SLONE - Slone

📊 NSE: SLONE 🏢 Computers - Hardware 📅 Last Updated: 12/14/2025 13:30

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 245% YoY from INR 6,106.52 Lakhs in FY24 to INR 21,064.22 Lakhs in FY25. H1 FY26 revenue stood at INR 10,069.88 Lakhs.

Geographic Revenue Split

Not disclosed in available documents; however, the company is registered and operates primarily out of Mumbai, Maharashtra.

Profitability Margins

Net Profit Ratio declined 45% from 9.12% in FY24 to 4.99% in FY25. Operating Profit Margin decreased 46% from 10% in FY24 to 5% in FY25 due to high-volume, lower-margin trading activity.

EBITDA Margin

FY24 EBITDA was INR 685.74 Lakhs (11.3% margin). FY25 EBITDA grew significantly in absolute terms due to a 245% revenue surge, though margins compressed to approximately 5%.

Capital Expenditure

H1 FY26 capital expenditure for Property, Plant, and Equipment was INR 203.20 Lakhs. FY25 saw a significant increase in CAPEX to support business growth.

Credit Rating & Borrowing

Not disclosed. Borrowing costs (Finance Costs) were INR 41.88 Lakhs in FY25, with an interest coverage ratio of 29.54, up 49% YoY.

⚙️ Operational Drivers

Raw Materials

IT Hardware Stock (Laptops, Desktops, Servers, Workstations) representing 99.8% of total operational costs.

Import Sources

Not disclosed; however, products are sourced through authorized sub-dealer channels for global OEMs.

Key Suppliers

Authorized sub-dealer for HP, Lenovo, and Dell.

Capacity Expansion

Not a manufacturer; however, the company expanded its service capabilities into cloud server management and server maintenance.

Raw Material Costs

Purchase of Stock in Trade was INR 21,041.93 Lakhs in FY25, representing 99.8% of total revenue. Procurement is based on client-specific customized needs.

Manufacturing Efficiency

Not applicable as the company operates in IT trading and services.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Growth Strategy

Scaling operations through SME IPO proceeds, expanding the product portfolio to include CCTV and SAN storage, and transitioning from a proprietorship (SAM Computers) to a public limited structure to handle larger corporate contracts.

Products & Services

Laptops, Desktops, Servers, Workstations, Computer Peripherals, Switches, SAN Storage, CCTV, Printers, and Cloud Server Management services.

Brand Portfolio

Operates as an authorized sub-dealer for HP, Lenovo, and Dell.

New Products/Services

Recent expansion into CCTV, CCTV Cables, and SAN Storage solutions to diversify the IT hardware portfolio.

Market Expansion

Transitioned to a public limited company in November 2023 to facilitate market expansion and capital raising for larger scale operations.

Strategic Alliances

Authorized sub-dealer partnerships with tech giants HP, Lenovo, and Dell.

🌍 External Factors

Industry Trends

The IT hardware industry is shifting toward customized solutions and managed services; Slone is positioning itself by offering cloud server management alongside hardware sales.

Competitive Landscape

Fragmented and highly competitive IT hardware trading market with low barriers to entry for small-scale traders.

Competitive Moat

Moat is based on 24 years of promoter experience (since 1999) and established authorized sub-dealer relationships with major OEMs, which are sustainable but subject to competitive pricing pressure.

Macro Economic Sensitivity

Highly sensitive to corporate IT spending budgets and government regulations regarding IT hardware taxation.

Consumer Behavior

Corporate clients are increasingly seeking single-window providers for both IT hardware procurement and long-term maintenance/cloud services.

Geopolitical Risks

Supply chain vulnerabilities related to global semiconductor and hardware manufacturing hubs.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013, SEBI (LODR) Regulations 2015, and IT product standards; risk of legal action from manufacturers for unauthorized IT products.