Seshaasai Q4 FY26 revenue rises 9.6% to INR 405 crore
Seshaasai Technologies Limited announced its Q4 and full-year FY26 financial results, reporting a 9.6% YoY revenue increase in Q4 to INR 405 crore, while full-year revenue dipped 1.5% to INR 1,441 crore due to softness in payment solutions. Profitability improved with Q4 PAT reaching INR 82 crore and full-year PAT at INR 240 crore, supported by margin expansion in communication and IoT segments. The company recommended a dividend of INR 2.5 per share and highlighted operational milestones such as the commencement of SIM card manufacturing and the receipt of GSMA certification for eSIMs.
*this image is generated using AI for illustrative purposes only.
Seshaasai Technologies Limited reported a 9.6% year-on-year increase in revenue from operations to INR 405 crore for the quarter ended March 31, 2026, driven by strong execution across verticals. The company’s profit after tax (PAT) for the quarter stood at INR 82 crore, reflecting a PAT margin of 20.2%, an increase of 316 basis points YoY. This performance was supported by EBITDA of INR 125 crore, with an EBITDA margin of 30.8%, up 330 basis points YoY, aided by operating leverage and improved business mix.
For the full year FY26, Seshaasai Technologies recorded total revenue of INR 1,441 crore, a slight decline of 1.5% YoY. The decline was primarily attributed to temporary moderation in the Payment Solutions business due to industry-wide factors, including lower renewal card volumes. However, this was offset by strong growth in Communication and Fulfilment Solutions, which grew 29% YoY, and IoT Solutions, which grew 45% YoY. Full-year EBITDA stood at INR 394 crore with a margin of 27.4%, while PAT was INR 240 crore with a margin of 16.7%.
Financial Performance Summary
| Metric | Q4 FY26 | FY26 |
|---|---|---|
| Total Revenue | INR 405 crore | INR 1,441 crore |
| EBITDA | INR 125 crore | INR 394 crore |
| EBITDA Margin | 30.8% | 27.4% |
| PAT | INR 82 crore | INR 240 crore |
| PAT Margin | 20.2% | 16.7% |
Business Segment Update
Payment Solutions contributed approximately 50% to total revenue in FY26. The segment faced headwinds from moderation in issuance volumes and tighter regulatory environments but added 21 new customers. The company was granted a patent for metal cards in February 2026 and won a multi-year tender from a leading PSU bank worth INR 8.7 crore.
Communication and Fulfilment Solutions contributed 39% of total revenue, recording 29% YoY growth. The segment leveraged proprietary platforms like RUBIC and eTaTrak to manage secure communication requirements.
IoT Solutions contributed 11% of total revenue, witnessing 45% YoY growth. The Bengaluru facility received GSMA SAS-UP certification for SIM and eSIM manufacturing in Q4 FY26. The company filed six new patents in FY26, taking the total tally to 19 applications.
Operational Highlights
The Board of Directors has recommended a dividend of INR 2.5 per share. The company’s Navi Mumbai and Kundli facilities became operational in Q4 FY26, while Nagpur and Bengaluru facilities are under construction. As of March 31, 2026, cash and cash equivalents stood at INR 398 crore, including unutilized IPO funds of INR 195 crore.
Looking ahead to FY27, management remains cautiously optimistic regarding global macroeconomic uncertainties. The company plans to invest between INR 160 crore and INR 200 crore in capex across Payment Solutions and IoT verticals.
How will the planned INR 160-200 crore capex investment specifically accelerate growth in the IoT vertical following the recent GSMA SAS-UP certification?
What is the expected timeline for the moderation in Payment Solutions to reverse given the industry-wide headwinds and lower renewal volumes?
Will the company look to deploy its significant cash reserves and unutilized IPO funds toward strategic acquisitions to bolster its proprietary platforms?
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