Sahana System Ltd. (SAHANA)
SME CapIT stocks · SME cap · NSE
Sahana System Ltd. is an ISO-certified IT firm founded in 2012, headquartered in Ahmedabad. It provides comprehensive technology solutions including Web/Mobile App, AI/ML, Cyber Security, and IT outsourcing. The company also trades hardware and is entering the EV charging station industry, catering to sectors like Healthcare, Defence, Retail, Education, Banking, and Fintech with an international presence.
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.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
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
Good · 72/100Rev +382% YoY · PAT +236% YoY · +90% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹217 Cr | +382.2% | +90.3% |
| EBITDA | ₹62 Cr | +72.2% | +63.2% |
| Operating margin | 29.0% | -300 bps | -400 bps |
| PAT | ₹47 Cr | +235.7% | +67.9% |
| PAT margin | 21.7% | -8 bps | -290 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
Sahana System reported robust H1FY26 performance with revenue of ~₹114 crore, a 116.9% YoY increase, and PAT of ~₹27.7 crore, up 95.5% YoY. EBITDA margin was ~33.2% and PAT margin ~24.2%, supported by higher utilization and an improved mix of digital projects.
The company delivered strong H1FY26 results, driven by significant YoY revenue and PAT growth. Margins remained healthy, supported by strategic focus on higher-value digital projects and international expansion. Management's confidence in demand visibility and new ventures like EV infrastructure suggests continued momentum, though working capital efficiency needs monitoring.
Deep-tech solutions
Focus on AI/ML, DefenceTech, Electronic Warfare, FinTech, and Smart Classroom solutions.
EV charging infrastructure
Entering the EV infrastructure space in Andhra Pradesh to build a long-term sustainable business line.
International expansion
Strengthen global footprint through new delivery hubs, strategic partnerships, and entry into high-potential markets like the Middle East and APAC.
Higher-margin offerings
Expanding higher-margin offerings in defence-tech, fintech platforms, AI-led product engineering and cloud services.
EV Charging Stations
Intends to enter into growing Electric Vehicles (“EV”) industry by setting up various EV charging stations across the state of Andhra Pradesh.
Government push for the sector
DPIIT-recognized startup, empanelled by NREDCAP, multiple ISO certifications.
Demand visibility
Management remains confident about demand visibility across digital, defence and enterprise technology.
Strong order book
Repeat govt and enterprise contracts; expanding EV infrastructure projects.
Working capital efficiency
Management continues to focus on improving working-capital efficiency.
Working capital management
Management continues to focus on improving working-capital efficiency.
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.
YoY comparison is crucial for assessing the significant growth trajectory (Revenue +116.9%, PAT +95.5%). QoQ comparison (Revenue -0.6%, PAT +10.4%) provides insight into sequential momentum and margin stability, especially given the H1/H2 split.
EBITDA Margin
33.15% (H1 FY26)
PAT Margin
24.23% (H1 FY26)
Working Capital Days
55 (FY25)
Utilisation
Higher utilisation (H1 FY26)
Double-digit growth
Company aims to maintain double-digit growth.
Margin strengthening
Strengthen margins through higher-value contracts.
Global scaling
Scale globally in APAC, Middle East and North America.
Capital allocation
Disciplined approach to capital allocation and operational efficiency.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 116.9% YoY (H1 FY26) | Sustained double-digit growth and contribution from new business lines. |
| PAT Margin | 24.23% (H1 FY26) | Improvement through higher-value contracts and operational efficiency. |
| Working Capital Days | 55 days (FY25) | Improvement in working capital efficiency as stated by management. |
| EV Charging Station Rollout | Intends to enter Andhra Pradesh | Specific timelines and progress on setting up EV charging stations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 -2.7% / mo · MACD +
Technical chart
SAHANAdaily · 1Y · AUTO-9.0%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 61.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.8% over last month) — short-term momentum negative.
- RSI(14) at 61 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 27% off 52W high · 34% 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 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 57.5%.
- Quality contributes 17/20 to the score.
Main drags
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Valuation is weaker at 15/30; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
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: -3 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.
Healthy Trust: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 58th percentile within IT. Main check: promoter alignment is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 45%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 58th pctile, median 69 · SME: 81st pctile, median 64
3 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
Healthy 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 pledge is zero.
- ▸Debt/equity is 0.07.
- ▸ROCE is 39.8%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 45%.
- ▸Promoter holding is only 10%.
- ▸ROCE trend is -5.9%.
- ▸OPM spread across recent quarters is 18%.
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
- 14.40
- P/B
- 3.87
- EV/EBITDA
- 9.29
- Market Cap
- 976.00Cr
Profitability
- ROE
- 31.70%
- ROCE
- 39.80%
- ROA
- 19.43%
- Dividend Y
- 0.09%
Growth (CAGR)
- Revenue 5Y
- 139.81%
- EPS 5Y
- 132.08%
- Revenue 3Y
- 139.00%
- EPS 3Y
- 122.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 50.00×
- Altman Z
- 7.20
- Book Value
- 238.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 41.00 Cr
- EPS TTM
- 64.03
Shareholding
- Promoter Hold
- 10.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 73%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable peers in IT — 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.