Seshaasai Q1 consolidated PAT +64% YoY to ₹60 Cr on debt paydown and lower tax; revenue +21%

Seshaasai Technologies delivered a strong Q1 FY27, its first full quarter as a listed company. Consolidated revenue from operations rose 21.1% YoY to ₹376.5 Cr and PAT jumped 63.8% to ₹60.3 Cr (EPS ₹3.73 vs ₹2.50). The bottom line grew far faster than the top line for two clear reasons: finance costs collapsed to ₹1.84 Cr from ₹7.76 Cr a year ago after the company repaid ₹300 Cr of borrowings from IPO proceeds, and the effective tax rate fell to 26.3% from 33.0%. PBT was up 48.8% YoY; the tax tailwind carried PAT growth to 63.8%. There were no exceptional items on either side, so reported and underlying growth are the same.

Margins expanded YoY even as they slipped from the seasonally strong March quarter. EBITDA rose 28% to ₹94.4 Cr with margin up 135bps YoY to 25.1%, driven by operating leverage and cost discipline. That expansion came despite gross-margin pressure — cost of materials rose to 60.6% of revenue from 58.5% a year ago, which management (MD Pragnyat Lalwani, CFO Pavan Kumar) attributed to higher fuel prices and INR-linked input inflation from geopolitical tensions. Net margin improved to 16.0% from 11.8% YoY. Sequentially the print is softer — revenue -6.9% and PAT -26.2% versus Q4 FY26 (₹404.2 Cr / ₹81.8 Cr), consistent with Q4 being the year-end peak for this BFSI-printing/cards business; YoY remains the right lens.

The stock went into the print at ₹392.55, down 1.9% over the past month of trading.

The three verticals held their mix — Payment Solutions 42%, Communication & Fulfilment 40%, IoT 18% — with the top 10 customers at 56% of revenue. Management gave no quantitative FY27 revenue guidance but had guided to IoT growing >47% YoY, continued margin improvement from mix shift, and ₹160-200 Cr capex; this quarter's 135bps EBITDA-margin expansion and ₹6.8 Cr of capacity capex are on-track against that framing, and the result confirms the confident, optimistic tone from the Q4 concall. Alongside the results the board recommended a ₹2.5 (25%) dividend and set the 33rd AGM for Sep 16, 2026. No published analyst consensus exists yet for this recently-listed name, so the print cannot be graded against street numbers.