MeritValue

Primech Holdings Ltd

PMECdata completeness 100%3 fiscal years on file
The thesis, from the filings

Primech Holdings Ltd earns about -4% on invested capital, but has diluted owners by 16% over 3 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 2023FY 2024FY 2025
Revenue$69M1$72.5M2$74.3M2
Net income−$2.53M3−$3.24M4−$1.94M4
Operating cash flow−$3.18M5−$9.08M6$7.38M6
Capital expenditure$2M7$909,0008$1.1M8
Free cash flow (derived)−$5.19M5−$9.99M6$6.28M6
Total debt—$34M9$25.6M10
Cash & equivalents$9.07M11$7.65M12$10.1M12
Diluted shares32.5M33.9M37.6M

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
$3.96
your share of equity
Profit it earned you last year
−$0.52
Free cash flow it threw off
$1.67
Debt you’d be carrying
$6.82

10 shares is a claim on $3.96 of net worth that earned you −$0.52 and generated $1.67 of cash last year, against $6.82 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 3y
FY23 —FY24 -5%FY25 -3%

It earned an average -4% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+16% shares · 3y

Share count is up 16% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 25% — deleveraging.

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 2023-03-31 · accession 0001213900-24-063312 (Revenues)
  2. 20-F · period ending 2024-03-31 · accession 0001213900-25-067127 (Revenues)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-24-063312 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001213900-25-067127 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001213900-24-063312 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-25-067127 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001213900-24-063312 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-03-31 · accession 0001213900-25-067127 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-03-31 · accession 0001213900-24-063312 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2025-03-31 · accession 0001213900-25-067127 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2023-03-31 · accession 0001213900-24-063312 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2024-03-31 · accession 0001213900-25-067127 (CashAndCashEquivalentsAtCarryingValue)