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Sasken Technologies Ltd

SASKEN

NSE

₹1,647.20-4.83%19 Oct 2026

Reports

IT Services

Sasken Technologies Ltd

SASKEN

NSE

₹1,647.20

-4.83%

19 Oct 2026

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IT Services

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Sasken Technologies is a product-engineering firm that works across the full technology stack, from the silicon inside a chip all the way up to the artificial intelligence running in the cloud - a span it calls “Chip-to-Cognition”. Founded in 1989 by Rajiv C. Mody, who still leads the company, it has spent over three decades helping more than 100 Fortune 500 companies build connected, intelligent devices and systems, with its engineering now embedded in over a billion devices worldwide. The recurring approach is to be a full-stack, systems-focused partner that handles the entire product journey - concept, design, software, hardware, and even manufacturing - a model that was deepened by the 2025 acquisition of the original design manufacturer Borqs Technologies.

Business segments

Two engines at different stages - a specialist software-services practice that is the primary growth driver, and a newly acquired product-design-and-manufacturing business that turns the same engineering into physical devices.

1. Software Services: the specialist engineering brain

A full-stack R&D partner that designs and builds the invisible software inside cars, satellites, factory machines, and communication networks - paid largely for the time and materials of its 2,184 engineers.

Chip-to-cognition, not just apps - the company works at the deepest layer of the technology stack, writing the firmware, bootloaders, and board-support packages that wake up a silicon chip, then builds the embedded software, connectivity stacks, and cloud AI that sit on top, which means it can own the entire product brain rather than just one slice.
Four verticals, one horizontal digital layer - the work is organized into Automotive, Communications & Devices, Industrials, and a Digital Services layer that cuts across all of them, so a single client can get everything from in-vehicle software to the cloud platform that analyses the car’s data.
Deeply embedded in the automotive nervous system - it builds digital cockpit platforms, telematics, and autonomous-driving software, including a critical contribution to the world’s first fully autonomous Robotaxi launch in the USA, and it is now developing solutions for software-defined vehicles and EV battery-life prediction.
Connects phones to satellites - with over three decades in communications, it has designed and deployed the world’s first LTE-based satellite product, turning legacy satellite networks into standard telecom networks, and is now building next-generation NTN (Non-Terrestrial Network) phones and terminals that connect directly to satellites.
Makes factories intelligent - for industrial clients, it delivers digital twins, predictive maintenance, and edge-deployed AI models that run on resource-constrained hardware, including a complex platform running several million lines of code for process-intensive industries.
Paid by the hour or by the project - revenue comes from Time and Material contracts, where the customer pays for the engineering effort as it is delivered, and Fixed Price contracts, where payment is tied to milestones, with a growing share of multi-year, outcome-oriented deals that make revenue more predictable.

2. Product Solutions: the factory that turns designs into devices

An Original Design Manufacturer (ODM) business, acquired with Borqs Technologies, that takes a product from an idea on a whiteboard to a physical device in a box - handling design, hardware, software, and supply chain.

Bought, not just built - this segment arrived through the acquisition of Borqs Technologies in April 2025, bringing 300-plus design specialists, proprietary technology licences, and a Google-licensed Android partnership, so Sasken can now offer manufacturing alongside its traditional engineering services.
Full turn-key, from chip to shipment - it works closely with chipset partners like Qualcomm to create connected devices - mobile phones, tablets, smartwatches, IoT products, and even safety-critical Bluetooth security seals - and then manages the entire supply chain to deliver finished goods.
Revenue recognised on delivery - unlike the services business, money is booked at a single point in time, when control of the goods transfers to the customer upon shipment or delivery, making it a product-sales model rather than a services model.
A new growth pillar with supply-chain risk - the business faces a near-term threat from a memory-chip shortage in the semiconductor industry, but it is also seeing rising customer interest in manufacturing smart devices in India, supported by the government’s Design-Linked Incentive scheme.

Group structure and partners

A web of 11 subsidiaries across India, Finland, the US, Japan, Singapore, Hong Kong, and China, anchored by platform partnerships with Microsoft, Qualcomm, and automotive cybersecurity specialist VicOne.

Global delivery footprint - wholly owned subsidiaries in Finland, the US, Japan, and Singapore house engineering and sales teams, while the Borqs acquisition added step-down subsidiaries in the Cayman Islands, India, Hong Kong, and China.
A 60% stake in silicon design - Sasken owns a 60% interest in two silicon-focused subsidiaries, one in the US and one in India, which was acquired in March 2024 and renamed Sasken Silicon Technologies.
Platform alliances unlock commercial doors - a partnership with Microsoft’s Devices Ecosystem Platform enables end-to-end product development services, while a tie-up with VicOne (a Trend Micro subsidiary) provides in-vehicle intrusion detection and EV-charger security for automotive clients.
A new Hyderabad centre to sit closer to chips - in April 2026, the company launched a Center of Excellence in Hyderabad, India, to deepen collaboration with strategic chipset customers like Qualcomm and their OEMs, with plans to hire over 100 specialised professionals.

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Mkt Cap

Market Capitalization

₹2,506Cr

Close Price

₹1,649.70

Industry

IT Services

Price To Earnings

36.08

Price To Sales

2.13

Revenue

₹1,179Cr

Rev Gr TTM

Revenue Growth TTM

68.15%

PAT Gr TTM

PAT Growth TTM

68.44%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	103	96	109	123	135	145	148	274	255	250	334	339
Growth YoY Revenue Growth YoY%	-14.6	-21.4	5.9	25.3	31.7	49.9	35.8	121.7	89.2	73.1	125.7	24.0
Expenses ExpensesCr	88	92	107	118	130	138	141	259	240	225	301	307
Operating Profit Operating ProfitCr	15	5	2	5	5	6	7	15	15	26	33	32
OPM OPM%	14.2	5.0	1.9	4.2	3.4	4.2	4.8	5.3	5.9	10.3	9.9	9.5
Other Income Other IncomeCr	10	18	21	17	19	9	10	8	10	-2	15	10
Interest Expense Interest ExpenseCr	0	0	0	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	2	2	2	3	4	4	4	9	9	10	10	11
PBT PBTCr	23	21	21	19	19	11	13	12	14	12	37	30
Tax TaxCr	5	3	4	1	7	2	1	2	4	3	8	6
PAT PATCr	18	18	17	18	12	9	12	10	11	9	29	24
Growth YoY PAT Growth YoY%	-49.7	-43.2	0.8	-31.2	-32.0	-49.1	-33.1	-43.4	-14.6	1.2	151.9	135.0
NPM NPM%	17.6	18.4	15.8	14.3	9.1	6.3	7.8	3.7	4.1	3.6	8.7	6.9
EPS EPS₹	12.0	11.8	11.4	12.0	8.0	6.0	7.3	6.2	6.4	5.1	17.8	16.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	103	96	109	123	135	145	148	274	255	250	334	339
Growth YoY Revenue Growth YoY%	-14.6	-21.4	5.9	25.3	31.7	49.9	35.8	121.7	89.2	73.1	125.7	24.0
Expenses ExpensesCr	88	92	107	118	130	138	141	259	240	225	301	307
Operating Profit Operating ProfitCr	15	5	2	5	5	6	7	15	15	26	33	32
OPM OPM%	14.2	5.0	1.9	4.2	3.4	4.2	4.8	5.3	5.9	10.3	9.9	9.5
Other Income Other IncomeCr	10	18	21	17	19	9	10	8	10	-2	15	10
Interest Expense Interest ExpenseCr	0	0	0	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	2	2	2	3	4	4	4	9	9	10	10	11
PBT PBTCr	23	21	21	19	19	11	13	12	14	12	37	30
Tax TaxCr	5	3	4	1	7	2	1	2	4	3	8	6
PAT PATCr	18	18	17	18	12	9	12	10	11	9	29	24
Growth YoY PAT Growth YoY%	-49.7	-43.2	0.8	-31.2	-32.0	-49.1	-33.1	-43.4	-14.6	1.2	151.9	135.0
NPM NPM%	17.6	18.4	15.8	14.3	9.1	6.3	7.8	3.7	4.1	3.6	8.7	6.9
EPS EPS₹	12.0	11.8	11.4	12.0	8.0	6.0	7.3	6.2	6.4	5.1	17.8	16.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	483	467	503	504	492	445	434	447	406	551	1,113	1,179
Growth Revenue Growth%	12.9	-3.3	7.7	0.3	-2.4	-9.6	-2.5	3.0	-9.1	35.5	102.1	68.2
Expenses ExpensesCr	436	417	434	433	404	314	305	346	376	528	1,025	1,073
Operating Profit Operating ProfitCr	47	50	69	71	88	131	129	101	31	23	88	106
OPM OPM%	9.8	10.7	13.8	14.1	17.9	29.3	29.8	22.6	7.5	4.2	7.9	9.0
Other Income Other IncomeCr	249	53	36	46	36	30	35	30	71	56	30	32
Interest Expense Interest ExpenseCr	0	0	0	0	1	0	0	0	0	3	4	4
Depreciation DepreciationCr	7	7	6	7	11	10	7	7	7	14	39	41
PBT PBTCr	290	96	100	111	112	149	158	124	94	62	76	93
Tax TaxCr	83	12	17	20	33	35	30	24	15	12	17	21
PAT PATCr	206	85	82	90	79	115	128	99	79	51	59	72
Growth PAT Growth%	72.5	-59.0	-2.7	9.7	-12.8	45.3	12.0	-22.4	-20.8	-35.9	16.1	68.4
NPM NPM%	42.7	18.1	16.4	17.9	16.0	25.8	29.6	22.3	19.4	9.2	5.3	6.1
EPS EPS₹	107.1	48.2	48.2	52.9	48.6	76.3	85.3	66.1	52.3	33.3	35.6	45.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	483	467	503	504	492	445	434	447	406	551	1,113	1,179
Growth Revenue Growth%	12.9	-3.3	7.7	0.3	-2.4	-9.6	-2.5	3.0	-9.1	35.5	102.1	68.2
Expenses ExpensesCr	436	417	434	433	404	314	305	346	376	528	1,025	1,073
Operating Profit Operating ProfitCr	47	50	69	71	88	131	129	101	31	23	88	106
OPM OPM%	9.8	10.7	13.8	14.1	17.9	29.3	29.8	22.6	7.5	4.2	7.9	9.0
Other Income Other IncomeCr	249	53	36	46	36	30	35	30	71	56	30	32
Interest Expense Interest ExpenseCr	0	0	0	0	1	0	0	0	0	3	4	4
Depreciation DepreciationCr	7	7	6	7	11	10	7	7	7	14	39	41
PBT PBTCr	290	96	100	111	112	149	158	124	94	62	76	93
Tax TaxCr	83	12	17	20	33	35	30	24	15	12	17	21
PAT PATCr	206	85	82	90	79	115	128	99	79	51	59	72
Growth PAT Growth%	72.5	-59.0	-2.7	9.7	-12.8	45.3	12.0	-22.4	-20.8	-35.9	16.1	68.4
NPM NPM%	42.7	18.1	16.4	17.9	16.0	25.8	29.6	22.3	19.4	9.2	5.3	6.1
EPS EPS₹	107.1	48.2	48.2	52.9	48.6	76.3	85.3	66.1	52.3	33.3	35.6	45.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	18	17	17	17	15	15	15	15	15	15	15
Reserves ReservesCr	481	544	604	681	460	550	638	704	754	773	840
Current Liabilities Current LiabilitiesCr	133	94	105	89	131	98	110	95	123	120	243
Non Current Liabilities Non Current LiabilitiesCr	6	7	8	7	17	6	8	9	18	35	48
Total Liabilities Total LiabilitiesCr	638	662	734	794	623	669	771	823	926	958	1,166
Current Assets Current AssetsCr	333	176	178	264	272	244	180	213	193	405	526
Non Current Assets Non Current AssetsCr	304	486	556	530	351	424	591	610	733	553	640
Total Assets Total AssetsCr	638	662	734	794	623	669	771	823	926	958	1,166

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	18	17	17	17	15	15	15	15	15	15	15
Reserves ReservesCr	481	544	604	681	460	550	638	704	754	773	840
Current Liabilities Current LiabilitiesCr	133	94	105	89	131	98	110	95	123	120	243
Non Current Liabilities Non Current LiabilitiesCr	6	7	8	7	17	6	8	9	18	35	48
Total Liabilities Total LiabilitiesCr	638	662	734	794	623	669	771	823	926	958	1,166
Current Assets Current AssetsCr	333	176	178	264	272	244	180	213	193	405	526
Non Current Assets Non Current AssetsCr	304	486	556	530	351	424	591	610	733	553	640
Total Assets Total AssetsCr	638	662	734	794	623	669	771	823	926	958	1,166

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	249	28	79	20	112	119	107	71	59	-57	-23
Investing Cash Flow Investing Cash FlowCr	-81	19	-56	-25	173	-97	-69	-27	7	83	92
Financing Cash Flow Financing Cash FlowCr	-174	-31	-18	-18	-282	-17	-39	-37	-39	-46	-49
Net Cash Flow Net Cash FlowCr	-5	16	5	-23	3	6	-1	7	27	-20	21
Free Cash Flow Free Cash FlowCr	245	24	73	11	97	118	101	64	52	-67	-35
CFO To PAT CFO To PAT%	120.7	32.8	95.9	22.1	142.1	104.2	83.5	71.9	75.4	-113.2	-38.9
CFO To EBITDA CFO To EBITDA%	527.9	55.6	113.8	28.1	127.2	91.4	82.9	70.9	193.3	-249.5	-25.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	249	28	79	20	112	119	107	71	59	-57	-23
Investing Cash Flow Investing Cash FlowCr	-81	19	-56	-25	173	-97	-69	-27	7	83	92
Financing Cash Flow Financing Cash FlowCr	-174	-31	-18	-18	-282	-17	-39	-37	-39	-46	-49
Net Cash Flow Net Cash FlowCr	-5	16	5	-23	3	6	-1	7	27	-20	21
Free Cash Flow Free Cash FlowCr	245	24	73	11	97	118	101	64	52	-67	-35
CFO To PAT CFO To PAT%	120.7	32.8	95.9	22.1	142.1	104.2	83.5	71.9	75.4	-113.2	-38.9
CFO To EBITDA CFO To EBITDA%	527.9	55.6	113.8	28.1	127.2	91.4	82.9	70.9	193.3	-249.5	-25.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	604	649	1,194	1,085	570	1,314	1,377	1,182	2,300	2,351	1,681	2,506
Price To Earnings Price To Earnings	3.1	7.7	14.5	12.0	7.2	11.5	10.7	11.9	29.2	46.8	31.2	36.1
Price To Sales Price To Sales	1.3	1.4	2.4	2.1	1.2	3.0	3.2	2.6	5.7	4.3	1.5	2.1
Price To Book Price To Book	1.2	1.2	1.9	1.6	1.2	2.3	2.1	1.6	3.0	3.0	2.0	2.9
EV To EBITDA EV To EBITDA	12.3	12.3	16.6	15.0	6.3	9.7	10.5	11.5	73.4	102.0	18.2	24.2
Profitability Ratios Profitability Ratios
GPM GPM%	94.2	96.1	96.8	96.7	95.4	96.9	98.0	96.1	96.4	96.4	76.7	76.7
OPM OPM%	9.8	10.7	13.8	14.1	17.9	29.3	29.8	22.6	7.5	4.2	7.9	9.0
NPM NPM%	42.7	18.1	16.4	17.9	16.0	25.8	29.6	22.3	19.4	9.2	5.3	6.1
ROCE ROCE%	58.1	17.2	16.1	15.8	23.5	26.6	24.1	17.1	12.1	8.0	9.0	9.0
ROE ROE%	41.3	15.1	13.3	12.9	16.6	20.3	19.6	13.8	10.2	6.4	6.9	6.9
ROA ROA%	32.4	12.8	11.2	11.4	12.7	17.1	16.6	12.1	8.5	5.3	5.0	5.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	604	649	1,194	1,085	570	1,314	1,377	1,182	2,300	2,351	1,681	2,506
Price To Earnings Price To Earnings	3.1	7.7	14.5	12.0	7.2	11.5	10.7	11.9	29.2	46.8	31.2	36.1
Price To Sales Price To Sales	1.3	1.4	2.4	2.1	1.2	3.0	3.2	2.6	5.7	4.3	1.5	2.1
Price To Book Price To Book	1.2	1.2	1.9	1.6	1.2	2.3	2.1	1.6	3.0	3.0	2.0	2.9
EV To EBITDA EV To EBITDA	12.3	12.3	16.6	15.0	6.3	9.7	10.5	11.5	73.4	102.0	18.2	24.2
Profitability Ratios Profitability Ratios
GPM GPM%	94.2	96.1	96.8	96.7	95.4	96.9	98.0	96.1	96.4	96.4	76.7	76.7
OPM OPM%	9.8	10.7	13.8	14.1	17.9	29.3	29.8	22.6	7.5	4.2	7.9	9.0
NPM NPM%	42.7	18.1	16.4	17.9	16.0	25.8	29.6	22.3	19.4	9.2	5.3	6.1
ROCE ROCE%	58.1	17.2	16.1	15.8	23.5	26.6	24.1	17.1	12.1	8.0	9.0	9.0
ROE ROE%	41.3	15.1	13.3	12.9	16.6	20.3	19.6	13.8	10.2	6.4	6.9	6.9
ROA ROA%	32.4	12.8	11.2	11.4	12.7	17.1	16.6	12.1	8.5	5.3	5.0	5.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AURIONPRO	RSYSTEMS	BLSE	SASKEN	TECHNVISN	KODYTECH	SAKSOFT
Market CapitalizationMkt CapCr	3,275	3,037	2,616	2,506	2,328	2,236	1,843
Close PriceClose₹	592.55	256.30	143.95	1,649.70	3,710.00	1,551.00	139.02
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	15.47	15.74	45.13	36.08	774.53	133.36	13.68
Price To SalesPS	2.29	1.36	2.22	2.13	8.13	27.85	1.83
RevenueRevenueCr	1,432	2,230	1,178	1,179	286	80	1,007
Revenue Growth TTMRev Gr TTM%	14.8%	24.1%	71.2%	68.2%	23.4%		8.1%
PAT Growth TTMPAT Gr TTM%	6.0%	-0.3%	10.5%	68.4%	248.5%		12.7%

	AURIONPRO	RSYSTEMS	BLSE	SASKEN	TECHNVISN	KODYTECH	SAKSOFT
Market CapitalizationMkt CapCr	3,275	3,037	2,616	2,506	2,328	2,236	1,843
Close PriceClose₹	592.55	256.30	143.95	1,649.70	3,710.00	1,551.00	139.02
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	15.47	15.74	45.13	36.08	774.53	133.36	13.68
Price To SalesPS	2.29	1.36	2.22	2.13	8.13	27.85	1.83
RevenueRevenueCr	1,432	2,230	1,178	1,179	286	80	1,007
Revenue Growth TTMRev Gr TTM%	14.8%	24.1%	71.2%	68.2%	23.4%		8.1%
PAT Growth TTMPAT Gr TTM%	6.0%	-0.3%	10.5%	68.4%	248.5%		12.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result

PPT

Transcript Summary

Mar 26

Result PPT

Transcript

Summary

Dec 25