Arham Technologies Ltd(ARHAM)

NSE: ARHAM

₹ 192+0.66%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 419 crUpdated: 24 Oct 2026

About

Arham Technologies makes LED smart televisions under its STARSHINE brand at a factory in the Electronic Manufacturing Cluster, Nava Raipur, Chhattisgarh. It also sells fans, air coolers and mixer grinders under the same brand. Revenue from operations was 118.57 crore in FY26. The company calls itself one of the leading smart television makers in India, and it is listed on the NSE Emerge (SME) platform.^[1][2]

Product mix

Televisions were 65% of revenue in FY26, down from 70-75% the year before. Fans were about 20%, air coolers about 14%, and washing machines and mixer grinders 1%.^[3]
The STARSHINE brand made up about 95% of revenue in H1 FY26.^[4]
Growth in Q1 FY27 came from air coolers, fans and televisions.^[5]

Products and brand

The company makes LED smart TVs in several screen sizes in-house. Fans, air coolers and mixer grinders were made by third-party manufacturers under STARSHINE (FY24 annual report).^[1]
Its business covers manufacturing, sales and after-sales service of TVs, computer monitors, fans, washing machines, mixer grinders and air coolers.^[1]
In H1 FY27 it entered interactive flat panel displays, launching 65", 75" and 86" models for schools, coaching centres and corporates, with an AI-enabled whiteboard feature.^[6]
Its interactive flat panel displays received Google EDLA certification with Android 14 (reported in the Q4 FY26 call).^[3]
A new BLDC fan model designed in-house is due to enter production in H2 FY27.^[6]
Vicky Kaushal is brand ambassador for STARSHINE; as of the Q2 FY27 call, his advertising campaign was due to start in H2 FY27.^[3][6]

Manufacturing and capacity

The factory is at Plot No. 15, Electronic Manufacturing Cluster, Sector-22, Atal Nagar Nava Raipur, Chhattisgarh. It has a 1K standard clean room.^[1]
TV assembly capacity was 300,000 units a year in FY26.^[3]
Capacity utilisation was about 50% in FY26, up from about 30% the year before. The target is 75% by FY28.^[3]

Key operating numbers

The average selling price per TV was about Rs 6,000 in H1 FY26, up from about Rs 5,300-5,400 in FY25. The 24-inch models were phased out.^[4]
Gross margins on TVs were 20-22% as of H1 FY26.^[4]
Advertising and promotion spend was about 1% of sales in H1 FY26. Planned spend is about 7.5 crore in FY27 and 5-6 crore in FY28.^[4]
Average debtor days were about 113 in FY26. The target is to keep them below 90 days.^[3]
Historically, H1 brings in 35-40% of annual revenue (Q1 FY27 call).^[5]

Customers and distribution

There were about 80 distributors in FY26, up from about 70 a year earlier. About 200 dealers were active on a quarterly-billing basis, and the network had 500+ dealer and distributor outlets.^[3]
The company added 12 new distributors in H1 FY27; in Q1 FY27 it also added 35 direct dealers.^[6][5]
A fan expo in H1 FY27 produced 50+ serious leads ahead of the summer season.^[6]
Existing dealers and distributors contributed about 70% of FY26 revenue growth, and new ones about 30%.^[3]
The FY24 network covered Chhattisgarh, Madhya Pradesh, Odisha, Vidarbha, Andhra Pradesh and parts of Uttar Pradesh. In H1 FY26 it added Akola, Amravati, Buldhana and Jalna in Maharashtra.^[1]
Exports were about 0.6% of revenue in H1 FY26.^[4]
Plans for FY27 include expansion into Gujarat, Rajasthan, Jharkhand, Bihar, Maharashtra and north Indian states, and 250 distributors by FY28.^[3]

Expansion and capex

The company bought 6,350 sq m of land at EMC Nava Raipur for 52.39 lakhs, against a market value of 4.31 crores (Q4 FY26 call).^[3]
A new facility for interactive flat panel displays and in-house parts (injection moulding, sheet metal, motors) will cost about 40 crores, with production targeted by January 2027.^[3]
As of the Q2 FY27 call, the plastic injection moulding and sheet metal unit, meant to cut dependence on vendors, was on track.^[6]
Interactive flat panel displays are aimed at government smart-classroom tenders, including Chhattisgarh's requirement of about 400 cr.^[3]

Recent developments

On 01 Oct 2026 the company estimated H1 FY27 revenue at more than 80 crore, up about 80% from 45.62 crore in H1 FY26, ahead of results.^[7][6]
Q1 FY27 revenue was 40.40 crore, compared with 18.20 crore in Q1 FY26.^[5]
The company raised 60 crores (Q2 FY26 call): about 15 crores for capex, 32 crores for working capital and 12 crores for branding.^[4]
It agreed a 5-year Brand Capital deal with the Times of India group, giving equity in exchange for advertising. Exchange approval came in late October 2025.^[4]

Market Cap

₹419 Cr

High / Low

₹224 / 101

Stock P/E

35.2

Price / Book

11.6

Book Value

₹45

EPS

₹5.6

No. of Shares

2.18 Cr

ROCE

20.0%

ROE

18.8%

OPM

15.3%

Debt / Equity

0.26

Sales

₹119 Cr

Net Profit

₹12 Cr

Promoter holding

56.2%

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