Trejhara Solutions Ltd Q1FY26 – From Aurionpro’s Leftover to IT’s 90x P/E Meme
1. At a Glance
Trejhara Solutions Ltd (BSE: 542233, NSE: TREJHARA) is a ₹275 Cr market cap microcap IT wannabe, priced at ₹190 with a P/E of 90x—basically, investors are paying iPhone money for a Micromax phone. Sales for Q1FY26 came in at ₹8.65 Cr (+43% YoY), but PAT dropped -26% YoY to ₹0.67 Cr.
Debt? Almost zero. Current ratio? A whopping 11.2x (they’re basically hoarding cash and receivables like your dadi hoards steel dabbas). Promoter holding is just 23% (and even 10% of that is pledged). ROE? 1.47%. ROCE? 2.37%. Basically, the company is earning less than your bank FD.
Question: When a software company trades at 90x earnings but delivers single-digit crore profits, is it “digital disruption” or just “valuation corruption”?
2. Introduction
Let’s be clear: Trejhara isn’t TCS, Infosys, or even Tech Mahindra’s younger cousin. This company was spun out of Aurionpro Solutions in 2017 as part of a demerger, got listed in 2018, and has since been trying to convince the world that its niche software products are the next big thing.
They sell customer communication software (Interact DX) and supply chain logistics software (SCMProFit), along with consulting services. Sounds fancy, right? But here’s the fun: in FY23, they sold their Interact DX business back to Aurionpro for $6.5 million. Yes, they literally sold their “face” product and are now mostly a logistics SaaS company.
Meanwhile, revenues have fallen from ₹87 Cr in FY18 to barely ₹31 Cr now. Profitability is patchy, order wins are one-off, and yet the stock trades at a premium to Infosys and TCS on P/E. It’s like chai tapri charging Starbucks prices because they serve in paper cups.
3. Business Model – WTF Do They Even Do?
Trejhara’s offerings are a mix of:
SCMProFit (Supply Chain Suite): Warehouse, freight forwarding, logistics visibility, supplier collaboration—basically, software for people who move containers instead of coding them.
Consulting: Banking, insurance, telecom, utilities—buzzwords for “we’ll provide resources if you pay us.”
Product License Revenue: 19% of income from software licenses (FY22), rest from services.
Geography: 89% revenue from Asia-Pacific (mostly India), rest from “global.” Translation: domestic SME clients, with one random foreign project for credibility.
Client list includes Vodafone, Axis Bank, HDFC Bank, Apollo Fiege, and Goodpack. But order book isn’t sticky—one quarter looks good, next looks like they forgot to send invoices.
Question: If your two main verticals are communication software (sold off) and supply chain (small clients), are you really an IT company—or just a glorified freelancer collective?
4. Financials Overview
Source table
Metric
Latest Qtr (Jun ’25)
YoY Qtr (Jun ’24)
Prev Qtr (Mar ’25)
YoY %
QoQ %
Revenue
₹8.65 Cr
₹6.05 Cr
₹9.56 Cr
+43%
-9.5%
EBITDA
₹1.76 Cr
₹1.29 Cr
₹1.70 Cr
+36%
+3.5%
PAT
₹0.67 Cr
₹0.91 Cr
₹0.61 Cr
-26.4%
+9.8%
EPS (₹)
0.46
0.63
0.42
-26%
+10%
Commentary: Strong top-line growth YoY, but profits are shrinking. It’s like ordering biryani from Zomato—good packaging, but you open it and find 80% rice, 20% chicken.
