NSE Emerge (SME) · ISIN INE0LEX01011 · CIN L72500GJ2020PLC112865 · Data as of 6 Oct 2026 (all sources accessed 2026-10-06)
Sahana System Ltd
IT services, government/defence system integration and hardware trading · Ahmedabad, Gujarat
FY26 Revenue (consol.)Rs 331.15 Cr+97.8% YoY
FY26 PAT owners / totalRs 67.87 CrTotal incl. NCI Rs 74.76 Cr
FY26 EBITDA margin~30%vs 34% FY25, 40% FY23
RoE / RoCE31.7% / 39.8%Screener consol.
Market data
| Item | Value | Basis / source |
|---|---|---|
| CMP | Rs 918.85 [adj] | Screener, 6 Oct 2026. Alternates: Indmoney Rs 918.90 (+3.29% d/d); Trendlyne/Investing Rs 922.50 (Investing close Rs 912); Tickertape Rs 919.95 |
| Shares outstanding | 1,06,04,525 | Post 1:5 bonus (record 31 Jul 2026; 17,67,421 bonus shares allotted 3 Aug 2026, credited by 21 Aug) |
| Market cap | ~Rs 974 Cr | Screener 974; ScanX 975.67. Tickertape/Tijori/Groww Rs 943 Cr and ICICIdirect Rs 815 Cr use lagging share counts (not used) |
| 52-week high / low | Rs 1,015.85 / 570.85 [adj] | Raw ~1,219 / 685. Governance file cites ~Rs 1,663 high via TradeBrains (stale; conflict noted). Trendlyne: 61.6% above 52W low; ~10% below 52W high |
| All-time high | Rs 1,640.50 [adj] 13 Dec 2024 (Screener) vs Rs 2,135 [raw] 17 Dec 2024 (≈1,779 [adj], TradingView/DSIJ) | Conflict shown; stock ~44–48% below ATH |
| Listed | 12 Jun 2023, NSE Emerge | IPO Rs 135 [raw] = Rs 112.50 [adj]; ~8.2x (+717%) in 40 months excl. dividends |
| Index membership | None (SME platform) | Main-board migration: shareholder-approved 23 Jul 2026; NSE application "under process" (AR26, 7 Sep 2026); BSE to follow (not yet BSE-listed; "78078" on Business Standard/Geojit is a page ID); exchange approval pending |
| P/E (primary) | ~14.3–14.4x | On owners' PAT Rs 67.87 Cr. 13.0x on total PAT Rs 74.76 Cr; ~20.1x on standalone PAT Rs 48.44 Cr (Screener headline). Reported EPS appears to include minority interest |
| P/B · EV/EBITDA | 3.87x · 9.2–9.9x | BVPS ~Rs 238 on owners' equity Rs 252 Cr. EV/EBITDA basis in Tab 12 |
| Dividend yield | 0.11% | Rs 1 final (record 9 Oct 2026); promoters waived |
| Returns (Indmoney) | 1M −3.6% · 3M +20.9% · 1Y +3.0% · 3Y +313.8% | MarketScreener YTD +31.1%; stockanalysis 52W −11.3%; RSI ~85 (overbought); 12 bullish vs 2 bearish daily signals |
| Liquidity | ~10–24k shares/day (~Rs 1–2.2 Cr) | 1 Oct: 10,650 sh at Rs 794.55; 5 Oct: 90,300 sh (+12%, open 801, close 889.60; ~6–9x normal); 6 Oct intraday 7,350–15,600. Stockanalysis "avg volume 90,300" is the single 5 Oct print; 20-day avg ~23,800 |
| Free float | ~41% (~Rs 400 Cr) | Excluding Dipak Patel (6.15%) and G. Gunavanth Kumar (2.68%): tradable ~Rs 310–320 Cr. MarketScreener "82.5% free float" contradicts 57.31% promoter (not used). SME lots with market maker |
| Ownership | Promoter 57.31% · FPI 0.76% · DII 0.82% · Public ~41.1% | Aug 2026; 3,468 holders; pledge nil |
| Credit rating · Sell-side | None · None | No CRISIL/ICRA/CARE/IndRa/Acuité/Infomerics/Brickwork rating; zero broker coverage |
Company overview
| HQ | Sahana House, Meridian Square, Thaltej, Ahmedabad 380059 (registered office from 4 Aug 2026) |
| Founded | Partnership M/s Oceans Technologies 1 Mar 2013 (in business from 1 Nov 2012); renamed M/s Sahana System 30 Apr 2019; Pvt Ltd 20 Feb 2020; public 31 Mar 2022. Aggregators' "founded 2013" refers to the predecessor |
| Promoter / CMD | Pratik Ramjibhai Kakadia (49.95%); CEO Dhavalkumar H. Joshi; CFO Jatinkumar D. Jogani |
| Employees | Conflicting: 20 (IPO) · 106 permanent standalone (FY25 MD&A) · 156 (AR26 standalone) · 198 (aggregator, May 2026) · "400+" (TradeBrains) · "450 core / 650 incl. subs / 1,500–1,600 incl. vendors" (T24) · "600+" (website) |
| Sector | IT services & consulting; gov-tech/defence SI; hardware trading |
| Auditor | A. K. Ostwal & Co., Surat (since 29 Aug 2023) |
What the company does
Sahana is an Ahmedabad group that started as an export web/app shop (95% export in FY21), became a domestic hardware reseller (53% hardware in FY23, mainly Pitney Bowes franking machines and IT hardware), and since the Aug 2023 Softvan acquisition has repositioned as a "deep-tech" integrator for government, PSU and defence buyers. It is often a subcontractor to primes such as RailTel and CEL. It runs nine subsidiaries. The most important is Sahana Defence (formerly Softvan; anti-drone, RF, EW). FY26 consolidated revenue was Rs 331.15 Cr. Standalone revenue was Rs 236.6 Cr, of which hardware trading was Rs 101.2 Cr (42.8%) [Fact, AR26].
Quick verdict scorecard
BusinessMedium
ManagementWeak
FinancialWeak
ValuationFair
OverallNegative
Valuation is "Fair", not "Attractive": the 14x owners' P/E is cheap on the headline but reflects real cash, governance and dilution discounts (Tab 12). Data freshness: prices as of 6 Oct 2026 close/intraday; financials to FY26 (31 Mar 2026). H1 FY27 results are due by ~14 Nov 2026.
Analyst Notes
One line: a genuine growth story wrapped in an accounting, cash and governance structure that does not yet earn the benefit of the doubt. The 14x multiple is not a mispricing; it is the market's price for those flaws. [Analyst View]
What happened. Consolidated revenue went from Rs 24 Cr (FY23) to Rs 331 Cr (FY26), and owners' PAT from Rs 6.4 Cr to Rs 67.9 Cr. Management guided "around 210-ish" for FY26 in Nov 2025 and called that figure standalone. Standalone came in at Rs 236.6 Cr. But standalone IT services were only Rs 135.4 Cr, below the guide; the beat came from hardware trading, which jumped from Rs 7.8 Cr to Rs 101.2 Cr (42.8% of standalone). The MD&A calls this "a continued shift away from low-margin business lines". Its own table shows the opposite. Gross margin fell from ~49% to ~40% (narrative estimate) and EBITDA margin from ~34% to ~30%.
Cash is the core problem. Over FY23–FY26 cumulative consolidated PAT was ~Rs 138.6 Cr, while operating cash flow was ~Rs 28 Cr (20% conversion) and FCF ~−Rs 46 Cr. The FY26 swing to +Rs 41 Cr CFO looks like progress. It was helped by customer advances (Rs 6.1 → 21.3 Cr) and by statutory dues payable rising from Rs 3.1 Cr to Rs 15.1 Cr. CARO lists ~Rs 11.6 Cr of undisputed income tax (Rs 6.56 Cr, FY25) and TDS (Rs 5.05 Cr, FY26) unpaid for more than six months. In other words, part of the "improved cash conversion" is the overdue-tax problem. In the same year the company paid a dividend and granted Rs 36.84 Cr of loans, Rs 31.78 Cr of it to subsidiaries (CARO). Meanwhile "other asset items" reached Rs 112 Cr (deposits Rs 35.8 Cr, "advance recoverable in cash or kind" Rs 50.7 Cr). Receivables older than one year rose from Rs 1.5 Cr to Rs 11.9 Cr. [Fact, AR26 / Screener]
Related-party structures around the subsidiaries are the second problem.
- Sahana Defence is the crown jewel (FY26 turnover Rs 94.98 Cr, PAT Rs 19.91 Cr). The listed parent's stake fell from 100% to 76.37%.
- Shareholders approved, retrospectively, Pratik and/or Hetal Kakadia subscribing up to Rs 50 Cr in it.
- The consolidated RPT note shows Pratik lending Rs 65.8 Cr into the group, with Rs 54.2 Cr outstanding. That figure does not appear in consolidated borrowings (Rs 1.56 Cr related-party loans).
- About 86% of the 2025 warrants went to "public" allottees who are Softvan/Sahana Defence insiders.
- The CMD personally holds 40% of the new semiconductor company.
- The Siddhanta Machining purchase is a related-party deal for a shrinking target.
- The 2026 AGM sought Rs 3,700 Cr of RPT limits (~11x revenue) and a Rs 1,500 Cr s.185 limit covering director-interested entities.
None of this is proven abuse. All of it is a channel through which value can move from listed-company minorities to insiders. [Analyst View]
Audit quality does not provide comfort.
- The FY26 audit fee is Rs 3 L standalone on Rs 236.6 Cr of revenue.
- The previous auditor resigned 2.5 months after the IPO.
- The notes contain solar-power/Discom boilerplate. CARO calls the company "private". The standalone balance sheet is titled "as at March 31, 2025".
- The report says no managerial remuneration and no dividend were paid; both were.
- The auditor could not obtain internal-audit reports. There is no gratuity provision.
- The opinion is still "unmodified".
A cheap multiple on numbers this auditor signs is less cheap than it looks.
Dilution keeps coming, and the latest round favours insiders. Shares went from 55.71 lakh pre-IPO to 1,06,04,525 post-bonus. External equity was ~Rs 102 Cr at the parent plus ~Rs 17–26 Cr of minority capital in subsidiaries. On 18 Aug 2026 the board approved 10,56,000 warrants at Rs 880 (~Rs 92.9 Cr), 2,64,000 each to Pratik Kakadia, Hetal Kakadiya, Shrem Investments and Bhavesh Joshi. That is ~10% dilution, with half going to the promoter family. The price is ~27% below the 2025 warrants (~Rs 1,200 [adj]) and ~4% below CMP. The postal-ballot result is unconfirmed. Nine months earlier management said it would use OD/CC lines and raise equity only for big wins; no Rs 1,000 Cr order has been disclosed. [Fact, W26 / T25]
What is real.
- Defence credentials: CEL Rs 24.69 Cr anti-drone order plus a 10+5-year CEL Sahibabad EW manufacturing facility contract, Indian Navy Rs 7.74 Cr, BEL MoU.
- A repeat RailTel channel (four orders in ~11 months, including the Rs 69.51 Cr Kandla gate-automation LoI).
- Net cash on any basis.
- A main-board migration that would add liquidity and impose LODR Regs 17–27 and quarterly reporting.
The stock bounced ~+62% from its Rs 571 [adj] low on these triggers.
What would change my mind.
- A clean year with consolidated OCF ≥ PAT that is not funded by unpaid taxes.
- A disclosed breakdown of the Rs 112 Cr other assets.
- Reconciliation of the Rs 54.2 Cr promoter loan.
- The CMD's semiconductor stake moved to the listed company.
- A larger audit firm.
- Quarterly main-board disclosure that confirms the services/hardware split.
Until then I treat reported PAT as unverified and the stock as a trading vehicle, not an investment. Conflicting data points are shown with their sources throughout and collected in the Tab 14 conflicts register. [Analyst View]
Business Deep-Dive
Corporate history
| Date | Event |
|---|---|
| 2012 | Website narrative: "Oceans Technologies and Trinity Studio" origin; business from 1 Nov 2012 |
| 1 Mar 2013 | Partnership deed of M/s Oceans Technologies |
| 7 Jun 2014 | Pratik Kakadia joins; with his mother Shardaben takes 100% of the firm |
| 21 Oct 2019 | Appointed non-exclusive channel partner of Pitney Bowes India (as Oceans Technologies) |
| 30 Apr 2019 / 20 Feb 2020 / 31 Mar 2022 | Renamed M/s Sahana System → private limited (hence CIN 2020) → public limited. Mar 2022: conversion at Rs 1,225/share and 90:1 bonus; Sep 2022 4:5 bonus |
| Jun 2023 | IPO Rs 32.74 Cr; listed NSE Emerge 12 Jun 2023 |
| 18 Aug 2023 | Acquired Softvan Pvt Ltd (Rs 11.81 Cr) and Softvan Labs (Rs 3.19 Cr) = Rs 15 Cr, via share swap |
| 6 Oct 2024 / 3 Feb 2025 | 51% of Sourceved (Rs 7.65 Cr in shares) / 51% of Applie Infosol (Rs 9.2 L cash) |
| Apr 2025 – Feb 2026 | Futurio, Techanalysis, Marine-Infra, Healthtech, Sahana System INC (US) formed; Softvan renamed Sahana Defence (MCA approval 29 Jan 2026) |
| Jun–Oct 2026 | CEL Sahibabad facility; bonus; migration approval; semiconductor JV approved; Rs 880 warrants; Siddhanta SPA |
Website reliability caveat: the About Us timeline claims Sourceved was acquired in 2022 and a Rs 1,000 Cr market cap was crossed in 2022, before the IPO. Filings show Sourceved was acquired on 6 Oct 2024. Treat website claims as indicative only. The MoA was also altered in FY25 to add real estate development and property management.
Products and services, line by line
| Line | What it does | Delivery model | Entity |
|---|---|---|---|
| AI & Data Intelligence | GenAI, ML, data engineering, AI governance, BI; OpenAI/ChatGPT listed as an "OEM partner" | Project / T&M from Ahmedabad | Parent, Techanalysis |
| Cloud Engineering | Cloud-native, cost optimisation, DevOps/DevSecOps, managed services | Project + retainers | Parent |
| Quality Engineering | Automation, performance, security, regression and integration testing | Project / T&M | Parent |
| Enterprise Transformation | Microsoft stack (Dynamics 365, Power Platform), IoT/embedded, CMS (Sitecore, Liferay), ERP/CRM, cyber security | Sitecore mainly via 51% Sourceved; Microsoft Solutions Partner | Parent, Sourceved, Applie |
| IT Staff Augmentation | Contract engineers | T&M | Parent |
| IPO-era catalogue | Web and mobile apps, AI/ML, chatbots, prototyping, graphics, UI/UX, SEO/ASO, digital marketing, migration, cyber security, IT outsourcing; clients in healthcare, surveillance, retail, education, restaurants, banking, media, fintech | Project | Parent |
| Government SI / MSI | SITC + AMC bundles of third-party hardware, software and services, often as subcontractor to a prime; SAMVAD 2.0 media monitoring for MoI&B ("58 ministries incl. PMO"); toll/ITMS; RailTel AI surveillance/ICCC; PACS digitisation | SITC + AMC | Parent (fastest grower FY26) |
| Defence tech | Infinity Rhino anti-drone disruptor; handheld/manpack RF jammers; anti-drone counter system; radar simulators ("smallest on the market"); SMATS two-way satellite messaging (GEO); interception systems; ground surveillance and 3D drone radar; AI language tools (e.g. Mandarin translation); EW/IW, secure comms | SITC + multi-year AMC; infra works (Navy). Hardware sourced/ODM; FY25 DR: "does not own any manufacturing facility" | Sahana Defence |
| Marine / port | IPRCL ITSM partnership; Tuticorin port digital twin; Dredging Corp of India IoT/AI; India Maritime Week 2025 | Project | Marine-Infra (60%/75%) |
| Fintech | ONDC switches, interoperable UPI, end-user computing for US banks; Ministry of Petroleum and Ports work | Project | Parent, Futurio |
| Healthtech / Edtech | No-code AI platform, HMIS, US healthcare clients since 2016 (Health Catalyst indirect; "5 million transactions per minute"); edtech government projects (lower priority); Samagra Shiksha Assam ~1,500 schools | Project / revenue share | Healthtech (formed 6 Jan 2026) |
| Hardware trading | Franking machines, computers, LED displays, laptops; Pitney Bowes channel partner since 21 Oct 2019 (sell/rent/lease) | Resale, pass-through margin | Parent |
| EV charging (IPO object) | 25 AP locations planned: one 60 kW (~Rs 9.55 L) + one 180 kW (~Rs 22.58 L) charger each; NREDCAP 500 locations allotted, 45 surveyed; 120-month term; pays Rs 0.50/kWh to NREDCAP + Rs 2.55/kWh landowner rent; ad revenue 50:50. IPO review flagged no promoter EV experience and no confirmed NREDCAP order | In-house CMS + IoT firmware; ODM chargers; revenue share; "not a very high-margin business" | Parent; live chargers not disclosed |
Facilities
| Location | Type | Detail |
|---|---|---|
| Sahana House, Meridian Square, Thaltej, Ahmedabad | HQ / regd office from 4 Aug 2026 | Own building (CWIP Rs 0.26 Cr FY25; Rs 6.10 Cr FY26). Area not disclosed. CARO (i)(c): company owns no immovable property in its name |
| 1301 Maple Trade Centre, Thaltej/Memnagar | Regd office 18 May 2024 – Aug 2026 | Terms not disclosed |
| 901-A Mondeal Square, Prahladnagar | Regd office at IPO | Leave and licence 8 Jan 2023, 11 months, Rs 87,740/month, deposit Rs 1.64 L |
| 418 Broadway, Ste N, Albany NY 12207 | US office | Sahana System INC (100%, formed 24 Feb 2026, EIN 35-2962989); not operational |
| CEL premises, Sahibabad (UP) | EW and weapon-periphery manufacturing facility | Set up/operate/maintain/market for 10 + optional 5 years (15 Jun 2026); capacity and capex not disclosed |
| Siddhanta Machining (location n.d.) | Precision machining | 60% SPA 30 Sep 2026; FY25 turnover Rs 0.85 Cr |
Certifications, partnerships, IP
| Item | Detail |
|---|---|
| CMMI — conflict | IPO: Maturity Level 3 (E-Commerce dept) via Equalitas Certifications (Prospectus); H1 FY26 deck still shows Level 3. HDFC Sky/Screener/later ARs: Level 5 ("compliant"). PARS registry not checked; Level 5 unverified |
| ISO | ISO 9001:2015, ISO/IEC 27001:2013 (IPO). Website adds 27017, 27018, 14001, 20000-1, 22301, 42001:2023, SOC 1/2/3, GDPR (company claims; no registrar evidence) |
| DPIIT | Recognised startup (10-year recognition) |
| Partners | Microsoft Solutions Partner ("Gold" on website); Sitecore Silver (Sourceved); OpenAI; Pitney Bowes; EIZO India (displays). No Salesforce or Zoho partnership found |
| PSU / government | BEL MoU / design-service-provider empanelment (21 Jul 2025); C-DAC Noida (EOI 31 Jan 2024, ~2 yrs); HPCL ITSM empanelment ≥Rs 100 L, 3 yrs (5 May 2025); GIPL SI LoI (29 Dec 2022); IPRCL; NIC "23 of 24 categories" (T24); Indian Coast Guard vendor registration (28 Feb 2025); NREDCAP |
| Awards | Clutch "Top Sitecore Developers 2025", "Fastest Growth 2025" |
| Defence quality | No AS9100, DGQA or JSS-55555 found: a gap for a company scaling EW manufacturing |
| IP | At IPO: "not applied for registration for any IPR". Nov 2025: 12 patents applied, 6 progressing, 2 granted (no numbers/titles; unverified). Owned products: SAMVAD, EV CMS, branded defence products (in-house share n.d.) |
| Intangibles | Consolidated Rs 27.84 Cr incl. goodwill Rs 18.03 Cr (FY25); Rs 36.60 Cr at 30 Sep 2025; Rs 35.64 Cr gross FY26 (Screener) |
Key customers, GTM and exports
Government/PSU/defence: Indian Navy, Indian Army, Assam Rifles, CEL, BEL, HPCL, RailTel, MoI&B (SAMVAD), DCI, IPRCL/Tuticorin, NABARD, C-DAC, GIPL, NREDCAP, Gujarat Police (secondary), Samagra Shiksha Assam, Deendayal Port (via RailTel). Private: Adani, Panasonic, Tata-AIA, Torrent, IndusInd Bank, Gujarat Mercantile Bank, RPG Group (website logos); Amnex Infotechnologies (toll prime); Gumbi Software; Uneecops; Appsndevices; Shree Vinayak Sahakari Bank (RPT, Rs 50 L cap). The website claims "100+ clients". IPO-era export clients were in Argentina, Saudi Arabia, Canada and the USA. Targets now include Thailand (Royal Thai Government meeting, Jun 2025), SE Asia, Africa and LatAm. The GTM is direct tenders and, increasingly, subcontracts under primes.
USP [Analyst View]: incumbency and qualification with DPSUs/primes (CEL, RailTel, BEL), plus Gujarat government relationships. Little proprietary IP at scale has been verified.
Segment Analysis
The company reports a single segment (software and IT services), and the consolidated note says "all the operations are undertaken in India". No segment EBITDA is disclosed. The splits below are rebuilt from the prospectus, FY25 AR, AR26 MD&A, AOC-1 and management commentary. Quarterly segment data: Not Available — SME files half-yearly.
Business-model shifts: export web → hardware reseller → gov/defence SI (and back toward hardware in FY26)
| % of revenue | FY21 | FY22 | FY23 | FY24 (SA) | FY25 (SA) | FY25 (C) | FY26 (SA) |
|---|---|---|---|---|---|---|---|
| IT services | 88.92% | 68.62% | 47.03% | 95.7% (Rs 51.4 Cr) | 92.8% (Rs 100.6 Cr) | 95.3% (Rs 159.62 Cr) | 57.2% (Rs 135.4 Cr) |
| Hardware trading | 11.08% | 31.38% | 52.97% (Rs 12.79 Cr) | 4.3% (Rs 2.31 Cr) | 7.2% (Rs 7.83 Cr) | 4.7% (Rs 7.83 Cr) | 42.8% (Rs 101.2 Cr) |
| Export | 94.95% | 0.60% | 5.60% (Rs 1.35 Cr) | 7.6% (Rs 4.06 Cr) | 0.7% (Rs 0.76 Cr) | n.d. | Forex earnings Rs 2.49 Cr (~1%) |
| Domestic | 5.05% | 99.40% | 94.40% | 92.4% | 99.3% | n.d. | ~99% |
Sources: Prospectus (FY21–23), FY25 AR revenue note, AR26 MD&A. Conflict: consolidated FY26 goods sales ~Rs 86 Cr (narrative) are below standalone hardware Rs 101.2 Cr, which implies intra-group eliminations. Not resolved. A secondary web summary of "48% services / 52% hardware" is unverified. Earlier aggregator-based work showing "FY26 split not available" is superseded by AR26. FX outgo was nil in FY24–FY25.
Parent vs subsidiaries (proxy for defence and acquired businesses)
| Rs Cr | FY24 | FY25 | FY26 | H1 FY26 |
|---|---|---|---|---|
| Standalone revenue | 53.86 (DR) / 53.7 | 110.18 (DR) / 108.41 (note) | 236.6 (AR26) / ~240.6 (Trendlyne) | 68.72 (+62% vs 42.40) |
| Consol. less standalone [Est.] | 15.19 | 57.27–59 | ~90.5–94 | 45.4 |
| Subsidiaries' share of consol. revenue | 22% | 34% | ~27–28% | 40% |
| Standalone PAT | 15.04 | 17.27 | 48.44 | ~13 (19% margin) |
| Consol. less standalone PAT [Est.] | 3.17 | 21.93 (~56% of group PAT) | 26.32 (~35%) | ~14.7 |
| Implied subsidiary OCF [Est.] | — | ~−29 | ~−17.5 | — |
The AOC-1 subsidiary sum for FY25 (Rs 68.6 Cr) exceeds the derived Rs 57.3 Cr because of intra-group eliminations (e.g. the parent sold Rs 8.0 Cr of services to Softvan) and part-year consolidation.
Subsidiary economics (AOC-1, Rs lakh)
| Entity | Stake | FY25 turnover / PAT | FY26 turnover / PAT | Margin FY26 |
|---|---|---|---|---|
| Sahana Defence (ex-Softvan) | 76.37% (FY26) | 5,100.38 / 1,741.37 | 9,498.33 / 1,991.37 | 21% |
| Softvan Labs | 100% | 644.38 / 119.37 | 928.16 / 114.22 | 12% |
| Sourceved | 51% | 939.09 / 235.99 | 1,331.84 / 313.77 (AOC-1) vs 401.45 (Note 40) | 24–30% |
| Applie Infosol | 51% | 173.90 / 95.07 | 399.49 / 123.57 (Note 40: 122.57) | 31% |
| Sahana Futurio | 60% | — | 51.50 / 0.54 | 1% |
| Sahana Techanalysis | 60% | — | 6.02 / 0.40 | 7% |
| Sahana Marine-Infra | 75% (AR26) vs 60% (secretarial audit) | — | 525.25 / 0.65 (parent bought 523.75: pass-through) | 0.1% |
| Sahana Healthtech | 80% (AR26) | — | 1.13 / 0.58 | — |
| Sum of subsidiaries | ~6,857 turnover | ~12,741 turnover |
Customer type and fastest growers
- Government 65% / private 35% "±5–10%" (H1 FY25, T24). Government 60% / enterprise 40%, of which "30% overseas" (H1 FY26, T25). The overseas claim is contradicted by forex earnings of Rs 2.49 Cr and the "all operations in India" note.
- Repeat business: 76% of parent revenue from existing customers; Softvan 65%; Sourceved/Softvan Labs 12–15% new.
- Fastest grower: FY26, the parent's government SI and hardware book (~+118% standalone). FY24–25, Sahana Defence (turnover then grew from Rs 51 Cr in FY25 to Rs 95 Cr in FY26, ~+86%, slower than the parent).
- Under pressure: group margin (OPM 34% → 30%) and parent export services (Rs 4.06 Cr → Rs 0.76 Cr). The overseas US business was described as ~Rs 20 Cr closed and Rs 16–17 Cr collected (T25), ~17% of H1 consolidated revenue if true [Est.].
- Management's stated focus (Nov 2025): five-year targets of defence Rs 1,000–2,000 Cr, marine SI Rs 500–600 Cr, GoI MSI Rs 1,000 Cr; "crossing 3,000 crores"; Rs 5,000 Cr in ~6 years.
Financials: P&L
Accounts are likely Indian GAAP (AS; Schedule III Div I). FY22 is standalone; FY23 consolidated equals standalone, because the first subsidiaries were acquired in Aug 2023. Figures in Rs Cr; Screener items are rounded to Rs 1 Cr. The FY26 NSE results PDF (>10 MB), FY25 results and the FY25 AR are scanned images; exact lakh figures come from the FY25 Directors' Report (IIFL) and ScanX.
Five-year P&L (FY22 S; FY23–26 C)
| Rs Cr | FY21 (S) | FY22 (S) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Revenue from operations | 3.31 | 12.17 | 24.14 | 69.05 | 167.45 | 331.15 |
| YoY growth | — | 268% | 98% | 186% | 143% | 97.8% |
| Gross profit (proxy) | — | ~3.5 | ~10.6 | ~33.8 | ~82.0 | NA (cost reclass.) / ~40% GM per narrative |
| Gross margin (proxy) | — | ~29% | ~44% | ~49% | ~49% | NA / ~40% |
| EBITDA (ex other income) | 0.84 | 2.8 | 9.7 | 23.5 | 56 | 100 |
| EBITDA margin | 25.4% | 23% | 40% | 34% | 34% | 30% |
| Other income | — | 0.0 | 0.0 | ~0.2 | ~2.5 | ~6.7 |
| Depreciation | — | 0.1 | 0.2 | ~0.3 | ~1 | ~7 |
| EBIT (PBT + interest) | — | 2.7 | 9.5 | ~23.2 | 57.4 | ~100 |
| Finance cost | — | 0.7 | 0.6 | ~0.1 | 1.54 | ~2 |
| PBT | — | 2.0 | 8.9 | 23.08 | 55.88 | 98.15 |
| Tax rate | — | 37% | 30% | 21% | 30% | 24% |
| PAT (total incl. NCI) | 0.16 | 1.41 | 6.40 | 18.21 | 39.20 | 74.76 |
| PAT margin | 4.8% | 11.6% | 26.5% | 26.4% | 23.4% | 22.6% |
| Minority (NCI) share | 0 | 0 | 0 | 0 | ~3.7 | ~6.9 (AR26: 6.89) |
| PAT attributable to owners | 0.16 | 1.41 | 6.40 | 18.21 | 35.47 | 67.87 |
| Reported basic EPS (pre-bonus, Rs) | — | n.m. | — | 24.22 | 46.72 | 84.60 |
| EPS bonus-adj, total-PAT basis | — | — | — | — | 38.93 | 70.50 (dil. 70.375) |
| EPS bonus-adj, owners' basis | — | — | ~6.0 | ~17.2 | 33.46 | 64.03 |
Exact figures (Rs lakh): FY24 revenue 6,904.76, PBT 2,307.93, PAT 1,821.00. FY25 revenue 16,745.07, PBT 5,587.97, PAT 3,920.12, finance cost 153.79. FY26 revenue 33,115.03, PBT 9,815.24, PAT 7,476.18; standalone PAT 4,844.45. Owners' net income Rs 678.71 m (FY25 Rs 354.65 m). Standalone P&L FY22–26: revenue 12.2 / 24.1 / 53.7 / 108.4 / 236.6; EBITDA 2.8 / 9.7 / 19.1 / 26.2 / 70.7 (margin 23/40/35/24/30%); interest 0.7/0.6/0.1/0.3/1.4; depreciation 0.1/0.2/0.1/0.6/5.0; PBT 2.0/8.9/18.9/25.4/64.3; PAT 1.4/6.4/15.0/17.3/48.4.
EPS basis anomaly. Reported basic EPS of Rs 84.60 equals total PAT (Rs 74.76 Cr) ÷ 88.37 lakh shares. On owners' PAT it would be ~Rs 76.8 pre-bonus / Rs 64.0 post-bonus. FY25 shows the same pattern (Rs 46.72 reported vs ~Rs 42.3). AS 20 / Ind AS 33 require EPS on profit attributable to the parent, so reported EPS appears to include minority interest (~10% overstatement). Verify against the audited statement.
Cost structure (% of revenue, Screener consolidated)
| % of revenue | FY22 (S) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Material + inventory change | 27% | −20% | 1% | 0% | −1% |
| "Manufacturing"/direct project cost | 44% | 76% | 50% | 51% | 0% |
| Employee cost | — | 2% | 10% | 9% | 6% (~Rs 20 Cr) |
| "Other cost" | — | 1% | 5% | 7% | 64% |
In FY26 direct costs were reclassified into other expenses, so no comparable gross margin can be derived. "Operation and maintenance expenses" were Rs 67.77 Cr in FY25 standalone (62.5% of revenue). In H1 FY26, with payroll shown separately (Rs 7.49 Cr standalone), O&M was still Rs 34.44 Cr standalone and Rs 57.50 Cr consolidated, ~50% of revenue. That points to bought-in delivery [Est.]. The H1 FY26 filing restates H1 FY25 employee cost at only Rs 0.08 Cr standalone (Rs 0.24 Cr consolidated), against Rs 10.94 Cr for full-year FY25. Tax rate is volatile (21% / 30% / 24%).
Half-yearly results (SME — files half-yearly; quarterly: Not Available)
| Rs Cr (consol.) | H1 FY23 | H2 FY23 | H1 FY24 | H2 FY24 | H1 FY25 | H2 FY25 | H1 FY26 | H2 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7 | 17 | 24 | 45 | 52.64 | 114.81 | 114.16 | 216.99 |
| YoY % | — | — | +243% | +165% | +119% | +155% | +116.9% | +89% |
| HoH % | — | +143% | +41% | +88% | +17% | +118% | −0.6% | +90% |
| EBITDA | 2 | 8 | 6 | 17 | 19.7 | ~36 | 37.85 | ~62 |
| EBITDA margin | 30% | 44% | 26% | 38% | 38% | 32% | 33.2% | 29% |
| EBITDA YoY / HoH | — | — / +300% | +200% / −25% | +113% / +183% | +228% / +16% | +112% / +83% | +92% / +5% | +72% / +64% |
| PAT (total) | 2 | 4 | 5 | 14 | 14.15 (conflict: 9.8) | ~25 | 27.67 | ~47.09 |
| PAT margin | 29% | 24% | 21% | 31% | 26% | 22% | 24.2% | 21.7% |
| PAT YoY / HoH | — | — / +100% | +150% / +25% | +250% / +180% | +180% / 0% | +79% / +79% | +95–98% / +11% | +87% / +70% |
| EPS (owners, adj., Screener) | 2.62 | 6.13 | 4.43 | 13.42 | 13.48 | n.m. (artifact 33.46) | 26.10 | 40.69 |
H1 FY25 PAT conflict: Rs 14.15 Cr consolidated (T24 transcript; Screener ~14) vs Rs 9.8 Cr (ValuePickr notes; this matches standalone H1 FY25 of Rs 9.8–10 Cr). Standalone H1 FY26: revenue Rs 69 Cr / PAT Rs 13 Cr; H2 FY26 Rs 168 Cr / Rs 35 Cr (~71% of standalone revenue in H2). H2 typically delivers 65–69% of consolidated revenue. H1 FY26 gross margin 45.8% vs 56.2% a year earlier (T25); H1 FY26 sources include multibagg.ai and Simply Wall St (EBITDA Rs 379 m vs 197 m). H1 FY27 was not reported as of 6 Oct 2026.
Margin trend
- Organic vs inorganic: FY24 subsidiaries ~Rs 15 Cr (22%); FY25 ~Rs 57–59 Cr (34%); FY26 ~Rs 90–94 Cr (~27%). Most of the FY26 jump was standalone, driven by hardware trading (+Rs 93 Cr) and government SI.
- One-time items / quality: FY23 margin jump to 40% in the pre-IPO year, flagged by Dilip Davda as possible "window dressing". Depreciation stepped up to ~Rs 7 Cr in FY26 as intangibles and capitalised projects (GIS Rs 9.5 Cr, EV chargers Rs 13.51 Cr) began amortising.
- Cost structure unlike IT services: employee cost only 6–10% of revenue despite claimed 400+ staff; revenue dominated by pass-through and project costs (PACS, hardware, defence systems).
- Earnings quality: profits are not backed by cash (Tab 6: cumulative OCF/PAT ~20%).
Balance Sheet, Cash Flow & Ratios
Five-year balance sheet
| Rs Cr | FY22 (S) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity share capital | 3.1 | 5.57 | 8.00 | 8.84 | 8.84 (10.60 post-bonus) |
| Reserves | 1.4 | 5.2 | 48 | 167 | 243 |
| Net worth (owners) | 4.5 | 10.8 | 56 | 176 | 252 |
| Non-controlling interest | 0 | 0 | 0 | 12 (12.13) | 31 (30.78) |
| Long-term borrowings | 0 | 0 | 0 | 0.59 | 0.89 |
| Short-term borrowings | 5.13 | 4.77 | 12.64 | 11.57 | 17.04 |
| Total debt | 5.13 | 4.77 | 12.64 | 12.16 | 17.93 |
| Trade payables | 3.3 | 5 | 19 | 26 | 26 |
| Advances from customers | 1.2 | 0 | 0 | 6 | — (AR26: 21.3) |
| Other liability items | 0.2 | 4 | 8 | 15 | 59 |
| Total assets | 15.0 | 24 | 96 | 248 | 386 |
| Net fixed assets (incl. intangibles) | 0.9 | ~0.3 | 13 | 37 | 58 |
| — intangibles/goodwill (gross) | — | 0 | 12.42 | 18.03 | 35.64 |
| CWIP | ~1 | 1 | 14 | 17 | 36 |
| Investments | 0 | 0 | 8 | 21 | 19 |
| Inventory | 8 | 13 | 13 | 6 | 8 |
| Trade receivables | 4.8 | 7 | 20 | 89 | 97 |
| Cash & equivalents | 0.1 | 0.1 | 26 | 29 | 30 (stockanalysis: 75.5 incl. FDs/investments) |
| Loans & advances | 0 | 3 | 1 | 5 | 26 |
| Other asset items | 0 | 0 | 2 | 45 | 112 |
| Net debt / (net cash) | 5.0 | 4.7 | (13.4) | (16.8) | (12.1) Screener · (57.5) stockanalysis |
Top diligence item: other asset items (Rs 112 Cr) plus loans and advances (Rs 26 Cr) are ~36% of total assets. AR26 detail: consolidated "Deposits" Rs 35.84 Cr (from 27.53) and "Advance recoverable in cash or kind" Rs 50.74 Cr (from 4.43), nature unexplained. Loans to "others" are Rs 20.14 Cr consolidated (Rs 4.88 Cr standalone; CARO says 5.55). NBFC deposits are Rs 10 Cr with Indergini Finance (7.5%, unsecured, maturing 31 Mar 2027) plus Rs 9.5 Cr with an unnamed NBFC. Treating these as "cash" (the stockanalysis basis) is itself a judgement. [Analyst View]
- Standalone debt (Rs 29.26 Cr; ST 28.84) exceeds consolidated (Rs 17.93 Cr). AR26: Rs 25.8 Cr of standalone ST borrowings are from related parties, mainly Sahana Defence (Rs 24.84 Cr payable, interest Rs 70.09 L booked as "Loans from Relatives"). The parent borrows from its own minority-held subsidiary.
- Standalone investment in subsidiaries: Rs 23 Cr (FY24) → Rs 45 Cr (FY25) → Rs 73 Cr (FY26); Sahana Defence alone Rs 15.41 → 44.25 Cr.
- Standalone FY26: net worth Rs 198.1 Cr, receivables Rs 68.1 Cr (Rs 11.9 Cr aged 1–2 yrs; >6 months Rs 25.0 Cr), cash Rs 28.1 Cr, payables Rs 30.7 Cr. Current ratio 1.71 (Note 36) vs 2.61 (MD&A). Standalone tangible assets Rs 0.3 → 7.0 → 20.8 Cr (FY24–26); standalone CWIP Rs 14 → 8 → 21 Cr.
- Goodwill Rs 18.03 Cr (12.42 + 5.61 added FY25), no impairment. Consolidated CWIP Rs 36.0 Cr: Sahana House 6.10, NMW dashboard 14.90 (ageing shows 1–2 yrs despite FY26 addition), unlabelled "CWIP" Rs 15.00 Cr. GIS platform (Rs 9.49 Cr) and EV chargers (Rs 13.51 Cr) capitalised.
- FY25 receivables rose 4.5x (Rs 20 → 89 Cr) on 2.4x revenue; FY26 receivables held at Rs 97 Cr while revenue doubled, but part of the "improvement" may have shifted into other assets (+Rs 67 Cr) [Est.].
Cash flow and PAT vs OCF
| Rs Cr | FY22 (S) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Op. profit before WC | 2.8 | 10 | 23 | 57 | 100 |
| Working-capital change | n.a. | −6 | +6 | −96 | −45 |
| — receivables | n.a. | −2 | −13 | −68 | −8 |
| — inventory | n.a. | −5 | +1 | +6 | −2 |
| — payables | n.a. | +1 | +15 | +6 | −1 |
| — other WC items | n.a. | 0 | +5 | −40 | −34 |
| Direct taxes | n.a. | −3 | +5 (sic) | −9 | −14 |
| OCF | 0.0 (Trendlyne) / −2 (Screener) | 1 | 34 | −48 (−47.7) | 41 (41.2) |
| Capex | ~0.3 | 0.0 | 14.06 | 12.82 | 46.86 |
| FCF | ~−0.3 / −2 | 1 | 20 | −61 | −6 |
| Investments purchased / other investing | — | 0 | −7.75 | −16.23 / −7.69 | +1.57 / −25.73 |
| Cash from investing | −0.3 | 0 | −22 | −35 | −71 |
| Proceeds from shares | — | 0 | 5.43 | 80.46 | 14.64 (parent issued no shares) |
| Other financing items | — | −2.48 | 0 | 0 | 5.75 (likely warrant 25%) |
| Net borrowings | — | 0 | +7.87 | −0.49 | +5.78 |
| Dividends paid | — | 0 | 0 | 0 | −0.38 |
| Cash from financing | 0.1 | −3 | 13 | 79 | 25 |
| Net cash flow | −0.2 | −2 | 26 | −4 | −5 |
| OCF / PAT | ~0% | ~16% | 187% | −122% | 55% |
| CFO / EBITDA | n.m. | ~10% | ~145% | ~−86% | ~41% |
| FCF yield (yr-end mcap 663 / 1,064 / 714; now 974) | — | — | 3.0% | −5.7% | −0.8% (now −0.6%) |
FY24 flag: the IPO (Rs 32.74 Cr) is not visible in consolidated financing (only 5.43), while OCF of Rs 34 Cr includes a positive tax line. Standalone FY24 shows financing Rs 35.4 Cr and OCF Rs 25.4 Cr. Read FY24 consolidated OCF with caution. FY26 dividend paid of Rs 0.38 Cr (AR26 Rs 37.83 L) reconciles approximately to the Re 1 interim on 88.37 lakh shares net of the promoter waiver (~42.7% non-promoter × 88.37 lakh ≈ Rs 37.7 L) [Est.]. AR26 labels it "Utilisation for bonus equity share" in the SOCE and books warrant money of Rs 574.94 L into retained earnings.
| PAT vs OCF, FY23–26 cumulative | Rs Cr |
|---|---|
| PAT total / owners | ~138.6 / ~127.9 |
| EBITDA | ~189 |
| OCF | ~28 (OCF/PAT ~20%, OCF/EBITDA ~15%) |
| Working-capital absorption (receivables 91, other items 69) | ~141 |
| Capex | ~73.7 |
| FCF | ~−46 (market file FY24–26: −47 vs PAT 132) |
| Funded by: IPO 32.74 + preferential cash 14.37 + rights 48.87 + warrant 25% 5.74 | ~101.7 (parent) |
| Subsidiary minority capital FY25 ~17.2 + FY26 ~8.9 | ~17–26 |
| Total external equity | ~119–128 |
| Standalone FY26 OCF vs PAT | 58.5 vs 48.4 (121%); aided by advances Rs 21.2 Cr and unpaid statutory dues |
| Standalone FY25 OCF vs PAT | −18.7 vs 17.3 |
Working capital (days on revenue)
| Days | FY22 (S) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Debtor days | 144 | 106 (Scr 109) | 106 | 194 (Scr 193) | 107 (Scr 106) |
| Inventory days | 240 | 198 | 69 | 13 | 9 |
| Creditor days | 98 | 76 | 100 | 57 | 29 |
| Cash conversion cycle | 286 | 228 | 75 | 150 | 87 |
| WC days (Screener net) | 103 | 144 | −27 | 181 | 149 |
| Other assets + loans in days | 0 | 45 | 16 | 109 | 152 |
CCC plus other-asset days ≈ 240 days of revenue in FY26, vs ~92 in FY24. Screener's CCC equals debtor days because of its cost classification. Creditor days collapsed 100 → 29 (payables flat at Rs 26 Cr). Inventory: Rs 6.33 Cr FY25 AR standalone vs Rs 9.50 Cr as the FY25 comparative in the H1 FY26 filing (unreconciled restatement); Rs 10.38 Cr at 30 Sep 2025.
Ratios
| Ratio | FY22 (S) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RoE (owners, avg equity) | ~60% | ~84% | ~54% | ~30.6% | ~31.7% |
| RoCE | 76% | 55% | 42% | 40% | 39.8% |
| Debt / equity | 1.14x | 0.44x | 0.23x | 0.07x | 0.07x |
| Net debt / EBITDA | 1.8x | 0.5x | net cash | net cash | net cash |
| Interest coverage | ~4x | ~16x | >100x | ~37x | ~50x |
| Current ratio consol. (approx.) | 1.4x | 1.6–1.7x | ~1.5x | ~3.0x | ~2.7x |
| Current ratio standalone | 1.4x | 1.6x | 1.4x | 4.2x | 1.7x |
| Asset turnover | ~1.1x | ~1.3x | ~1.2x | ~1.0x | ~1.0x |
Third-party RoE/RoCE: Tijori 20.15%/30.01%; MoneyWorks4Me 33.73%/44.13%; Screener 3-yr avg RoE 33.4%; Screener standalone RoE 28.3%. On an OCF basis, FY25–26 returns would be single-digit.
Debt, lenders and rating
| Item | Detail |
|---|---|
| Structure | ~95% short-term/working capital; term debt Rs 0.89 Cr (likely vehicle/equipment). Pre-IPO debt Rs 5–7 Cr (FY20–22), Rs 4.77 Cr Mar-23 |
| Lender | Kotak Mahindra Bank: charges Rs 9.4 Cr (14 Nov 2024) and Rs 1.0 Cr (24 Nov 2025), both active. The Rs 12.64 Cr of FY24 debt predates these (lender not identified) |
| Related-party loans | Consolidated RPT note: Pratik lent Rs 65.78 Cr and Rs 54.22 Cr outstanding vs Rs 1.56 Cr in consolidated borrowings: unreconciled. Possible conversion into Sahana Defence equity (inference). Rs 8 Cr of CCDs at subsidiary level (interest Rs 53.65 L), holders undisclosed |
| Finance cost | FY25 Rs 1.54 Cr; FY26 ~Rs 2 Cr; cash interest FY26 Rs 1.10 Cr. Late-payment interest standalone Rs 14.92 L (FY25), Rs 0.18 L (FY26); consolidated Rs 4.00 L / 2.12 L |
| Borrowing approvals | s.180(1)(c) Rs 700 Cr; s.185 Rs 1,000 Cr (2025) → new Rs 1,500 Cr (2026); s.186 Rs 1,500 Cr |
| Maturity | Not disclosed; almost entirely within 12 months |
| Credit rating | None found (Sahana Clothing CRISIL BBB and Sahana Jewellery Acuité B are unrelated). Tracxn "Net Profit Rs 5,476 Cr" is a unit error |
Equity dilution and share-count history
| Date | Event | Shares | Price Rs [raw] | Rs Cr | Outstanding |
|---|---|---|---|---|---|
| Mar 2022 / Sep 2022 | Conversion at Rs 1,225; bonus 90:1; bonus 4:5 | — | — | — | 55,71,493 pre-IPO (promoter avg cost Rs 4.99) |
| Jun 2023 | IPO, fresh (detail table below) | 24,25,000 | 135 | 32.74 | 79,96,493 |
| 8 Jul 2024 (EGM 2 May 2024) | Preferential: 65,327 swap (Softvan sellers; up to 91,020 approved) + 1,74,446 cash (up to 2,51,821; allottees not retrieved) | 2,39,773 | 824 | 19.76 (cash 14.37; swap 5.38) | 82,36,266 |
| 4 Nov 2024 | Rights 1:15 (record 25 Sep 2024; 11–25 Oct; 1.57x subscribed, 8,59,504 bid; ~33% discount to Rs 1,330 [raw] CMP) | 5,49,072 (cr-heard: 5,49,084) | 890 (Rs 880 premium + Rs 10 FV) | 48.87 (Rs 40 Cr WC + 8.12 GCP) | 87,85,338 |
| 14 Dec 2024 | Preferential swap: Sourceved sellers | 51,766 | 1,478 | 7.65 (non-cash) | 88,37,104 |
| 11 Nov 2025 (board 30 Aug 2025; relevant date 29 Aug 2025; AGM 30 Sep 2025) | FY26 warrants, "non-promoter public", 18 months; floor Rs 1,438.43; 25% received; balance Rs 17.25 Cr due ~May 2027. Adj. ~1,91,607 at ~Rs 1,200 [adj] (not confirmed). Out of the money at CMP. None appear to have converted: the 88,37,104 pre-bonus count is fully explained by the IPO, Jul 2024 preferential, rights and Dec 2024 Sourceved swap (the ~51,760-share gap cited by one input is that swap) [Est.] | 1,59,673 warrants | 1,440 | 22.99 (5.74 paid) | Not converted |
| Record 31 Jul 2026; allotted 3 Aug 2026 | Bonus 1:5 from securities premium and retained earnings; authorised capital raised from Rs 10 Cr to Rs 24.95 Cr (2,49,50,000 shares) | 17,67,421 | — | 1.77 FV | 1,06,04,525 |
| 18 Aug 2026 [W26] | Warrants: 2,64,000 each to Pratik Kakadia (promoter), Hetal Kakadiya (promoter group), Shrem Investments Pvt Ltd (public), Bhavesh Joshi (public); e-voting 19 Aug – 17 Sep 2026; result unconfirmed; post-conversion Kakadia 47.04%, Hetal 4.81% (per W26) | 10,56,000 warrants | 880 [adj] (= 1,056 pre-bonus) | ~92.93 | Pending |
| Fully diluted [Est.] | 1,06,04,525 + 10,56,000 + ~1,91,607 | ~1,18,52,132 (+11.8%) |
Reconciliation: 79,96,493 + 2,39,773 + 5,49,072 + 51,766 = 88,37,104; × 1.2 = 1,06,04,525 (paid-up Rs 10,60,45,250, from Rs 8,83,71,040). This explains the "unexplained ~2.41 lakh shares" query raised from share-count arithmetic: they are the Jul 2024 preferential issue. There is no ESOP scheme and no QIP. Earlier pre-AR26 files treated the Rs 880 tranche as unknown; that is superseded by W26. The 3 Sep 2026 board meeting (outcome filed 7 Sep) also covered fund raising. A "72.5 lakh warrants at Rs 115" search hit relates to a different BSE company (excluded).
IPO detail (Jun 2023)
| Item | Detail |
|---|---|
| Dates | Open 31 May – 2 Jun 2023; allotment 7 Jun; listed NSE Emerge 12 Jun 2023 |
| Price / size | Band Rs 132–135, fixed Rs 135 [raw]; 24,25,000 fresh shares, no OFS; Rs 32.74 Cr |
| Reservation | QIB 2,30,000 (9.48%); NII 10,35,000 (42.68%); Retail 10,35,000 (42.68%); market maker 1,25,000 (5.15%) |
| Intermediaries | BRLMs Unistone Capital and Interactive Financial Services; market maker Rikhav Securities; registrar Purva Sharegistry |
| Subscription | 8.40x (Chittorgarh: ~Rs 260.81 Cr of bids, 1,93,19,000 shares, 12,230 applications, 1,038 allottees) vs 9.5x (other IPO summaries) vs 9.99x (InvestorGain). Category-wise multiples behind IPOMatrix paywall |
| Anchor book | None found (inferred from reservation table; RHP not machine-read) |
| GMP / listing | Last GMP Rs 21 (~Rs 156 implied). Opened Rs 163 (+20.74%), high Rs 171.15, low Rs 163, closed Rs 171.15 (+26.8%, upper circuit) |
| Objects | Working capital Rs 6.50 Cr; EV charging capex Rs 14.45 Cr; GCP Rs 6.55 Cr; issue expenses ~Rs 5.24 Cr |
| At-IPO metrics | FY23 income Rs 24.14 Cr; PAT Rs 6.40 Cr; net worth Rs 10.80 Cr; RoE 83.5%; P/E 16.88x; post-issue PB 2.52x; promoter 90.25% → 62.88% |
Use of proceeds
| Issue / object | Planned | Status |
|---|---|---|
| IPO: working capital | Rs 6.50 Cr | Presumed utilised; no utilisation statement located |
| IPO: EV charging (NREDCAP AP) | Rs 14.45 Cr | Rs 13.51 Cr in CWIP at FY24; Rs 7.41 Cr pending at FY25 (aged 1–2 yrs); consolidated CWIP Rs 1.56 Cr at 30 Sep 2025; capitalised in FY26 per AR26. Live chargers not disclosed; no variation-of-objects resolution; no monitoring agency (issue <Rs 100 Cr) |
| IPO: GCP / issue expenses | Rs 6.55 Cr / ~Rs 5.24 Cr | Presumed utilised |
| Preferential Jul 2024 | Rs 14.37 Cr | "No deviation" |
| Rights Nov 2024 | Rs 48.87 Cr | "No deviation"; FY25 WC absorbed Rs 96 Cr |
| Warrants FY26 | Rs 5.74 Cr received | "No deviation"; FY26 results cite a "Letter of Offer dated 27 Oct 2025", unusual wording for preferential warrants |
Management, Promoters & Governance
Promoter: Pratik Ramjibhai Kakadia (DIN 07282179)
Born 14 Sep 1986 (age 40). BBA Marketing, Mahatma Gandhi Kashi Vidyapith (2007–09); BBA General, Surat (2003–06). The AR claims "over two decades of experience". First appointed to the board 18 May 2024; MD from 19 May 2024 for 5 years; Chairman & MD from 30 Sep 2024. He was off the board for ~11 months after listing (the IPO-era MD was Hetang Arunkumar Shah, to 15 May 2024). He relinquished the CEO title on 21 Jan 2025. Pay: Rs 60.00 L (FY24), Rs 83.59 L (FY25), Rs 84.91 L (FY26; 12.58x median, 0% increase); the 2024 AGM approved pay above 5% of net profit. He holds 52,96,479 shares (49.95%), nil pledge, and 10 directorships. Track record: scaled a small Ahmedabad IT/hardware firm into a Rs 331 Cr group through acquisitions and a defence pivot; no prior listed-company history.
- Shree Rajeshwaranand Paper Mills (SRPM): CIRP 7 Dec 2022; NCLT plan approved 27 Nov 2024; director from 26 Mar 2025. Rs 12 Cr preferential on 21 Aug 2026: Pratik 65,00,000 (51.35%), Ramjibhai 38,13,810 (30.13%), Hetal 5,43,320 (4.29%), Shardaben 5,00,000 (3.95%); family ~89.7%. Sahana's consolidated books hold Rs 50 L in SRPM (Note 9), not disclosed as an RPT.
- Other entities: Kakadia Investment Pvt Ltd (U62090GJ2019PTC110950); Jahaan Ventures; MAPV Advisors LLP; Jahaan Consultancy LLP; Tusker AI (common control); Shree Vinayak Sahakari Bank ("common director" AR25 / "relative of KMP" AR26; Rs 0.47 L sales FY25); Bartek Enterprise (Rs 70.70 L loan FY24).
- Unverified forum question: his Aug 2021 exit from Sharanam Infraproject & Trading (Sharanam's listed promoters do not name Kakadia).
Promoter group and KMP
| Name | Role | Since | Background / notes | FY26 pay |
|---|---|---|---|---|
| Hetal P. Kakadiya ("Hetal Chaturbhai Patel" in SHP) | Wife; NE-NID director 25 Oct 2021 – 28 Feb 2026 (chaired CSR; NRC, SRC); Sahana Defence director | — | 2.88%; +14,125 shares bought in 2025 (2,39,967 → 2,54,092); no PIT Reg 7(2) disclosure retrieved. Loans: Rs 13.03 Cr (FY24), Rs 13.40 Cr taken / Rs 24.04 Cr repaid (FY25), Rs 0.45 Cr (FY26). Annexure IV pay 6.67x median (+100%) but no RPT entry | — |
| Shardaben R. Kakadiya | Mother | — | 3.73%; director of Sahana Marine-Infra | — |
| Ramjibhai P. Kakadia | Father | — | 0.76%; SRPM allottee | — |
| Dhavalkumar H. Joshi | CEO (Group CEO) | 3 Feb 2025 | M.Tech (Birla); "Digi Grid" (IIMA); PhD RL (Nirma); Oracle/PRINCE2/PMP; co-founder Joshi Biztech, EsPay, Payroll Cloud (still active). Wife Surbhi Joshi paid consultancy Rs 2.20 L (FY25), Rs 13.20 L (FY26). FY25 RPT shows Rs 83.59 L, identical to MD (likely copy error) | Rs 49.26 L (7.30x median) |
| Jatinkumar D. Jogani | CFO | 6 Oct 2022 | PGDBM (Info Mgmt), Univ. of Wales TSD; ~7 yrs sales at Aditya Life Science; no finance qualification disclosed | nil disclosed |
| Shrikant R. Khatri | CS & CO | 3 Feb 2025 | Replaced Kshiti Nahar (out 31 Dec 2024 per AR25 vs 3 Feb 2025 per AR26) | Rs 14.65 L + 7.94 L reimb. |
| Himanshu Dave | EVP Defence Tech | Dec 2024 | Founder of Infiltron Advance Systems; promised Infiltron "future news" never came | — |
Board (as of 7 Sep 2026)
| Name | DIN | Category | Appointed | Committees / notes |
|---|---|---|---|---|
| Pratik R. Kakadia | 07282179 | Exec, promoter, Chair & MD | 18 May 2024 | Audit Committee until 28 Feb 2026; Chair and MD combined; retires by rotation at the 6th AGM |
| Dipak K. Patel | 07285845 | Exec WTD | 28 Feb 2026 (5 yrs to Feb 2031; regularised 23 Jul 2026) | Audit member, CSR chair. Holds 5,43,325 shares (6.15%; ~6.52 lakh post-bonus) but not promoter group; pre-IPO 6.79%; moved from "public >Rs 2 L" to "Directors & relatives" Mar 2026; common director of all 7 Indian subsidiaries; Marine-Infra director from 17 Mar 2026; lent Rs 57.90 L (Rs 59.82 L outstanding). Age 39; corporate management, finance, taxation |
| Dharmishtha P. Patel | 10673623 | Independent | 20 Jun 2024 | NRC chair; Audit, SRC. Age 34, Company Secretary 10+ yrs; sitting fees Rs 0.65 L |
| Jinang D. Shah | 08388082 | Independent | 7 Mar 2025 – 6 Mar 2030 | Audit chair; SRC chair; CSR. Age 32, practising CS, M.Com, LLB; profile cites "IPO Consultancy… helped various corporates to improve their valuation"; fees Rs 0.65 L |
| Bhavika A. Somani | 08894814 | Independent | 28 Feb 2026 | Audit, NRC, SRC; tax/accounting advisory |
Independent directors 3 of 5. FY26 meetings: Board 6 (9 in FY25), Audit 8, NRC 3, SRC 2, CSR 1. As an SME company, LODR Regs 17–27 do not apply, so no CG report is published. Powers to invest, borrow, lend and guarantee are delegated to a Committee of Directors. The FY25 secretarial audit (Mukesh J & Associates) noted "sudden resignation of directors" and shorter-notice agendas. The IPO-era MD and both IPO-era IDs left within ~21 months of listing, as did their replacement.
| Churn | Role | In | Out (conflicts shown) |
|---|---|---|---|
| Hetang A. Shah (02710970) | MD | 7 Apr 2022 | 15 May 2024 |
| Ekta A. Patel (09574878) | ID | 2022 | 25 Apr 2024 (AR25) vs 17 Apr 2024 (AR26) |
| Nishita M. Sanghvi (09574964) | ID | 2022 | 20 Jun 2024; still in FY26 Annexure IV "+100%" |
| Ritesh S. Mishra (10674791) | ID | 20 Jun 2024 (AR25) vs 17 Apr 2024 (AR26) | 20 Feb 2025 (AR25) / 28 Feb 2025 (MarketScreener) / 7 Mar 2025 (AR26) |
| Hetal P. Kakadiya (08381794) | NE-NID | 25 Oct 2021 | 28 Feb 2026 |
Shareholding trend
| Period | Total shares | Promoter % | Pratik | Hetal | Locked-in | FPI | AIF/DII | Retail ≤2L | HNI | Holders |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun-23 | 79,96,493 | 62.88 | 43,91,805 | 2,39,967 | 55,71,493 | 0 | 0 | 10.54 | 9.17 | — |
| Sep-23 | 79,96,493 | 62.88 | 43,91,805 | 2,39,967 | – | — | — | — | — | — |
| Dec-23 | 79,96,493 | 62.88 | 43,91,805 | 2,39,967 | 55,71,493 | 0 (NRI 0.38) | 0.60 | 15.92 | 15.42 | 890 |
| Mar-24 | 79,96,493 | 62.88 | 43,91,805 | 2,39,967 | 55,71,493 | 0 | 0.60 | 19.79 | 11.55 | 1,264 |
| Sep-24 | 82,36,266 | 61.05 | 43,91,805 | 2,39,967 | 18,39,073 | 0.05 | 0.61 | 22.03 | 11.23 | — |
| Dec-24 | 87,85,338 | 58.00 | 44,59,213 | 2,39,967 | 18,39,073 | 0.19 | 0.89 | 25.23 | 11.72 | — |
| Mar-25 | 88,37,104 | 57.15 | 44,13,733 | 2,39,967 | 16,51,066 | 0.20 | 0.56 | 25.60 | 12.25 | 3,209 |
| Jun-25 | 88,37,104 | 57.19 | 44,13,733 | ~2,43,967 | 15,99,300 | 0.26 | 0.53 | 23.72 | 11.75 | — |
| Sep-25 | 88,37,104 | 57.30 | 44,13,733 | 2,53,592 | 16,47,323 | 0.23 | 0.57 | 23.79 | 11.97 | — |
| Dec-25 | 88,37,104 | 57.31 | 44,13,733 | 2,54,092 | 16,47,323 | 0.19 | 0.60 | 23.51 | 12.65 | — |
| Mar-26 | 88,37,104 | 57.31 | 44,13,733 | 2,54,092 | 16,47,323 | 0.70 | 0.59 | 21.84 | 6.86 | 3,154 |
| Jun-26 | 88,37,104 | 57.31 | 44,13,733 | 2,54,092 | 0 | 0.96 (8 FPIs) | 0.60 | 22.27 | 6.83 | 3,382 |
| Aug-26 (post-bonus) | 1,06,04,525 | 57.31 (60,77,021) | 52,96,479 | — | — | 0.76 (7 Cat-I 0.69 + 1 Cat-II 0.07) | DII 0.82 | 20.94 | 12.98 | 3,468 |
Bodies corporate: 8.19% (Jun-23) → 0.92% (Dec-23) → 2.48% (Mar-26) → 1.98% (Jun-26) → 2.41% (Aug-26); others 5.17%. Jun-23 clearing members, market maker and LLPs/corporates held ~10.7%, then passed to retail within 6 months, a typical SME distribution pattern. No MF/PMS/AIF above 1%. Total institutional ~1.6%.
Promoter-holding conflicts: AR26 Board's Report gives Hetal 2,50,092 and promoter total 50,64,185 (57.31%). AR26 Note 12 gives Pratik 44,10,733, Hetal 2,39,967, total 50,47,060 (57.12%), Pratik "−5.01%" in FY25. The SHP gives Hetal 2,54,092. Pratik's holding fell by 45,480 shares in Q4 FY25 (~Rs 5–6 Cr; no sale disclosure located). Bulk-deal data show no promoter open-market selling, and AR26 shows promoter-group holdings "unchanged" in FY26. Rights issue: Pratik's entitlement was ~2.93 lakh shares, but his holding rose by only 67,408, so he largely renounced; one input reads this as non-participation and says no fresh promoter equity went in since the IPO. That holds for equity to date; the Rs 65.8 Cr of promoter loans into the group are debt, not equity, and the proposed Rs 880 promoter warrants would change it only if approved and paid up. The 3-year lock-in on 15,99,300 shares (20% of post-IPO capital; MarketScreener "1.6M shares expires 20 Jun 2026") expired alongside the bonus and migration announcements, with no post-expiry selling seen. Pledge nil in every period. Promoters waived both FY26 dividends. A Simply Wall St item noting a 15% rise in Kakadia's holding is likely a rights/bonus effect.
Notable holders and bulk deals
| Holder | % | Note |
|---|---|---|
| Dipak K. Patel | 6.15% | WTD; origin not found in bulk deals; effective insider block ~63.5% |
| G. Gunavanth Kumar ("Gunavanthkumar G Vaid") | 2.68% | Likely the bulk buy of 2,00,000 at Rs 265.10 [raw] on 23 Oct 2023 plus rights (inferred); 2.50% Mar-24, 2.70% Dec-24 |
| Jun-23 holders >1% | — | Mansi Share & Stock Advisors 3.65 (clearing member), Victus Enterprise LLP 2.83, Rikhav Securities 1.59 (market maker), Cinco Stock Vision 1.56, Arunis Abode 1.04 |
| Date | Party | B/S | Qty | Price [raw] |
|---|---|---|---|---|
| 12 Jun 23 | SW Capital | B | 3,00,000 | 163.00 |
| 12 Jun 23 | Victus Enterprise LLP | B | 1,26,000 | 163.00 |
| 12 Jun 23 | Nikhil Rajesh Singh | B | 1,13,000 | 163.00 |
| 12 Jun 23 | Ajay Salvi | B | 1,00,000 | 163.00 |
| 12 Jun 23 | Arunis Abode | B | 80,000 | 163.00 |
| 12 Jun 23 | Saroj Gupta | B | 60,000 | 163.00 |
| 12 Jun 23 | Multiplier Share & Stock | B | 60,000 | 164.36 |
| 12 Jun 23 | Shreeji Capital | B | 55,000 | 163.00 |
| 12 Jun 23 | BSEL Infrastructure Realty | B | 50,000 | 171.15 |
| 12 Jun 23 | Yuga Stocks | B | 50,000 | 169.80 |
| 12 Jun 23 | Mountain Ventures | B | 49,000 | 171.15 |
| 12 Jun 23 | VPK Global Ventures Fund Sch 1 (AIF) | S | 48,000 | 171.15 |
| 12 Jun 23 | HDFC Bank | S | 44,000 | 171.15 |
| 12 Jun 23 | Vinay Prakash | S | 50,000 | 163.00 |
| 14 Jun 23 | Mansi Shares & Stock | B | 2,56,000 | 154.50 |
| 14 Jun 23 | Cinco Stock Vision | B | 1,25,000 | 154.50 |
| 14 Jun 23 | SW Capital | S | 2,64,000 | 155.23 |
| 14 Jun 23 | Nikhil Rajesh Singh | S | 1,32,000 | 155.63 |
| 14 Jun 23 | Malti Salvi | S | 1,00,000 | 154.50 |
| 11 Aug 23 | Chaudhary Jagdish Madhavlal | B | 1,58,000 | 157.41 |
| 11 Aug 23 | Manojkumar M Chaudhari | B | 1,58,000 | 157.41 |
| 17 Aug 23 | Rikhav Securities (MM) | S | 1,27,000 | 154.20 |
| 17 Aug 23 | Pankajkumar J Patel | B | 1,19,000 | 168.11 |
| 17 Aug 23 | Arjun K Bhut | B | 88,000 | 169.76 |
| 25 Aug 23 | Chaudhary Jagdish Madhavlal | B | 1,30,000 | 192.00 |
| 25 Aug 23 | Victus Enterprise LLP | S | 2,56,000 | 188.86 |
| 28 Aug 23 | Manojkumar M Chaudhari | B | 1,44,000 | 208.64 |
| 13 Sep 23 | SW Capital | B | 1,55,000 | 254.06 |
| 23 Oct 23 | Gunavanthkumar G Vaid | B | 2,00,000 | 265.10 |
| 23 Oct 23 | Nikhil Rajesh Singh | S | 3,35,000 | 267.46 |
| 23 Oct 23 | Ankit M Parlesha | S | 1,02,000 | 275.00 |
| 31 Oct 23 | SW Capital | S | 1,94,500 | 385.10 |
| 7 Nov 23 | Nikhil Rajesh Singh | B/S | 1,28,000 / 1,19,000 | 474.35 / 472.68 |
| 7 Nov 23 | Ajay Salvi | B/S | 89,500 / 89,500 | 484.76 / 486.51 |
| 7 Nov 23 | Mansi Share & Stock | B/S | 45,000 / 58,500 | 487.90 / 490.45 |
| 7 Nov 23 | Liesha Corporation | B/S | 39,500 / 42,000 | 491.22 / 486.43 |
| 27 Jul 26 | Mansi Share and Stock Broking | B/S | 62,500 / 34,000 | 946.13 / 911.36 |
135 bulk-deal rows from Jun 2023 to Jul 2026; no block deals; none between Nov 2023 and Jul 2026; no promoter sale. Repeat names (Nikhil Rajesh Singh ~10 prints, Salvis ~12, Mahadev Manubhai Makvana ~7, Mansi ~10, SW Capital, Cinco, Yuga, Bonanza, NNM) coincided with a ~3.2x move (Rs 150 → 490) in three months. The Chaudhary/Chaudhari pair (likely related, inferred) were net buyers of ~5.9 lakh shares at Rs 157–209. Mansi ended net +28,500 three trading days before the bonus record date. No SEBI order found (searched "Sahana System", "Ajay Salvi", "Nikhil Rajesh Singh").
Related-party transactions (Rs lakh)
| Counterparty | Nature | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Pratik | Remuneration | 60.00 | 83.59 | 84.91 |
| Pratik | Loan to Sahana, standalone (taken / repaid) | 255.77 / 129.47 | 139.18 / 339.18 | 1,155.99 / 1,055.99 |
| Pratik | Loan to group, consolidated (taken / repaid) | – | 139.18 / 339.18 | 6,578.19 / 1,055.99 |
| Pratik | Consolidated outstanding 31 Mar 2026 | – | – | 5,422.20 (BS shows 155.52) |
| Pratik | Loans GIVEN to Pratik by group (given / back) | – | 450.00 / 450.00 (s.185 question) | – |
| Hetal | Loan (taken / repaid) | 1,302.59 / 284.31 | 1,339.54 / 2,403.79 | 45.00 / 45.00 |
| Dipak Patel | Loan taken (consol.) | – | – | 57.90 (59.82 o/s) |
| Dhaval Joshi / Surbhi Joshi | Remuneration / consultancy | – | 83.59 / 2.20 | 49.26 / 13.20 |
| Shree Vinayak Sahakari Bank / Bartek | Sales / loan | 0.40 / 70.70 | 0.47 / – | – |
| Sahana Defence | Services availed; sales; loans given/back; investment; interest recd/paid | — | Sales 800.29; loans 2,875.30 / 2,264.37; inv 360 | 1,209.86; 500; 3,837.49 / 3,430.10; 2,884.19; 24.29 / 70.09; consultancy 25.58. O/s: loan payable 2,484.23, receivable 1,673.23, payable 1,259.16 |
| Softvan Labs (100%) | Purchases / sales / loans / interest | — | — | 537.67 / 100 / 1,248.85 back 211.49 / 217.71; loan o/s 2,367.56 at 12% on demand; payables 437.96 |
| Applie (51%) | Loans / "interest received" | — | — | 493.55 back 211.49 / 409.02 (as printed; implausible); o/s 84.54 |
| Futurio / Marine-Infra / Techanalysis / Sourceved | Loan / purchases / loan / purchases | — | — | 500.40 (int 8.45) / 523.75 (payable 617.50) / 5.09 / 2.87 (payable 103.33) |
| Subsidiary persons | Akta Rupani rent 17.50 (15.90); Devendrakumar Rupani rent 17.50, remun. 7.00 (23.88); Ankita Manek and Amee Trivedi rent 6.00 each; Deopura and Jain sitting fees 0.54 each | — | Akta: remun. 20.13, consult. 12.50; Hitesh Khunt 3.60 | see text |
FY26 AOC-2 lists only 4 items (purchases from Sahana Defence up to 1,216.44; Softvan Labs 537.67; sales to Softvan Labs 100; Marine-Infra 523.75); no loans appear in AOC-2. The Board's Report says "no materially significant RPTs". The AR25 Board's Report says the company "has not borrowed any amount from Directors", contradicting its own RPT note. CARO (iii): FY26 loans granted Rs 36.84 Cr (Rs 31.78 Cr to subsidiaries); Rs 29.58 Cr (84.21%) repayable on demand; Rs 5.55 Cr to "others" with no terms.
FY26 warrant allottees (Rs 1,440 [raw]) mapped to related parties
| Allottee | Warrants | Pre-holding | Link |
|---|---|---|---|
| Harshal Jagat Trivedi | 31,678 | 7,955 | Softvan seller; Rs 18 L subsidiary remuneration FY24 |
| Amee Harshal Trivedi | 31,662 | 0 | Relative of subsidiary KMP; rent Rs 6 L |
| Nimesh N. Manek | 21,113 | 17,809 | Subsidiary director remuneration Rs 20.58 L FY24 |
| Ankita Nimesh Manek | 21,113 | 0 | Relative of subsidiary director; rent Rs 6 L |
| Narendrakumar S. Thakker | 21,113 | 7,883 | Relative of subsidiary director |
| Vishal R. Modi | 5,280 | 3,583 | Softvan seller |
| Pareshaben R. Modi | 5,282 | 3,583 | Modi family (inference) |
| Rajeshbhai Modi | 5,266 | 0 | Modi family (inference) |
| Darshita Patni | 5,282 | 0 | No link found |
| Umang S. Shah | 4,800 | 2,888 | Subsidiary director remuneration FY24 |
| Reshmaben S. Shah | 3,542 | 2,161 | Shah family (inference) |
| Shaileshbhai A. Shah | 3,542 | 2,161 | Shah family (inference) |
| Explicit RPT-note link | 1,36,759 (~86%) | Issue classified "Non-Promoter, Public"; no interest declared; priced Rs 1.57 above floor |
Omnibus approvals
| Meeting | Approvals |
|---|---|
| 5th AGM 30 Sep 2025 | s.180(1)(c) Rs 700 Cr plus s.180(1)(a); s.185 Rs 1,000 Cr; s.186 Rs 1,500 Cr; RPT Rs 70 Cr per subsidiary (6 subs); special resolution allowing Pratik and/or Hetal to subscribe up to Rs 50 Cr in Softvan Ltd on a preferential basis, tenure "on or before 31 Mar 2025" (retrospective); warrants |
| 6th AGM 30 Sep 2026 (3 Oct 2026 is the outcome filing date) | RPT limits 1 Jul 2026 – 30 Sep 2027: Sahana Defence Rs 700 Cr; Sourceved, Applie, Marine-Infra, Futurio, Techanalysis, Healthtech Rs 500 Cr each = Rs 3,700 Cr (~11x revenue); ratifies all prior actions; notice says "75.52% of consolidated / 105.67% of standalone turnover" (≈Rs 250 Cr, inconsistent); valuation "Not applicable". New s.185 limit Rs 1,500 Cr (Pratik and relatives interested). Core items (accounts, Re 1 dividend, MD reappointment, secretarial auditor) confirmed; items 5–12 outcome not confirmed |
Auditors and audit-quality flags
| Item | Detail |
|---|---|
| Prior auditor | Rahul Mistri & Co. resigned 24 Aug 2023 citing "pre-occupation", ~2.5 months after listing (aggregator searches reporting "no auditor resignation found" are superseded by the FY23 AR) |
| Statutory auditor | A. K. Ostwal & Co., Surat (FRN 107200W), casual vacancy from 29 Aug 2023; appointed at 4th AGM (30 Sep 2024) for 4 yrs to FY2027-28; partner CA Amit M. Ajagiya (140574) |
| Fee | Standalone Rs 0.50 L (FY24), 2.50 L (FY25), 3.00 L (FY26); consolidated Rs 2.80 L / 6.55 L |
| Opinion | Unmodified FY24–FY26; no KAMs; IFC unmodified |
| Component auditors | 9 subsidiaries "audited by another auditor" (unnamed); total assets Rs 239.66 Cr; "total revenues" Rs 26.32 Cr, inconsistent with AOC-1 ~Rs 127.41 Cr |
| Internal / secretarial | Shah Sanghvi & Associates (140107W) / Mukesh J & Assoc. (FY25) → Shalini Pandey & Assoc., Mumbai (FCS 10462, COP 20576, peer review 5756/2024; FY26, proposed FY27–31, "in view of pending migration"); no qualification |
| Flag 1: overdue tax | CARO (vii)(a): income tax Rs 656.09 L (FY2024-25) and TDS Rs 504.70 L (FY2025-26) >6 months overdue; statutory dues payable Rs 12.14 Cr SA / Rs 15.09 Cr consol. The Board's Report §30 says "no observations"; the consolidated auditor says "no adverse remarks" |
| Flags 2–10 | Unable to obtain internal-audit reports (vs Board §33 says reviewed); "no managerial remuneration" (MD paid Rs 84.91 L); "no dividend" (Rs 37.83 L paid); "private company… s.177 not applicable"; audit trail not enabled vs Note 39 "full compliance" (Note 40 is a regrouping note); solar/Discom boilerplate in consolidated Note 34 ("1.25% interest per month"; "Holding Company's project finance team"); no gratuity provision with 156 employees; current ratio 2.61 vs 1.71; net profit ratio 16% vs 22.13; AOC-1 Sahana Defence % blank and Applie PAT "123.57-"; IFC template "(retain as applicable)"; FY26 BS titled "March 31, 2025"; consolidated securities premium Rs 110.0 Cr > standalone Rs 98.1 Cr; CSR Rs 46.31 L vs 35.45 L required, all shown as "Impact Assessment" |
Subsidiaries and investments
| Entity (CIN) | Since | % | Parent inv. (Rs L) | Notes |
|---|---|---|---|---|
| Sahana Defence (U72200GJ2020PLC113564) | 18 Aug 2023 | 100 → 78.53 (14 Oct 2024) → 80.77 (FY25 AOC-1) → 76.37 | 1,540.95 → 4,425.14 | Net worth Rs 107.53 Cr; 26.6% of consol. PAT, 33.6% of net assets; NCI took Rs 6.89 Cr; NCI equity 1,213.14 → 3,077.75; SOCE "effect of dilution +292.27"; 2,96,833 shares issued at Rs 95 in H1 FY26; directors Pratik, Hetal, Dipak, Dhawal Deopura, Anuja Jain |
| Softvan Labs (U74990GJ2018PTC104906) | 18 Aug 2023 | 100 | 319.05 | Assets 5,744 vs liabilities 5,404, funded by Rs 23.7 Cr parent loan |
| Sourceved (U72900GJ2017PTC099372) | 6 Oct 2024 | 51 | 765.10 (swap) | Sitecore partner |
| Applie Infosol (U72900GJ2020PTC113296) | 3 Feb 2025 | 51 | 9.18 | Web/app |
| Futurio (…161054) / Techanalysis (…161059) | 4 Apr 2025 | 60 / 60 | 0.60 each | Futurio Rs 772 L assets, loan-funded; Techanalysis missing from website group page |
| Marine-Infra (U62099GJ2025PLC161564) | 16 Apr 2025 | 75 vs 60 | 0.60 | Pass-through; director Shardaben Kakadiya |
| Healthtech (U63999GJ2026PLC171746) / Sahana System INC | 6 Jan / 24 Feb 2026 | 80 / 100 | 0.80 / USD 100 | — |
| Sahana Semi-Conductor (proposed) | Board 3 Aug 2026 | 60 (CMD 40 personally) | Rs 60,000 initial | Not yet incorporated |
| Siddhanta Machining (via Sahana Defence) | SPA 30 Sep / 1 Oct 2026 | 60 (cash) | Undisclosed (60% of valuer value) | RPT: a promoter-director of target sits on Sahana Defence board; turnover Rs 3.48 / 0.88 / 0.85 Cr (FY23–25; Rs 347.85 L → 84.77 L) |
| Machint Solutions (Hyderabad) | Jan 2024 | ~10.5% (2,18,750 sh) | 775 → 875 | Unquoted at cost; "no comprehensive decision" on acquisition (T24) |
Minority holders of the 20–49% stakes in the newer subsidiaries are not disclosed. Sahana Defence MCA shareholding was not retrieved. Mutual fund holding fell from Rs 240.69 L (FY25) to Rs 0.30 L (Ashok Investors Trust). There are no associates or JVs and no loss-making subsidiary. Each of six subsidiaries had an FY26 RPT cap of Rs 70 Cr.
Supply Chain
↑ Upstream — What Sahana Depends On
| Input | What / who | Dependence / risk |
|---|---|---|
| Bought-in project delivery ("operation & maintenance expenses") | Rs 67.77 Cr FY25 SA (62.5% of revenue); H1 FY26 Rs 34.44 Cr SA / Rs 57.50 Cr consol. (~50%). Counterparties not named. FY26 intra-group purchases: Sahana Defence 12.10 Cr, Softvan Labs 5.38 Cr, Marine-Infra 5.24 Cr | Largest cost line; Sahana earns a spread over subcontractor/OEM cost; intra-group RPT capacity (Rs 420 Cr FY26, Rs 3,700 Cr sought for FY27) large vs revenue |
| Defence hardware (RF front-ends, radars, jammers, SDRs, antennas, displays) | OEMs not disclosed; EIZO (displays); BEL co-development; CEL (customer and facility host); Siddhanta (machining, pending); claimed in-house "apart from chip" (T24) | Likely import content in RF/radar; country of origin n.d.; single-source risk not assessable |
| Trading/SI hardware | Pitney Bowes India (franking; non-exclusive since 2019); other OEMs unnamed; inventory Rs 6.33 Cr vs 9.50 Cr restated (FY25), Rs 10.38 Cr Sep 2025 | Generic, multi-sourced, pass-through; FX exposure on imports |
| EV chargers | IPO quotes: Tirex Transmission, Kintech Synergy, Futuregenic Engineering; later an unnamed ODM; Sahana supplies CMS/IoT firmware | Two years in CWIP signals slow deployment |
| Software platforms | Microsoft, Sitecore, Liferay, OpenAI APIs, hyperscalers | Partner-tier dependence |
| Talent | Ahmedabad pool; 20 (IPO) → 106 permanent (FY25) → 156 (AR26 standalone); median pay Rs 6.75 L; average raise 16% FY25 | Thin bench vs revenue (~Rs 2.1 Cr/head at 156): reliant on subcontractors and vendors (T24: 1,500–1,600 incl. vendors) |
| Capital | Equity raises (Tab 6); promoter/family loans (Hetal Rs 13.40 Cr lent / Rs 24.04 Cr repaid FY25); Kotak WC lines | Growth equity-funded; OCF −48 / +41 Cr |
| Prime-contractor channel | RailTel (business associate), CEL, IPRCL, Amnex, Gumbi (consortium), Uneecops | MD&A risk #6: "significant portion… through subcontracts from large prime vendors" |
Supplier concentration: top-supplier shares not disclosed (RHP, FY25 AR). Pass-through: government SITC is usually fixed-price, so Sahana carries hardware cost moves until delivery; no escalation clauses disclosed. T&M passes wage inflation with a lag.
↓ Downstream — Who Depends On Sahana
| Year | Top-10 customer share | Source |
|---|---|---|
| FY21 | 74.33% | Prospectus |
| FY22 | 91.46% | Prospectus |
| FY23 | 82.68% (Prospectus) vs 90.30% (FY25 AR restatement) | Conflict |
| FY24 | 81.00% | FY25 AR / AR26 |
| FY25 | 88.00% | FY25 AR / AR26 |
| FY26 | 88.00% | AR26 (supersedes "not available") |
Top-5 and largest-customer shares are not disclosed. With government at 60–65% and single orders of Rs 16–70 Cr, one or two programmes likely dominate [Est.]. The ~Rs 70 Cr agri-PACS order alone was ~42% of FY25 revenue (market file). End uses: counter-drone grids at bases and VIP sites; naval RF test ranges (NEU Jamnagar, "one of only 6 in the world"); toll plazas/ITMS; ministry media monitoring; port digital twins and gate automation; cooperative-credit digitisation (linked to the Rs 2,516 Cr PACS computerisation scheme); smart schools; EV charging; Sitecore CMS; US healthcare and bank IT; franking machines.
| Contract tail | Tenor |
|---|---|
| CEL Sahibabad EW facility | 10 + optional 5 years (first annuity-type) |
| NREDCAP EV | 120 months |
| CEL drone system / RailTel IGAS / RailTel ICCC | 5-year AMC/O&M; RailTel Jan 2026 3-year O&M |
| Samagra Shiksha Assam | ~5 years revenue share (~Rs 150 Cr, search summary only) |
| Navy / HPCL / C-DAC | 3-yr warranty / 3-yr empanelment / ~2 yrs |
| Most other work | Project-based; RHP: "does not have long term contracts with most of its customers" |
Receivables: debtor days 106 → 193 → 106; FY25 SA Rs 14.0 Cr aged 6–12 months and Rs 1.5 Cr 1–2 years; FY26 SA >6 months Rs 25.0 Cr, >1 year Rs 11.9 Cr. Stickiness is moderate: AMC tails, integration know-how and clearances, and some US clients go back 5+ years, but government work is re-tendered on L1.
Value-chain map
| Component OEMs / ODMs | → Sahana group | → Primes / buyers | → End-users |
|---|---|---|---|
| RF/radar/jammer makers; servers and networking; Pitney Bowes; EV charger ODM; EIZO; Siddhanta*; Microsoft, Sitecore, OpenAI; subcontract engineers | Parent: SI, software, AI, CMS, staff augmentation, hardware resale · Sahana Defence: EW/anti-drone SITC+AMC, CEL facility · Sourceved/Applie/Softvan Labs: CMS, web, apps | CEL, BEL, RailTel, Amnex, Gumbi, Uneecops, HPCL, ministries, IPRCL, DCI, NABARD/co-ops, NREDCAP, GIPL; Adani, Panasonic, Tata-AIA, IndusInd, Torrent; US/Canada/Saudi/Argentina clients | Armed forces, Navy, police, highway users, ministries/PMO, farmers/co-op banks, port operators, schools, EV drivers, US healthcare and bank users |
Where pricing power sits [Analyst View]: (1) with government/PSU buyers and primes (60–65% of revenue via L1 tenders and subcontracts); Sahana is a price-taker, and EBITDA margin fell from ~40% to ~30% as hardware rose; (2) with OEMs of critical RF/radar hardware and Pitney Bowes; (3) Sahana has some power only where it owns IP or incumbency: SAMVAD, AMC tails, the exclusive CEL facility, niche Sitecore skills (Sahana Defence FY25 PAT margin 34% vs ~16% at the parent); (4) enterprise/US T&M is fragmented with low power.
Competitive Position
Sahana is <0.03% of Indian IT services (US$149 bn within a US$315 bn tech industry, FY26; ~US$38 mn revenue). It is larger than Sigma Solve, the SME IT peer, and meets the Rs 100 Cr migration bar; no systematic NSE Emerge ranking was found. In defence it is a new entrant: disclosed FY26 orders of Rs 24.69 Cr (CEL) + Rs 7.74 Cr (Navy), against FY26 national defence production of Rs 1,77,995 Cr (private share 24%). India CRM is US$2.43 bn (2024) → US$6.68 bn by 2030 (18.7% CAGR); no share data.
| Company | Mcap Rs Cr | FY26 Rev | Growth | EBITDA% | PAT% | RoE | P/E | EV/EBITDA | Moat |
|---|---|---|---|---|---|---|---|---|---|
| Sahana (SME) | 974 | 331.2 | +97.8% | 30.2% | 20.5% owners (22.6% total) | ~31.7% | ~14.3x (13.0x total) | ~9.3x (9.2–9.9) | Weak–moderate |
| Ksolves (KSOLVES, ex-SME) | 584 | 163 | +19.0% | 30% | 20.9% | 137%* | 15.8x | 11.4x | Open source/Salesforce/Odoo niche; high payout |
| Sigma Solve (SIGMA, SME) | 456 | 96 | +26.3% | 29.2% | 25.0% | 36.8% | 14.7x | 14.4x | US SMB e-com/CRM, plugin store |
| Silver Touch (SILVERTUC) | 1,749 | 342 | +18.8% | 18% | 10.5% | 24.4% | 41.6x** | 26.7x | 30-yr e-gov record; 1,500+ staff |
| Kellton Tech (KELLTONTEC) | 652 | 1,217 | +10.8% | 11% | 7.6% | 13.6% | 7.2x | 6.2x | Global digital/SAP; leveraged (debt Rs 219–231 Cr) |
| Persistent (reference) | 86,445 | 14,748 | +23.5% | 19% | 12.6% | 27.2% | 45.0x | 30.5x (27.5x stockanalysis) | Scale, hyperscaler partnerships |
*Ksolves RoE inflated by tiny equity (BV Rs 12.4/share). **Stockanalysis 31.4x. Zen Technologies is discussed qualitatively only. Silver Touch promoter 74.7%; Sigma 73%; Kellton ~Rs 193 Cr net debt and 2.1-lakh holders. Trendlyne detailed metrics were paywalled; EV/EBITDA recomputed from Screener mcap and stockanalysis EV inputs.
| Peer | Sahana strengths | Sahana weaknesses |
|---|---|---|
| Ksolves | 2x revenue, ~5x growth, defence/government pipeline, net cash | Ksolves converts and pays out cash, clean organic history, already mainboard |
| Sigma Solve | 3.4x revenue, more diversified, similar margins | Recurring US SMB revenue, 73% promoter, little dilution |
| Silver Touch | Similar revenue at far higher margins (30% vs 18%), lower multiple | 30-yr delivery record, ~4x headcount, mainboard liquidity; Sahana's margins questioned since IPO |
| Kellton | Higher margins/RoE; net cash | 3.7x larger, global clients |
| Persistent | Faster growth, cheaper, domestic gov niche | No top-tier platform status, no scale, no institutions or rating |
Industry size and trends
| Theme | Data point | Read-across for Sahana |
|---|---|---|
| Indian tech FY26 (Nasscom) | US$315 bn (+6.1% vs +5.9%): IT services 149, ER&D 63, BPM 59, products 23, hardware 21; exports 246 (domestic ~69); AI revenue US$10–12 bn; ~6.0 mn staff, +135k | Domestic, government-heavy mix (~65%) shields from US discretionary cuts; more exposed to Indian budget cycles |
| Large-cap demand | Infosys FY27 guide cut to 1.5–3% cc (~1.7% from acquisitions), citing "AI-led deflation" (23 Jul 2026, AI-generated transcript); AI 8.2% of Infosys revenue Q1 FY27 vs 5.5% two quarters earlier | Legacy web/app/testing hours at risk |
| Sentiment | HSBC: 14–16% cumulative AI revenue deflation (~2–3%/yr); Nifty IT −19% in eight sessions (Feb 2026); UBS: mid-tier outperforming | Sector de-rating context |
| CRM market | India CRM CAGR: 18.7% 2025–30 (Grand View), 8.7% 2026–34 (IMARC), 19.1% 2026–35 (EMR); SMEs fastest-growing; agentic AI shifts value from customisation hours | Sahana is a small Dynamics/Sitecore partner; Salesforce partnership not verified |
| Defence | FY26 production Rs 1,77,995 Cr; private 24% (from 22%); 834 industrial licences; ~17,000 MSMEs; 5 PILs cover 5,012 DPSU items; 405 more items (Rs 3,070 Cr) Aug 2026 | Large, lumpy, DPSU-led pool with long payment cycles; contested by BEL, CEL, Zen, MSMEs |
Government policy and regulation
| Policy | What it does | Impact |
|---|---|---|
| IndiaAI Mission (Mar 2024) | Rs 10,371.92 Cr over 5 yrs; 38,000 GPUs | Positive, indirect |
| Gujarat IT/ITeS Policy 2022–27 | 25% capex (≤Rs 50 Cr); 15% opex (≤Rs 20 Cr/yr); ≤Rs 60k/employee; EPF reimbursement; electricity-duty waiver | Positive; receipt undisclosed; expires FY27 |
| Defence PILs / Make in India | Mandates domestic sourcing | Underpins CEL and Navy work |
| India Semiconductor Mission | Fab/packaging/design incentives | Rationale for semiconductor JV; optionality only (Rs 60,000) |
| EV charging | Basis of Rs 14.45 Cr IPO object | Subsidy scheme not researched; status undisclosed |
| DPDP Act 2023 / Rules (14 Nov 2025) | Full obligations from 13 May 2027 | Demand for compliance work; liability as processor |
| Four Labour Codes (21 Nov 2025) | Wages ≥50% of CTC for gratuity/PF; fixed-term gratuity after 1 yr | Modestly negative; no gratuity provision today |
| US H-1B fee US$100k (21 Sep 2025 – 21 Sep 2027) | Raises onsite cost | Low direct impact |
| NSE SME migration norms (from 1 May 2025) | Paid-up ≥Rs 10 Cr; avg mcap ≥Rs 100 Cr; revenue >Rs 100 Cr; positive EBITDA 2 of 3 yrs; net worth ≥Rs 75 Cr; 3 yrs on SME; ≥500 public holders; promoter ≥20%; no material regulatory action | See below |
| SEBI ICDR/LODR SME amendments (Mar 2025) | Tighter SME disclosure/governance | Higher compliance cost |
| PLI | No PLI for IT services | Relevant only if hardware/semiconductor manufacturing starts |
Main-board migration eligibility
| Criterion | Sahana | Status |
|---|---|---|
| Paid-up capital ≥Rs 10 Cr | Rs 8.84 Cr pre-bonus → Rs 10.60 Cr post-bonus | Met only after the bonus: the 1:5 bonus appears to have been needed for eligibility [Est.] |
| 3 years on SME | Listed 12 Jun 2023 → 12 Jun 2026 | Met |
| Revenue >Rs 100 Cr; net worth ≥Rs 75 Cr | Rs 331 Cr; ~Rs 252 Cr | Met |
| Positive EBITDA; holders; promoter | All 3 yrs; 3,468; 57% | Met |
| Unlocks / risks | Normal lots, MF/FPI access, index eligibility, no market maker; quarterly reporting exposes H1/H2 seasonality | Exchange approval pending; recent RPTs could draw queries |
Porter's Five Forces
| Force | Intensity | Rationale |
|---|---|---|
| Rivalry | High | Fragmented IT/CRM; L1 tenders; in defence vs BEL, CEL, Zen, ~17,000 MSMEs; IPO review: "highly competitive and fragmented" |
| New entrants | High (services) / Medium (defence) | CMMI/ISO obtainable in months; defence needs registration, DPSU qualification, clearances |
| Buyer power | High | Government 60–65%; L1; late payment (193 debtor days FY25) |
| Supplier power | Medium-High | Talent and Labour Codes; platform owners; hardware OEMs keep margin |
| Substitutes | High, rising | Gen-AI coding, low-code, SaaS, hyperscaler services, GCCs |
Moat: narrow to none, low durability. Barriers held: DPSU qualification (CEL, Navy), HPCL and state empanelments, CMMI (level disputed)/ISO, Microsoft/Sitecore credentials, unvalidated domain IP (ONDC, UPI, anti-drone, radar). Pricing power is low. 30–40% EBITDA margins for a 65%-government, hardware-heavy mix are a diligence flag, not proof of moat; the slide from 40% to 30% looks like mean reversion. The market is pricing Sahana nearer Kellton's "show me" multiple than Silver Touch's "trusted government IT" multiple.
Risks & Red Flags
| # | Risk | Category | Sev. | Explanation | Mitigant |
|---|---|---|---|---|---|
| 1 | Weak cash conversion, other-asset build-up | Financial | High | FY23–26 OCF/PAT ~20%, FCF ~−Rs 46 Cr; other assets Rs 112 Cr; FY26 CFO aided by unpaid taxes and advances | Net cash; FY26 CFO positive; debtor days back to 106 |
| 2 | Overdue undisputed tax ~Rs 11.6 Cr | Governance | High | IT Rs 6.56 Cr + TDS Rs 5.05 Cr >6 months; board/auditor say "no observations" while dividends paid and Rs 36.84 Cr of loans granted (Rs 31.78 Cr to subsidiaries) | Late-payment interest small; verify payment at H1 FY27 |
| 3 | Related-party structures around subsidiaries | Governance | High | Rs 50 Cr director subscription in Sahana Defence; stake down to 76.37%; Rs 54.2 Cr unreconciled promoter loan; Rs 4.5 Cr loan to promoter (FY25); CMD 40% of semiconductor JV; Siddhanta RPT; Rs 3,700 Cr RPT + Rs 1,500 Cr s.185 limits; Rs 8 Cr CCDs with unknown holders; SRPM Rs 50 L undisclosed | Independent majority on Audit/NRC; LODR Reg 23 on migration |
| 4 | Serial dilution; insider-skewed warrants | Governance | High | IPO, preferential, rights, 2025 warrants (86% to subsidiary insiders), 2026 Rs 880 warrants (50% to promoter family, ~27% below 2025 strike [adj]); ~11.8% FD overhang | Promoter proposes to put equity cash in via the Rs 880 warrants (ballot result unconfirmed; 25% upfront); earlier raises priced up (Rs 135 → 890 → 1,440 [raw]) |
| 5 | Audit quality | Governance | High | Rs 3 L fee; prior auditor quit 2.5 months post-IPO; boilerplate and 10+ internal contradictions; unnamed component auditor; small firm for a 9-subsidiary group | Peer-reviewed secretarial auditor; unmodified opinion |
| 6 | Hardware-led growth / margin sustainability | Business | High | Hardware 42.8% of SA FY26; EBITDA 40→30%; GM ~49→~40%; 30–40% margins far above Silver Touch (18%) and Kellton (11%) | Defence/IP products could lift mix; Ksolves/Sigma show ~30% niche margins exist |
| 7 | Customer and government concentration | Business | High | Top-10 88%; government 60–65%; prime-contractor dependence | RailTel/CEL repeat channels; HPCL |
| 8 | H2-weighted lumpy revenue | Business | High | 66–71% of revenue in H2; quarterly reporting will expose volatility | AMC/O&M tails |
| 9 | Acquisition sprawl / integration | Execution | High | 9 subs + Siddhanta + semiconductor in 3 years; NCI leaks ~Rs 6.9 Cr (9% of PAT) | Small tickets; majority control |
| 10 | Key-person dependency | Governance | High | CMD ~50% holder drives strategy; CFO has a sales background; second tier unproven | CEO Joshi, EVP Dave |
| 11 | SME liquidity / impact cost | Financial | High | ~Rs 1–2.2 Cr/day; institutions ~1.6%; 5-yr beta −0.22 meaningless | Migration |
| 12 | Guidance credibility | Governance | Med | Contradictory guidance sets; unquantified order book; sovereign/export deals undelivered | Mainboard disclosure |
| 13 | Migration execution | Regulatory | Med | Approval pending; recent RPTs may draw queries | Eligibility met post-bonus |
| 14 | Valuation basis | Financial | Med | 14x owners but ~20x standalone | Net cash; ~9x EV/EBITDA |
| 15 | AI deflation / obsolescence | Business | High | Gen-AI erodes web/app, testing, staff augmentation hours (HSBC 14–16% cumulative) | "Governed AI" repositioning; defence less exposed |
| 16 | Competition / low pricing power | Business | High | L1 tenders; platform owners control ecosystems | Niche qualifications |
| 17 | Defence execution | Execution | Med | Long trials, DPSU payment cycles; no AS9100/DGQA; small disclosed base (~Rs 32 Cr) | CEL facility; indigenisation lists |
| 18 | IPO object (EV) / unexplained CWIP | Governance | Med | Live chargers not disclosed; Rs 15 Cr unlabelled CWIP; NMW dashboard ageing inconsistent | EV capitalised FY26 |
| 19 | Opaque treasury | Financial | Med | Rs 19.5 Cr NBFC deposits (Indergini unsecured); Machint Rs 8.75 Cr; loans to "others" Rs 20 Cr | — |
| 20 | Disclosure quality | Governance | Med | Single segment; conflicting headcount, CMMI, promoter %, stakes, dates | Migration raises standards |
| 21 | Labour Codes / talent cost | Business | Low | Gratuity base wider; no gratuity provision today | Ahmedabad cost base |
| 22 | DPDP / cyber liability | Regulatory | Med | Full obligations from 13 May 2027 | ISO 27001 |
| 23 | Gujarat IT/ITeS policy expiry | Regulatory | Low | Policy 2022–27; incentive receipt undisclosed | Successive policies |
| 24 | US exposure / H-1B fee | Macro | Low | US$100k fee to Sep 2027 | Small share |
| 25 | Government capex slowdown | Macro | Med | State/central budget cycles | Defence budget growth |
| 26 | Currency | Macro | Low | Hardware imports | Pass-through bids |
| 27 | ESG: defence/weapons screens | ESG | Med | EW/anti-drone may exclude ESG funds as migration opens institutions | Defence small today |
| 28 | ESG: thin non-financial disclosure | ESG | Med | No BRSR; CSR form error | BRSR on migration |
| 29 | Trading pattern / pump soft flags | Governance | Med | 2023 repeat bulk traders during 3x move; promotional media; 5 Oct 2026 +12% on 6–9x volume with no news (after Siddhanta, before dividend record date) | No SEBI/ASM/GSM action found (surveillance not verified) |
| 30 | Promoter background (unverified) | Governance | Low | Sharanam exit 2021 query | MCA check |
Red-flag checklist
| Flag | Status |
|---|---|
| Rising debt | No (consol. Rs 17.9 Cr); watch intra-group and promoter loans |
| Margin deterioration | Yes, gradual (40 → 30%) |
| Auditor concerns | Yes: resignation 2023, Rs 3 L fee, contradictions, CARO overdue tax |
| Related-party abuse risk | Elevated (see #3) |
| Promoter selling | 45,480-share decline Q4 FY25 undisclosed; otherwise none |
| Dilution | Serial |
| Customer loss | None disclosed; concentration high |
| Litigation / tax demands | None disclosed; no contingencies; no disputed tax; no regulator/court orders; no IBC applications; no SEBI/NSE action found |
| Key person | High |
| IPO earnings quality | Davda "Avoid", window-dressing concern (2023) |
Media tone and pump assessment
| Outlet | Date | Angle | Tone |
|---|---|---|---|
| Business Today | 4 Sep 2023 | "Multibagger in 3 months"; Softvan Rs 15 Cr; Rs 285 [raw] | Bullish |
| DSIJ | 2025 | IPRCL alliance | Bullish |
| DSIJ | May 2025 | "Tech powerhouse" HPCL | Bullish |
| DSIJ | 3 Jul 2025 | Navy Rs 8.01 Cr; dividend waiver; Rs 1,441 [raw] | Bullish |
| DSIJ | Aug / 11 Sep 2025 | Gumbi Rs 14.24 Cr; Uneecops Rs 35.40 Cr ATL Lab; "670% in 3 years" | Bullish |
| ScanX | Oct 2025 – Aug 2026 | Wire coverage | Neutral |
| Tradebrains | 23 Jun 2026 | Bonus/migration; Rs 950 [raw]; ~12x P/E | Optimistic |
| DSIJ | 24 Jul / 3 Aug 2026 | "Low PE, High ROCE"; RailTel LoI; semiconductor | Promotional |
| Law of Investing | Oct 2026 | Siddhanta RPT | Cautionary facts |
Forums and social
| Date | User / channel | Stance | Content |
|---|---|---|---|
| 23 Nov 2024 | ValuePickr Mukesh_Poonia | Bull | Concall notes: H1 FY25 consol. Rs 52.6 Cr, PAT Rs 9.8 Cr, EBITDA ~38%; defence and fintech/UPI drivers |
| 26 Nov 2024 | ValuePickr Sushant1 | Bull w/ caveats | ~65% government; Rs 70 Cr agri order; competition from PSUs and Zen |
| 26 Nov 2024 | ValuePickr Sushant1 | Governance | Promoter "sold all his shareholding and completely exited Sharanam Infraproject… August 2021"; reason not found |
| 5 Dec 2024 | ValuePickr Sushant1 | Bull | Himanshu Dave joins from Infiltron; acquisition speculation |
| 2 Jun 2026 | ValuePickr Biru | Bear | "Why this stock is falling despite good topline?" (no replies) |
| 19 Aug 2026 | ValuePickr Mohit_baid | Alert | "Warrants issue at Rs.880/Equity Warrant" with NSE link |
| 2025–26 | X / YouTube / Telegram | Relay / hype | @sahanasystem PR; order relays (Nilesh Kurhade, Gumbi; preet2419); LNPR Capital; YouTube "Hidden Multibagger? IT to EV", "share news today", 2023 IPO review; no recognised fintwit thesis; no tip-group found; DSIJ Telegram is distribution only; Reddit/Moneycontrol unverified |
Verdict on pumping: not proven, with several soft flags (operator-style 2023 trading; modest orders amplified into "multibagger" headlines; 5 Oct 2026 spike; hype YouTube titles). Mitigants: 8 FPIs, a rising holder count, and no promoter selling after lock-in expiry. Bear debates also cite Uneecops/Gumbi as pass-through-like orders from private intermediaries.
Concall Highlights & Guidance
Only two earnings calls exist since the IPO: H1 FY25 (18 Nov 2024; transcript filed 25 Nov) and H1 FY26 (17 Nov 2025; filed 24 Nov). There was no call for FY24, FY25 or FY26 full-year results (Nirmal Bang analyst: "you didn't con call on the last financial year closure"); quarterly calls: Not Available — SME files half-yearly. Both transcripts were read in full (some aggregator routes timed out). Moderators/IR: Kirin Advisors (2024, Vaishnavi Ambokar), Adfactors IR (2025). No AGM speech or Kakadia interview was found; he is quoted only in press releases (Dec 2024 toll order: "We are delighted to secure these significant contracts…").
| Item | H1 FY25 call (18 Nov 2024) [T24] | H1 FY26 call (17 Nov 2025) [T25] + deck |
|---|---|---|
| Speaker | Dhaval Joshi only ("CEO Technology"); MD listed but silent | Joshi only (Group CEO); promoter absent |
| Numbers | SA rev Rs 42.40 Cr (FY24 Rs 53.67 Cr); consol. Rs 52.6 Cr (FY24 Rs 69 Cr); SA PAT Rs 9.8 Cr (FY24 Rs 15.3 Cr); consol. PAT Rs 14.15 Cr (FY24 18.21); EBITDA ~38% | Consol. Rs 114.16 Cr (+117%; −0.6% HoH vs 114.81); EBITDA Rs 37.85 Cr (33.2%); PAT Rs 27.67 Cr (24.2%); GM 45.8% vs 56.2%; SA Rs 69 Cr (EBIT 27%, PAT 19%); FY25 SA Rs 108 Cr |
| Positioning | "Deep tech service company": defence EW/IW, fintech, healthtech, edtech, MSI; "major focus… Defence and FinTech" | Defence, marine, MSI; SAMVAD 2.0 (58 ministries incl. PMO); Navy NEU Jamnagar; DCI; Tuticorin twin "alongside IPRCL"; patents 12/6/2 |
| Credentials claimed | Army Day parade AI; anti-drone at "26 Pera" and PM's Gujarat rally; Gujarat Police EW; US health KPI platform (Health Catalyst indirect); US smart-home IoT client since 2019; NIC 23/24 categories; CDAC; RailTel | Royal Thai Government meeting (Jun 2025); APAC/ME/Africa/LatAm |
| Guidance | None; guidance, order book, segment revenue and R&D all deflected to "our finance team" (asked by Rakshit Shetty, Nishant Gupta/Minerva Global Capital, Dinesh Shah, Anurag Agarwal/Multiply Wealth) | "Around 210-ish" FY26; "cross more than 400 -- INR350 crores by next financial year… up to INR500 crores by the upcoming year" (analyst summary 210/350/500: "Right, sir"); called standalone; FY28 ~Rs 1,000 Cr consolidated; 5-yr defence 1,000–2,000, marine 500–600, MSI 1,000 = "crossing 3,000"; Rs 5,000 Cr in ~6 yrs |
| Mix | ~65% government "±5–10%", 35% enterprise | 60% government / 40% enterprise ("30% overseas"); US ~Rs 20 Cr, Rs 16–17 Cr collected; existing customers 76% SA / 65% Softvan |
| Headcount | "450-ish" core; 650 incl. subs; 1,500–1,600 incl. vendors | — |
| Margins / cash | — | "In defense ecosystem, the margin will get increased… system integration… steady. So overall PAT will little bit increase"; deck: "strengthen margins… improve cash conversion… working-capital efficiency"; on negative cash flow (Harish Gupta, Nirmal Bang): "might go ahead with OD/CC… if we are achieving any such project… fund acquisition" |
| Order book | Pipeline claims (below) | "Confirmation of order book for next 1 year, 1.5 years or 2 years"; "more than 80%" win odds; "a couple of key marquee projects… 1,000 crores each"; never quantified (asked by Darshil Jhaveri, Crown Capital, and S. Narayan) |
| Other | Machint "no any comprehensive decision"; Infiltron "you will be able to see the proper future news"; agri credit societies across two states "three digits of crores" overall | H2 "bulky" with mobilisation advances; EV via ODM, revenue share with AP authority, "not a very high-margin business"; Sahana Defence listing "no any such formal decision"; small orders disclosed "subject to the compliance" (Narayan: "hardly we see any orders in past six months"); promised more frequent calls; quarterly results once mainboard "from next year onwards… during July". Deck still shows CMMI Level 3 and the EV line |
| Tone | Promotional, qualitative | Confident, partly defensive |
Guidance vs actual
| Date | Claim | Outcome by 6 Oct 2026 | Verdict |
|---|---|---|---|
| Nov 2024 | Growth from defence/fintech (no numbers) | FY25 +142%; FY26 +98% | Delivered |
| Nov 2024 | Neighbouring-country UPI/anti-drone deal ≈ last year's revenue, "very, very near future"; "more than 10 such opportunities"; king's palace anti-drone; UPI exports to "a couple of countries" | Nothing in ~23 months | Missed |
| Nov 2024 | L70 gun anti-drone retrofit, 1,100 guns, 1/10th of Rs 9 Cr rival, PoC done | No order | Unverified |
| Nov 2024 | Ministry of Petroleum safety solution at scale; ports "two or three digits of million" | HPCL empanelment only; Tuticorin value n.d. | Unverified |
| Nov 2024 | Infiltron news | None | Not delivered |
| Unknown (cited by Narayan) | 230 / 650 / 1,000 (FY26–28) | Not in any transcript | Unverified |
| Nov 2024 (ValuePickr notes, unverified) | "Rs 5,000 crore enterprise by 2026" | FY26 revenue Rs 331 Cr | Over-promise |
| Nov 2025 | FY26 "210-ish" (standalone) | Consol. Rs 331.15 Cr (+58%); SA Rs 236.6 Cr (+13%); SA IT services Rs 135.4 Cr (below); consol. goods ~Rs 86 Cr (Rs 7.8 Cr FY25) | Beat via trading |
| Nov 2025 | FY27 Rs 350 Cr | +6% on consol. or +48% on SA; basis unknown; H1 FY27 due ~14 Nov 2026 | Pending |
| Nov 2025 | FY28 Rs 500 Cr and Rs 1,000 Cr consol. | Pending | Contradictory |
| Nov 2025 | PAT margin to rise | 22.6% vs 23.4%; EBITDA 30.1% vs 34.0%; H2 OPM 29% | Missed |
| Nov 2025 | Improve cash conversion | CFO +41.2 vs −47.7, but other current assets 35.5 → 92.9 Cr; overdue receivables up; unpaid taxes | Partly; low quality |
| Nov 2025 | OD/CC funding; equity only for big wins | Rs 92.9 Cr warrants Aug 2026 without a Rs 1,000 Cr order; SA ST borrowings 3.6 → 28.8 Cr (25.8 from related parties) | Contradicted |
| Nov 2025 | More frequent calls | No FY26 call | Not delivered |
| Nov 2025 | Sahana Defence listing: no decision | No decision; subsidiary being built out | Watch |
Recurring themes: grand visions ("Vision 5000" is a "valued enterprise" on one slide and a "₹5,000 crore deep-tech enterprise" on another); sovereign/export deals that never close; an unquantified order book; serial raises; dependence on primes and on consortium partner Gumbi. Tone over time: promotional (2023–24) → confident but defensive (Nov 2025) → silent, acting through filings (Feb–Oct 2026). FY26 AR MD&A outlook is generic, restating the "₹5,000 Crore deep-tech enterprise" goal with no numbers, order book or capex plan.
News timeline (events not shown elsewhere)
| Date | Event |
|---|---|
| 24 Aug / 29 Aug 2023 | Auditor Rahul Mistri & Co. resigns; A. K. Ostwal fills casual vacancy |
| Jan 2024 | Machint ~10.5% investment (board 24 Jan 2024) |
| Apr–Jun 2024 | MD Hetang Shah resigns (15 May); Kakadia MD from 19 May; IDs Ekta Patel and Nishita Sanghvi leave; Dharmishtha Patel joins (20 Jun) |
| 30 Sep 2024 | 4th AGM: Kakadia Chairman & MD; A. K. Ostwal appointed for 4 years |
| 14 Oct 2024 | Softvan stake drops to 78.53% after its own capital raise |
| 31 Dec 2024 / 21 Jan 2025 / 3 Feb 2025 | CS Kshiti Nahar resigns; Kakadia relinquishes CEO; Joshi CEO and Khatri CS |
| Feb–Mar 2025 | ID Ritesh Mishra resigns; Jinang Shah appointed (7 Mar) |
| 7 May 2025 | FY25 results: revenue Rs 167.5 Cr, PAT Rs 39.2 Cr |
| 19 Jun 2025 | Interim dividend Re 1 (record 27 Jun); promoters waived |
| 30 Aug 2025 / 30 Sep 2025 / 11 Nov 2025 | Board approves Rs 1,440 warrants; 5th AGM approvals; warrants allotted (25% received) |
| 14–17 Nov 2025 | H1 FY26 results, deck and call |
| 29 Jan 2026 | MCA approves Softvan → Sahana Defence rename |
| 28 Feb 2026 | Hetal resigns as director; Dipak Patel WTD; Bhavika Somani ID |
| 30 May 2026 | FY26 results: revenue Rs 331.15 Cr, PAT Rs 74.76 Cr, EPS Rs 84.60; final dividend Re 1 |
| 20 Jun 2026 | Lock-up of 15,99,300 promoter shares ends |
| 22 Jun / 23 Jul 2026 | Board approves bonus, authorised capital Rs 24.95 Cr, migration; postal ballot approves (plus regularisation of two directors) |
| 3–4 Aug 2026 | Bonus allotment; semiconductor subsidiary approved; registered office to Sahana House |
| 18 Aug 2026 | Rs 880 warrants (board); e-voting 19 Aug – 17 Sep |
| 21 Aug 2026 | SRPM Rs 12 Cr preferential to Kakadia family; stock Rs 853 (mcap ~Rs 905 Cr) |
| 3 Sep / 7 Sep 2026 | Fund-raising board meeting; dividend record date 9 Oct (book closure 24–30 Sep); AR26 and AGM notice filed |
| 30 Sep / 1 Oct / 3 Oct 2026 | 6th AGM; Siddhanta SPA; AGM outcome filed (core items confirmed) |
Growth, Outlook & Valuation
Order wins and revenue visibility
| Date | Counterparty (end client) | Value | Scope |
|---|---|---|---|
| Jun 2024 | PACS digitisation, 2 states | ~Rs 70 Cr (ValuePickr; no filing) | Fintech/ERP, 1-yr; "three digits of crores" overall |
| 29 Oct 2024 | Appsndevices Technologies | n.d. | Work order |
| 27–30 Dec 2024 | Amnex Infotechnologies (toll prime; name from IPO Central headline only, page not read) | Rs 25.37 Cr | Toll management, ITMS, weigh-in-motion |
| 20 Jan 2025 | CEL | — | Business partnership |
| 28 Feb 2025 | Indian Coast Guard (NW) | — | Vendor registration |
| 6 Mar 2025 | MoI&B New Media Wing (GeM) | Rs 16 Cr | Integrated dashboard → SAMVAD 2.0 |
| 5–6 May 2025 | HPCL / IPRCL | — | Empanelment / alliance (Tuticorin twin) |
| Jul 2025 | Indian Navy (L1) | Rs 8.01 Cr bid | Became Rs 7.74 Cr PO |
| 21 Jul 2025 | BEL | — | Design-service-provider empanelment / MoU; stock +4% |
| 20 Aug 2025 | Gumbi Software | Rs 14.24 Cr | IT services "within 10 days"; stock +4.66% to Rs 1,289 [raw] |
| 11 Sep 2025 | Uneecops Technologies | Rs 35.40 Cr | ATL Lab software |
| 24 Sep 2025 | RailTel (DCI); booked in Softvan | Rs 16.42 Cr | Dredger software, GPU servers, AI CCTV, VSAT, ICCC |
| 8 Oct 2025 | Indian Navy (NEU Jamnagar) | Rs 7.74 Cr | RF measurement upgrade; delivery 5 Apr 2026 |
| 5 Dec 2025 | RailTel LoA | Rs 28.63 Cr | AI surveillance, IoT, ICCC, digital twin; +1.3% to Rs 1,019.95 [raw] |
| 14–16 Jan 2026 | RailTel | Rs 24.76 Cr ex-GST | AI surveillance, CCC upgrade, DC; 25-day shutdown + 3-yr O&M |
| 11 Feb 2026 | Samagra Shiksha Assam (consortium with Gumbi) | ~Rs 150 Cr revenue share over 5 yrs (search summary) | ~1,500 smart schools |
| 26 Feb 2026 | CEL → Sahana Defence | Rs 24.69 Cr | RF/radar drone detection and jamming SITC + 5-yr AMC; +1.3% to Rs 1,030 [raw] |
| 15 Jun 2026 | CEL → Sahana Defence | n.d. | 10+5-yr EW/weapon-periphery facility at Sahibabad; +10% to Rs 847 [raw] (~706 [adj]) |
| 5 Aug 2026 | RailTel (Deendayal Port, Kandla) | Rs 69.51 Cr incl. GST, provisional LoI | Integrated gate automation + 5-yr O&M; completion by 16 Aug 2031; PO pending. RailTel's own award from Deendayal Port Authority is Rs 63 Cr ex-GST / Rs 69.51 Cr incl. GST (reported 13 Aug 2026, Sahi), so the prime contract exists and Sahana's LoI equals ~100% of it: RailTel is a pass-through prime with little margin retained [Est.] |
No order book has ever been disclosed (only "strong order book" in the deck), so book-to-bill cannot be computed. As a proxy, quantified wins Oct 2025 – Oct 2026 total ~Rs 155 Cr as reported (~Rs 145 Cr ex-GST), ~0.45–0.47x FY26 revenue; RailTel ~79% (Rs 122.9 Cr), CEL ~16%, Navy ~5%. Including the Assam annuity, the total is ~Rs 305 Cr (~0.9x). Repeat channels: RailTel (4 orders in ~11 months), CEL (3), Gumbi (2). Visibility markers: 76%/65% repeat revenue; customer advances Rs 21.3 Cr; 5-year O&M tails.
Expansion and capex
- Standalone FY26 capex Rs 31.1 Cr (FY25 Rs 10.6 Cr): furniture Rs 8.4 Cr, electrical Rs 7.4 Cr (EV chargers), Sahana House Rs 6.1 Cr, NMW dashboard Rs 14.9 Cr. Consolidated Rs 46.9 Cr incl. GIS platform Rs 9.5 Cr and Rs 15 Cr unspecified CWIP. "No capital commitments"; no forward capex guided.
- Defence manufacturing pivot (CEL Sahibabad, Siddhanta); semiconductors (Rs 60,000 for 60%; not incorporated); US subsidiary (not operating); AI (SAMVAD, no-code CV, ICCC, port twins, generative-AI port automation, ISO 42001); EV charging (revenue share, NREDCAP, low-margin annuity).
Catalysts
| Horizon | Catalyst |
|---|---|
| ~14 Nov 2026 | H1 FY27 results: first post-bonus; test of FY27 Rs 350 Cr; watch goods vs services, overdue receivables (>6m Rs 25.0 Cr, >1y Rs 11.9 Cr), overdue tax paid |
| Pending | NSE main-board approval (then BSE); quarterly results, LODR 17–27, BRSR |
| Pending | Rs 880 warrant postal-ballot result (voting closed 17 Sep), NSE in-principle approval, allotment (25% upfront) |
| ~May 2027 | 2025 warrants' Rs 17.25 Cr balance; OTM at ~Rs 1,200 [adj] (~31% above CMP; CMP ~23% below the strike), risk of lapse/forfeiture of Rs 5.74 Cr |
| Ongoing | Shares released 20 Jun 2026 (pledge/sale watch); Siddhanta close; CEL facility live; RailTel LoI → PO; "Rs 1,000 Cr" projects; overseas UPI/defence deals; use of RPT/s.185 headroom; Sahana Defence listing |
| 9 Oct 2026 | Final dividend Re 1 record date (book closure 24–30 Sep) |
| 3–5 yr drivers | Defence indigenisation (5 PILs, 5,012 DPSU items; 405 more items worth Rs 3,070 Cr in Aug 2026); IndiaAI Mission (Rs 10,371.92 Cr; 38,000 GPUs); Gujarat IT/ITeS policy 2022–27; India Semiconductor Mission; DPDP compliance demand |
Analyst consensus FY27/FY28: Not Available — zero sell-side coverage (StockAnalysis, MarketScreener, Trendlyne, Indmoney, Tickertape checked; Simply Wall St 403; ICICI Direct, Kotak, Anand Rathi, HDFC Sky, Bajaj quote pages only). The only independent views: Dilip Davda (SEBI RA) said "AVOID" on the IPO on 28 May 2023 ("The sudden boost in margins to the tune of 25% plus for FY23… hints at some window dressing"; non-core EV diversification; 16.88x FY23 P/E "fully priced"; "High Risk/Low Return"; InvestorGain 1/1 Avoid), and "MAY APPLY" on the rights issue on 10 Oct 2024 ("such margins in a highly competitive and fragmented segment appears to be a remote case"; ~33% discount to Rs 1,330 [raw]; "park moderate funds for medium term").
Price path ([raw] vs [adj]; adj = raw ÷ 1.2)
| Date | Price | Basis | Adj. | Note |
|---|---|---|---|---|
| 12 Jun 2023 | 163 / 171.15 | [raw] | 136 / 143 | Listing open / close |
| 4 Sep 2023 | 285 | [raw] | ~238 | After Softvan deal |
| Nov 2023 | ~490 | [raw] | ~408 | End of 3.2x run |
| Oct 2024 | 1,330 | [raw] | ~1,108 | At rights issue |
| 13–17 Dec 2024 | 2,135 | [raw] | ~1,779 (Screener series high 1,640.50) | All-time high |
| Mar 2024 / Mar 2025 / Mar 2026 | — | [adj] | 690.94 / 1,003.62 / 673.33 | Year-ends (Screener) |
| Jul 2025 | 1,441 | [raw] | ~1,201 | DSIJ |
| 20 Aug 2025 | 1,289 | [raw] | ~1,074 | Gumbi order |
| 5 Dec 2025 / 26 Feb 2026 | 1,020 / 1,030 | [raw] | ~850 / ~858 | RailTel / CEL |
| H1 2026 | 685 | [raw] | ~571 | 52-week low |
| 15 Jun 2026 | 770 → 847 | [raw] | ~642 → ~706 | CEL facility |
| 23 Jun / 24 Jul 2026 | 950 / ~893 | [raw] | ~792 / ~744 | Bonus announced |
| 3 Aug / 21 Aug 2026 | 845 / 853 | [adj] | — | Post-bonus |
| 1 / 5 / 6 Oct 2026 | 794.55 / 889.60 / 918.85–922.50 | [adj] | — | Latest |
Sentiment, last six months
| Period | What happened | Mood |
|---|---|---|
| Apr – early Jun 2026 | Lows ~Rs 571 [adj]; "why falling despite topline?" | Bearish |
| ~20 Jun 2026 | Lock-in expiry with no selling; FY26 PAT +91%; bonus and migration; FII 0.96%; CEL facility | Turning constructive |
| Aug 2026 | Bonus ex; Rs 880 warrants; FII trimmed to 0.76%; RailTel LoI | Mixed |
| Sep – Oct 2026 | +21% over 3 months; 5 Oct volume spike; ~10% below 52W high; RSI ~85 | Momentum-led |
Valuation (6 Oct 2026)
| Metric | Value | Basis |
|---|---|---|
| P/E owners (primary) | 14.3–14.4x | 974 / 67.87; Screener 14.4x (series 13.9x); stockanalysis 13.92x on Rs 943 Cr mcap implies ~Rs 67.7 Cr |
| P/E total PAT | 13.0x | 974 / 74.76; Tickertape/Groww/ScanX 12.6–13.9x; DSIJ 11.6–13.3x; narrative 9–13x range |
| P/E standalone | ~20.1x | 974 / 48.44 (Screener headline) |
| P/B | 3.87x | Alternates 3.74x (Groww/ScanX/ICICI), 3.9x, 5.01x (Tickertape, stale), 5.31x (MW4M) |
| EV/EBITDA | 9.9x / 9.2–9.4x | EV ~Rs 993 Cr (974 + 17.9 − 30 + NCI 31) on EBITDA 100; 9.6x ex-NCI. Stockanalysis basis (cash 75.5): ~9.35x. Screener 9.1x; MW4M 8.7x |
| EV/Sales · FCF yield · Div yield | 3.0x · −0.6% · 0.11% | Screener 0.20% likely incl. interim; ScanX/Tickertape 0.09–0.11% |
| Multiple | 28-Mar-24 | 28-Mar-25 | 27-Mar-26 | 3-yr median | 3-yr mean | Current | vs median |
|---|---|---|---|---|---|---|---|
| P/E (Screener trailing) | 69.0x | 37.3x | 11.3x | 34.4x | ~42.8x | 13.9x | −60% |
| P/B | 16.5x | 10.7x | 3.5x | 11.8x | ~12.1x | 3.9x | −67% |
| EV/EBITDA | 50.5x | 28.5x | 8.6x | 26.1x | ~33.8x | 9.1x | −65% |
| Year-end P/E on same-year owners' PAT | 36.4x (Rs 690.94 [adj]) | 30.0x (Rs 1,003.62 [adj]) | 10.5x (Rs 673.33 [adj]) | avg 25.6x (PB avg 6.9x; EV/EBITDA avg 18.1x) | 14.4x | −44% | |
Peaks: PBV ~25.7x (Jul 2024); EV/EBITDA ~64x (early 2024). IPO at Rs 135 [raw]: 16.9x FY23 P/E, 2.52x post-issue PB. Sector P/E ~21x (Tickertape). No buybacks. Dividends: interim Re 1 (record 27 Jun 2025, ~Rs 0.88 Cr gross); final Re 1 (record 9 Oct 2026, ~Rs 1.06 Cr gross); none FY22–FY25 (FY25 DR: "conservation of profits"). FY26 earnings nearly doubled while the bonus-adjusted price fell from Rs 1,004 to Rs 673 over FY26: the de-rating tracks negative FCF, working-capital build-up and NCI leakage.
Illustrative scenarios (not targets) [Analyst View]
| Scenario | Assumption | Multiple × FY26 owners' EPS Rs 64.03 | Implied Rs | vs CMP |
|---|---|---|---|---|
| Bear | Governance/cash discount deepens; FY26 trough multiple persists | 10x | ~640 | −30% |
| Base | Migration completes; cash conversion unproven; current multiple holds | 14.4x | ~922 | 0% |
| Bull | Clean OCF ≥ PAT year, reconciled RPTs, partial re-rating toward Sigma/Ksolves-plus | 20x | ~1,281 | +39% |
| Blue-sky | Back to 3-yr year-end average | 25.6x | ~1,639 | +78% |
FY26 EPS before ~11.8% fully diluted dilution [Est.]; on a fully diluted basis the base value falls to ~Rs 825.
Final Verdict
Business QualityMedium
Management QualityWeak
Financial QualityWeak
ValuationFair
Overall ViewNegative
Bull case
- Real growth with real counterparties: revenue 14x in three years; CEL, Navy, RailTel and BEL are hard-to-fake references; the CEL Sahibabad 10+5-year facility is a first annuity.
- Headline cheapness: 14x owners' P/E and ~9–10x EV/EBITDA vs a 3-yr median of 34x/26x, with net cash and ~40% RoCE.
- Migration as forcing function: main-board LODR, quarterly reporting and institutional access could re-rate the stock if disclosures hold up; the promoter proposes to put equity cash in at Rs 880 (postal-ballot result unconfirmed; only 25% payable upfront).
Bear case
- Cash does not follow profit: 20% cumulative OCF/PAT, Rs 112 Cr unexplained other assets, and FY26 CFO flattered by ~Rs 11.6 Cr of overdue taxes, while Rs 36.84 Cr of loans were granted (Rs 31.78 Cr to subsidiaries).
- Value-leakage architecture: Rs 3,700 Cr RPT and Rs 1,500 Cr s.185 limits, a Rs 54.2 Cr unreconciled promoter loan, promoter money into Sahana Defence below the parent, insider warrants, and the CMD's 40% semiconductor stake.
- Quality of growth and of the numbers: the FY26 beat came from hardware trading; a Rs 3 L audit with boilerplate and contradictions; EPS appears to include NCI; guidance incoherent.
Base case (12–18 months)
Migration is approved, but quarterly numbers show H2 lumpiness and a hardware-heavy mix. Revenue grows but OCF stays below PAT. The Rs 880 warrants convert and add ~10% dilution. The stock trades in a 12–16x owners' band (~Rs 770–1,025) driven by order headlines rather than a re-rating. [Analyst View]
Five things to remember
- FY26: revenue Rs 331.15 Cr; owners' PAT Rs 67.87 Cr; P/E ~14.3–14.4x (13.0x total, ~20x standalone).
- FY23–26 OCF ~Rs 28 Cr vs PAT ~Rs 139 Cr; ~Rs 119–128 Cr of external equity filled the gap.
- Standalone hardware trading 42.8% (Rs 101.2 Cr) in FY26; top-10 customers 88%.
- CARO: ~Rs 11.6 Cr undisputed tax >6 months overdue; auditor fee Rs 3 L.
- Rs 880 warrants (10.56 lakh, ~Rs 92.9 Cr; half to promoter family) pending ballot; migration pending exchange approval.
Five questions before investing
- What exactly is in the Rs 112 Cr of other assets (deposits Rs 35.8 Cr, advances Rs 50.7 Cr), and who are the "others" borrowing Rs 20 Cr?
- Reconcile Pratik's Rs 54.2 Cr consolidated loan, and disclose who subscribed to Sahana Defence shares, at what price, and who holds the Rs 8 Cr CCDs.
- Have the overdue income tax and TDS been paid, and why did the board report "no observations"?
- What is the FY26 services/hardware split at consolidated level, and the top-5 customer share?
- Will the CMD transfer his 40% semiconductor stake and appoint a larger audit firm before migration?
Opinion: Sahana's growth and defence credentials are real, but the cash conversion, overdue statutory dues, promoter-linked structures around the subsidiaries, weak audit and recurring insider-skewed dilution mean reported earnings cannot yet be relied on. The ~14x multiple is a fair price for that risk, not a bargain. Negative / avoid for long-term capital until a clean, cash-backed main-board year and the five questions above are answered. [Analyst View]
Sources & Data Conflicts
Data conflicts register (none silently resolved)
| Item | Values and sources | Treatment in report |
|---|---|---|
| Headcount | 20 (Prospectus); 106 SA (FY25 MD&A); 156 (AR26/aggregators; MarketScreener 2025); 198 (Tracxn/Company Check May 2026); 400+ (TradeBrains); 450 core/650/1,500–1,600 (T24); 600+ (website) | All shown |
| CMMI level | Level 3 E-Commerce (Prospectus, deck PPT25) vs Level 5 (HDFC Sky, Screener, later ARs) | Level 5 unverified |
| Promoter holding | 57.31% / 50,64,185 (Board's Report, SHP) vs 57.12% / 50,47,060 (Note 12); Hetal 2,50,092 / 2,39,967 / 2,54,092 | 57.31% (SHP) used |
| Marine-Infra stake | 75% (AR26 Board's Report/AOC-1) vs 60% (incorporation, secretarial audit, cr-business, cr-financials) | Both shown |
| Sahana Defence stake | 100% → 78.53% (14 Oct 2024) → 80.77% (FY25 AOC-1) → 76.37% (FY26); "about 80%" (cr-business) | 76.37% current |
| H1 FY25 PAT | Rs 14.15 Cr consol. (T24, Screener) vs Rs 9.8 Cr (ValuePickr; = standalone) | 14.15 consol. |
| Rs 880 warrants | "Size unknown" (cr-financials, cr-heard) vs 10,56,000 / Rs 92.93 Cr / 4 × 2,64,000 (W26 via cr-narrative) | W26 supersedes; ballot unconfirmed |
| Cash / net cash | Rs 30 Cr / net cash Rs 12.1 Cr (Screener) vs Rs 75.5 Cr / Rs 57.5 Cr (stockanalysis) | Both; EV/EBITDA 9.9x vs 9.2–9.4x |
| FY26 standalone revenue | Rs 236.6 Cr (AR26/Screener) vs ~Rs 240.6 Cr (Trendlyne); FY25 110.18 (DR) vs 108.41 (note) | 236.6 used |
| Hardware FY26 | SA Rs 101.2 Cr (42.8%) vs consol. goods ~Rs 86 Cr; unverified "52%" web summary; "not available" (cr-business) | AR26 SA used |
| FY26 gross margin | Not Available (cr-financials) vs ~40% (cr-narrative) | Both |
| ATH / 52W high | Rs 1,640.50 [adj] 13 Dec 2024 (Screener) vs Rs 2,135 [raw] 17 Dec 2024 ≈ 1,779 [adj]; 52W high Rs 1,015.85 [adj] vs ~Rs 1,663 (TradeBrains via governance); DSIJ Jul 2025 52W 2,135 / 991 [raw] | Both |
| IPO subscription | 8.40x (Chittorgarh) / 9.5x (cr-narrative) / 9.99x (InvestorGain) | All |
| Rights shares | 5,49,072 (DR; reconciles) vs 5,49,084 (cr-heard) | 5,49,072 |
| Promoter selling / fresh cash | Pratik −45,480 shares Q4 FY25 (governance) vs "no promoter selling" (heard/narrative); "no fresh cash since IPO" (heard) vs Rs 65.8 Cr loans and Rs 880 warrants; heard's Aug 2026 +0.4 lakh promoter shares source not found | Both shown |
| Free float | ~41% (SHP) vs 82.5% (MarketScreener) | 41% used |
| 2025 warrant moneyness | Inputs say strike "~23% above CMP"; arithmetic gives ~31% above (1,200 / 918.85), i.e. CMP ~23% below strike | Corrected wording |
| AGM date | 30 Sep 2026 (AR26) vs 3 Oct 2026 (cr-financials = outcome filing) | 30 Sep held; 3 Oct filing |
| Auditor resignation | Rahul Mistri & Co. resigned 24 Aug 2023 (governance) vs "none found" (cr-market) | Resignation stands |
| Concalls | "None retrievable" (market/heard) vs two read in full (narrative) | Two calls |
| Top-10 FY23 / FY26 | 82.68% vs 90.30%; FY26 88% (AR26) vs "not available" | Shown |
| Independent directors FY25 | "Only 2" (cr-market) vs churn table (governance) | 3 of 5 now |
| Market cap / PB / EPS | 974–976 vs 943 vs 815; PB 3.74–5.31x; EPS 84.60 / 70.50 / 64.03 | 974; 3.87x; owners' EPS |
| Main-board status | ScanX "transitioned" vs AR26 "under process" | Pending |
| Navy order | Rs 8.01 Cr L1 vs Rs 7.74 Cr PO | Both |
| FY22 OCF; FY26 dividend paid | 0.0 vs −2; Rs 0.38 Cr vs ~0.88 Cr implied | Waiver explains [Est.] |
| Bonus allotment date | 3 Aug 2026 (AR26) vs "credited by 21 Aug" (ScanX) | Both |
Gaps log (searched, not found or not machine-readable)
| Item | Status |
|---|---|
| Rs 880 warrant postal-ballot result; NSE in-principle approval; allotment | Not found |
| NSE/BSE main-board approval and trading start date | Not found ("under process") |
| 6th AGM items 5–12 voting outcome; 2025 AGM voting results | Not retrieved |
| Rs 54.2 Cr promoter-loan reconciliation; who subscribed to Sahana Defence shares; Sahana Defence MCA shareholding; CCD holders | Not disclosed |
| Siddhanta consideration, valuer, location; CEL Sahibabad contract value and capex | Not disclosed |
| Assam deal value (search summary only); Tuticorin twin value; Rs 70 Cr PACS exchange filing | Unverified |
| Consolidated FY26 segment split; top-5 / largest customer; supplier shares, OEMs, import share | Not disclosed |
| Live EV chargers; IPO utilisation statement | Not disclosed |
| Patent numbers; CMMI PARS; ISO registrar evidence; defence quality certifications | Not found |
| 2025 warrant bonus adjustment; Apr 2024 EGM cash-preferential allottees; Dipak Patel's route to 6.15% | Not found |
| Concalls after FY26 results; AGM speeches; Kakadia interviews; broker coverage; credit ratings; block deals; SEBI/NSE penalties; ASM/GSM lists | None found / not queryable |
| Category-wise IPO subscription (paywall); anchor book (inferred absent); Reddit/Moneycontrol boards (blocked) | Not retrieved |
| Outcomes of Infiltron, L70 retrofit, neighbouring-country deals | Nothing announced |
| H1 FY27 results | Due ~14 Nov 2026 |
Primary filings — company and exchange (accessed 2026-10-06)
- FY26 Annual Report + 6th AGM notice (NSE) [AR26]
- FY26 Annual Report (company CDN)
- FY25 Annual Report incl. 5th AGM notice (company CDN)
- FY25 Annual Report (NSE)
- FY25 Annual Report (company site)
- FY23 Annual Report (NSE)
- FY26 results board outcome, 30 May 2026
- FY25 financial results · H1 FY26 results (30 Sep 2025)
- H1 FY25 call transcript [T24] · H1 FY26 call transcript [T25] · H1 FY26 investor presentation [PPT25]
- Board outcome 18 Aug 2026, warrants [W26]
- Revised book closure, 3 Sep 2026 · 6th AGM notice advertisement
- Sahana Defence rename (Reg 30) · Board outcome 28 Feb 2026
- BEL MoU filing · HPCL press release
- DRHP (NSE) · Prospectus (NSE archives) · Prospectus (nsearchives) · Prospectus (ifinservices mirror) · RHP (company)
- PCS certificate, warrants · BM outcome 24 Jan 2024 (Machint; 404) · BM outcome 30 Aug 2025 (404)
- SHP files: Jun-23 · Sep-23 · Dec-23 · Mar-24 · Sep-24 · Dec-24 · Mar-25 · Jun-25 · Sep-25 · Dec-25 · Mar-26 · Jun-26
- Profiles: Kakadia · Joshi · Jogani · Khatri · D. Patel · Dh. Patel · J. Shah · Somani
- Company site: home · about · defence tech · Microsoft · group companies · news · SHP index · SAST · board profiles · earnings call · reports · warrant issue
Financial databases and market data
- Screener: consolidated · standalone · schedule API · chart API
- Trendlyne: financials · quote · corporate actions · bulk/block deals · shareholding
- StockAnalysis statistics · StockAnalysis quote · Tijori · Tijori shareholding · MoneyWorks4Me · Tickertape · Groww · ICICIdirect · Indmoney · Investing.com · TradingView
- MarketScreener: quote · company · news · FY26 results · C-DAC · Sourceved · Applie · Softvan Labs · Softvan Labs (in.) · CEO relinquishment · Joshi CEO · MoI&B contract
- Simply Wall St past · Simply Wall St news · multibagg deep-dive
- IIFL: FY25 Directors' Report · board meetings
- Registry: Tofler · Tracxn · Zauba (Kakadia Investment) · TheCompanyCheck (SRPM) · MultiBagg SRPM allotment · Sharanam shareholding
- Peers: Screener Ksolves · Silver Touch · Kellton · Persistent · Sigma; StockAnalysis Ksolves · Silver Touch · Kellton · Persistent · Sigma
IPO, rights and capital
- Chittorgarh: IPO · IPO review · subscription · rights issue · rights FAQ · rights review
- IPO Watch · Bigul · Bigul (alt) · InvestorGain IPO · InvestorGain recos · Angel One · TradingQnA bonus
News and commentary
- ScanX: FY26 results · bonus/semiconductor · record date/approval · postal ballot · news list · company
- Tradebrains: bonus/migration · CEL facility · Gumbi · BEL
- DSIJ: RailTel/bonus · record date · Navy · Uneecops · Gumbi · IPRCL · HPCL · HPCL (insights)
- Business Today · HDFC Sky · ThePrint · NCN · IPO Central · Inshorts RailTel · Inshorts bonus · Investing RailTel · Business Remedies · DredgeWire · Goodreturns
- TradingView/Reuters: Softvan · Assam
- Law of Investing: ICU #52 · ICU #27 · ICU #43
- Forums/social: ValuePickr · ValuePickr raw · LNPR Capital · @sahanasystem · Nilesh Kurhade · preet2419 · YouTube 1 · YouTube 2 · YouTube 3 · DSIJ Telegram
Industry, policy and regulation
- Nasscom via Kotak Neo · YourStory · Infosys Q1 FY27 (AI-generated) · multibagg AI · sharpely · UBS
- Grand View CRM · IMARC · EMR · Tribune IndiaAI · GTA IndiaAI
- India Briefing Gujarat · GSEM · GloCert DPDP · PIB DPDP Rules · Fisher Phillips · CAalley · CNBC H-1B · multibagg H-1B · Business Standard migration · Outlook Money
- Social News XYZ defence · IBEF · Organiser
Ratings: none found (CRISIL, ICRA, CARE, India Ratings, Acuité, Infomerics, Brickwork searched). Regulatory: no SEBI/NSE order found; NSE surveillance lists not queryable. All sources accessed 2026-10-06.