STYL
Micro CapSeshaasai Technologies Limited
IT
Seshaasai Technologies Limited (STYL) provides Payment Solutions, Communication & Fulfilment Solutions (CFS), and IoT Solutions. It holds a leadership position in regulated payment solutions, offering end-to-end services powered by proprietary platforms and advanced manufacturing facilities across India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 80/100Rev +10% YoY · PAT +30% YoY · margin expansion · +8% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹404 Cr | +10.4% | +8.0% |
| EBITDA | ₹118 Cr | +20.4% | +22.9% |
| Operating margin | 29.0% | +200 bps | +300 bps |
| PAT | ₹82 Cr | +30.2% | +28.1% |
| PAT margin | 20.3% | +309 bps | +319 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 shows strong operational performance with revenue up 9.6% YoY and 8.1% QoQ, driven by CFS, IoT, and premium card programs. PAT grew 29.9% YoY and 27.6% QoQ, supported by margin expansion and reduced finance costs.
STYL delivered robust Q4 FY26 results with strong revenue and PAT growth both YoY and QoQ, driven by improved execution and higher-value offerings. Full-year revenue declined marginally, but margins expanded, and debt reduced post-IPO, indicating a structurally stronger position.
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Payment Solutions - Premium Cards
Growing interest in metal cards across PSU & Private banks; traction in FinTechs for GenZ & Wealth customers; focus on differentiated card experiences.
CFS - Integrated Offerings
Customers seeking to consolidate requirements with high security, service levels, and end-to-end offerings including logistics and traceability.
IoT Solutions - Affordability & Adoption
RFID tags & hardware becoming more affordable with expanding scale; successful project rollouts catalyzing broader adoption.
IoT Solutions - eSIM & Automation
eSIM has cross-industry potential; need for process automation and agile, localized supply chains.
New Facilities Operational
New IoT & CFS facility in Kundli (90K Sq. Ft) operational; New Payment Solutions facility in Navi Mumbai (20K Sq. Ft) operational.
Facilities Under Construction
Nagpur (40K Sq. Ft for IoT & CFS) and Bengaluru (50K Sq. Ft for Payments Solution) facilities are under construction.
Certifications & R&D
Bengaluru facility received GSMA SAS-UP certification for SIM/eSIM manufacturing; Antenna Design & Simulation lab functional at Bengaluru R&D setup.
Patents
6 new patents filed in FY26 (19 till date); 2 patents granted in Q4 FY26 (5 till date).
Regulatory Clarity for FinTechs
Clarity in regulatory landscape enabling FinTechs to design compliant products which can spur growth in Payment Solutions.
IoT Affordability & AI Integration
RFID tags & hardware becoming more affordable; AI-led computing empowering real-time visibility and data analytics from sensors & IoT devices.
Improved Product Mix & Operating Leverage
Margin improvement supported by better procurement efficiencies, improved product mix, stronger operating leverage, and higher contribution from premium and metal card programs.
Input Costs & Forex Movement
COGS partly impacted by higher input costs and adverse forex movement during Q4 FY26.
Card Issuance & Renewal Cycles
FY26 revenue decline due to moderation in card issuance volumes, slower renewal cycles, and temporary softness across certain banking programs.
Client Concentration
Top 10 customers contributed 62.76% of the revenue for FY26, indicating significant reliance on a few clients.
Regulatory & Security Standards
Payment Solutions industry has stringent regulatory and security standards, requiring continuous compliance and high certification costs.
Input Cost Volatility
COGS can be impacted by higher input costs and adverse forex movement, affecting gross margins.
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.
The company provides both YoY and QoQ comparisons, and both are relevant. YoY shows underlying business growth and margin trends over a full cycle, while QoQ indicates sequential momentum, execution improvement, and the impact of new initiatives and product mix.
Revenue from Operations
Q4FY26: ₹4,041.76 mn (+9.6% YoY, +8.1% QoQ). FY26: ₹14,411.35 mn (-1.5% YoY).
Gross Margin
Q4FY26: 46.93% (+295 bps YoY, +145 bps QoQ). FY26: 44.25% (+191 bps YoY).
EBITDA Margin
Q4FY26: 30.80% (+330 bps YoY, +385 bps QoQ). FY26: 27.35% (+204 bps YoY).
PAT Margin
Q4FY26: 20.24% (+316 bps YoY, +309 bps QoQ). FY26: 16.65% (+146 bps YoY).
Q4 FY26 Performance Outlook
Q4 FY26 reflects improved business momentum, stronger margin profile, lower leverage, and continued operational execution despite forex and imported input cost pressures.
FY26 Full Year Outlook
FY26 reflects resilient operational execution, structurally improved margins, stronger balance sheet position, and improving business momentum from H2 FY26 onwards.
Strategic Focus
Company's strategy focuses on using technology and innovation to maintain industry leadership.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue from Operations | ₹4,041.76 mn (Q4FY26) | Sustained sequential growth and recovery in Payment Solutions segment. |
| EBITDA Margin | 30.80% (Q4FY26) | Continued margin expansion through product mix, procurement efficiencies, and operating leverage. |
| IoT Solutions Revenue Growth | +37.1% YoY (Q4FY26) | Continued high growth as new projects roll out, capacity scales, and market adoption increases. |
| Client Concentration | Top 10 customers 62.76% (FY26) | Diversification of client base and reduced reliance on top customers to mitigate concentration risk. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
47NeutralSMA20 -1.3% / mo
Technical chart
STYLdaily · 3Y-24.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 54. Wait for confirmation.
- SMA20 rising (~6.3% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 28% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 50.0%.
- Balance sheet contributes 13/15 to the score.
Main drags
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Quality is weaker at 13/20; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 75th percentile within IT. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 81.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 75th pctile, median 68 · Micro: 72nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 17.70
- P/B
- 2.98
- EV/EBITDA
- 10.23
- Market Cap
- 4254.00Cr
Profitability
- ROE
- 23.30%
- ROCE
- 27.70%
- ROA
- 14.40%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -3.83%
- EPS 5Y
- 19.17%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 18.10×
- Altman Z
- 8.99
- Book Value
- 88.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 220.00 Cr
- EPS TTM
- 14.83
Shareholding
- Promoter Hold
- 81.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — 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.