Revenue and Profitability Trends
Over the past seven years, Trejhara Solutio's net sales have shown considerable volatility. The company recorded a peak net sales figure in the fiscal year ending March 2025, reaching ₹115.75 crores, a substantial increase from ₹22.85 crores in the previous year. Prior to this surge, sales fluctuated between ₹54 crores and ₹77 crores from 2019 to 2023, indicating periods of both growth and contraction.
Operating profit margins excluding other income have varied widely, with a notable high of 26.56% in March 2024 and a low of 6.24% in March 2025. The gross profit margin also reflected this inconsistency, peaking at 83.33% in March 2024 but dropping sharply to 9.18% in March 2025. These swings suggest operational challenges and cost structure shifts impacting profitability.
Profit after tax (PAT) margins have mirrored this pattern, with a remarkable 61.44% margin in March 2024, contrasting with a modest 3.66% in March 2025. The fiscal year ending March 2023 was particularly challenging, with a significant loss reflected in negative profitability metrics, including a PAT margin of -435.1% and a net profit loss exceeding ₹299 crores. This anomaly was influenced by exceptional items and high depreciation costs during that period.
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Cost Structure and Expenses
The company's expenditure profile reveals that manufacturing expenses and employee costs constitute the bulk of operating costs. Manufacturing expenses surged to ₹84.52 crores in March 2025 from a low of ₹4.19 crores in March 2024, reflecting increased operational activity or cost inflation. Employee costs have also risen steadily, reaching ₹17.46 crores in the latest fiscal year.
Other expenses have remained relatively stable, fluctuating between ₹2.28 crores and ₹8.36 crores over the years. Notably, the company reported zero raw material and purchase of finished goods costs throughout the period, which may indicate a service-oriented business model or accounting classification.
Balance Sheet and Financial Position
On the balance sheet front, Trejhara Solutio's total assets peaked at ₹610.24 crores in March 2022 before declining to ₹240.28 crores by March 2024. Shareholders' funds followed a similar trend, reaching a high of ₹475.33 crores in March 2022 and falling to ₹221.21 crores in March 2024. This contraction aligns with the company's fluctuating profitability and capital structure adjustments.
Long-term borrowings have significantly reduced from ₹25.78 crores in March 2020 to a mere ₹0.26 crores in March 2024, indicating deleveraging efforts. Short-term borrowings also declined sharply from ₹37.20 crores in March 2019 to ₹0.59 crores in March 2024, further supporting a stronger financial position.
Intangible assets under development have decreased markedly from ₹147.50 crores in March 2022 to ₹5.85 crores in March 2024, suggesting completion or impairment of projects. Meanwhile, current assets have contracted from ₹357.58 crores in March 2022 to ₹123.39 crores in March 2024, reflecting changes in working capital and operational scale.
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Cash Flow and Liquidity
Cash flow from operating activities has been inconsistent, with a positive ₹18 crores in March 2023 but a negative ₹122 crores in March 2024. Investing activities showed a positive inflow of ₹137 crores in March 2024, contrasting with outflows in previous years. Financing activities consistently recorded outflows, reflecting debt repayments and other financing adjustments.
The company's cash and cash equivalents have remained low, fluctuating between ₹0.00 crores and ₹2.06 crores over the years, indicating limited liquidity reserves. Working capital changes have also impacted cash flow, with a significant negative adjustment of ₹133 crores in March 2024.
Overall, Trejhara Solutio's historical performance reveals a company navigating through periods of growth and financial stress, with recent years marked by recovery efforts and operational scaling. Investors should consider these dynamics alongside sector trends and market conditions when evaluating the stock.
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