs increased 43% YoY from INR 158.97 Lakhs to INR 227.38 Lakhs. Debt-Equity ratio improved by 30.47%, falling from 2.33 to 1.62 due to repayment and equity retention.
Operational Drivers
Raw Materials
Plastics and sheet metal are primary inputs. The company is implementing backward integration for these materials to reduce vendor dependency and improve margins.
Import Sources
Not specifically disclosed, though the company emphasizes 'India-Made' and localized manufacturing in Chhattisgarh to ensure a Just-in-Time (JIT) supply chain.
Capacity Expansion
Current plant utilization is 30%, with a strategic plan to scale to 80% by FY28. This expansion is designed to be 'fungible' with current capacity, requiring no significant additional capex.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but backward integration into plastics and sheet metal is cited as the primary strategy to lower procurement costs and improve turnaround.
Manufacturing Efficiency
The company claims a 'multiplier effect' where scaling utilization from 30% to 80% drives disproportionate gains in EBITDA/PAT as fixed costs remain constant.
Logistics & Distribution
Not disclosed as a specific percentage, but the strategic location in the Electronic Manufacturing Cluster (Nava Raipur) provides a regional distribution advantage.
Strategic Growth
Expected Growth Rate
60%
Growth Strategy
The company aims to reach INR 300 Cr revenue by FY28 (up from ~INR 70 Cr) through a 3-pronged strategy: 1) Investing INR 10 Cr in celebrity endorsements and branding for the 'STARSHINE' brand; 2) Aggressively bidding for Government tenders for Interactive Flat Panels (IFP) which could 2x-3x revenue; 3) Increasing plant utilization from 30% to 80%.
Products & Services
Smart Televisions (LED TVs), Fans, Air Coolers, and Interactive Flat Panels (IFP).
Brand Portfolio
STARSHINE
New Products/Services
Interactive Flat Panels (IFP) for the education/government sector, expected to be a 'game changer' for revenue scaling.
Market Expansion
Focusing on regional markets ('Bharat') and scaling the STARSHINE brand to a national level through celebrity-led marketing.
External Factors
Industry Trends
The industry is shifting toward localized electronics manufacturing. Arham is positioning itself as a pure-play manufacturer with high asset efficiency (8x turnover) compared to the industry average of 2-3x.
Competitive Landscape
Competes with major national white goods brands and regional suppliers, particularly in the fan and TV segments.
Competitive Moat
Moat is built on 'Built-In Operating Leverage' and a 'Capex-Light' model. The ability to triple output without significant new debt or equity dilution provides a durable cost advantage over capital-intensive competitors.
Macro Economic Sensitivity
Highly sensitive to consumer spending on white goods and government education budgets (for IFP tenders).
Consumer Behavior
Increasing demand for affordable, India-made electronics in regional markets is driving the shift toward brands like STARSHINE.
Geopolitical Risks
Not disclosed, though the 'India-Made' focus suggests a strategy to mitigate risks associated with imported electronics components.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI (LODR) Regulations. Manufacturing is located in a designated Electronic Manufacturing Cluster, subject to local industrial norms.
Taxation Policy Impact
Current tax provision for FY25 was INR 212.59 Lakhs (Standalone) and INR 242.37 Lakhs (Consolidated).
Legal Contingencies
The CFO and Auditors report no instances of significant fraud or material illegal transactions for the year ended March 31, 2025.
Risk Analysis
Key Uncertainties
Success is heavily dependent on the 'STARSHINE' brand's market acceptance and the outcome of high-value government tenders for flat panels.
Geographic Concentration Risk
High concentration in Chhattisgarh and surrounding regional markets, though expanding via branding.
Third Party Dependencies
Historically dependent on vendors for plastics and sheet metal, currently being mitigated through backward integration.
Technology Obsolescence Risk
Rapid changes in Smart TV and Interactive Panel technology require continuous manufacturing updates.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio improved 7.26% to 6.20, indicating improved collection efficiency and lower counterparty risk.
