Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
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.
₹924.55
-38.30 · -3.98%
Market cap ₹943 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 07:57 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
83Strong Bullfull bull SMA stack · SMA20 -1.7% / mo · MACD + · sector +17.5pp vs Nifty 500 (3M)
Stock trend: 72
Sector RS: 100
Sector 3M: +11.7% vs Nifty 500 -5.8%
IT FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
SAHANAD candles · FIT view+28.0%Latest close ₹924.55 on 2026-10-21
Bar
-3.9%
RSI
55
MACD hist
7.30
52W pos
79%
2026-10-21O ₹962.00H ₹975.00L ₹900.00C ₹924.55Vol 57,750 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
SAHANANifty ITNifty 500
- SAHANA
- +22.0%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- +28.5 pp
Chart stats
21 Oct 2026- From 52W high
- -9.0%
- 52W range position
- 79%
- ATR (14)
- 5.3%
- Volume vs 20D
- 1.46x
- Avg traded value
- ₹3.7 Cr
- 20D price channel
- ₹782.1 - ₹988.6
₹1,015.8
₹570.8 - ₹1,015.8
₹49.1
Latest completed session
20-session average
67.0% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED66
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +382.2% · PAT +235.7% YoY
Technical
Strong Bull83
Price trend and sector-relative-strength timing.
Valuation
Legacy model+55.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
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
Good · 72/100Rev +382% YoY · PAT +236% YoY · +90% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹217 Cr | +382.2% | +90.3% |
| EBITDA | ₹62 Cr | NDF | +63.2% |
| Operating margin | 29.0% | NDF | -400 bps |
| PAT | ₹47 Cr | +235.7% | +67.9% |
| PAT margin | 21.7% | NDF | -290 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.90
- P/B
- 3.74
- EV/EBITDA
- 8.98
- Market Cap
- 943.00Cr
Profitability
- ROE
- 31.70%
- ROCE
- 39.80%
- ROA
- 19.43%
- Dividend Y
- 0.21%
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
- 7.05
- 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
- 72%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 217+90.4% vs prev
Net Profit
₹ CrLatest: 47.0+67.9% 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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 55 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 9% off 52W high · 62% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
80
RS percentile
Stage 2 UptrendNew S2
1M return
+9.9%
3M return
+22.0%
6M return
+28.8%
1Y return
+9.1%
RS 1D
0
RS 20D
+24
Sector rank
#7
Industry rank
#37
Stage evidence
- Price is 19.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +0.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
15 Oct 2026
S2 age
4 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 104.07-3.08%
RS vs Nifty 500104
Valuation & peers
U-Score 66 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 66 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation15/30
Growth20/25
Quality17/20
Balance Sheet7/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
66
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
66/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 55.0%.
- 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.
Sector valuation model
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.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
13.9
PB
3.7
EV/EBITDA
9.0
ROE
31.7%
ROCE
39.8%
FCF Yield
—
Debt/Equity
0.1
MoS
+55.0%
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: 22 Oct 2026
v4.3-runtime-valuation
Final score
66
Previous: 66
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+55.0%
Previous: +55.0%
Score history
12 stored score snapshots. Latest stored move: +1 points.
22 Oct 2026
v4.3-runtime-valuation
66
66
69
65
65
65
65
65
65
65
65
66
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
₹585.56
-57.9% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹2,055.36
+55.0% MoS
PEG
0.11
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ZTECH
SME
Z-Tech (India) Ltd.
IT Services / Digital
match 156
44
34.7
20.9%
+7%
WATCHLIST
PRIZOR
SME
Prizor Viztech Ltd.
IT Services / Digital
match 154
49
65.9
35.8%
-74%
FAIR VALUE
ONWARDTEC
Small
Onward Technologies Limited
IT Services / Digital
match 154
70
19.1
19.5%
+36%
UNDERVALUED
VGINFOTECH
SME
Virtual Galaxy Infotech Ltd.
IT Services / Digital
match 153
72
20.9
48.0%
+72%
UNDERVALUED
RMDRIP
Small
R M Drip and Sprinklers Systems Limited
IT Services / Digital
match 153
60
28.5
37.2%
+28%
UNDERVALUED
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 2026-08-22T08:41:40.369Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
Working capital efficiency
Management continues to focus on improving working-capital efficiency.
Risk radar
Working capital management
Management continues to focus on improving working-capital efficiency.
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
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.
Sector KPIs management disclosed
EBITDA Margin
33.15% (H1 FY26)
PAT Margin
24.23% (H1 FY26)
Working Capital Days
55 (FY25)
Utilisation
Higher utilisation (H1 FY26)
Management forward view
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.
Thesis monitor
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.
Trust Score
70Limited 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 63rd percentile of the scored universe and 58th percentile within IT. Main check: promoter alignment 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
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · IT: 58th pctile, median 69 · SME: 81st pctile, median 64
Evidence depth
Financial-only
3 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
48
watch · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
77
strong · quarterly consistency
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.
Continue researching Sahana System Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Sep 2026 · Updates 11 Sep - AGM on September 30, 2026; annual report link shared and shareholders asked to update KYC.
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.