Saksoft Limited (SAKSOFT) share price
₹154.58 on NSE as of 2026-09-04. +0.58% on the day. market cap ₹2,049 Cr. P/E 15.2. 52-week range ₹109.69 to ₹220.84. Information Technology.
What the company does
IT industry, risk of client and geographic concentration. The outlook has been revised to positive as CARE Ratings believes that the shift towards digital transformation post COVID would augur well for the company’s growth improving scale and diversification of revenue base.
Filed by CARE Ratings, page 6.
Saksoft Q1 FY27: Revenue Flat at ₹249 Cr, PAT ₹29.3 Cr, and a Company Trying to Sell Software Without Selling Headcount
At a glance
Saksoft's June 2026 quarter did something remarkably hard to do by accident: it landed on ₹248.62 crore of revenue against ₹249.07 crore a year earlier. That is a variance of 0.18%, which in the IT services business is less a result and more a display of parallel parking. Operating profit came in at ₹45.39 crore versus ₹45.84 crore, margin steady at 18%. Net profit was ₹29.29 crore against ₹32.35 crore, EPS ₹2.21 against ₹2.44.
The flatness sits at the end of a year that was anything but. FY26 closed at ₹1,007.19 crore of revenue, the first time the company has crossed four digits, with operating profit of ₹187 crore and net profit of ₹133.27 crore. Then the top line reached ₹249 crore in Q1 FY26 and has essentially refused to leave: ₹258, ₹251, ₹249, ₹249 across the four quarters since.
Underneath, management is rebuilding the engine while the car is parked. The concall message was an explicit move away from headcount-based contracts toward managed services and outcome-based deals, with management stating the transformation "will cause us some pain" near term. Headcount was 2,434 at end-June against 2,494 at March. The pipeline, per management, went from USD 25 million to USD 28 million.
FY27 revenue guidance stands at ₹1,200–1,250 crore. The gap between that and a quarter that annualises to under ₹1,000 crore is where the rest of this entry lives.
Introduction
Saksoft was established in 1999 by Autar Krishna and his son Aditya Krishna, and it has spent 26 years doing something the Indian IT industry rarely rewards with headlines: being deliberately medium. The company provides business intelligence and information management solutions predominantly to mid-tier companies in the USA and UK. Aditya Krishna, Chairman and Managing Director, holds an MBA from Northeastern University and spent over 20 years in banking, including stints at Chase Manhattan Bank and Citibank North America — which explains why a Chennai IT firm's founding vertical was BFSI rather than, say, anything to do with software.
The stated customer sweet spot, per the company's own presentation, is clients with revenues between USD 100 million and USD 3 billion — described as not too large to lose the customer perspective, nor too little to spend appropriately. It is the Goldilocks doctrine, formalised into a growth strategy slide, and it has largely worked: revenue went from ₹385.81 crore in FY21 to ₹1,007.19 crore in FY26.
A meaningful part of that came by purchase rather than by pitch. In FY25 the company acquired three businesses — Augmento Labs in June 2024, Ceptes Software in October 2024, and Zetechno Products and Services in January 2025 — for a combined ₹164.5 crore. Per CARE's September 2025 report, those acquisitions contributed incremental revenue of roughly ₹45 crore in FY24, ₹115 crore in FY25 and ₹52 crore in Q1 FY26, and as of March 2025 the company carried ₹118 crore of deferred earnout payments still to be handed over. Buying growth, it turns out, comes with an EMI.
The structure that resulted is a group of seven wholly owned subsidiaries and eight step-down subsidiaries across India, the US, the UK and Singapore. The auditors' review report for this quarter notes that six subsidiaries and a Trust were reviewed by other auditors — those entities reflecting ₹36.79 crore of revenue for the quarter. One of these limbs is now being folded back in: a scheme of amalgamation approved in August 2025 seeks to merge Augmento Labs into Saksoft Limited, appointed date 1 April 2026.
Sixteen offices. Twenty-six years. And a Vision 2030 target of USD 500 million in revenue printed on slide two, in the tone of a company that has already told you twice.
Business model
Saksoft sells the unglamorous middle of digital transformation: application development, testing and quality control, data analytics, cloud, infrastructure and cyber security. Per CARE's report, application development remains the primary focus, and while initial contracts run one year, the company continues to support and manage the application afterwards through data mining, product improvements and migration — which is a very polite way of saying the software you built is now the software only you can fix.
Revenue is organised into four verticals, and the Q1 FY27 split is BFS 30%, Emerging Verticals 45%, Logistics 16%, Commerce 9%. In rupees, from the segment disclosure: BFS ₹73.48 crore, Emerging Vertical ₹111.78 crore, Logistics ₹39.83 crore, Commerce ₹23.54 crore. "Emerging Verticals" is the largest segment by some distance, which raises the question of when a vertical stops emerging and simply arrives; per CARE it houses hi-tech, media and telecom.
The vertical menu underneath is gloriously specific. Fintech splits into Pay Tech, Reg Tech, Credit Tech and Insure Tech — four words that were one word in 2015. Public sector work includes telehealth, EHR integration and imaging analytics. Transportation and logistics covers 3PL, carriers, shippers and ports. Somewhere in "Other" sits machine learning and facial recognition from IoT data feeds, filed with the enthusiasm of a company that ran out of headings.
Geographically, Q1 FY27 revenue was 52% USA, 27% Europe, 21% APAC and others. Delivery is 57% offshore, 43% onsite, up from 55% offshore in FY24 — the offshore mix has been climbing one percentage point a year with the steady determination of a cost line being managed. Per CARE, the company hedges up to 50% of receivables for the upcoming 12 months, most revenue being denominated in dollars or pounds.
Client concentration is the shape of the business: 16 clients billing over USD 1 million each, top 5 at 39%, top 10 at 56%, top 20 at 69%. Management noted the top 10 moved from 58% to 56%, partly by design — accounts "that we don't feel have any potential to scale," per the concall, are being let go. A firm that acquires three companies to add clients and then prunes clients to improve the mix is running two strategies that meet in the middle and shake hands.
The newest structural idea is the one management talked about most: breaking the link between people and revenue. The CFO/COO stated employee and subcontractor costs are around 77% of total costs. Management's framing was "headcount is linear… We are trying to break that," with AI deployed in delivery and in back-office functions including recruitment, invoicing and payables — the company automating the sending of its own bills being a pleasing bit of symmetry.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Saksoft Limited.
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