MeritValue

Nordicus Partners Corp

NORDdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Nordicus Partners Corp earns about -8164% on invested capital, but has diluted owners by 1818% 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——$2,5001$5,0002—
Net income−$287,1713−$8.47M4−$298,2025−$2.9M6−$4M6
Operating cash flow−$282,3817−$368,3478−$258,9289−$1.28M10−$4.32M10
Capital expenditure————$17,75511
Free cash flow (derived)————−$4.34M10
Total debt—————
Cash & equivalents$245,94512$7,14912$49,93313$19,91413$20,87813
Diluted shares944,6515.9M1.0M9.2M18.1M

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
$35.47
your share of equity
Profit it earned you last year
−$2.21
Free cash flow it threw off
−$2.4
Debt you’d be carrying
—

10 shares is a claim on $35.47 of net worth that earned you −$2.21 and generated −$2.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-8164% avg · 5y
FY22 —FY23 -32633%FY24 -14%FY25 -4%FY26 -5%

It earned an average -8164% 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
+1818% shares · 5y

Share count is up 1818% over 5 years — owners have been diluted. Worth asking what they got for it.

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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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. 10-K · period ending 2024-03-31 · accession 0001641172-25-021335 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-03-31 · accession 0001493152-26-033203 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2022-03-31 · accession 0001493152-23-024963 (NetIncomeLoss)
  4. 10-K · period ending 2023-03-31 · accession 0001493152-24-026126 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001641172-25-021335 (NetIncomeLoss)
  6. 10-K · period ending 2025-03-31 · accession 0001493152-26-033203 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-03-31 · accession 0001493152-23-024963 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001493152-24-026126 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001641172-25-021335 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2025-03-31 · accession 0001493152-26-033203 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2026-03-31 · accession 0001493152-26-033203 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2022-03-31 · accession 0001493152-23-024963 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-03-31 · accession 0001493152-26-033203 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)