MeritValue

Solowin Holdings, Ltd.

AXGdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Solowin Holdings, Ltd. earns about -182% on invested capital, but has diluted owners by 1105% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$3.26M1$389,0002$871,0003$655,0003$593,0003
Net income−$979,0004$1.35M5−$4.56M6−$8.54M6−$13.3M6
Operating cash flow−$5.74M7−$443,0008−$5.61M9−$1.06M9−$15.3M9
Capital expenditure$17,00010$8,00011$141,00012$88,00012$186,00012
Free cash flow (derived)−$5.76M7−$451,0008−$5.75M9−$1.15M9−$15.5M9
Total debt———$5,00013—
Cash & equivalents$977,00014$1.93M15$2.14M16$3.84M16$16.8M16
Diluted shares10.4M12.0M13.7M16.1M124.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2.02
your share of equity
Profit it earned you last year
−$1.06
Free cash flow it threw off
−$1.24
Debt you’d be carrying
—

10 shares is a claim on $2.02 of net worth that earned you −$1.06 and generated −$1.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-182% avg · 5y
FY22 -58%FY23 75%FY24 -51%FY25 -749%FY26 -125%

It earned an average -182% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1105% shares · 5y

Share count is up 1105% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-03-31 · accession 0001013762-24-001683 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-03-31 · accession 0001213900-26-084178 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2022-03-31 · accession 0001013762-24-001683 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (NetIncomeLoss)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-26-084178 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001013762-24-001683 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-03-31 · accession 0001213900-26-084178 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-03-31 · accession 0001013762-24-001683 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2024-03-31 · accession 0001213900-26-084178 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2025-03-31 · accession 0001213900-25-059716 (ShortTermBorrowings)
  14. 20-F · period ending 2022-03-31 · accession 0001013762-24-001683 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-03-31 · accession 0001213900-26-084178 (CashAndCashEquivalentsAtCarryingValue)