Any current/future new fundraising through debt or equity?

As of Q3 FY26, Seshaasai Technologies Limited has been actively deploying IPO proceeds primarily towards debt repayment, having repaid approximately INR 300 crores so far. Capital expenditure during Q3 was INR 34.28 crores, with about INR 254 crores of IPO proceeds remaining unutilized, planned for future deployment. There is no specific mention of any current or immediate future fundraising plans through debt or equity in the call. The company appears well-capitalized with a cash and cash equivalents balance of approximately INR 387 crores as of December 31, 2025. No announcements or indicati

Any current/future capex/capital investment/strategic investment?

The company is undertaking construction across four locations for new facilities in Bengaluru, Nagpur, Navi Mumbai, and Kundli to support future business growth. In Q3 FY26, capital expenditure stood at INR 34.28 crores. Total IPO proceeds utilized as of Q3 FY26 were INR 346 crores, with approximately INR 254 crores remaining to be utilized over subsequent quarters. The company is investing in capacity expansion, including metal card manufacturing capabilities, to prepare for increasing demand and large upcoming opportunities. Strategic investment in Alomind Labs, enhancing their IoT product m

Future growth expectations in sales/revenue/volumes?

**Payment Solutions**: Expected upward trajectory in Q4 FY26 with multi-year contracts secured, including a large public sector bank expanding into metal, biometric, and dynamic CVV cards; strong traction in metal and premium cards anticipated. Growth driven by volume increase and premium product demand. **Communication and Fulfillment Solutions**: Stable growth driven by regulatory communication needs and government contracts; multi-year contracts secured worth approximately INR210 crores over contract periods; steady demand expected. **IoT Solutions**: Significant growth seen with 100% yea

Future growth expectations in earnings/operating earnings/profits/EPS?

Q3 FY26 showed 10.1% Y-o-Y revenue growth and 19.3% Y-o-Y PAT growth with a PAT margin of 17.15% Payment solutions segment is expected to grow steadily with multi-year contracts secured, including metal and premium cards driving future demand IoT business grew 100% Y-o-Y, with strong volume ramp-up expected in next two months and new large retail customer potential, projecting continued growth in the coming years Communication and fulfillment solutions remain stable with multi-year contracts adding to revenue visibility Gross margins improved to around 43-45%, driven by product mix, op

Current/ Expected Orderbook/ Pending Orders?

The company has a sizable order book for metal cards expected to grow significantly starting Q4 FY26 and into the next financial year. They are working on multiple metal card projects with at least three government banks and several large customers. A large new retail client in the IoT segment is pending allocation of order volumes; once confirmed, it will become the largest account. There are ongoing discussions with global fintechs and other large clients for new orders, especially in IoT and payment solutions. Overall, key upcoming orders in metal cards, IoT tags, and other payment solution

Seshaasai Technologies LtdQ4 FY26

Seshaasai Technologies Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹408P/E: 21.9Market Cap: ₹5.9K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→**Payment Solutions**: Expected upward trajectory in Q4 FY26 with multi-year contracts secured, including a large public sector bank expanding into metal, biometric, and dynamic CVV cards; strong traction in metal and premium cards anticipated. Growth driven by volume increase and premium product demand.
→**Communication and Fulfillment Solutions**: Stable growth driven by regulatory communication needs and government contracts; multi-year contracts secured worth approximately INR210 crores over contract periods; steady demand expected.
→**IoT Solutions**: Significant growth seen with 100% year-on-year increase; near-term revenue impact due to project rollout delays expected to be compensated in Q4; new large retail client anticipated to become the largest account. Expansion through global partners supplying RFID tags; growth supported by investments in product maturity, data logging, cold chain monitoring, and upcoming eSIM business.
→**Overall Outlook**: Medium-to-long-term optimism with capacity expansions and technological investments; Q4 historically stronger, expected to continue growth momentum across verticals.

Margin guidance

Category 3

→Q3 FY26 showed 10.1% Y-o-Y revenue growth and 19.3% Y-o-Y PAT growth with a PAT margin of 17.15%
→Payment solutions segment is expected to grow steadily with multi-year contracts secured, including metal and premium cards driving future demand
→IoT business grew 100% Y-o-Y, with strong volume ramp-up expected in next two months and new large retail customer potential, projecting continued growth in the coming years
→Communication and fulfillment solutions remain stable with multi-year contracts adding to revenue visibility
→Gross margins improved to around 43-45%, driven by product mix, operational efficiencies, and procurement initiatives, expected to maintain similar range
→The firm is investing in capacity expansions (IoT, automation, metal cards) to support medium to long-term growth and expects a stronger Q4 FY26 performance
→Overall outlook is optimistic on disciplined execution, contract wins, and technology investments fueling future operating earnings and profits growth

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Fundraise plans

→As of Q3 FY26, Seshaasai Technologies Limited has been actively deploying IPO proceeds primarily towards debt repayment, having repaid approximately INR 300 crores so far.
→Capital expenditure during Q3 was INR 34.28 crores, with about INR 254 crores of IPO proceeds remaining unutilized, planned for future deployment.
→There is no specific mention of any current or immediate future fundraising plans through debt or equity in the call.
→The company appears well-capitalized with a cash and cash equivalents balance of approximately INR 387 crores as of December 31, 2025.
→No announcements or indications of new fundraises through debt or equity were disclosed during the Q3 FY26 earnings call.

Order book

→The company has a sizable order book for metal cards expected to grow significantly starting Q4 FY26 and into the next financial year.
→They are working on multiple metal card projects with at least three government banks and several large customers.
→A large new retail client in the IoT segment is pending allocation of order volumes; once confirmed, it will become the largest account.
→There are ongoing discussions with global fintechs and other large clients for new orders, especially in IoT and payment solutions.
→Overall, key upcoming orders in metal cards, IoT tags, and other payment solutions are expected to bolster revenue and growth.
→The company plans to expand metal card capacity to meet anticipated demand from new contracts.

Capex plans

Yes

→The company is undertaking construction across four locations for new facilities in Bengaluru, Nagpur, Navi Mumbai, and Kundli to support future business growth.
→In Q3 FY26, capital expenditure stood at INR 34.28 crores.
→Total IPO proceeds utilized as of Q3 FY26 were INR 346 crores, with approximately INR 254 crores remaining to be utilized over subsequent quarters.
→The company is investing in capacity expansion, including metal card manufacturing capabilities, to prepare for increasing demand and large upcoming opportunities.
→Strategic investment in Alomind Labs, enhancing their IoT product maturity and enabling new projects related to data logging and cold chain monitoring.
→Final stages of GSMA SAS certification expected soon, facilitating growth in their eSIM business within the IoT vertical.

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