NSE: STYL · BSE: 544533
SESHAASAI TECHNOLOGIES L
Makes payment cards including metal cards and wearables, communication and fulfilment solutions, and IoT products such as RFID tags and SIM/eSIM cards. Payment Solutions contributed 42% of Q1 FY27 revenue and supplies physical and digital payment products to banks and financial institutions; Communication & Fulfilment Solutions contributed 40%, serving BFSI, enterprise and government customers with cloud-led communication and secure customer engagement; IoT Solutions contributed 18% and grew 145% YoY in Q1 FY27, driven by RFID, SIM and eSIM. The company holds 31.9% market share in credit and debit card issuance in India, served 1,144 customers in FY26, and won two multi-year PSU bank tenders worth ~Rs 73 crore in Q1 FY27. Materials account for 55.7% of revenue and are the dominant cost, while Q1 FY27 gross margin fell to 41.7% on war-linked commodity, freight and dollar cost inflation. A Bengaluru metal-card greenfield facility is targeted for end-CY26 commissioning. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Payment Solutions (42%), Communication & Fulfilment Solutions (40%), IoT Solutions (18%). B2B technology products manufacturer with diversified BFSI, enterprise and government exposure
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,441 |
| EBITDA (ex other income) | 379 |
| margin % | 26.3 |
| Owners' profit | 240 |
| EPS, as reported (₹) | 15.45 |
| ROE % · ROCE % | 16.8 · 23.4 |
| Debt / equity (x) | 0.05 |
| Cash from operations | 220 |
| Capex | (161) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 311 | 663 | 374 | 404 | 376 |
| Profit before tax | 55 | 131 | 86 | 112 | 82 |
| Net profit | 37 | 94 | 64 | 82 | 60 |
| EPS (₹) | 2.50 | 6.35 | 3.95 | 5.06 | 3.73 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ONE 97 COMMUNICATIONS LTD | 1,02,502 | 157.6 | 6.40 | 84.8 | 3.4 | 3.6 | — | 15.7 |
| PB FINTECH LIMITED | 46,659 | 62.1 | 6.38 | 52.1 | 9.2 | 9.2 | — | 12.3 |
| AVENUESAI LIMITED | 42,257 | 119.8 | 8.49 | 94.7 | 5.9 | 6.2 | 64.4 | 4.8 |
| PINE LABS LIMITED | 17,711 | 135.8 | 3.00 | 33.8 | 1.9 | 2.2 | — | 16.8 |
| SESHAASAI TECHNOLOGIES L ◆ | 5,141 | 16.6 | 3.60 | 12.8 | 16.8 | 22.0 | — | 25.1 |
| NETWORK PEOPLE SRV TECH L | 3,544 | 76.0 | 8.03 | 50.2 | 9.3 | 12.3 | — | 33.3 |
| ONE MOBIKWIK SYSTEMS LTD | 1,711 | — | 3.18 | — | (11.5) | (11.2) | — | 5.6 |
| WSFX Global Pay Limited | 84 | — | 2.94 | — | (4.5) | (6.4) | — | (20.5) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.6 | 97.9 | 1 of 6 | 100% |
| P/B | 3.6 | 3.4 | 6 of 10 | 44% |
| ROCE | 22.0 | 3.7 | 1 of 10 | 100% |
| ROE | 16.8 | 4.4 | 1 of 10 | 100% |
| Debt / Equity | 0.1 | 0.1 | 6 of 10 | 44% |
| EBITDA margin | 25.1 | 8.9 | 2 of 10 | 89% |
| Revenue growth | 21.1 | 40.1 | 7 of 9 | 25% |
| Profit growth | 63.6 | 55.6 | 4 of 9 | 63% |
| Market cap | 5141 | 4342 | 5 of 10 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Seshaasai sets Q2 FY27 results and investor call date | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for October 29 financial results | results | low | — | — |
| 14 Oct 2026 · RTA Compliance Certificate for Q2 FY27 Dematerialization | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 for H1 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Seshaasai wins 3-year contract from public sector life insurer | compliance | low | — | — |
| 17 Sept 2026 · 33rd AGM: All 9 resolutions passed, Rs 2.50 dividend declared | compliance | minimal | — | — |
| 16 Sept 2026 · 33rd AGM held; final dividend of Rs 2.50 per share declared | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · Facility visit by investors scheduled for September 21 in Bangalore | board shareholder meetings | low | — | — |
| 13 Sept 2026 · Newspaper ad for Revised Annual Report FY 2025-26 published | compliance | minimal | — | — |
| 10 Sept 2026 · Revised Annual Report FY26 filed to correct typographical errors in financial notes | results | high | — | — |
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.