Saakshi Medtech and Panels Ltd. (SAAKSHI)
SME CapIndustrials stocks · SME cap · NSE
Saakshi Medtech and Panels Ltd. manufactures integrated control systems, EV solutions, precision medtech products (X-ray machines), engineered metal assemblies for locomotives and aerospace, and wire harnesses. It serves industrial automation, medical devices, and defense/aerospace sectors.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -7% YoY · PAT 0% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹57 Cr | -6.6% | -1.7% |
| EBITDA | ₹12 Cr | +200.0% | +9.1% |
| Operating margin | 20.0% | +1200 bps | +200 bps |
| PAT | ₹6 Cr | +0.0% | -14.3% |
| PAT margin | 10.5% | +845 bps | -154 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
H1 FY25-26 revenue grew 30.36% YoY to Rs. 58.31 Cr, with PAT up 33.26% YoY to Rs. 6.01 Cr, driven by new customer orders and heat exchanger business, despite temporary wind business order deferrals.
The company demonstrated strong H1 FY25-26 financial performance with robust revenue and profit growth. Strategic certifications (AS9100D, ISO 13485) and new business initiatives are positive. However, the temporary easing of wind business order inflows due to strategic realignment warrants close monitoring.
Sales bifurcation by product category H1 25-26
Latest issuer-disclosed distribution across 4 reported categories.
Aerospace Industry Expansion
AS9100D certification validates precision for flight-critical components, unlocking high-value contracts in defense and aerospace.
Domestic Medtech Market Access
ISO 13485:2016 certification for X-ray equipment manufacturing is critical for accessing the booming domestic medical device market.
New Customer Acquisition
Company achieved "new customer std line orders" in H1 FY25-26.
Heat Exchanger Business
"Heat exchanger business" was an achievement in H1 FY25-26 and is part of future outlook.
New Expansion Facility
A new facility was added in 2024 for expansion purposes.
Radiator Business Addition
Addition of radiator business in 2025.
Dedicated Wind Manufacturing Facility
A new, dedicated wind manufacturing facility is under development, scheduled to commence operations in the next fiscal year.
Aerospace & Defense Market Access
AS9100D certification positions Saakshi for high-value, long-lifecycle contracts in the defense and aerospace supply chain.
Domestic Medical Device Market Growth
ISO 13485:2016 certification is critical for accessing the booming domestic medical device market.
New Business Opportunities
"New customer std line orders" and "Heat exchanger business" were cited as achievements.
Wind Business Order Inflow Easing
Strategic realignment of the wind business resulted in a temporary easing of order inflows.
Order Deferrals
During the wind business transition, a number of orders were deferred, impacting short-term overall order flow.
Wind Business Transition Impact
Strategic realignment in the wind business led to temporary easing of order inflows and deferrals, posing a risk until the new facility is operational.
Concentration in Integrated Control Systems
Integrated control systems & EV Solutions constitute 58.99% of H1 FY25-26 revenue, indicating concentration risk.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides half-yearly data, allowing for both year-on-year comparison to assess annual growth trends and sequential comparison to evaluate recent momentum and execution.
Revenue Growth (YoY)
H1 FY25-26 revenue increased to Rs. 58.31 Cr from Rs. 44.73 Cr in H1 FY24-25, a 30.36% growth.
Revenue Growth (QoQ)
H1 FY25-26 revenue increased to Rs. 58.31 Cr from Rs. 48.27 Cr in H2 FY24-25, a 20.79% growth.
EBITDA Margin
EBITDA margin improved slightly to 17.17% in H1 FY25-26 from 17.01% in H1 FY24-25.
PAT Margin
PAT margin improved to 10.31% in H1 FY25-26 from 10.08% in H1 FY24-25.
Diversification into Power Devices
Management plans to enter new business in Power Devices and semiconductors.
Expansion of Heat Exchanger Business
Management highlighted "New Heat exchangers Business" as part of future outlook.
New Customer Segments
Future outlook includes new Japanese customers in Compressor and new customers in Aerospace.
New Machine Tool Fabrication
Management plans to enter "New Machine tool fabrication Business".
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Wind Business Order Inflows | Temporary easing and order deferrals due to strategic realignment. | Resumption of order inflows and commissioning of the new dedicated wind manufacturing facility. |
| New Business Ramp-up | Heat exchanger business initiated, plans for power devices, aerospace, textile control panels. | Revenue contribution and margin profile from new businesses and customer wins. |
| Integrated Control Systems Growth | 58.99% of H1 FY25-26 revenue. | Sustained growth and market share in this dominant segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 -1.3% / mo · MACD + · near 52W high
Technical chart
SAAKSHIdaily · 1Y · AUTO+82.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 63. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.3% over last month) — short-term momentum negative.
- RSI(14) at 63 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 115% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -15.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 4/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 56th percentile within Industrials. Main check: results consistency is weak at 48/100.
Healthy Trust Lite: Promoter holding is 74.8%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 56th pctile, median 68 · SME: 77th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.8%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.2%.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 41.00
- P/B
- 4.58
- EV/EBITDA
- 19.59
- Market Cap
- 504.00Cr
Profitability
- ROE
- 11.80%
- ROCE
- 14.30%
- ROA
- 7.64%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 43.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 22.00×
- Altman Z
- 8.29
- Book Value
- 62.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 18.00 Cr
- EPS TTM
- 6.96
Shareholding
- Promoter Hold
- 74.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.