Aartech Solonics (542580) Nov 2024 Filing Analysis

International revenue increased from Rs. 0.48 lakh in FY20 to Rs. 113 lakh in FY24, with the presentation showing a 34% CAGR for total geographic performance. However, exports remain very small relative to domestic revenue: FY24 domestic revenue was Rs. 3,157 lakh versus international revenue of Rs. 113 lakh, or approximately 3.5% of the combined amount. The company serves 20 countries, but the commercial mix remains overwhelmingly domestic. This is a positive but still early-stage international growth trend. (1 accelerating, 1 new trend across 2 signals)

Revenue from operations increased from Rs. 1,004.40 lakh in FY20 to Rs. 3,269.25 lakh in FY24, representing a 34% five-year CAGR. However, the latest available half-year trend is much slower: H1 FY25 revenue was Rs. 1,601.54 lakh versus Rs. 1,534.55 lakh in H1 FY24, up only 4%. Q2 FY25 improved sequentially by 42% to Rs. 940.61 lakh from Rs. 660.93 lakh in Q1, but year-on-year growth was only 4%. The long-term trajectory is positive, while the latest annual growth rate is steady rather than accelerating. (1 steady across 1 signal)