Sahasra Electronic Solutions Ltd. (SAHASRA)
SME CapIndustrials stocks · SME cap · NSE
Sahasra Electronic Solutions is an integrated electronics system design and manufacturing company, part of the Sahasra Group with 25+ years experience. It delivers end-to-end solutions across design, engineering, and large-scale manufacturing for global OEMs, operating in PCB assembly, memory products, IT hardware & accessories, and semiconductor packaging, supported by in-house R&D.
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 needs verification, 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
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹78 Cr | NDF | +27.9% |
| EBITDA | ₹8 Cr | +900.0% | -27.3% |
| Operating margin | 10.0% | +1110 bps | -700 bps |
| PAT | ₹6 Cr | NDF | +0.0% |
| PAT margin | 7.7% | +1569 bps | -215 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
Consolidated Revenue grew 45% YoY to ₹138.8 cr in FY26, with PAT surging 617% to ₹12.1 cr, driven by strong EBITDA margin expansion to 13.1%. Orderbook stands at ₹68.5 cr.
Sahasra delivered strong revenue and profit growth in FY26, primarily driven by memory solutions and EMS. Management is targeting significant expansion and diversification, backed by substantial capex plans. However, working capital metrics remain elevated, and customer concentration is a notable concern.
Revenue by Segment (Consolidated FY26)
Latest issuer-disclosed distribution across 4 reported categories.
NAND Flash Memory Production
Majority focus towards NAND Flash Memory production with demand being at all time high due to the Memory Super Cycle as AI demand expands.
Exports
Exports are driving growth with over 60% of revenue contribution.
Semiconductor Ecosystem Entry
Strategic entry into semiconductor packaging through subsidiary acquisition, building capabilities across ICs, memory devices and advanced components.
Diversification into High-Growth Products
Expanding portfolio across PCBA, IT hardware, memory and semiconductor-linked products, including IOT, enterprise computing and IP-led solutions.
New Production Lines
2 more lines installed at SESL including box build and coating line, targeting large scale manufacturing potentials.
Semiconductor Expansion Investment
Investing ₹200 cr in semiconductor expansion.
R&D Investment
Investing ₹50 cr in R&D to build high-value IP and future capabilities.
New Package Development
Development of 48 TQFP, 68 QFN and UDP packages will add to product mix and revenue contribution in the next few quarters.
Memory Super Cycle & AI Demand
Demand for NAND Flash Memory is at an all-time high due to the Memory Super Cycle as AI demand expands.
China+1 Shift
Geopolitical risks and rising costs in China are accelerating the China+1 shift, with India emerging as a key alternative manufacturing hub.
Government Policy Support
India is benefiting from policy support (PLI, FDI reforms) and rapid ecosystem development in electronics manufacturing.
Automotive Semiconductor Growth
Automotive semiconductors are a high-growth segment, driven by EVs, electrification, and ADAS, with EV chips growing at ~30% CAGR.
Memory Market Cyclicality
Memory and storage markets offer high growth but remain cyclical, with risks like price volatility and oversupply affecting returns.
Mature Markets
Smartphones and PCs are mature markets with limited growth, expanding at only ~4-5% CAGR, indicating low upside for investors.
EV Adoption Sensitivity
Growth in automotive semiconductors is dependent on EV adoption and infrastructure, making it sensitive to regulatory delays and demand slowdowns.
Customer Concentration
Top 5 customer concentration stood at 55.6% of consolidated revenue in FY26.
Cash Conversion Cycle
Consolidated cash conversion cycle increased to 140 days in FY26 from 115 days in FY25, indicating potential working capital strain.
Global Market Risks
Management is strengthening risk management through diversification of product portfolio and client base, with India pivot contributing 45% of revenue to mitigate global market risks.
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 investor presentation provides both full-year (FY26 vs FY25) and half-year (H2 FY26 vs H2 FY25) comparisons. YoY is the primary basis for assessing overall annual business performance and progress against strategic targets.
Orderbook
Consolidated orderbook stood at ₹68.5 cr in FY26.
Revenue Cover (Orderbook/Revenue)
Orderbook of ₹68.5 cr against FY26 consolidated revenue of ₹138.8 cr implies a revenue cover of 0.49x.
EBITDA Margin
Consolidated EBITDA margin was 13.1% in FY26, a YoY growth of +523 bps.
PAT Margin
Consolidated PAT margin was 8.7% in FY26, a YoY growth of +1119 bps.
Revenue Target
Targeting consolidated revenue of ₹300 cr by FY 2027 post merger.
ODM Ambition
Aiming to establish Sahasra as an Original Design Manufacturer (ODM) in IT hardware and memory domain with in-house substrate design capabilities.
Policy Applications
The company is applying to ISM 2.0 and Rajasthan Semiconductor Policy 2026.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Revenue | ₹138.8 cr (FY26) | Progress towards the ₹300 cr target by FY27. |
| Cash Conversion Cycle | 140 days (FY26) | Improvement in working capital efficiency and reduction in cycle days. |
| Top 5 Customer Concentration | 55.6% (FY26) | Evidence of successful diversification efforts to reduce client concentration. |
| Semiconductor Capacity Ramp-up | ₹200 cr investment planned; Unit 3 utilization 6.1% (2026) | Commissioning timelines and utilization ramp-up of new semiconductor capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralMACD −
Technical chart
SAHASRAdaily · 1Y · AUTO+27.2%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 44.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 63% 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 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 8/15 to the score.
- Growth contributes 8/25 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Fair-value margin of safety is negative at -633.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; 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 23rd percentile of the scored universe and 18th percentile within Industrials. Main check: cash conversion is weak at 38/100.
Mixed Trust Lite: Promoter holding is 69.9%. Key concern: Operating cash flow is negative at ₹-10 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 18th pctile, median 68 · SME: 24th 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 69.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
Trust risks
- ▸Operating cash flow is negative at ₹-10 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 6%.
- ▸ROE is low at 6.2%.
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
- 54.20
- P/B
- 3.27
- EV/EBITDA
- 30.96
- Market Cap
- 769.00Cr
Profitability
- ROE
- 6.22%
- ROCE
- 6.04%
- ROA
- 3.18%
- Dividend Y
- 0.32%
Growth (CAGR)
- Revenue 5Y
- 44.79%
- EPS 5Y
- —
- Revenue 3Y
- 44.79%
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 3.60×
- Altman Z
- 4.78
- Book Value
- 94.10
Cash Flow
- FCF Yield
- 0.91%
- FCF Positive Y
- 1/5
- OCF
- -10.00 Cr
- EPS TTM
- 5.68
Shareholding
- Promoter Hold
- 69.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.