Share price
₹131.74 latest close · −7.9% over the last 90 sessions
₹131.74 month-end · −50.0% over 12 months
₹131.74 month-end · −33.4% over 3 years
₹131.74 month-end · +328.4% since Jan '19
52-week range ₹110.00 to ₹284.85 · 1-year volatility 45.2%
Was the rally earned?
Earnings helped, the multiple did not.
- Per-share earnings added 69 points, but investors now pay less per rupee of profit (P/E 110.3x to 21.1x), which took 119 points back.
- The share count rose 60%.
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 8.5x to 21.1x); per-share earnings took off 53 points.
- The share count rose 75%.
What do "pts" mean?
"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.
Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.
Not shown for 3 years: earnings were negative at one end, or there is not enough history.
Net profit is trailing twelve months as reported with a 60-day lag.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-89.3% (2019-01 peak to 2020-03 low, recovered 2020-12)
-61.6% (2024-09 peak to 2026-11 low, not yet recovered)
-60.9% (2022-01 peak to 2023-03 low, recovered 2023-10)
Is it expensive against its own past and its peers?
Usual range 1.5x to 48.5x since 2019-01.
Close to the Technology Services median.
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How to read this
Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).
Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.
Where does it rank among Technology Services peers?
Each cell is the company's percentile rank among its Technology Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Where it ranks today
- ROCE19thflat vs a year ago
- Op. margin36th▲ 11 pts vs a year ago
- Revenue growth93rd▼ 7 pts vs a year ago
- EPS growth96th▲ 80 pts vs a year ago
- Debt/equity ↓52nd▼ 15 pts vs a year ago
- Cash cycle ↓44th▲ 12 pts vs a year ago
- P/E ↓50th▲ 42 pts vs a year ago
- 12M momentum11th▼ 70 pts vs a year ago
Rank history
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Technology Services sector page Watch it move against Technology Services in the Observatory
What is the price implying?
At a P/E of 21.1x, the price would imply about 15.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Below the ₹1,000 cr market-cap floor used for the lists.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Technology Services The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹131.74
- P/E
- 21.1x
- ROCE
- 4.0%
- Market Cap
- ₹319 cr
- Revenue (TTM)
- ₹177 cr
- P/S
- 1.8x
- P/B
- 1.1x
- ROE
- 5.1%
- Operating Margin
- 9.8%
- Debt / Equity
- 0.1x
- Promoter Holding
- 33.9%
- 12M Momentum
- -50.0%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance57%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 57.1%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate23%Within range
Median quarterly effective tax rate over about 2.5 years: 22.9%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion-3.73xBeyond threshold
Operating cash flow divided by net profit over the last three fiscal years: -3.73x (cash from operations ₹-123 cr, net profit ₹33 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow3 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history-131 daysWithin range
Debtor days are below the median of the previous three fiscal years by 131 days (86 vs 217). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress0% of fixed assetsWithin range
Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days—Not enough data
Not enough reported data to compute this.
Tap a check to see how it is measured
How to read this
Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.
Who has been buying and selling?
- Over 3 years, promoters added 3.9 pts.
- The number of shareholders fell from 11,909 to 9,573 (-20%) between Sep 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like TREJHARA SOLUTIONS LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
- Over the following 12 months the middle half of them returned −19% to +27% vs the market, against −6% for all non-financial companies in the same months.
- The gap against the base rate (+4.4%, 80% range −2.8% to +12.4%) is within what chance and overlapping periods produce.
Where the 50 outcomes landed
Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 35 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| HPAL Non-Energy Minerals |
May 2025 | 24x | — | −48% | −51% | −31% |
| ASHIMASYN Process Industries |
Jun 2022 | 13x | -3% | −37% | −45% | 0% |
| KILITCH Health Technology |
Dec 2022 | 35x | 6% | −38% | −41% | +87% |
| YATRA Consumer Services |
Jun 2025 | 37x | 5% | −32% | −43% | +32% |
| NITIRAJ Electronic Technology |
Feb 2021 | 19x | 4% | −21% | — | +10% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| SHALBY Health Services |
Jun 2022 | 20x | 10% | −44% | −52% | +39% |
| COMPUSOFT Technology Services |
Feb 2020 | 11x | 4% | −47% | −52% | +27% |
| EIMCOELECO Producer Manufacturing |
Nov 2021 | 18x | 5% | +8% | −31% | +7% |
How reliable is this?
Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: interest cover, P/S and drawdown from 12-month high. One match per company and at most 7 from any one month.
Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.
What changed?
30 events since Apr '22
- NovPriceFell 62% from the Sep 2024 peak to the Nov 2026 low.
- SepPeer rankMoved into the 3rd quartile of Technology Services on operating margin (from the bottom quartile).
- JunPromoterPromoter holding rose 10.8 pts to 33.9%.
- JunResultsYear-on-year EPS growth turned positive.
- JunPeer rankMoved into the top quartile of Technology Services on EPS growth (from the bottom quartile).
- JunSharesShare count is up 60.0% over 12 months.
- NovPeer rankSlipped to the bottom quartile of Technology Services on operating margin (from the 3rd quartile).
- SepResultsRevenue (TTM) reached a new high of ₹104 cr.
Show 22 earlier events
- SepPeer rankMoved into the 3rd quartile of Technology Services on operating margin (from the bottom quartile).
- JunPeer rankSlipped to the bottom quartile of Technology Services on operating margin (from the top quartile).
- MarPeer rankMoved into the top quartile of Technology Services on operating margin (from the bottom quartile).
- DecPeer rankSlipped to the bottom quartile of Technology Services on operating margin (from the top quartile).
- SepPeer rankMoved into the top quartile of Technology Services on operating margin (from the bottom quartile).
- AugPriceRegained the 2023-12 peak, 5 months after the low.
- JunPromoterPromoter holding fell 5.3 pts to 23.1%.
- JunResultsEPS (TTM) turned positive.
- JunValuationP/E crossed above the 90th percentile of its own history to date (12.5x).
- JunSharesShare count is up 25.0% over 12 months.
- MarPriceFell 36% from the Dec 2023 peak to the Mar 2024 low.
- OctPriceRegained the 2022-01 peak, 7 months after the low.
- JunResultsEPS (TTM) turned negative.
- JunPeer rankSlipped to the bottom quartile of Technology Services on EPS growth (from the 3rd quartile).
- JunDividendDividend payout cut from 5% to 0% of profit.
- MayValuationP/E crossed above the 90th percentile of its own history to date (8.2x).
- MarPriceFell 61% from the Jan 2022 peak to the Mar 2023 low.
- SepValuationP/E crossed above the 90th percentile of its own history to date (8.1x).
- JunResultsYear-on-year EPS growth turned negative.
- JunPeer rankSlipped to the 3rd quartile of Technology Services on EPS growth (from the top quartile).
- JunDividendStarted paying a dividend (payout 5% of profit).
- AprValuationP/E crossed above the 90th percentile of its own history to date (8.0x).
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Monthly history95 months · 2019-01 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 21.1x | ₹177 cr | 5.1% | 4.0% | 0.1x |
| 2026-10 | 18.3x | ₹177 cr | 5.1% | 4.0% | 0.1x |
| 2026-09 | 22.2x | ₹177 cr | 5.1% | 4.0% | 0.1x |
| 2026-08 | 31.2x | ₹142 cr | 3.5% | 4.0% | 0.1x |
| 2026-07 | 28.6x | ₹142 cr | 3.5% | 4.0% | 0.1x |
| 2026-06 | 30.1x | ₹142 cr | 3.5% | 4.0% | 0.1x |
| 2026-05 | 36.9x | ₹140 cr | 3.2% | 3.0% | 0.0x |
| 2026-04 | 38.1x | ₹140 cr | 3.2% | 3.0% | 0.0x |
| 2026-03 | 35.5x | ₹140 cr | 3.2% | 3.0% | 0.0x |
| 2026-02 | 47.8x | ₹112 cr | 2.9% | 3.0% | 0.0x |
| 2026-01 | 48.8x | ₹112 cr | 2.9% | 3.0% | 0.0x |
| 2025-12 | 58.1x | ₹112 cr | 2.9% | 3.0% | 0.0x |
| 2025-11 | 110.3x | ₹104 cr | 1.5% | 3.0% | 0.0x |
| 2025-10 | 90.6x | ₹104 cr | 1.5% | 3.0% | 0.0x |
| 2025-09 | 75.9x | ₹104 cr | 1.5% | 3.0% | 0.0x |
| 2025-08 | 80.8x | ₹77 cr | 1.6% | 3.0% | 0.0x |
| 2025-07 | 85.2x | ₹77 cr | 1.6% | 3.0% | 0.0x |
| 2025-06 | 92.2x | ₹77 cr | 1.6% | 3.0% | 0.0x |
| 2025-05 | 27.4x | ₹45 cr | 7.0% | 2.0% | 0.0x |
| 2025-04 | 26.5x | ₹45 cr | 7.0% | 2.0% | 0.0x |
| 2025-03 | 20.1x | ₹45 cr | 7.0% | 2.0% | 0.0x |
| 2025-02 | 18.3x | ₹45 cr | 7.5% | 2.0% | 0.0x |
| 2025-01 | 22.4x | ₹45 cr | 7.5% | 2.0% | 0.0x |
| 2024-12 | 25.4x | ₹45 cr | 7.5% | 2.0% | 0.0x |
| 2024-11 | 20.9x | ₹25 cr | 8.9% | 2.0% | 0.0x |
| 2024-10 | 20.3x | ₹25 cr | 8.9% | 2.0% | 0.0x |
| 2024-09 | 24.2x | ₹25 cr | 8.9% | 2.0% | 0.0x |
| 2024-08 | 15.0x | ₹23 cr | 10.5% | 2.0% | 0.0x |
| 2024-07 | 12.1x | ₹23 cr | 10.5% | 2.0% | 0.0x |
| 2024-06 | 12.5x | ₹23 cr | 10.5% | 2.0% | 0.0x |
| 2024-05 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2024-04 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2024-03 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2024-02 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2024-01 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2023-12 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2023-11 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2023-10 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2023-09 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2023-08 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2023-07 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2023-06 | — | ₹22 cr | -178.7% | 0.0% | 0.1x |
| 2023-05 | 8.2x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2023-04 | 6.3x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2023-03 | 5.8x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2023-02 | 6.5x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2023-01 | 7.3x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2022-12 | 7.4x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2022-11 | 8.4x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2022-10 | 7.7x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2022-09 | 8.1x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2022-08 | 7.3x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2022-07 | 6.1x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2022-06 | 5.4x | ₹58 cr | 2.7% | 3.0% | 0.1x |
| 2022-05 | 6.2x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2022-04 | 8.0x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2022-03 | 7.3x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2022-02 | 7.2x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2022-01 | 10.5x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2021-12 | 9.2x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2021-11 | 8.5x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2021-10 | 6.4x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2021-09 | 6.6x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2021-08 | 6.4x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2021-07 | 7.2x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2021-06 | 5.9x | ₹54 cr | 2.8% | 3.0% | 0.1x |
| 2021-05 | 6.6x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2021-04 | 6.0x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2021-03 | 5.1x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2021-02 | 5.3x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2021-01 | 5.6x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2020-12 | 7.0x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2020-11 | 5.7x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2020-10 | 3.1x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2020-09 | 2.7x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2020-08 | 1.7x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2020-07 | 1.5x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2020-06 | 1.5x | ₹58 cr | 1.8% | 3.0% | 0.1x |
| 2020-05 | — | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2020-04 | — | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2020-03 | — | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2020-02 | — | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2020-01 | 1.1x | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2019-12 | 1.1x | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2019-11 | 1.5x | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2019-10 | 1.4x | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2019-09 | 1.5x | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2019-08 | 1.5x | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2019-07 | 1.2x | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2019-06 | 2.0x | ₹77 cr | 3.5% | 5.0% | 0.1x |
| 2019-05 | — | ₹88 cr | 1.8% | — | 0.2x |
| 2019-04 | — | ₹88 cr | 1.8% | — | 0.2x |
| 2019-03 | — | ₹88 cr | 1.8% | — | 0.2x |
| 2019-02 | — | ₹88 cr | 1.8% | — | 0.2x |
| 2019-01 | — | ₹88 cr | 1.8% | — | 0.2x |