Sancode swings to ₹0.17 Cr consolidated PAT YoY as ₹100+ Cr raise funds OSAT pivot

Sancode Technologies' consolidated half-year (Apr-Sep 2026) results, approved by the board on Nov 14, 2026, show a swing to profit: consolidated PAT of ₹0.17 Cr versus a ₹0.11 Cr loss in the year-ago half (H1 FY26), on revenue up 5.4% YoY to ₹7.86 Cr from ₹7.46 Cr. The stock carries zero analyst coverage (confirmed via market-data search), so there is no street estimate to beat or miss, and the company has no prior guidance on record — this print is judged against its own trend only. The standalone (parent-only) numbers tell a different story: standalone PAT fell 68.6% YoY to ₹0.052 Cr from ₹0.164 Cr, since the parent is largely a holding entity with just ₹0.12 Cr of operating revenue and most of its income from investments (₹0.23 Cr other income). The improvement is entirely a consolidated/subsidiary-level story, not visible standalone. The margin turnaround is real but thin. Consolidated net margin improved to 2.16% from -1.5% YoY, and segment operating profit turned to a ₹0.078 Cr operating profit from an operating loss a year ago, implying a margin near breakeven (~1%) against -3.96% in H1 FY26. The core Technology Advisory Services segment did the work — ₹7.89 Cr revenue and a ₹0.13 Cr segment result — while the new Semiconductor (OSAT) segment stayed pre-revenue with a ₹0.053 Cr segment loss, having already absorbed ₹4.72 Cr of capex this half. Sequentially, momentum eased: against the preceding half (H2 FY26, Oct 2025-Mar 2026: revenue ₹8.30 Cr, PBT ₹0.76 Cr), H1 FY27 revenue slipped 5.4% and PBT fell roughly 71% to ₹0.18 Cr — the YoY turnaround narrative rests on a weak year-ago base more than on accelerating current performance. The more consequential development this half sits on the balance sheet, not the P&L: consolidated total assets jumped to ₹126.22 Cr from ₹10.36 Cr as of March 2026, funded by ₹41.65 Cr of securities premium and ₹63.99 Cr of CCPS proceeds raised by subsidiary Sancode Semi Private Limited from outside investors (now carried as ₹63.36 Cr minority interest), with ₹100 Cr parked in fixed deposits of over 12 months. That capital build lines up with the OSAT push: after this period ended, Sancode acquired 100% of Cirtek Electronics Corp (Oct 23, 2026), North Star Fund took an 8.94% stake in the company (Oct 6, 2026), and a new CEO was appointed for the OSAT facility (Oct 12, 2026) — none of which feeds into these September 30 financials but all of which explain why the capital was raised this half. Management's filing is limited to the board-outcome cover letter; no separate press release or commentary on the quarter's drivers was issued, so there is no management framing to reconcile against the numbers.