Seshaasai Technologies LimitedQ2 FY27 Results & Financial Update
Seshaasai Technologies Limited: Q2 FY27 consolidated results and company financials – revenue ₹405.31 Cr, PAT ₹69.73 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
Seshaasai Technologies price & chart
Market priceLoading…
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Seshaasai Technologies Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Seshaasai Technologies Limited reported operating revenue of ₹405.31 crore (₹4,053.1 million) for Q2 FY27, representing a 15.0% year-on-year increase compared to ₹352.34 crore in Q2 FY26. Sequentially, revenue grew 7.7% over Q1 FY27.
Profit after tax (PAT) reached ₹69.73 crore (₹697.3 million) for the quarter, marking a 21.0% increase over the ₹57.64 crore recorded in the corresponding period of the previous year.
Growth across business segments was led by the Payment Solutions division, which posted revenue of ₹218.26 crore, up 21.7% year-on-year and 38.0% sequentially, supported by higher volumes of domestic payment cards, metal cards, card exports, and mass-transit programs.
Communication and Fulfilment Solutions contributed ₹129.0 crore in revenue during the quarter, reflecting steady enterprise account additions, contract renewals with leading public sector life insurers, and fulfillment solution agreements with public sector banks.
IoT Solutions revenue stood at ₹55.2 crore, backed by the addition of 6 new enterprise and system integrator customers across various industries along with growing SIM card volume contributions.
Gross margins recovered by 89 basis points sequentially to 42.5% in Q2 FY27, though remaining 331 basis points below Q2 FY26 levels due to persistent input cost pressures from elevated USD/INR exchange rates and West Asia supply-chain disruptions.
Profitability expansion was reinforced by a significant reduction in finance costs—down 74.9% year-on-year to ₹1.88 crore—driven by the structural benefits of debt repayment and stronger liquidity following prior capital raising.
01 · Business model
What does Seshaasai Technologies do?
Seshaasai Technologies Limited (formerly known as Seshaasai Business Forms Limited) operates as a specialized provider of secure payment solutions, communication and fulfilment solutions (CFS), and Internet of Things (IoT) technologies.
The company's primary product lines include debit, credit, metal, biometric, and transit payment cards, payment QR codes, cheques, secure insurance policies, digital communications, passbooks, and RFID tags and readers.
It serves a vast and entrenched client base across India, catering to public sector undertakings, private banks, small finance banks, life and general insurance companies, and fintech enterprises through a network of 25 pan-India manufacturing units spread across 7 locations in 6 states.
Seshaasai builds its operational model around proprietary technology platforms such as rubic, eTaTrak, izeIoT, and IOMS, enabling high-volume personalized output management, secure logistics, and end-to-end traceability for banking and corporate clients.
02 · Historical context
What shaped the business before this quarter
The company operated previously under the name Seshaasai Business Forms Limited before transitioning to Seshaasai Technologies Limited.
Promoters and senior leadership have brought over three decades of operational experience since the inception of the business.
The company established a significant market share of 31.9% in credit and debit card issuance in India during FY25.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Year-ago |
|---|---|---|
| Revenue from operations | ₹405.31 Cr | ₹1.53 Cr |
| Total income | ₹411.25 Cr | — |
| Profit before tax | ₹94.00 Cr | — |
| Profit after tax | ₹69.73 Cr | ₹0.20 Cr |
| EPS | ₹4.25 | — |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Payment Solutions revenue grew to ₹2,182.6 million, up 21.7% YoY, driven by higher domestic card volumes, metal cards, mass-transit programs, and card exports.
The company maintained its wallet share across its top 10 customers during the quarter, with 99.7% of revenues stemming from existing client relationships.
IoT Solutions revenue reached ₹552 million, aided by expanding SIM card volume contributions and the addition of 6 new enterprise accounts.
What drove margins
Gross margin recovered by 89 basis points sequentially to 42.5% in Q2 FY27 due to an improved product mix, recovering from 41.7% in Q1 FY27.
Gross margin remained 331 basis points below the 45.9% reported in Q2 FY26 due to elevated USD/INR exchange rates and logistics disruptions arising from West Asia conflicts affecting material costs.
Finance costs dropped sharply by 74.9% YoY to ₹18.8 million from ₹75.0 million, reflecting structural interest savings from debt repayment.
05 · Demand, customers & order book
Where demand is coming from
Top 10 customers accounted for 57.0% of revenue in Q2 FY27, down from 63.0% in FY26; the top customer contributed 11.8%.
8 out of the top 10 customers maintain a partnership vintage of over 10 years with the company.
Added 144 new customers during Q2 FY27, bringing total active customers to 1,042 as of September 30, 2026.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated ₹2,183 million in Q2 FY27, reflecting strong traction in hybrid, metal edge, and metal insert cards alongside transit and export programs.
Contributed ₹1,290 million in Q2 FY27, underpinned by secure document consolidation, logistics traceability, and multi-year contract renewals with PSU insurers.
Delivered ₹552 million in Q2 FY27, supported by passive and active RFID tags, automation hardware, and growing adoption across retail, pharma, and logistics.
Geography and market mix
Operations are supported by 25 self-sustaining manufacturing units located across 7 cities in 6 states, ensuring regional proximity to major banking hubs.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Maintains 25 manufacturing units and 2 in-house R&D laboratories dedicated to indigenous technology upgrades and secure personalization.
Projects, capex and execution
Utilized ₹231.0 million toward capital expenditure during Q2 FY27, bringing cumulative capex utilization out of IPO proceeds to ₹849.2 million with ₹1,130.0 million unutilized.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Leveraged proprietary software platforms including izeIoT, rubic, eTaTrak, and IOMS to deliver scalable, secure output management and real-time shipment visibility.
09 · Reported developments
What changed operationally
Reported a 21.0% YoY increase in PAT to ₹697.3 million for Q2 FY27.
Secured multi-year tenders and contract renewals from leading public sector banks and life insurers during the quarter.
10 · Pressure points & risks
What is not going smoothly
Gross margin contracted by 331 basis points YoY to 42.5% due to higher material costs driven by the USD/INR exchange rate environment and West Asia logistical hurdles.
11 · Items worth noticing
The line items that can distort a quick read
Other income stood at ₹59.4 million for Q2 FY27, compared to ₹10.7 million in Q2 FY26 and ₹71.0 million in Q1 FY27.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Held approximately ₹3,144 million in cash and cash equivalents as of September 30, 2026, which includes ₹1,196 million of unutilized IPO proceeds.
Capital allocation & funding
The full allocation of ₹3,000.0 million earmarked for debt repayment from IPO proceeds has been fully deployed, leaving zero unutilized balance for this object.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Corporate Identity
The company formally changed its name from Seshaasai Business Forms Limited to Seshaasai Technologies Limited to reflect its broader technology and IoT capabilities.
14 · Previous-quarter changes
What changed since the previous quarter
Operating revenue increased by 7.7% sequentially from ₹3,764.7 million in Q1 FY27 to ₹4,053.1 million in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Seshaasai Technologies do?
Seshaasai Technologies Limited (formerly known as Seshaasai Business Forms Limited) operates as a specialized provider of secure payment solutions, communication and fulfilment solutions (CFS), and Internet of Things (IoT) technologies.
What is the clearest takeaway from Q2 FY27?
Seshaasai Technologies Limited reported operating revenue of ₹405.31 crore (₹4,053.1 million) for Q2 FY27, representing a 15.0% year-on-year increase compared to ₹352.34 crore in Q2 FY26. Sequentially, revenue grew 7.7% over Q1 FY27.
What drove revenue or demand?
Payment Solutions revenue grew to ₹2,182.6 million, up 21.7% YoY, driven by higher domestic card volumes, metal cards, mass-transit programs, and card exports.
What mattered most for margins or profitability?
Gross margin recovered by 89 basis points sequentially to 42.5% in Q2 FY27 due to an improved product mix, recovering from 41.7% in Q1 FY27.
What changed operationally beyond the headline numbers?
Maintains 25 manufacturing units and 2 in-house R&D laboratories dedicated to indigenous technology upgrades and secure personalization.
What are the main pressure points disclosed for the quarter?
Gross margin contracted by 331 basis points YoY to 42.5% due to higher material costs driven by the USD/INR exchange rate environment and West Asia logistical hurdles.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Margin Trajectory: Monitor gross and EBITDA margin recovery against currency fluctuations and raw material price movements.
- 02
Capex Deployment: Track the deployment pace of the remaining ₹1,130 million unutilized IPO capex funds toward manufacturing expansion.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.