Annual report
Annual Report 2026
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:52 pm ISTDetails
Quote21 Oct, 01:52 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:44 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +16.2% / mo · MACD − · near 52W high
Stock trend: 79
Sector RS: 45
Sector 3M: -7.7% vs Nifty 500 -6.1%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SAAKSHID candles · FIT view+85.0%Latest close ₹377.00 on 2026-10-16
Bar
+1.9%
RSI
65
MACD hist
-1.02
52W pos
98%
2026-10-16O ₹370.00H ₹377.00L ₹370.00C ₹377.00Vol 1,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SAAKSHINifty India ManufacturingNifty 500
- SAAKSHI
- +28.8%
- Nifty 500
- -4.2%
- Nifty India Manufacturing
- -4.9%
- Vs Nifty 500
- +33.0 pp
Chart stats
16 Oct 2026- From 52W high
- -1.2%
- 52W range position
- 98%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.10x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹351 - ₹381.5
₹381.5
₹147.4 - ₹381.5
₹9.5
Latest completed session
20-session average
28.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST36
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -6.6% · PAT +0.0% YoY
Technical
Bullish66
Price trend and sector-relative-strength timing.
Valuation
Legacy model-35.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100Rev -7% YoY · PAT 0% YoY · margin expansion · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹57 Cr | -6.6% | -1.7% |
| EBITDA | ₹12 Cr | NDF | +9.1% |
| Operating margin | 20.0% | NDF | +200 bps |
| PAT | ₹6 Cr | +0.0% | -14.3% |
| PAT margin | 10.5% | NDF | -154 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 57.40
- P/B
- 5.74
- EV/EBITDA
- 27.04
- Market Cap
- 705.00Cr
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
- 91%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 57.0-1.7% vs prev
Net Profit
₹ CrLatest: 6.0-14.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 65.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~13.9% over last month) — short-term momentum positive.
- RSI(14) at 65 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
96
RS percentile
Stage 2 UptrendEstablished S2
1M return
+5.6%
3M return
+28.5%
6M return
+87.6%
1Y return
+140.9%
RS 1D
0
RS 20D
+2
Sector rank
#2
Industry rank
#8
Stage evidence
- Price is 36.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +10.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
09 Apr 2026
S2 age
135 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
258 observations
16 Oct 2026Value 219.34-0.51%
RS vs Nifty 500219
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth16/25
Quality4/20
Balance Sheet10/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
36
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
36/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -35.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
57.4
PB
5.7
EV/EBITDA
27.0
ROE
11.8%
ROCE
14.3%
FCF Yield
—
Debt/Equity
0.2
MoS
-35.1%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
36
Previous: 36
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-35.1%
Previous: -37.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
36
36
36
36
36
36
36
36
36
36
36
36
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹98.93
-273.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹273.53
-35.1% MoS
PEG
1.33
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AARTECH
Small
Aartech Solonics Limited
Electrical Equipment
match 76
42
27.7
12.0%
+26%
WATCHLIST
VILAS
SME
Vilas Transcore Ltd.
Electrical Equipment
match 57
50
25.3
12.5%
+40%
FAIR VALUE
PRIMECAB
SME
Prime Cable Industries Ltd.
Electrical Equipment
match 55
58
24.8
37.8%
+27%
FAIR VALUE
MEIL
Small
Mangal Electrical Industries Limited
Electrical Equipment
match 54
58
15.4
11.3%
+59%
FAIR VALUE
REXPIPES
SME
Rex Pipes and Cables Industries Ltd.
Electrical Equipment
match 53
27
35.7
10.9%
+17%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-22T08:14:31.912Z
Management commentary snapshot
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.
Current business mix
Sales bifurcation by product category H1 25-26
Latest issuer-disclosed distribution across 4 reported categories.
Integrated control systems & EV Solutions59.0%
Engineered Metal Assemblies37.5%
Wire Harness2.4%
Precision Medtech Solutions0.4%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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".
Thesis monitor
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.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Industrials: 56th pctile, median 68 · SME: 77th pctile, median 64
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
90
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
48
watch · quarterly consistency
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.
Continue researching Saakshi Medtech and Panels Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Investor presentationJul 2025
Jul 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
Investor presentationDec 2024
Dec 2024 · PPT
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Concall transcriptDec 2024
Dec 2024 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.