Sancode Technologies Limited

Classified under IT Enabled Services, Sancode Technologies is a BSE-listed entity whose consolidated revenue for FY26 was Rs 15.76 crore. Its standalone entity generated only Rs 41.37 lakhs of that, implying most revenue sits in subsidiaries whose line of business the filings do not detail. The group's cost structure is dominated by 'other operating expenses' at 84.1% of revenue, with employee costs at 12.8% and negligible materials spend. The bigger activity disclosed in recent filings is a strategic pivot into semiconductors. The wholly-owned subsidiary Sancode Semi Private Limited, incorporated in September 2025, is building a Semiconductor OSAT (Outsourced Semiconductor Assembly and Test) facility and received 20 acres of industrial land at IDCO's Infovalley-II in Khurda, Odisha. Sancode Semi has reported nil revenue so far. A second subsidiary, Sancode Electronics Private Limited, was incorporated in April 2026 to work in microchip and integrated circuit manufacturing, design, assembly and trading. To fund the semiconductor build-out, the company has been raising capital through successive preferential allotments and convertible warrant issues, including a roughly Rs 40 crore tranche of 23.25 lakh warrants at Rs 172 each to promoter Khushboo Jain, promoter-group entity Aneka LLC, and US non-promoter Trinity Gate LLC.