Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
S A Tech Software India Ltd. (SATECH)
SME CapIT stocks · SME cap · NSE
SA Tech, founded in 2012, helps global companies set up and grow Global Capability Centres (GCCs) in India. They provide product engineering, AI consulting, and IT solutions, leveraging advanced AI. The company is CMMI Level 5 certified, focusing on enterprise transformation and global expansion.
₹34.35
-2.65 · -7.16%
Market cap ₹48.2 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result20 May, 10:21 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
52Neutralfull bear SMA stack · SMA20 -3.7% / mo · MACD − · near 52W low · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 20
Sector RS: 100
Sector 3M: +13.7% vs Nifty 500 -5.6%
IT FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
SATECHD candles · FIT view-25.3%Latest close ₹34.35 on 2026-10-21
Bar
-4.6%
RSI
42
MACD hist
-0.21
52W pos
11%
2026-10-21O ₹36.00H ₹36.00L ₹34.35C ₹34.35Vol 3,000 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
SATECHNifty ITNifty 500
- SATECH
- -0.1%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- +6.3 pp
Chart stats
21 Oct 2026- From 52W high
- -43.5%
- 52W range position
- 11%
- ATR (14)
- 6.0%
- Volume vs 20D
- 0.30x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹32.8 - ₹39.8
₹60.8
₹31.2 - ₹60.8
₹2.1
Latest completed session
20-session average
54.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED13
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model-6135.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
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
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹63 Cr | NDF | +26.0% |
| EBITDA | ₹5 Cr | NDF | NDF |
| Operating margin | 8.0% | NDF | +720 bps |
| PAT | ₹3 Cr | NDF | NDF |
| PAT margin | 4.8% | NDF | +676 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 22.90
- P/B
- 1.16
- EV/EBITDA
- 9.53
- Market Cap
- 48.20Cr
Profitability
- ROE
- 5.05%
- ROCE
- —
- ROA
- 2.38%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- -71.43%
- Revenue 3Y
- 12.00%
- EPS 3Y
- -71.43%
Balance Sheet
- Debt/Equity
- 0.67
- Interest Coverage
- 3.00×
- Altman Z
- 2.92
- Book Value
- 32.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 11.00 Cr
- EPS TTM
- 1.62
Shareholding
- Promoter Hold
- 69.64%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 63.0+26.0% vs prev
Net Profit
₹ CrLatest: 3.0+400.0% 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
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.8% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 43% off 52W high · 10% 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
26
RS percentile
Stage 4 Downtrend
1M return
-14.1%
3M return
+2.5%
6M return
-22.8%
1Y return
-36.7%
RS 1D
-5
RS 20D
-3
Sector rank
#7
Industry rank
#37
Stage evidence
- Price is 11.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.2%.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
257 observations
21 Oct 2026Value 66.24-5.32%
RS vs Nifty 50066
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation5/30
Growth4/25
Quality0/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
13
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
13/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 8/15 to the score.
- Valuation contributes 5/30 to the score.
- Growth contributes 4/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Fair-value margin of safety is negative at -6135.3%.
- Quality is weaker at 0/20; 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
22.9
PB
1.2
EV/EBITDA
9.5
ROE
5.0%
ROCE
—
FCF Yield
—
Debt/Equity
0.7
MoS
-6135.3%
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
13
Previous: 13
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-6135.3%
Previous: -6617.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
13
13
13
13
13
13
13
13
13
13
13
13
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
₹34.15
-0.6% MoS
Growth-justified P/E
0.3
Growth-justified Value
₹0.55
-6135.3% MoS
PEG
—
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
VERTEXPLUS
SME
Vertexplus Technologies Ltd.
IT Services / Digital
match 157
7
—
-21.4%
—
OVERVALUED
PARAMATRIX
SME
Paramatrix Technologies Ltd.
IT Services / Digital
match 156
15
24.8
4.0%
-580%
OVERVALUED
SYNOPTICS
SME
Synoptics Technologies Ltd.
IT Services / Digital
match 156
53
10.5
5.7%
+70%
FAIR VALUE
MICROPRO
SME
Micropro Software Solutions Ltd.
IT Services / Digital
match 155
14
—
-2.9%
—
OVERVALUED
TRIDHYA
SME
Tridhya Tech Ltd.
IT Services / Digital
match 153
14
12.1
3.0%
-127%
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 2026-08-22T09:11:55.289Z
Management commentary snapshot
SATECH reported FY26 revenue of ₹112.15 crore and PAT of ₹2.17 crore. H2 FY26 showed significant sequential improvement with Total Income of ₹63.55 crore, EBITDA of ₹6.08 crore, and PAT of ₹2.81 crore, demonstrating stronger performance over H1 FY26.
H2 FY26 demonstrated meaningful sequential improvement across key financial parameters, driven by focused execution and stronger client relationships. The company is strategically expanding its global footprint and strengthening its GCC enablement expertise, positioning it for continued growth into FY27.
Current business mix
Business Model Mix (Current)
Latest issuer-disclosed distribution across 2 reported categories.
Offshore & GCC50.0%
Consulting50.0%
Growth engines
GCC Enablement
Strengthened order pipeline across GCC enablement through new client wins and deeper engagement. Enabled Axiado Corporation’s India GCC launch.
Digital Engineering & Cloud Transformation
Strengthened order pipeline across digital engineering, cloud transformation, and data-driven services.
AI-enabled Solutions
Launched SAT Leasing, India’s first AI-enabled IT asset leasing platform. Implementing AI across operations to increase efficiency.
Global Expansion
Expanded global footprint with a strategic presence in New York City. Building sales team for Europe & Middle East.
Capacity and execution
New York City Office
Expanded global footprint with a strategic presence in New York City to strengthen on-ground engagement with international clients.
Axiado Corporation India GCC
Successfully enabled Axiado Corporation’s India GCC launch in Bengaluru, reinforcing expertise in setting up and scaling GCCs.
Canada Expansion
Global Operations Growth: Canada – Board Approved.
Tailwinds
Healthy Demand Visibility
Entering FY27, the Company is positioned on a much stronger foundation with healthy demand visibility.
Expanding Order Book
Entering FY27, the Company is positioned with an expanding order book.
Growing GCC Opportunities
Entering FY27, the Company is positioned with growing GCC opportunities. India GCC market size expected to reach $110B by FY30.
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 company explicitly highlights both H2 FY26 performance compared to H1 FY26, indicating sequential momentum, and provides full-year FY26 vs FY25 figures for overall growth trends. Both comparisons are crucial for understanding the business trajectory.
Sector KPIs management disclosed
FY26 Revenue
₹11,215.30 Lakhs
FY26 PAT
₹216.74 Lakhs
H2 FY26 Total Income
₹6,354.54 Lakhs
H2 FY26 EBITDA
₹608.14 Lakhs
Management forward view
FY27 Revenue Target
Revenue target of ₹150+ crore for FY27.
FY27 Gross Margin Expectation
Expected Gross Margin of 27-30% for FY27.
Continued H2 Trajectory
Optimistic that the strong H2 trajectory will continue into H1 FY27 and beyond.
Strategic Focus on GCC
Expected model is focusing more on GCC, which has a gross profit margin of 30% and saves on taxes.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue | ₹112.15 crore (FY26) | Achievement of ₹150+ crore revenue target. |
| Gross Margin | Not explicitly stated for FY26 | Achievement of 27-30% gross margin in FY27, especially from GCC business. |
| Order Book Growth | Expanding | Continued expansion of order book, particularly in digital engineering, cloud, data, and GCC enablement. |
| GCC Business Contribution | 50% of current business model (Offshore & GCC) | Shift towards a greater focus on GCC business as per expected model. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited 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 20th percentile of the scored universe and 15th percentile within IT. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · IT: 15th pctile, median 69 · SME: 21st 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 69.6%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸ROE is low at 5.1%.
- ▸Revenue CAGR is 12% but EPS CAGR is -71.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching S A Tech Software India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · Investor Presentation 25 May 2026 - SA Tech shared H2/FY26 earnings presentation; FY26 revenue ₹112.15 crore, PAT ₹2.17 crore.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Outcome of Board Meeting 20 Aug - Board approved 14th AGM on 14 Sept 2026 and annual report, board report, and notice.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Annual reportMar 2025
Sep 2026 · Shareholders meeting 21 Aug - 14th AGM on 14 September 2026; annual report and notice dispatched electronically.
Source: Nse
Investor presentationDec 2024
Dec 2024 · PPT
Source: Nse
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.