MeritValue

Solowin Holdings, Ltd.

AXGdata completeness 100%4 fiscal years on file
The thesis, from the filings

Solowin Holdings, Ltd. earns about -196% on invested capital, but has diluted owners by 56% over 4 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 2025
Revenue$3.26M1$389,0002$871,0002$655,0002
Net income−$979,0003$1.35M4−$4.56M4−$8.54M4
Operating cash flow−$5.74M5−$443,0006−$5.61M6−$1.06M6
Capital expenditure$17,0007$8,0008$141,0008$88,0008
Free cash flow (derived)−$5.76M5−$451,0006−$5.75M6−$1.15M6
Total debt———$5,0009
Cash & equivalents$977,00010$1.93M11$2.14M11$3.84M11
Diluted shares10.4M12.0M13.7M16.1M

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
$2.93
your share of equity
Profit it earned you last year
−$5.29
Free cash flow it threw off
−$0.71
Debt you’d be carrying
$0

10 shares is a claim on $2.93 of net worth that earned you −$5.29 and generated −$0.71 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-196% avg · 4y
FY22 -58%FY23 75%FY24 -51%FY25 -749%

It earned an average -196% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+56% shares · 4y

Share count is up 56% over 4 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 v0.1.0
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 2022-03-31 · accession 0001013762-24-001683 (NetIncomeLoss)
  4. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (NetIncomeLoss)
  5. 20-F · period ending 2022-03-31 · accession 0001013762-24-001683 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-03-31 · accession 0001013762-24-001683 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2025-03-31 · accession 0001213900-25-059716 (ShortTermBorrowings)
  10. 20-F · period ending 2022-03-31 · accession 0001013762-24-001683 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2023-03-31 · accession 0001213900-25-059716 (CashAndCashEquivalentsAtCarryingValue)