Sancode Technologies Ltd (543897)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Sancode Technologies' revenue was ₹8.3 Cr (+3.1% year on year, +11.3% on the previous half-year), and net profit ₹0.6 Cr (-67.6% year on year); the operating margin was 8.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹8.3 | +3.1% | +11.3% |
| Operating profit | ₹0.7 | -35.5% | from loss |
| Net profit | ₹0.6 | -67.6% | from loss |
| EPS (₹) | 0.88 | -64.2% | +225.9% |
| Operating margin | 8.6% | — | — |
📢 Recent Corporate Announcements
Sancode Technologies' subsidiary, Sancode Semi Private Limited, has appointed veteran semiconductor executive Mr. Jerry A. Agnes as Chief Executive Officer, effective October 15, 2026. Mr. Agnes will lead the setup and operationalisation of a greenfield OSAT facility across 20 acres at Info Valley - II, Bhubaneswar, Odisha. He brings 35+ years of industry experience, having previously served as founding CEO of CG Semi and President of Amkor Technology Philippines. For a small IT company with FY26 revenue of Rs 15.76 cr, a foray into semiconductor OSAT represents an ambitious operational pivot.
- Appointment of Jerry A. Agnes as CEO of Sancode Semi Private Limited effective October 15, 2026
- Leadership role covers greenfield OSAT facility across 20 acres allotted by IDCO at Info Valley – II, Bhubaneswar
- Appointed CEO brings over 35 years of global semiconductor leadership experience
- Previous experience includes managing >USD 700 million revenue and 10,000+ employees at Amkor Technology Philippines
North Star Opportunities Fund VCC has acquired 6,66,667 equity shares of Sancode Technologies Ltd upon conversion of warrants issued via a preferential issue. This transaction gives the fund an 8.94% stake (8.88% on a fully diluted basis) via the Foreign Direct Investment (FDI) route. Consequently, the company's equity share base expanded substantially from 40,68,867 shares to 74,55,560 shares as of September 30, 2026. The substantial increase in equity base causes significant equity dilution for existing shareholders.
- North Star Opportunities Fund acquired 6,66,667 equity shares via warrant conversion on September 30, 2026
- Post-conversion holding stands at 8.94% of total share capital and 8.88% on diluted capital
- Company's total paid-up equity base increased from 40,68,867 to 74,55,560 shares
- Investment was completed under the Foreign Direct Investment (FDI) route
Sancode Technologies announced that its board has approved the re-appointment of Managing Director Mihir Deepak Vora for a 5-year term effective March 4, 2027, subject to shareholder approval. The board also approved the re-appointment of three Non-Executive Independent Directors for 5-year terms starting January 5, 2027. Additionally, resolutions were approved for director remuneration exceeding statutory limits under Section 197 and material related-party transactions with Sancode Electronics Private Limited. The 10th Annual General Meeting is scheduled for September 30, 2026, with a voting cut-off date of September 23, 2026.
- Re-appointment of Managing Director Mihir Deepak Vora for a 5-year tenure effective March 4, 2027
- Re-appointment of 3 Non-Executive Independent Directors for 5-year tenures effective January 5, 2027
- Approval for material Related Party Transaction(s) with Sancode Electronics Private Limited
- 10th AGM scheduled for September 30, 2026, with voting cut-off date fixed as September 23, 2026
Sancode Technologies' subsidiary, Sancode Semi Private Limited, has raised ₹107 crores through the allotment of 31,467 Compulsorily Convertible Preference Shares (CCPS). The parent company, Sancode Technologies, contributed approximately ₹43 crores to this round, a massive investment considering its TTM revenue of ₹30 crores and net worth of ₹8 crores. The capital is specifically earmarked for an OSAT (Outsourced Semiconductor Assembly and Test) project approved by the Government of Odisha. Post-allotment, the parent company will maintain a 95.74% stake in the subsidiary on a fully diluted basis.
- Subsidiary Sancode Semi raised ₹107 crores through the issue of 31,467 CCPS
- Parent company invested ₹43 crores for 12,647 CCPS, representing ~143% of its TTM revenue
- Project involves setting up OSAT/ATMP services in Odisha, including land and machinery acquisition
- Parent company's stake will be 95.74% on a fully diluted basis post-allotment
- The subsidiary reported Nil revenue for FY 2025-26, indicating this is a greenfield venture
Trinity Gate LLC, a US-based entity, has acquired a 19.99% stake in Sancode Technologies Ltd through the conversion of 14,90,387 warrants into equity shares. This allotment, completed on July 24, 2026, significantly expands the company's equity base from 51.8 lakh shares to 74.6 lakh shares. The entry of a major non-promoter investor is notable for a company with a small market cap of Rs 239 Cr and a net worth of only Rs 8 Cr. This capital infusion follows a period of high stock price volatility and significant returns over the past year.
- Allotment of 14,90,387 equity shares to Trinity Gate LLC on July 24, 2026, following warrant conversion.
- Trinity Gate LLC now holds a 19.99% stake in the company's post-issue voting capital.
- Total equity share capital increased by approximately 44%, from 51,79,978 to 74,55,560 shares.
- The diluted share capital of the company now stands at 75,05,560 equity shares.
- The acquirer is a non-promoter entity based in Delaware, USA.
Sancode Technologies has allotted 7,85,195 equity shares to its promoter group (Khushboo Jain and Aneka LLC) following the conversion of warrants on July 24, 2026. This conversion is part of a major capital expansion where the company's total equity base increased by approximately 43.9%, from 51.80 lakh shares to 74.56 lakh shares. Consequently, the promoter group's voting interest has shifted from 65.58% to 56.09% on the expanded capital base. While the conversion indicates promoter commitment, the significant increase in share count will lead to substantial equity dilution for existing shareholders.
- 7,85,195 equity shares allotted to promoters Khushboo Jain and Aneka LLC upon warrant conversion.
- Total equity capital expanded by 43.9%, rising from 51,79,978 to 74,55,560 shares.
- Promoter group voting rights percentage adjusted to 56.09% from a previous 65.58%.
- 50,000 warrants remain outstanding with the promoter group following this allotment.
- The allotment was finalized on July 24, 2026, as per the SEBI SAST disclosure.
Trinity Gate LLC, a US-based entity, has acquired a 19.99% stake in Sancode Technologies Ltd through the conversion of 14,90,387 warrants into equity shares. The allotment, completed on July 24, 2026, follows a preferential issue and significantly expands the company's equity base from 51.80 lakh shares to 74.56 lakh shares. This represents a substantial ~44% increase in share capital, providing a capital cushion for the small-cap IT firm which currently has a net worth of only Rs 8 Cr. The acquirer is a non-promoter entity, indicating significant external interest.
- 14,90,387 equity shares allotted to Trinity Gate LLC upon warrant conversion
- 19.99% post-issue stake held by the new non-promoter investor
- Total equity share capital increased from 51,79,978 to 74,55,560 shares
- Allotment date finalized as July 24, 2026
- Diluted share capital stands at 75,05,560 shares post-conversion
Sancode Technologies has allotted 22,75,582 equity shares following the conversion of warrants at an exercise price of Rs 172 per share. The company received Rs 39.14 crore as the 75% balance consideration, a significant amount given its current net worth of only Rs 8 crore. Allottees include promoters (7.85 lakh shares) and a non-promoter entity, Trinity Gate LLC (14.90 lakh shares). This capital infusion provides substantial liquidity for a company with a TTM revenue of Rs 30 crore.
- Allotment of 22,75,582 equity shares at a price of Rs 172 per share (including Rs 162 premium).
- Total cash inflow of Rs 39.14 crore received as the 75% balance consideration for warrant conversion.
- Promoter and Promoter Group (Khushboo Jain and Aneka LLC) were allotted a combined 7,85,195 shares.
- Non-promoter entity Trinity Gate LLC received the largest chunk of 14,90,387 shares.
- The fundraise of Rs 39.14 crore is approximately 4.9x the company's current net worth of Rs 8 crore.
Trinity Gate LLC, a US-based entity, has been allotted 14,90,387 convertible warrants in Sancode Technologies Ltd via a preferential issue on July 16, 2026. This allotment represents 19.86% of the company's total diluted share capital, which will expand to 75,05,560 shares upon full conversion. The company, currently valued at a high P/E of 161.3, is seeing a significant equity dilution of approximately 45% from its current base of 51,79,978 shares. This capital infusion is substantial given the company's current net worth of only Rs 8 Cr.
- Allotment of 14,90,387 convertible warrants to Trinity Gate LLC on July 16, 2026
- Post-conversion holding will constitute 19.86% of the total diluted share capital
- Total diluted share capital to increase from 51,79,978 to 75,05,560 equity shares
- The acquirer is a non-promoter entity based in Delaware/California, USA
Sancode Technologies has allotted 14,90,387 convertible warrants to Trinity Gate LLC, a US-based entity, via a preferential issue. This allotment represents 19.86% of the company's total diluted share capital post-conversion. The transaction, completed on July 16, 2026, introduces a significant non-promoter stakeholder into the micro-cap IT firm. While providing growth capital, the move will result in substantial equity dilution as the total share count is set to rise from 51.80 lakh to 75.06 lakh shares.
- Allotment of 14,90,387 convertible warrants to Trinity Gate LLC on July 16, 2026
- Acquisition represents 19.86% of the total diluted share capital of the company
- Total diluted share capital to increase to 75,05,560 equity shares from 51,79,978 shares
- Acquirer is a non-promoter entity based in Delaware and California, USA
- The company currently has a small TTM revenue base of Rs 30 Cr and PAT of Rs 1 Cr
Sancode Technologies has approved the allotment of 23,25,582 convertible warrants on a preferential basis to three investors, including promoters. The total issue size is Rs 40 crore, with the company having already received Rs 10.4 crore (26% of the total consideration) as an upfront payment. The warrants are priced at Rs 172 each, which is a significant discount to the current market price of Rs 383.9. These warrants are convertible into equity shares at a 1:1 ratio within a period of 18 months.
- Allotment of 23,25,582 convertible warrants at an issue price of Rs 172 per warrant
- Total fundraise value of Rs 40,00,00,104, with Rs 10,40,74,669 received as upfront payment
- Warrants are convertible into equity shares at a 1:1 ratio within a period of 18 months from allotment
- Trinity Gate LLC (Non-Promoter) to hold a 19.86% stake post-conversion of their 14,90,387 warrants
- Promoter Khushboo Jain's stake to adjust to 21.96% post-conversion from a pre-issue 29.07%
Sancode Technologies has approved the allotment of 23,25,582 convertible warrants at an issue price of Rs 172 per warrant, aiming to raise a total of Rs 40 crore. The company has already received an upfront payment of Rs 10.41 crore (representing over 26% of the total consideration). These warrants are convertible into equity shares on a 1:1 basis within 18 months. The allottees include one promoter and two non-promoter entities, with Trinity Gate LLC set to hold a 19.86% stake post-conversion.
- Allotment of 23,25,582 convertible warrants at Rs 172 each, totaling Rs 40.00 crore.
- Upfront subscription amount of Rs 10.41 crore already received by the company.
- Warrants are convertible into equity shares within a maximum period of 18 months.
- Trinity Gate LLC (Non-Promoter) to become a significant shareholder with a 19.86% post-conversion stake.
- Issue price of Rs 172 is at a significant discount to the current market price of Rs 383.9.
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