Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Sep - Seshaasai won a 3-year centralized printing and fulfilment contract from a leading public sector life insurer.
Source: Bse
Seshaasai Technologies Limited (STYL)
Micro CapFinancial Services stocks · Micro cap · NSE
Seshaasai Technologies Limited (STYL) provides payment solutions (cards), communication & fulfilment solutions (CFS) for BFSI, and IoT solutions. It leverages proprietary platforms like izeIoT, RUBIC, eTaTrak, and IOMS, serving banks, FinTechs, and enterprises across India with advanced manufacturing capabilities.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result24 Jul, 01:32 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -7.3% / mo · RSI oversold · MACD −
Stock trend: 46
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
STYLD candles · FIT view+30.7%Latest close ₹313.45 on 2026-10-19
Bar
-4.4%
RSI
25
MACD hist
-4.13
52W pos
46%
2026-10-19O ₹328.00H ₹331.05L ₹312.50C ₹313.45Vol 80,988 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
STYLNifty Financial ServicesNifty 500
- STYL
- -16.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -10.6 pp
Chart stats
19 Oct 2026- From 52W high
- -27.9%
- 52W range position
- 46%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.63x
- Avg traded value
- ₹4.5 Cr
- 20D price channel
- ₹312.5 - ₹394
₹434.7
₹209.1 - ₹434.7
₹16.5
Latest completed session
20-session average
37.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +20.9% · PAT +62.2% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model+24.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
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 30 Jun 2026
Good · 67/100Rev +21% YoY · PAT +62% YoY · operating leverage · margin compression
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹376 Cr | +20.9% | -6.9% |
| EBITDA | ₹87 Cr | +22.5% | -26.3% |
| Operating margin | 23.0% | +0 bps | -600 bps |
| PAT | ₹60 Cr | +62.2% | -26.8% |
| PAT margin | 16.0% | +406 bps | -434 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.00
- P/B
- 3.89
- EV/EBITDA
- 12.81
- Market Cap
- 5540.00Cr
Profitability
- ROE
- 23.30%
- ROCE
- 27.70%
- ROA
- 15.84%
- Dividend Y
- 0.73%
Growth (CAGR)
- Revenue 5Y
- -1.10%
- EPS 5Y
- 16.03%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 26.33×
- Altman Z
- 9.06
- Book Value
- 88.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 220.00 Cr
- EPS TTM
- 16.30
Shareholding
- Promoter Hold
- 81.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 376-6.9% vs prev
Net Profit
₹ CrLatest: 60.0-26.8% 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 25. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 25 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 50% 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
55
RS percentile
Stage 1 Base / Transition
1M return
-13.0%
3M return
-16.2%
6M return
+22.8%
1Y return
-18.1%
RS 1D
-4
RS 20D
-30
Sector rank
#10
Industry rank
-
Stage evidence
- Price is within 0.9% of the 30-week proxy.
- The 30-week proxy changed +4.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
260 observations
19 Oct 2026Value 78.58-3.71%
RS vs Nifty 50079
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation5/30
Growth17/25
Quality16/20
Balance Sheet11/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 24.6%.
- Quality contributes 16/20 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Growth is weaker at 17/25; 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
21.0
PB
3.9
EV/EBITDA
12.8
ROE
23.3%
ROCE
27.7%
FCF Yield
—
Debt/Equity
0.1
MoS
+24.6%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+24.6%
Previous: +24.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
56
56
56
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
₹179.85
-74.3% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹415.65
+24.6% MoS
PEG
0.94
Comparable companies
Peers
Business-comparable peers in Financial Services — 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
RATEGAIN
Micro
Rategain Travel Technologies Limited
IT Services / Digital
match 144
40
39.2
11.9%
-24%
WATCHLIST
PAISALO
Small
Paisalo Digital Limited
IT Services / Digital
match 142
29
29.4
14.4%
+9%
OVERVALUED
CCAVENUE
Micro
AvenuesAI Limited
IT Services / Digital
match 139
57
16.3
6.6%
+43%
FAIR VALUE
RELIABLE
Small
Reliable Data Services Limited
IT Services / Digital
match 137
43
16.0
10.9%
+52%
WATCHLIST
ZENTEC
Large
Zen Technologies Limited
IT Services / Digital
match 130
43
80.9
10.7%
-107%
WATCHLIST
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 2026-07-24T00:41:40.490Z
Management commentary snapshot
Q1FY27 revenue grew 21.1% YoY to ₹3,764.7 mn, but declined 6.9% QoQ. PAT surged 63.8% YoY to ₹603.4 mn, with PAT margin improving to 16.0%. Gross margin moderated YoY and QoQ due to higher raw material prices and logistics costs.
STYL delivered strong YoY growth in Q1FY27, particularly in PAT, driven by debt repayment and operating leverage. However, sequential revenue and margin moderation, attributed to seasonality and external cost pressures, warrants close monitoring. New customer additions and IPO fund deployment are positive, but margin recovery is key.
Current business mix
Revenue by Customer Type (Q1FY27)
Latest issuer-disclosed distribution across 2 reported categories.
BFSI75.0%
Non BFSI25.0%
Growth engines
Payment Solutions - Metal Cards
Growing interest in metal cards across PSU & Private banks, FinTechs targeting GenZ & Wealth customers.
Payment Solutions - Regulatory Clarity
Clarity in regulatory landscape enabling FinTechs to design compliant products which can spur growth.
IoT Solutions - Affordability & Adoption
RFID tags & hardware infrastructure becoming more affordable with expanding scale; successful project rollouts catalyzing broader adoption.
IoT Solutions - SIM Card Demand
Prepaid SIM card market's large soft churn drives demand for physical SIMs; eSIM has cross-industry potential.
Capacity and execution
RFID Tag Capacity
Increased capacity across existing locations for RFID tag offerings.
Tailwinds
Payment Solutions - Renewal Volumes
Post-covid issuance surge to have corresponding renewal volumes moving in tandem.
Payment Solutions - Differentiated Cards
Banks focusing on differentiated card experience for customers (LED cards, wooden cards, biometric cards etc.).
CFS - Customer Consolidation
Customers seeking to consolidate their requirements with high degree of security & service levels along with end-to-end offerings.
IoT Solutions - Automation & Supply Chains
The need to achieve more from less through process automation and for agile, localised supply chains.
Headwinds
Gross Margin Pressure
Higher raw material prices, currency depreciation, and elevated logistics costs arising from the West Asia conflict.
Risk radar
Supply Chain Disruptions
Impact of West Asia conflict on logistics costs and raw material prices affecting gross margins.
Customer Concentration
Top 10 customers contributed 56.0% of revenue during Q1FY27.
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 reflects underlying business growth from a subdued base in Q1FY26. QoQ comparison is crucial to understand sequential momentum and seasonality, as Q4 is historically the strongest quarter, and Q1FY27 showed moderation.
Sector KPIs management disclosed
Revenue from Operations
₹3,764.7 mn, ↑ 21.1% YoY, ↓ 6.9% QoQ
PAT
₹603.4 mn, ↑ 63.8% YoY, ↓ 26.2% QoQ
PAT Margin
16.0%, ↑ 418 bps YoY, ↓ 421 bps QoQ
EBITDA Margin
25.1%, ↑ 135 bps YoY, ↓ 573 bps QoQ
Management forward view
Supply Chain Agility
Management continues to focus on enhancing supply-chain agility through diversified sourcing and strategic inventory management.
Operating Leverage
Improved operating leverage and expense optimisation initiatives led to other expenses reducing as a percentage of revenue.
Capitalization
Company remains well capitalized with ₹3690 Mn cash and cash equivalents, including ₹1700 Mn unutilized IPO funds.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Margin | 41.7% (Q1FY27) | Stabilization and recovery from current pressures. |
| Revenue Growth (QoQ) | -6.9% (Q1FY27) | Sequential performance beyond Q4 seasonality. |
| IPO Capex Utilization | ₹618.2 mn utilized (Q1FY27) | Deployment of remaining ₹1,361.0 mn for future growth. |
| New Customer Additions | 263 new customers in Q1FY27 | Continued diversification and reduction in customer concentration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited 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 93rd percentile of the scored universe and 94th percentile within Financial Services. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
20 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Financial Services: 94th pctile, median 62 · Micro: 86th pctile, median 73
Evidence depth
Financial-only
20 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
Can support position sizing if valuation and trend also agree.
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
55
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 81.8%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.06.
- ▸ROCE is 27.7%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Seshaasai Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 10 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - Seshaasai Technologies to announce Q1 FY27 results on July 23, 2026; earnings call on July 24 at 4:00 PM.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 11 Aug - Crisil report on Q1 FY27 IPO/pre-IPO proceeds; Rs 4,299.20 million utilized, capex deployment delayed.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 2h - Seshaasai Technologies approved Q1FY27 results; revenue rose 21.1% YoY to ₹3,764.7 million, PAT up 63.8%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.