Saksoft Ltd Q2FY26: From BI Beginnings to Acquisition Binge – When a ₹974 Cr Coders’ Factory Thinks Like a PE Fund

1. At a Glance

Saksoft Ltd, the Chennai-based digital transformation company, has been quietly coding its way into the ₹2,690 crore mid-cap club — and, lately, into a mini acquisition machine. With its stock lounging at ₹203 (after a -14% one-year return), Saksoft’s performance looks like a curious mix of caffeine and code — buzzing numbers yet sleepy valuation.

In Q2FY26, the company clocked ₹258 crore in sales (up 20% YoY) and ₹36 crore in PAT (up 37.5% YoY), with operating margins rising to a healthy 20%. An EPS of ₹2.71 for the quarter means an annualized ₹10.8, giving it a P/E of about 19x — cheaper than most IT peers who charge you premium pricing for the same digital jargon.

ROE stands at a strong 18.9%, ROCE at 24%, and debt is a negligible ₹51 crore (debt-to-equity 0.07). Basically, it’s a nerd with abs — all numbers, no fat.

But wait. Behind the calm screen, Saksoft is scripting a wild expansion saga — with a string of acquisitions (Ceptes, Augmento Labs, ZeTechno) and an ambition to become a ₹500 million (≈ ₹4,200 crore) revenue company by 2030. The only question: can a company that once sold “reports and dashboards” now digest this buffet of digital startups?

2. Introduction

If Saksoft were a person, it would be that middle-class engineer who never shouted in college but now casually drives a BMW to alumni meets.

Started in 1999 by Autar Krishna and his son Aditya Krishna, Saksoft began as a niche data and BI (business intelligence) player — back when “cloud” meant monsoon and “digital” meant dial-up. Fast forward 25 years, it’s now throwing around words like IoT, mobility, AI, cloud integration, and analytics as if born in Silicon Valley (but still billing in Chennai rupees).

The company’s evolution has been fascinating. Initially, it lived off analytics crumbs from the global IT table — serving mid-tier US and UK firms who couldn’t afford the TCSs of the world. Now, with digital transformation becoming a survival drug for every business post-COVID, Saksoft is suddenly in vogue.

And it’s not sitting still. In true “startup investor” fashion, Saksoft is buying its way into new domains — Solveda for e-commerce (₹156 crore in 2023), Augmento Labs for engineering services, Ceptes for Salesforce magic, and ZeTechno for digital products. You could say Saksoft’s new business model is: “Buy, Integrate, Pray.”

So how does a ₹974 crore IT player with 17% OPM keep this engine running? Let’s unbox the numbers before they run another acquisition announcement.

3. Business Model – WTF Do They Even Do?

If you’re wondering whether Saksoft sells chips or chats, here’s the deal: they sellbrains, not boxes.

They call themselves a“Digital Transformation Partner”, which in plain English means — they help clients who are stuck in Excel hell move to the cloud and pretend it’s AI.

The business runs across six verticals:

• Fintech (36%)– helping digital lenders, payment companies, and insurance tech firms with regulatory tech, analytics, and app development.
• Utilities & Telecom (29%)– they build systems for customer analytics, testing, Oracle support, and reducing churn (because, apparently, everyone’s leaving).
• Transportation & Logistics (13%)– helping ports, shippers, and 3PL operators manage shipments smarter — or at least make dashboards look like they do.
• Retail & Healthcare (3%)– small segment but growing, especially with IoMT (Internet of Medical Things) and telehealth solutions.
• Digital Commerce (6%) & Others (14%)– includes the new Solveda e-commerce business and random