Sasken Q1 FY27: consolidated PAT jumps 135% YoY to ₹23.5 Cr on margin expansion; revenue up 24%

Sasken's consolidated Q1 FY27 print is a clear YoY beat on every headline line: revenue of ₹339.24 Cr grew 24.0% year-on-year, PAT of ₹23.52 Cr grew 135.1% YoY, and PAT margin expanded to 6.9% from 3.6% a year ago (EBITDA margin 9.5% vs 5.4%). No consensus PAT/revenue estimate could be located for this specific quarter despite searching — Sasken is a small/mid-cap with thin formal sell-side coverage and no previews were found — so vsStreet is recorded as unknown rather than assumed. The company also gives no formal forward numeric guidance; management's language has been directional ("sustaining Services momentum," "disciplined execution") rather than a specific target, so there is no guidance to grade against either.

Sequentially the picture is softer and management flags this plainly in its own release: PAT fell 18.9% QoQ and EBITDA margin compressed from 9.9% to 9.5%. Two things explain the gap rather than any operating deterioration in the core business. First, other income fell 36.9% QoQ (₹15.33 Cr to ₹9.67 Cr) and finance costs nearly doubled (₹0.75 Cr to ₹1.44 Cr), both below-the-line items unrelated to operations. Second, Product Solutions gross margin compressed sharply to 5.9% from 12.8% in Q4 FY26 as the segment absorbed continuing memory supply and pricing pressure even as segment revenue held up (down only 3.9% QoQ, still up 23.6% YoY) — the company says higher shipment volumes and contractual cost pass-through cushioned the topline. Software Services, in contrast, expanded gross margin to 30.6% from 23.4% a year ago on utilisation gains (up to 85.1% from 79.2% YoY) and cost discipline, and remains the larger and faster-improving segment at ₹219.6 Cr of revenue (64.7% of the mix) versus Product Solutions' ₹119.7 Cr.

The stock went into the print at ₹1,821.8, down 15.6% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Cash-positive, debt-free balance sheet — total assets ₹1,261.8 Cr vs ₹1,166.1 Cr at March-26; trade receivables rose to ₹232.4 Cr from ₹174.7 Cr

CFO Priyaranjan framed the quarter as reflecting "operating leverage now coming through as we scale," and CEO Rajiv Mody pointed to deeper customer partnerships and the Chip-to-Cognition positioning — both claims are consistent with the numbers: order bookings of $47.1M ($33.7M new, five new logos) and an active client base that grew to 93 from 79 a year ago support the scaling narrative, though only 6 of those accounts are currently in the $4M+ LTM band the company's 60×4×3 strategy targets. Standalone PAT of ₹28.86 Cr on ₹155.48 Cr revenue (EPS ₹19.00) is the India entity alone and runs ahead of the consolidated print because it excludes the Borqs/Product Solutions drag. Concurrent with the results, the board also convened the 38th AGM and disclosed director Sunirmal Talukdar's exit (July 21, 2026) — a governance item with no direct read-through to this quarter's numbers.