Saakshi Medtech and Panels Limited (SAAKSHI)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Saakshi Medtech's revenue was ₹57.0 Cr (+18.8% year on year, -1.7% on the previous half-year), and net profit ₹6.0 Cr (+500.0% year on year); the operating margin was 21.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹57.0 | +18.8% | -1.7% |
| Operating profit | ₹12.0 | +200.0% | +9.1% |
| Net profit | ₹6.0 | +500.0% | -14.3% |
| EPS (₹) | 3.21 | +352.1% | -14.6% |
| Operating margin | 21.1% | — | — |
SAAKSHI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the SAAKSHI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 93.46%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Saakshi Medtech and Panels Limited concluded its 17th Annual General Meeting held on September 30, 2026, with all five resolutions approved with 100% of polled votes in favour. Shareholders approved the adoption of FY2025–26 audited financial statements and reappointed Mr. Aniket Vijay Latkar as Chairman and Managing Director for a 5-year term from June 8, 2026, to June 7, 2031. Additionally, Mr. Nandkumar Vasant Dhekne was appointed as an Independent Director for 3 years, and Mr. Ravi Madhav Vartak was appointed as Director liable to retire by rotation. Total voting participation stood at approximately 1.37 crore shares (69.74% of outstanding shares for standard resolutions).
- All 5 AGM resolutions passed with 100% of votes polled in favour
- CMD Aniket Vijay Latkar reappointed for a 5-year tenure ending June 7, 2031 (1.30 crore votes in favour)
- Nandkumar Vasant Dhekne appointed Independent Director for 3 years ending September 29, 2029
- Total shares voted on general resolutions represented 69.74% of the 19,666,259 total outstanding shares
Saakshi Medtech and Panels Limited submitted a revised disclosure regarding board appointments approved on August 19, 2026. Mr. Nandkumar Vasant Dhekne, who brings approximately 40 years of experience including leadership roles at GE, has been appointed as an Additional Independent Director for a 3-year term. In addition, Mr. Ravi Madhav Vartak, who has been serving as Operations Manager since December 2018 with over 30 years of procurement and operational experience, was inducted as an Additional Whole-time Director for 3 years. Both appointments remain subject to upcoming shareholder approval.
- Appointment of Mr. Nandkumar Vasant Dhekne as Independent Director effective August 19, 2026, for a 3-year term
- Induction of Mr. Ravi Madhav Vartak as Whole-time Director for a period of 3 years
- Mr. Dhekne brings ~40 years of experience across Specialty Chemicals and Energy, including GE leadership roles
- Mr. Vartak brings >30 years of operations experience and has served as Operations Manager at the company since December 2018
Saakshi Medtech and Panels Limited has received in-principle approval from the National Stock Exchange (NSE) for the listing of 20,10,259 equity shares of Rs 10 each allotted on a preferential basis. The shares bear distinctive numbers from 17656001 to 19666259. Listing and admission to trading remain subject to receipt of confirmation from NSDL and CDSL for crediting the beneficiaries' accounts.
- NSE granted in-principle approval for listing 20,10,259 equity shares allotted on preferential basis
- Shares have a face value of Rs 10 each
- Distinctive numbers assigned span from 17656001 to 19666259
- Trading admission contingent on depository confirmation (NSDL/CDSL)
Saakshi Medtech and Panels Limited has scheduled its 17th Annual General Meeting for September 30, 2026, via Video Conferencing, with September 23, 2026, fixed as the cut-off date for e-voting. Key agenda items include the re-appointment of Managing Director Mr. Aniket Latkar for 5 years with proposed remuneration of up to ₹10,00,000 per month plus up to 200% performance incentive. Additionally, the company seeks shareholder approval for appointing Mr. Nandkumar Vasant Dhekne as Independent Director for 3 years and regularizing Mr. Ravi Madhav Vartak as Director.
- 17th Annual General Meeting scheduled for September 30, 2026 at 04:00 PM
- E-voting cut-off date set for September 23, 2026
- Proposed re-appointment of MD Aniket Latkar for 5 years with base remuneration up to ₹10,00,000 per month plus up to 200% performance incentive
- Appointment of Mr. Nandkumar Vasant Dhekne as Non-Executive Independent Director for a 3-year term ending September 29, 2029
Saakshi Medtech and Panels Limited has approved the re-appointment of Mr. Aniket Vijay Latkar as Chairman and Managing Director for a term of 5 years effective June 08, 2026. Mr. Latkar has over 15 years of experience across engineering, manufacturing, and R&D functions. The decision ensures leadership continuity for the company's core operations and ongoing business expansion.
- Re-appointment of Mr. Aniket Vijay Latkar as CMD approved for a period of 5 years
- Appointment effective date stated as June 08, 2026
- CMD holds mechanical engineering and Warwick MSc credentials with over 15 years of industry experience
- Board meeting concluded on September 07, 2026 within a 30-minute window (05:15 PM to 05:45 PM IST)
Saakshi Medtech and Panels Limited's Board has approved the allotment of 20,10,259 equity shares at an issue price of ₹207 per share (including a premium of ₹197 per share), aggregating to ₹41.61 Cr. The preferential allotment is made to non-promoter shareholders for consideration other than cash via a share swap of 23,77,850 shares of target company 'Laxmi'. The transaction value represents approximately 37.5% of Saakshi's net worth (₹111 Cr), marking a sizeable inorganic expansion without upfront cash outflow.
- Approved allotment of 20,10,259 equity shares of face value ₹10 at ₹207 per share (₹197 premium).
- Total transaction value stands at ₹41,61,23,613 (~₹41.61 Cr).
- Acquisition structured as a share swap exchanging 23,77,850 shares of target entity 'Laxmi'.
- Transaction size represents ~37.5% of the company's standalone net worth of ₹111 Cr.
Saakshi Medtech and Panels Limited has appointed Mr. Nandkumar Vasant Dhekne as an Additional Independent Director and Mr. Ravi Mahadev Vartak as an Additional Whole-time Director, effective August 19, 2026. Both appointments are for a term of 3 years, subject to shareholder approval at the ensuing general meeting. Mr. Dhekne brings approximately 40 years of leadership experience including past senior roles at GE, while Mr. Vartak has been serving as the company's Operations Manager since December 2018.
- Appointed Mr. Nandkumar Vasant Dhekne as Additional Independent Director for a period of 3 years w.e.f. August 19, 2026
- Appointed Mr. Ravi Mahadev Vartak as Additional Whole-time Director for a period of 3 years w.e.f. August 19, 2026
- Mr. Dhekne brings ~40 years of cross-functional and CEO-level global experience, including at GE
- Mr. Vartak brings over 3 decades of experience and has served as Operations Manager at the company since December 2018
- Both appointments are subject to approval by shareholders at the upcoming general meeting
Saakshi Medtech has received in-principle approval from NSE for a preferential issue of 20,22,940 equity shares. The issue is priced at ₹207 per share, amounting to a total transaction value of approximately ₹41.87 crore. This is a share swap transaction for the acquisition of Laxmi Engineering Industries Bhopal Pvt Ltd, with shares being issued to promoters. The transaction value represents approximately 37.7% of the company's current net worth of ₹111 crore, marking a significant inorganic expansion.
- Issuance of 20,22,940 equity shares at a fixed price of ₹207 per share
- Total transaction value estimated at ₹41.87 crore for the acquisition
- Acquisition of Laxmi Engineering Industries Bhopal Pvt Ltd via share swap with promoters
- NSE in-principle approval received on August 06, 2026, valid for 15 days
- Issue price of ₹207 is at a ~30% discount to the current market price of ₹294.9
Financial Performance
Revenue Growth by Segment
Overall revenue grew 31% YoY in H1 FY26 to INR 58.31 Cr from INR 44.45 Cr. The Aerospace segment saw a 7-fold (614%) increase, reaching INR 1 Cr in H1 FY26 compared to INR 0.14 Cr in H1 FY25. Defense currently contributes a minor 5% of the total order book.
Geographic Revenue Split
Not specifically disclosed, though the company is targeting new Japanese customers in the compressor segment and Tier-1 global aerospace clients.
Profitability Margins
Net profit for H1 FY26 stood at INR 6.63 Cr. ROE increased to 6.54% and ROCE advanced to 7.45%, driven by operational optimization and a 31% surge in revenue against regulated costs.
EBITDA Margin
EBITDA margins reached approximately 18% in H1 FY26, a significant jump attributed to operating leverage from higher throughput. Management expects to sustain these 18% levels in H2 FY26, though future expansion may be capped by incoming depreciation from new assets.
Capital Expenditure
Total investment in CAPEX reached INR 15 Cr in H1 FY26, with Capital Work-in-Progress (CWIP) at INR 9.4 Cr for the new 41,000 square feet integrated manufacturing facility.
Credit Rating & Borrowing
The company maintains a conservative debt-to-equity ratio of 0.17. Borrowing costs are not explicitly stated, but the current ratio is strong at 2.34, providing flexibility for growth.
Operational Drivers
Raw Materials
Engineered metal components and fabrication materials (steel/alloys) used for mechanical assemblies and control panels; specific material % of total cost not disclosed.
Capacity Expansion
Commissioning a new 41,000 sq. ft. integrated facility to bring operations under one roof. A second phase of expansion is scheduled for completion by March 2026 to cater to high-volume aviation and HLA (Higher Level Assembly) contracts.
Raw Material Costs
Raw material costs are managed through regulated procurement; however, inventory increased in H1 FY26 to INR 147.63 Cr (total assets) to support the 31% revenue growth.
Manufacturing Efficiency
The new facility is designed for 'high mix and high value' manufacturing, aiming to unlock significant operational leverage and eliminate legacy rental overheads.
Strategic Growth
Expected Growth Rate
50%
Growth Strategy
Growth is driven by a transition to high-margin segments like Aerospace (7x growth) and new business lines in Power Devices, Semiconductors, and Heat Exchangers. The company is leveraging a new 41,000 sq. ft. facility to scale serial production for Tier-1 aerospace customers and data center power generation requirements.
Products & Services
Control panels, Engineered Metal Assemblies, Heat Exchangers, Higher Level Assemblies (HLA), Textile Manufacturer Control Panels, and Machine Tool Fabrication.
Brand Portfolio
SAAKSHI (Saakshi Medtech and Panels Limited).
New Products/Services
New business in Power Devices, Semiconductors, Heat Exchangers, and Machine Tool Fabrication; Aerospace revenue grew from INR 0.14 Cr to INR 1 Cr (7-fold increase).
Market Expansion
Expanding into the Aerospace sector with Tier-1 customer discussions and targeting Japanese compressor OEMs.
Strategic Alliances
Advanced discussions are underway with several Tier-1 aerospace customers to secure long-cycle serial production contracts.
External Factors
Industry Trends
The industry is shifting toward high-value mechanical fabrication and integrated assemblies. Saakshi is positioning itself by moving up the value chain into aerospace and semiconductor-related power devices.
Competitive Landscape
The company competes in the engineered metal assembly and control panel market, focusing on high-margin, high-complexity niches rather than commodity fabrication.
Competitive Moat
The moat is built on 'elevated quality processes' and 'advanced traceability systems' which are critical for the aerospace sector, creating high switching costs for OEM customers.
Macro Economic Sensitivity
Growth in data centers is directly driving demand for the company's power generation requirement products.
Consumer Behavior
Increased reliance by OEMs on outsourced high-quality integrated manufacturing is driving demand for Saakshi’s HLA services.
Regulatory & Governance
Industry Regulations
Operations are governed by aerospace-grade quality standards and advanced traceability requirements necessary for serial production for global OEMs.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeline for depreciation 'kicking in' from the new facility, which management suggests will prevent further margin expansion beyond 18% in the near term.
Geographic Concentration Risk
Operations are concentrated in Pune, Maharashtra (Bhosari MIDC), though customers are becoming more global (Japanese/Aerospace).
Third Party Dependencies
Dependency on Tier-1 aerospace OEMs for serial production ramp-ups; failure to convert 'advanced discussions' into contracts could impact the 50% growth target.
Technology Obsolescence Risk
The company is mitigating this by investing in new business lines like semiconductors and power devices for data centers.
Credit & Counterparty Risk
Receivables are noted as being on the 'higher side' by investors, representing a potential credit risk if customer payment cycles lengthen during the 31% revenue surge.
