1. At a Glance

Sasken Technologies Ltd — the quiet achiever of Indian engineering R&D — just dropped its FY26 H1 results, and the numbers deserve a standing ovation (or at least a respectful nod from your CA). The company clockedconsolidated H1 revenue of ₹52,901.88 lakhs (₹529 Cr)andPAT of ₹2,050.43 lakhs (₹20.5 Cr), while also dropping a₹12/share interim dividendas a flex.

At amarket cap of ₹2,257 Crand aP/E of 57.4x, Sasken trades like it just solved semiconductor shortages itself — though its last twelve months’ profit fell 40%. Still, withzero pledges, negligible debt (₹26.5 Cr),andcash flow shenanigans that could make a treasurer blush, the balance sheet looks like a disciplined monk’s diet chart.

And let’s not forget — Saskenacquired 100% of BORQS International for $40 million (₹333 Cr approx), officially entering the IoT and 5G engineering big leagues. Between chip-to-cognition R&D and smart device wizardry, the Bengaluru-headquartered veteran seems determined to remind everyone it’s still got that startup swagger.

2. Introduction

Let’s be honest — Sasken Technologies is that old engineer in the tech industry who’s seen everything: 2G, 3G, 4G, and now, yes, even your 5G tantrums. It started in 1989 when floppy disks were a thing and still manages to pull off cloud, IoT, and AI with the enthusiasm of a 25-year-old startup.

Once known primarily as an outsourced design shop for semiconductors, Sasken has steadily evolved into a full-stackdigital transformation partner, serving everyone from automotive OEMs to satellite phone makers. You know you’ve made it when your customer list includes chip designers, defense SatComs, and even industrial automation giants who want to “digitalize” their factories but still fax their invoices.

The recentBorqs Technologies acquisitionis their boldest move yet — a $40 million bet that IoT, connected devices, and edge computing will define the next decade. The synergy: Sasken brings the engineering DNA, Borqs brings ready-made IoT solutions and international presence. In other words, Sasken just leveled up from “R&D vendor” to “IoT ecosystem enabler.”

So yes, while others are busy building the next AI chatbot to flirt with you, Sasken’s wiring the backend of the smart cities, cars, and satellites those chatbots will need to live in.

3. Business Model – WTF Do They Even Do?

Sasken’s model is beautifully nerdy: it buildsproduct engineering solutionsthat start from chip design and go all the way up to connected, intelligent devices — basically “Chip to Cognition.”

Let’s decode their verticals —

• Semiconductors:Sasken ensures your chips don’t crash harder than crypto in 2022. It offers integration, validation, and testing to make sure clients’ chip launches are as smooth as Apple’s marketing videos.
• Consumer Electronics:From smart TVs to cloud-integrated appliances, Sasken helps brands make their devices “smart,” which in industry speak means they can now connect to Wi-Fi and stop working right after warranty expires.
• Automotive:This is where it gets cool — Sasken works onIVI (in-vehicle infotainment), telematics, and ADAS, helping cars become computers on wheels. Basically, they code the brains behind those annoying “door open” alerts.
• SatCom & Telecom:One of the few global companies that can develop end-to-end satellite phones. While Jio is still figuring out towers, Sasken’s helping satellites gossip in orbit.
• Industrial IoT:Helps factories and manufacturing units get smarter, integrating sensors and cloud to predict breakdowns before they happen. In short — it turns factories from “kaam chalu hai” to “kaam chal raha hai smartly.”
• Enterprise Devices & Transportation:Builds and tests Android-based enterprise hardware and intelligent transport systems. If your bus tracking app works, maybe thank Sasken.

Their74% Time & Material contractsand26% fixed-price dealsoffer flexibility — like Zomato’s mix of dine-in and delivery, but for engineers.

4. Financials Overview

Quarterly Comparison (Consolidated Figures in ₹ crore)

Commentary:Revenue almost doubled YoY, suggesting Sasken’s post-Borqs integration is starting to reflect in top-line numbers. But margins are still fighting gravity —OPM barely 6%— reminding us that engineering