AI-generated · cited to primary sources · not investment advice
Sahana Systems (SAHANA) Mar 2025 Filing Analysis
What could break the thesis?
Customer concentration remains extremely high. The top ten customers contributed 88% of total revenue in FY25, up from 81% in FY24. (1 intensifying, 1 stable)
“Our top ten customers contributed approximately 88.00%, 81.00%, and 90.30% of our total revenue from operations during Financial Year 2025, Financial Year 2024, and Financial Year 2023, respectively.”
Trade receivables have surged dramatically. Standalone receivables jumped from ₹12.40 Cr to ₹53.77 Cr. Consolidated receivables reached ₹88.55 Cr, indicating a massive increase in credit extended to customers. (1 intensifying)
“Trade receivables 5,377.01 [in Lakhs] ... Consolidated Trade receivables 8,855.21 [in Lakhs]”
Net Profit Margin declined from 28% in FY24 to 16% in FY25 on a standalone basis. Consolidated Net Profit Margin also dropped to 23% from 26%. (1 intensifying)
“Net Profit Margin 0.16 [FY25] 0.28 [FY24]”
See the full cited Risk analysis of Sahana Systems
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