Seshaasai Technologies Ltd(STYL)

NSE: STYLBSE: 544533

₹ 308.95-0.93%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,999 crWebsite: www.seshaasai.comUpdated: 24 Oct 2026

About

Seshaasai Technologies Ltd is an Indian fintech manufacturer supplying payment cards, IoT solutions, and communication and fulfilment services to banks, fintechs, and enterprises. The company generated ₹1,441 crore in revenue in FY26 and held a 31.6% market share in credit and debit card issuance in FY25. It listed on Indian exchanges in September 2025 and operates manufacturing facilities across multiple cities including Bengaluru, Chennai, Navi Mumbai, Kundli, and Nagpur.^[1][2][3][4]

Business segments

Payment Solutions contributed ~50% of FY26 revenue; manufactures and personalises credit, debit, prepaid, metal, and biometric payment cards for banks and fintechs.^[2]
Communication and Fulfilment Solutions (CFS) contributed 39% of FY26 revenue and recorded 29% YoY growth in FY26; provides secure printing, personalisation, and fulfilment using proprietary platforms RUBIC, eTaTrak, and IOMS.^[2]
IoT Solutions contributed 11% of FY26 revenue growing 45% YoY in FY26, rising to 18% of Q1 FY27 revenue on 145% YoY growth; covers RFID tags, SIM/eSIM cards, and data loggers.^[2][5]

Key operating numbers

Overall capacity utilisation was 65 - 70% in Q1 FY27; SIM card capacity utilisation stood at ~40% in Q1 FY27, up from ~30% in Q4 FY26.^[5][2]
RFID capacity utilisation was ~80 - 85% in Q4 FY26.^[2]
Payment Solutions market share in credit and debit card issuance was 31.6% in FY25; a separate data point from FY25 shows 31.9% market share in credit and debit card issuance.^[2][3]
Cost of materials consumed was 58.34% of revenue in Q1 FY27, up 411 bps vs the FY26 average, driven by currency headwinds and war-related commodity and freight cost inflation.^[5]
Gross margin was 41.7% in Q1 FY27 (down 286 bps YoY) vs 44.25% in FY26; EBITDA margin was 25.1% in Q1 FY27 (+135 bps YoY).^[5][2]

Manufacturing operations

A third IoT production facility at Chennai commenced operations in Q3 FY26 to improve logistical reach.^[4]
Bengaluru facility received GSMA SAS-UP certification for SIM and eSIM manufacturing and personalisation in Q4 FY26, making Seshaasai one of few global players with integrated SIM/eSIM capability.^[2]

Products and services

Metal card patent was granted in February 2026 (filed October 2021); metal cards contributed ~4% of Payment Solutions revenue as of Q4 FY26.^[2]
SIM card division started contributing materially to revenue in Q4 FY26; Seshaasai is now supplying 20 - 25% of pre- and post-paid SIM requirements of one of India's top-three telecom operators as of Q1 FY27.^[2][5]
IoT portfolio includes RFID inlays and tags (manufactured in-house), SIM/eSIM cards, and Alomind Labs data loggers for cold chain and shipment monitoring.^[4][3]

Customers and distribution

95.7% of Q1 FY27 revenues came from existing clients; top-10 customer concentration was 56% in Q1 FY27, down from 62.76% in FY26 and 65.64% in 9M FY26.^[5][2][4]
Total customer base was 708 as of 30 September 2025, with 169 new customers added in H1 FY26; 21 new customers added across banks and fintechs in FY26 with no account losses.^[3][2]
Multi-year PSU bank tenders worth ~₹489 crores (payment cards/cheque books/merchant QR) and ~₹210 crores (CFS contracts) were won through Q3 FY26; two further PSU bank tenders worth ~₹73 crores were won in Q1 FY27.^[4][5]

Expansion and capex

Capex of approximately ₹140 - 160 crore is planned for FY27 in line with IPO stated objects, covering Payment Solutions and IoT verticals plus overall modernisation.^[5]
Bengaluru greenfield metal card facility expected to be operational by end of CY2026 after regulatory approvals; revenue contribution expected from FY28.^[5]
Land was acquired at Pune for the CFS vertical as of Q3 FY26.^[4]

Recent developments

Seshaasai secured a three-year contract for a significant share of a public sector life insurer's secure printing and fulfilment services, announced 25 September 2026.^[6]
Payment card exports to Europe and Africa commenced in Q1 FY27; the Bengaluru facility is nearing readiness for metal card manufacturing pending certifications.^[5]
Company listed on Indian exchanges on 30 September 2025; approximately ₹300 crore of debt was repaid in October 2025 using IPO proceeds, reducing total debt by ~87% from March 2025 to ₹464.19 mn by Q3 FY26.^[3][4]

Market Cap

₹4,999 Cr

High / Low

₹432 / 209

Stock P/E

20.4

Price / Book

3.8

Book Value

₹88

EPS

₹14.8

No. of Shares

16.18 Cr

ROE

16.8%

Sales

₹1,441 Cr

Net Profit

₹240 Cr

Promoter holding

81.8%

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