Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹316Cr
Electronics - TV/Audio/VCR/VCP
Rev Gr TTM
Revenue Growth TTM
38.24%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ARHAM
VS
| Quarter | Mar 2024 | Mar 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | | | 19.8 | 35.4 | 40.7 |
| 24 | 22 | 27 | 30 | 37 |
Operating Profit Operating ProfitCr |
| 11.5 | 19.5 | 15.9 | 20.1 | 18.5 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 1 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 1 | 1 |
Depreciation DepreciationCr | 0 | 1 | 1 | 0 | 0 |
| 2 | 5 | 4 | 7 | 8 |
| 1 | 1 | 1 | 2 | 1 |
|
Growth YoY PAT Growth YoY% | | | 55.3 | 45.9 | 123.5 |
| 6.3 | 11.5 | 8.1 | 12.4 | 12.9 |
| 1.0 | 1.9 | 3.1 | 2.7 | 3.5 |
| Financial Year | Mar 2025 | TTM |
|---|
|
| | 18.9 |
| 57 | 67 |
Operating Profit Operating ProfitCr |
| 18.1 | 19.3 |
Other Income Other IncomeCr | 0 | 1 |
Interest Expense Interest ExpenseCr | 2 | 3 |
Depreciation DepreciationCr | 1 | 1 |
| 10 | 14 |
| 2 | 3 |
|
| | 44.8 |
| 10.4 | 12.7 |
| 4.3 | 6.2 |
| Financial Year |
|---|
Equity Capital Equity CapitalCr |
|
Current Liabilities Current LiabilitiesCr |
Non Current Liabilities Non Current LiabilitiesCr |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr |
Non Current Assets Non Current AssetsCr |
Total Assets Total AssetsCr |
| Financial Year | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 2 |
Investing Cash Flow Investing Cash FlowCr | 1 |
Financing Cash Flow Financing Cash FlowCr | -2 |
|
Free Cash Flow Free Cash FlowCr | |
| 28.6 |
CFO To EBITDA CFO To EBITDA% | 16.4 |
| Financial Year | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 140 |
Price To Earnings Price To Earnings | 19.2 |
Price To Sales Price To Sales | 2.0 |
Price To Book Price To Book | 4.5 |
| |
Profitability Ratios Profitability Ratios |
| 24.9 |
| 18.1 |
| 10.4 |
| |
| |
| |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Arham Technologies Limited, established in 2013 and headquartered in **Nava Raipur, Chhattisgarh**, is a fast-emerging Indian electronics manufacturer and OEM focused on delivering **affordable, high-quality consumer electronics and home appliances** tailored for Indian conditions. Operating primarily under its flagship brand **STARSHINE** (premium) and its economy brand **ARATTON**, the company is strategically positioned to capture growth in **Tier II, Tier III towns, and rural India (Bharat market)** through localized manufacturing, robust distribution, and product innovation.
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### **Core Business & Product Portfolio**
The company manufactures a wide range of consumer electronics and electrical appliances with **end-to-end in-house production** for TVs, ceiling fans, and air coolers. Key products include:
- **Smart LED Televisions** (32” to 85”): Available with **Google TV, webOS, and Cloud TV platforms**; ROHS certified and backed by a **3-year industry-leading warranty**.
- **BLDC Ceiling Fans & Solar Fans**: Energy-efficient, BEE and BIS certified; 5-year warranty.
- **Home Appliances**: Washing machines (semi-automatic), mixer grinders, pedestal/table fans, exhaust fans, and air coolers—engineered for **low voltage, water pressure, and harsh conditions**.
Additionally, Arham provides **white-label manufacturing services** to regional and institutional clients, such as its **OEM agreement with Kuber Bhandar (Odisha)** for "Ego’s Smart" fans.
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### **Manufacturing & Operational Strength**
Arham leverages a **state-of-the-art manufacturing facility** in the **Electronic Manufacturing Cluster (EMC), Nava Raipur**, featuring:
- **Class 1K clean rooms**, ESD-controlled assembly lines, automated stator winding, and multi-stage testing systems.
- **In-house production** for TVs, fans, and coolers ensures superior **quality control and production efficiency**.
- **Backward integration**: Investments in **sheet metal fabrication and injection moulding** units (₹30+ crore capex) to produce TV cabinets, fan blades, and plastic components in-house—reducing vendor dependency, cutting costs, and accelerating product development.
**Total Manufacturing Capacity**:
- **850,000 units/year** across product lines.
- Smart TVs: **300,000 units/year** (32”–85”)
- Fans: **500,000 units/year** (ceiling, BLDC, pedestal, table, exhaust)
- Home appliances: **>50,000 units/year**
- **Current Capacity Utilization**: ~30%
- **Target FY28**: **80% utilization** to improve fixed-cost absorption and margins.
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### **Strategic Growth Initiatives**
#### 1. **Product Expansion**
- Launched **AI-integrated Google TVs**, **4K large-screen TVs (75”, 85”)**, and **Solar BLDC fans**.
- Entered **high-growth, high-margin segments**:
- **Interactive Flat Panel Displays (IFPDs)** (43”–98”) for **smart classrooms, digital signage, and ed-tech**.
- **IoT-enabled solutions** in partnership with **Magure Softwares** (MoU, Dec 2023).
- **Capital expenditure of ₹18.5 crore** allocated to expand IFPD and digital signage production.
- Project funded via **term loan (₹7.5 Cr)** and **internal accruals (₹11 Cr)**.
#### 2. **Distribution & Market Expansion**
- **National Footprint**:
- Over **500 dealer partners** across **8+ states**, including Chhattisgarh, Odisha, MP, Andhra Pradesh, and parts of Uttar Pradesh.
- Expanding into **Gujarat, Rajasthan, Maharashtra, Jharkhand, Bihar, and UP**.
- **Southern India Push**: Strategic expansion into **Tamil Nadu, Karnataka, Telangana, Andhra Pradesh** (FY26–27 target).
- **Modern Retail Partnerships**: Tie-ups with **Croma, Vijay Sales** to strengthen offline presence.
- **E-commerce Growth**: Direct-to-consumer via **www.starshine.co.in** and key platforms (Amazon, Flipkart); marketing partnership with **Starshine Venture Pvt Ltd** for digital sales.
#### 3. **International Expansion**
- Achieved **export debut in FY25**, targeting **20% of total revenue from exports by FY27–28**.
- Focus markets: **Middle East, Africa, and ASEAN**—driven by strong demand for **Indian-made, efficient, and durable ceiling fans**.
- **Logistical Advantage**: Proximity to **inland port in Raipur** reduces freight and import-export costs vs. coastal hubs.
#### 4. **Government & Institutional Demand**
- Secured first government order: **₹27.6 lakh supply of Starshine TVs** to **Atal Nagar Vikas Pradhikaran (Chhattisgarh)**.
- **Vendor registration with CSIDC (May 2024)** enables participation in state and national tenders.
- Targeting **large-scale smart TV and IFPD procurement** under **government education initiatives** (e.g., smart classrooms), offering **predictable, low-credit-risk revenue**.
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### **Brand & Marketing Strategy**
- **Starshine Brand Ambassadors**: Actress **Mona Singh** engaged (Apr 2024) to boost national visibility.
- **Marketing Investment**: **₹3.25 crore allocated** for advertising to strengthen brand recall.
- Enhanced **brand positioning** with **longer warranties** (3 years TV, 5 years fans), **affordable large-screen TVs**, and **strong after-sales service network**.
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### **Innovation & Technology**
- **Quality-first philosophy**: Each TV undergoes standardized aging; fans pass **8-stage quality testing**.
- **Digital & AI Initiatives**:
- **AI-powered distributor acquisition** in collaboration with **QLead.ai** (intent analysis, lead generation).
- **R&D focus** on AI-integrated solutions, smart displays, and industrial design.
- **Digital India & Make in India** alignment supports regulatory access, incentives, and brand image.
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### **Leadership & Governance**
- **Mr. Roshan Jain (MD & Founder)**: B.Com (Hons.), 35+ years in electronics; drives overall strategy.
- **Mr. Ankit Jain (CFO & ED)**: B.Tech (Electrical); leads finance, quality, and modernization.
- **Mr. Anekant Jain (CEO, Operations)**: B.Tech (CS); focused on automation, lean practices.
- **Mr. Rajeev Singh (VP Sales)**: Appointed Aug 2024; ex-Sansui, DishTV; expanding footprint in East & West India.
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### **Key Risks & Strategic Shifts**
- **Paused EV plans** (Oct 2025) to focus on core electronics and near-term growth vectors.
- **Reliance on Chinese component imports** in current sourcing—partially mitigated by in-house plastic and metal fabrication.
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