Seshaasai Q2 PAT Up 21% YoY to ₹697M

Revenue from operations: ₹4,053.1 million, representing growth of 7.7% QoQ and 15.0% YoY
Revenue breakdown by verticals:
Payment Solutions: 54% of revenues
Communication & Fulfilment Solutions: 32% of revenues
IoT Solutions: 14% of revenues
EBITDA: ₹1,065.6 million, growth of 12.0% YoY
EBITDA margin: 26.3%, improving 121 bps QoQ
Profit After Tax (PAT): ₹697.3 million, growth of 21.0% YoY
PAT margin: 17.2%
Top 10 customers contributed 57.0% of revenues

Pragnyat Lalwani, Managing Director:

Revenue growth was broad-based but led by Payment Solutions
Growth drivers included higher volumes of payment cards across banks, metal cards growth, mass-transit programs, and payment card exports
Gross margin improved 89 bps sequentially to 42.5% despite cost pressures from elevated USD/INR levels and West Asia-related supply-chain disruptions
Company sees opportunities across premium and mass-transit cards, integrated communication and fulfilment, RFID, SIM and eSIM-led applications

Pavan Kumar, Chief Financial Officer:

Sequential EBITDA increased 12.9% with margin improvement of 121 bps
Lower finance costs following debt repayment supported profitability
H1FY27 cash flow from operations: ₹971.0 million
H1FY27 capital expenditure: ₹1,497.1 million
As of September 30, 2026: Cash and liquid investments ₹3,144 million, borrowings ₹875.0 million, net cash ₹2,269.1 million

Total Assets: ₹17,780.47 million (vs ₹18,672.32 million as of March 31, 2026)
Total Equity: ₹15,184.34 million (vs ₹14,259.75 million as of March 31, 2026)
Borrowings: ₹834.12 million (₹282.64 million non-current + ₹551.48 million current)
Trade receivables: ₹3,135.40 million
Inventories: ₹2,636.57 million

The consolidated results include:

1. Rite Infotech Pvt. Ltd (reviewed by main auditor):

2. Atoll Solutions Private Limited (reviewed by other auditor):

As of September 30, 2026:

Funding manufacturing expansion: ₹849.17 million utilized (₹1,129.96 million unutilized)
Borrowing repayment: ₹3,000.00 million fully utilized
Issue expenses: ₹343.72 million utilized (₹6.90 million unutilized)
General corporate purposes: ₹611.00 million utilized (₹59.25 million unutilized)
Total utilization: ₹4,803.89 million of ₹6,000.00 million raised

Cash flow from operating activities: ₹971.0 million
Cash used in investing activities: ₹745.59 million (primarily capex of ₹1,497.14 million)
Cash used in financing activities: ₹399.09 million (including dividend payment of ₹404.52 million)
Net decrease in cash: ₹173.69 million

Board meeting held on October 29, 2026 (6:00 PM to 6:42 PM)
Financial results reviewed by Audit Committee and approved by Board of Directors
Statutory auditors (Vatsaraj & Co.) conducted limited review of results
Results prepared in accordance with Ind AS 34 and SEBI Listing Regulations