MeritValue

SRIVARU Holding Ltd

SVUHFdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

SRIVARU Holding Ltd earns about -538% on invested capital, but has diluted owners by 640% 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$112,4091$42,5382$68,3302
Net income−$654,2733−$11.4M4−$35M4
Operating cash flow−$384,0705−$3.87M6−$6.06M6
Capital expenditure———
Free cash flow (derived)———
Total debt$1.16M7$77,9628—
Cash & equivalents$21,3789$175,04110$1.52M10
Diluted shares19.1M20.8M141.6M

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
$0.3
your share of equity
Profit it earned you last year
−$2.47
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.3 of net worth that earned you −$2.47 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-538% avg · 3y
FY23 -70%FY24 —FY25 -1006%

It earned an average -538% 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
+640% shares · 3y

Share count is up 640% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 93% — 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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. 20-F/A · period ending 2023-03-31 · accession 0001493152-24-028749 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2024-03-31 · accession 0001641172-25-022759 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F/A · period ending 2023-03-31 · accession 0001493152-24-028749 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001641172-25-022759 (NetIncomeLoss)
  5. 20-F/A · period ending 2023-03-31 · accession 0001493152-24-028749 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001641172-25-022759 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F/A · period ending 2023-03-31 · accession 0001493152-24-028749 (ShortTermBorrowings)
  8. 20-F · period ending 2024-03-31 · accession 0001641172-25-022759 (ShortTermBorrowings)
  9. 20-F/A · period ending 2023-03-31 · accession 0001493152-24-028749 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2024-03-31 · accession 0001641172-25-022759 (CashAndCashEquivalentsAtCarryingValue)