NSE: TREJHARA · BSE: 542233
TREJHARA SOLUTIONS LTD
Provides logistics and supply chain solutions, with the business expanding in FY26 through two acquisitions. Operations were widened by the purchase of LP Logistics Plus LLC, a Dubai-based logistics and warehousing company, for USD 12.5 million, and a 60% stake in GS Marketing Associates, which operates in the exhibitions and trade fairs segment, for Rs 15 crore. The acquisitions were funded by a Rs 162.17 crore preferential issue of equity shares and convertible warrants. The business is service-based with no material cost; employee cost accounts for 15.5% of revenue and other operating expenses form 79% of revenue. Total assets stood at Rs 395.82 crore. The company has a subsidiary Auroscient Outsourcing Limited, where liabilities exceed assets by Rs 5,876.69 lakhs and the auditor has flagged a going concern uncertainty for that entity. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Logistics and warehousing solutions, Exhibitions and trade fairs, Outsourcing services. Service-based, asset-light, acquisitive growth model
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 58 | 69 | 23 | 28 | 142 |
| EBITDA (ex other income) | 15 | (211) | 18 | 6 | 7 |
| margin % | 25.2 | (306.4) | 80.5 | 20.6 | 5.2 |
| Owners' profit | 11 | 0 | 0 | 0 | 9 |
| EPS, as reported (₹) | 9.48 | (253.15) | 15.51 | 2.27 | 3.68 |
| ROE % · ROCE % | 2.4 · 3.1 | (150.9) · (136.3) | 8.9 · 7.2 | 1.5 · 2.3 | 2.9 · 3.9 |
| Debt / equity (x) | 0.05 | 0.09 | 0.00 | 0.00 | 0.07 |
| Cash from operations | 11 | 19 | (123) | 6 | (6) |
| Capex | (1) | (0) | (3) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 6 | 10 | 9 | 34 | 34 | 42 | 68 |
| Profit before tax | 1 | 1 | 2 | 1 | 5 | 2 | 3 | 5 |
| Net profit | 1 | 1 | 1 | 1 | 4 | 1 | 3 | 5 |
| EPS (₹) | 0.76 | 0.46 | 0.42 | 0.46 | 1.52 | 0.51 | 1.35 | 2.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 33,054 | 26.5 | 2.53 | 14.0 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 29,729 | 317.6 | 3.07 | 30.3 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 16,698 | 103.8 | 9.57 | 66.2 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,817 | 37.7 | 6.09 | 11.4 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,731 | 14.7 | 2.58 | 12.1 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 5,583 | 86.6 | 2.71 | 6.8 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,965 | 18.6 | 4.35 | — | 20.7 | 14.5 | — | 21.9 |
| Afcom Holdings Limited | 3,955 | 20.5 | 8.66 | — | 26.7 | 20.2 | — | 41.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.9 | 15.7 | 34 of 51 | 34% |
| P/B | 1.0 | 1.6 | 12 of 40 | 72% |
| ROCE | 3.5 | 7.7 | 37 of 55 | 33% |
| ROE | 2.9 | 6.0 | 27 of 40 | 33% |
| Debt / Equity | 0.1 | 0.3 | 10 of 40 | 77% |
| EBITDA margin | 11.0 | 8.7 | 20 of 43 | 55% |
| Revenue growth | 682.3 | 9.5 | 1 of 42 | 100% |
| Profit growth | 614.7 | 22.5 | 1 of 35 | 100% |
| Market cap | 297 | 114 | 24 of 56 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Trading window closed for Q2 results period | compliance | minimal | — | — |
| 22 Sept 2026 · 9th AGM held on Sept 21, 2026; 4 resolutions tabled including related party transactions | board shareholder meetings | low | — | — |
| 22 Sept 2026 · AGM 2026 voting results: All 4 resolutions approved | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Trejhara Solutions 9th AGM held via video conference; 4 resolutions tabled | board shareholder meetings | low | — | — |
| 30 Aug 2026 · 9th AGM notice and e-voting info published via newspaper ads | compliance | minimal | — | — |
| 28 Aug 2026 · Annual Report FY2025-26 and 9th AGM notice sent to shareholders | compliance | minimal | — | — |
| 28 Aug 2026 · Trejhara Solutions 9th AGM notice and Annual Report FY 2025-26 filed | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Annual Report FY2025-26 and 9th AGM Notice submitted | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · Postal ballot: ESPS 2026 employee stock scheme approved by shareholders | board shareholder meetings | medium | — | — |
| 10 Aug 2026 · Trejhara Q1 FY27 Monitoring Agency Report on Preferential Issue | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.