MeritValue

Lytus Technologies Holdings PTV. Ltd.

LYTHFdata completeness 88%5 fiscal years on file
The thesis, from the filings

Lytus Technologies Holdings PTV. Ltd. earns about 3% on invested capital, but has diluted owners by 641% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.02 a share.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.9M1$16.4M2$19.4M3$23M3$23.2M3
Net income$1.17M4−$390,0675−$2.35M6$287,6696$694,5846
Operating cash flow−$25,4937−$577,3678$1.15M9$886,0349$2.16M9
Capital expenditure$93,77610$166,72111$10.8M12$1.94M12$2.81M12
Free cash flow (derived)−$119,2697−$744,0888−$9.67M9−$1.05M9−$650,1909
Total debt$1.46M13$1.04M14$3.89M15$1.73M15—
Cash & equivalents$26,14216$8,75817$311,81017$246,37717$4.67M17
Diluted shares24.3M34.2M613,481967,510180.0M

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
$1.22
your share of equity
Profit it earned you last year
$0.04
Free cash flow it threw off
−$0.04
Debt you’d be carrying
—

10 shares is a claim on $1.22 of net worth that earned you $0.04 and generated −$0.04 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 9%FY22 1%FY23 -7%FY24 6%FY25 5%

It earned an average 3% 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
+641% shares · 5y

Share count is up 641% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 19% over the same window.

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
$0.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$287,669
  • growthAssumed0.0%
Graham Number
$0.57
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-03-31 · accession 0001213900-22-059516 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-03-31 · accession 0001213900-23-068912 (Revenue)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-25-076810 (Revenue)
  4. 20-F · period ending 2021-03-31 · accession 0001213900-22-059516 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-03-31 · accession 0001213900-23-068912 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-03-31 · accession 0001213900-25-076810 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-03-31 · accession 0001213900-22-059516 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-03-31 · accession 0001213900-23-068912 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-03-31 · accession 0001213900-25-076810 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-03-31 · accession 0001213900-22-059516 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-03-31 · accession 0001213900-23-068912 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-03-31 · accession 0001213900-25-076810 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-03-31 · accession 0001213900-22-059516 (Borrowings)
  14. 20-F · period ending 2022-03-31 · accession 0001213900-23-068912 (Borrowings)
  15. 20-F · period ending 2023-03-31 · accession 0001213900-24-069682 (Borrowings)
  16. 20-F · period ending 2021-03-31 · accession 0001213900-23-068912 (CashAndCashEquivalents)
  17. 20-F · period ending 2022-03-31 · accession 0001213900-25-076810 (CashAndCashEquivalents)