BSE: 543897
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT Enabled Services (existing operations), Semiconductor OSAT / ATMP (Sancode Semi Pvt Ltd), Semiconductor, microchip and IC business (Sancode Electronics Pvt Ltd). Small, asset-light IT Enabled Services company pivoting into semiconductor OSAT and microchip businesses via newly formed subsidiaries
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 2 | 5 | 14 | 16 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 1.68 | (5.89) | 2.11 | 1.18 |
| ROE % · ROCE % | — · 1.0 | — · (22.0) | — · 7.3 | — · 6.3 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | 1 | (4) | (3) | 0 |
| Capex | — | — | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 1 | 4 | 6 | 8 | 7 | 8 |
| Profit before tax | (1) | (0) | (1) | (1) | (1) | 1 | (0) | 1 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | (1.96) | (0.58) | (2.64) | (1.70) | (2.38) | 4.49 | 0.28 | 1.46 |
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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 278.7 | 17.9 | 75 of 76 | 1% |
| ROCE | 6.1 | 9.6 | 55 of 86 | 37% |
| Revenue growth | 112.1 | 20.8 | 8 of 67 | 89% |
| Market cap | 437 | 325 | 39 of 87 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Sancode unit to acquire 100% of Philippines semiconductor company CEC | strategic transactions | medium | — | — |
| 15 Oct 2026 · Reg 74(5) compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 12 Oct 2026 · Subsidiary Sancode Semi appoints Jerry A. Agnes as CEO | management changes | medium | — | — |
| 6 Oct 2026 · North Star FII picks up 8.94% stake in Sancode via warrant conversion | ownership changes | high | — | — |
| 3 Oct 2026 · All 4 AGM resolutions passed with 100% in favour | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Sancode Technologies 10th AGM held; voting results awaited | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed ahead of H2 FY26 results | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper advertisement for 10th AGM filed with BSE | compliance | minimal | — | — |
| 8 Sept 2026 · Sancode Technologies FY26 Annual Report and 10th AGM Notice | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · 10th AGM on Sept 30, 2026 with key resolutions on pay and related party deal | board shareholder meetings | low | — | — |
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.