Sahasra Electronic Solutions Limited (SAHASRA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Sahasra Electronic's revenue was ₹78.0 Cr (+56.0% year on year, +28.6% on the previous half-year), and net profit ₹6.0 Cr (against a loss a year earlier); the operating margin was 10.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹78.0 | +56.0% | +28.6% |
| Operating profit | ₹8.0 | from loss | -24.4% |
| Net profit | ₹6.0 | from loss | +3.2% |
| EPS (₹) | 3.99 | from loss | +137.5% |
| Operating margin | 10.3% | — | — |
SAHASRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.38% of the SAHASRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.27%. That is close to its usual level. It closed at a price band (circuit) on 13 sessions in about the last 20.
Delivery in the last 5 sessions: 63.4% · 37.0% · 58.9% · 54.7% · 56.4%
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
Sahasra Electronic Solutions Limited has submitted its Reconciliation of Share Capital Audit Report under Regulation 76 of SEBI Regulations for the quarter ended 30th September, 2026. The report confirmed that the company's issued capital comprises 2,49,92,763 fully paid-up equity shares of face value ₹10 each. The listed capital on the NSE Emerge platform also stands at 2,49,92,763 equity shares, representing 100% reconciliation with issued capital. The audit was conducted by Practicing Company Secretaries M/s Saurabh Agrawal & Co.
- Issued capital stands at 2,49,92,763 equity shares of face value ₹10 each
- Listed capital on NSE Emerge matches 100% of issued capital at 2,49,92,763 shares
- Audit pertains to the quarter ended 30th September, 2026
- Certification issued by Practicing Company Secretaries M/s Saurabh Agrawal & Co.
Sahasra Electronic Solutions Limited filed its quarterly compliance report for the period ended September 30, 2026. As an SME-listed entity, the company is exempt from submitting the corporate governance report under Regulation 27(2) per SEBI LODR Regulation 15. Additionally, the company reported 0 investor complaints pending, 0 received, and 0 unresolved during the quarter.
- Corporate governance report under Regulation 27(2) non-applicable due to SME Exchange listing
- 0 investor complaints pending at the start of the quarter ended September 30, 2026
- 0 investor complaints received, disposed of, or remaining unresolved during the quarter
Sahasra Electronic Solutions Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Bigshare Services Private Limited, the Registrar and Share Transfer Agent, for the quarter ended September 30, 2026. This is a regular quarterly administrative filing confirming the processing of share dematerialization requests. It contains no financial performance details or operational updates.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Certified by Registrar and Share Transfer Agent Bigshare Services Private Limited
- Communication signed and filed on October 08, 2026
Sahasra Electronic Solutions Limited (SESL) published an investor presentation detailing a proposed corporate restructuring and merger. The plan will merge SEPL, ITPL, and SSSDPL into the listed entity SESL to consolidate electronics manufacturing, PCB fabrication, and skilling operations. Post-merger, promoter shareholding will increase from 69.9% to 74.1%, while public holding decreases from 30.1% to 25.9%. Swap ratios are set at 226:100 for SEPL, 5:100 for ITPL, and 55:100 for SSSDPL relative to SESL shares.
- Proposed merger of SEPL, ITPL, and SSSDPL into listed entity SESL to eliminate duplication and integrate PCB/skilling assets.
- Share swap ratios defined as SEPL:SESL at 226:100, ITPL:SESL at 5:100, and SSSDPL:SESL at 55:100.
- Promoter holding to increase to 74.1% from 69.9% (based on fully diluted shareholding as on Dec 31, 2025).
- Public float will decrease from 30.1% to 25.9% post-dilution.
- Company operates 7 manufacturing sites, 9 sales offices, and 4+8 fully automated Fuji SMT lines.
Sahasra Electronic Solutions Limited has issued a revised intimation regarding its scheduled analyst and investor plant visit on Saturday, September 19, 2026. The visit will take place at the company's facility in ELCINA Electronics Manufacturing Cluster, Bhiwadi, Rajasthan from 12:00 p.m. to 5:30 p.m. The revised list features 17 participating institutional investors and research firms, including Abbakus Asset Managers, Envision Capital, and PhillipCapital. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared during the visit.
- Plant visit scheduled for Saturday, September 19, 2026, from 12:00 p.m. to 5:30 p.m.
- Revision updates the participant list to include 17 institutional investors and analysts
- Venue confirmed at ELCINA Electronics Manufacturing Cluster, Bhiwadi, Rajasthan
- No change in the date or venue from the initial September 12, 2026 intimation
Sahasra Electronic Solutions Limited has scheduled a physical plant visit for a group of 14 institutional investors and analysts on Saturday, September 19, 2026. The visit will be held at its manufacturing facility in the ELCINA Electronics Manufacturing Cluster, Bhiwadi, Rajasthan, from 12:00 p.m. to 5:30 p.m. Participating institutions include Envision Capital, Lucky Investments, and PhillipCapital, among others. The company stated that no Unpublished Price Sensitive Information (UPSI) will be shared during the visit.
- Plant visit scheduled for Saturday, September 19, 2026, from 12:00 p.m. to 5:30 p.m.
- Interaction arranged with a group of 14 institutional investors and analysts
- Venue is B-2 & 3, ELCINA Electronics Manufacturing Cluster, Bhiwadi, Rajasthan
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Sahasra Electronic Solutions has submitted its quarterly statement of fund utilization for the period ended June 30, 2026, reporting zero deviation from the original IPO objects. Of the ‡172.01 crore raised in September 2024, the company has specifically utilized ‡21.21 crore toward its new manufacturing facility in Bhiwadi, Rajasthan, against an allocation of ‡65.97 crore. The monitoring agency, CARE Ratings Limited, and the company's Audit Committee have reviewed and confirmed these figures. This filing confirms that capital deployment is proceeding as per the prospectus without any diversion of funds.
- Total IPO proceeds raised in September 2024 amounted to ‡172.01 Crore.
- Zero deviation or variation reported in fund utilization for the quarter ended June 30, 2026.
- ‡21.21 Crore utilized for plant and machinery at the Bhiwadi facility out of a ‡65.97 Crore allocation.
- Monitoring agency CARE Ratings Limited has reviewed the utilization of funds.
- The Board of Directors and Audit Committee approved the statement on August 12, 2026.
Sahasra Electronic Solutions Limited concluded its 4th Annual General Meeting (AGM) on August 3, 2026, with shareholders approving all 10 proposed resolutions. Key approvals include the adoption of FY26 audited financials, declaration of a dividend, and the re-appointment of Mr. Amrit Lal Manwani as Chairman & Managing Director for a five-year term ending June 2031. Related Party Transactions were also approved, with promoters abstaining from voting on that specific resolution as per regulatory norms.
- 100% of votes polled were in favor of all 10 resolutions presented at the AGM
- Mr. Amrit Lal Manwani re-appointed as CMD for a 5-year term from June 19, 2026, to June 18, 2031
- 17,469,500 promoter shares were voted in favor of management and financial resolutions
- 72.08% of public institutional shares participated in the electronic voting process
- Related Party Transactions approved with 225,769 votes from public shareholders
Sahasra Electronic Solutions held its 4th Annual General Meeting on August 03, 2026, transacting 10 key resolutions including the adoption of FY26 financials and dividend declaration. A significant outcome was the re-appointment of Mr. Amrit Lal Manwani as Managing Director for a five-year term ending June 2031. The company also sought shareholder approval for Related Party Transactions and director remunerations. Notably, both Statutory and Secretarial Auditor reports were clean, with no qualifications or adverse remarks for the fiscal year.
- Re-appointment of Mr. Amrit Lal Manwani as Managing Director for a 5-year term from June 19, 2026, to June 18, 2031
- Consideration and adoption of Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026
- Declaration of dividend for FY26 was proposed as an Ordinary Resolution (amount not disclosed in this summary)
- Approval sought for Related Party Transactions (RPT) as part of the 10 items of business
- 40 members attended the meeting via Video Conferencing, meeting the requisite quorum requirements
Financial Performance
Revenue Growth by Segment
The company achieved a turnover of INR 58.16 Cr in H1 FY26, representing approximately 44.7% of its full-year standalone guidance of INR 130 Cr. The EMS segment is projected to grow at 25-30% per annum, while the IT Hardware & Memory segment is targeted at 20% annual growth. The subsidiary, Sahasra Semiconductors (SSPL), contributed INR 9.44 Cr in FY25 and is projected to reach INR 10 Cr in FY26, scaling to INR 125 Cr by FY28.
Geographic Revenue Split
The company is focusing on higher-margin exports to the USA and parts of Europe to drive profitability. While specific percentage splits by country are not disclosed, the strategic shift toward these markets is intended to offset domestic margin pressures.
Profitability Margins
Standalone PAT margin improved significantly to 15.49% in H1 FY26 compared to 9.13% for the full year FY25, a 6.36 percentage point increase. The company targets a long-term Net Profit Margin of 14-15% and expects the subsidiary to achieve 10-12% profit margins starting from FY27.
EBITDA Margin
The company has set a target EBITDA margin of 20% for FY26 and FY27. This is supported by a strategy to reduce operating expenses, which have already seen a reduction compared to the previous fiscal year, thereby increasing the 'delta' for net profitability.
Capital Expenditure
Total planned IPO-funded capex is INR 88.89 Cr, comprising INR 65.97 Cr for a new manufacturing facility in Bhiwadi, Rajasthan, and INR 22.92 Cr for the subsidiary, Sahasra Semiconductors. As of September 30, 2025, only INR 11.71 Cr (17.7%) of the Bhiwadi capex has been utilized, with significant machinery yet to be ordered.
Credit Rating & Borrowing
The company reported a standalone Debt-to-Equity ratio of 0.19 in H1 FY26, up from Nil in FY25. The subsidiary, SSPL, has a higher leverage with a Debt-to-Equity ratio of 1.06 as of H1 FY26. Specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Specific raw material names like silicon wafers or specialized polymers are not listed, but the company identifies 'machinery, components, sub-parts, and programming software' as critical inputs for making goods ready for sale, representing the bulk of the IPO capex allocation.
Import Sources
Not explicitly disclosed, though the company's focus on European and US markets for final products suggests global sourcing standards for components.
Capacity Expansion
The company is installing additional plant and machinery at a new facility in Bhiwadi, Rajasthan. Two new production lines are currently being ordered for the ELCINA cluster. The subsidiary has already prepared production lines for eSIM ICs following a successful European customer audit.
Raw Material Costs
Management noted that expenses have been reduced compared to the previous year through better control. The company allocated INR 40 Cr from IPO proceeds specifically to fund working capital requirements to manage raw material procurement and inventory.
Manufacturing Efficiency
The company is focused on achieving a 'cash break-even' for its semiconductor subsidiary in FY26. Standalone current ratio stands at a healthy 4.20, indicating strong short-term liquidity to support manufacturing operations.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be driven by a 72.70% acquisition of Sahasra Semiconductors (aiming for 85%), expansion into the European eSIM market, and a INR 6 Cr R&D investment in IT Hardware and Memory. The company is also shifting its sales mix toward higher-margin exports to the USA and Europe.
Products & Services
eSIM ICs, Memory products (SD cards/USB), LED lighting solutions, and IT Hardware (motherboards and related EMS services).
Brand Portfolio
Sahasra, Sahasra Semiconductors (SSPL).
New Products/Services
New product lines in IT Hardware and Memory are expected to grow at 20% per annum. The eSIM IC production for European customers is a major new revenue driver for FY26.
Market Expansion
Targeting the ELCINA cluster in Bhiwadi for manufacturing expansion and increasing market penetration in the USA and Europe for high-margin EMS exports.
Strategic Alliances
Successfully signed a contract with a European customer for eSIM IC production following a rigorous assessment audit.
External Factors
Industry Trends
The industry is shifting toward localized semiconductor packaging and eSIM technology. Sahasra is positioning itself as an early mover in the Indian semiconductor space, despite the current lack of a supporting ecosystem.
Competitive Landscape
The company operates in the competitive EMS and emerging semiconductor packaging industry, competing with both domestic EMS players and global semiconductor firms.
Competitive Moat
The company's moat is built on its integrated EMS and semiconductor packaging capabilities, which are rare in the Indian SME sector. This is sustained by high entry barriers in semiconductor cleanroom setups and successful international quality audits.
Macro Economic Sensitivity
The business is sensitive to the global electronics demand cycle, particularly in the USA and Europe, and the development of India's semiconductor policy framework.
Consumer Behavior
Increasing demand for eSIM technology in telecommunications and high-performance memory in IT hardware is driving the company's product roadmap.
Geopolitical Risks
Trade relations with the USA and Europe are critical as the company targets these regions for higher-margin revenue.
Regulatory & Governance
Industry Regulations
The company complies with the Companies Act 2013 and SEBI (LODR) Regulations. It maintains cost records under Section 148(1) and has undergone a Secretarial Audit for FY25 with no major non-compliances reported.
Taxation Policy Impact
The company maintains a provision for deferred tax; however, the specific effective tax rate percentage was not detailed in the summary financials.
Legal Contingencies
The company confirmed that no applications or proceedings are pending under the Insolvency and Bankruptcy Code (IBC), 2016. No other major pending court cases were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the utilization of IPO funds; there was a 5.33% deviation (INR 3.52 Cr) in Bhiwadi capex and a routing of INR 2.85 Cr of subsidiary capex through a general business account rather than a dedicated capex account.
Geographic Concentration Risk
While expanding exports, the company remains heavily concentrated in its Rajasthan and Delhi-NCR manufacturing hubs.
Third Party Dependencies
Dependency on specialized machinery vendors is high, as evidenced by the management's note that some purchased machines did not match the specific vendor details in the original prospectus.
Technology Obsolescence Risk
High risk in the semiconductor and IT hardware space, which the company is mitigating through a INR 6 Cr R&D budget.
Credit & Counterparty Risk
The subsidiary SSPL shows a low current ratio of 0.41 in H1 FY26, suggesting potential liquidity pressure or high short-term liabilities that could affect counterparty confidence.
