What’s new

• FY26 revenue rose 70% to ₹118.5 cr; net profit climbed 68% to ₹12.2 cr.
• Management targets over ₹200 cr in revenue for FY27.
• Debtor days reached 113, while H2 EBITDA margins compressed to 14%.

Why it matters

Rapid top-line growth is being offset by a lengthening cash conversion cycle. With debtor days at 113 and margins thinning, the company's ability to fund its expansion hinges on collecting cash from its existing book.

What we’re watching

• Progress on the ₹400 cr government interactive panel opportunity.
• Whether the company can improve its 14% H2 EBITDA margin.
• The impact of the new brand ambassador on sales velocity.

The full read

Arham Technologies closed FY26 with ₹118.5 crore in revenue and ₹12.2 crore in net profit, marking growth of 70% and 68% respectively. Management is now aiming for more than ₹200 crore in revenue for FY27, supported by a new backward integration facility in Naya Raipur and the appointment of Vicky Kaushal as brand ambassador. Yet, the financials show strain. Debtor days have stretched to 113, and EBITDA margins in the second half of the year compressed to 14%. The company also delayed its distributor network expansion by a year, now targeting FY28. While a ₹400 crore government interactive panel opportunity is under exploration, the immediate test is whether the company can manage its working capital and stabilize margins as it scales toward its ₹200 crore target.

Primary source: NSE