1. At a Glance – Control Panels, EV Dreams & Expensive Confidence
Saakshi Medtech & Panels Ltd is that classic Indian SME stock which looks boring on the surface (electrical panels, cabinets, wire harness… yawn) but suddenly wakes up one fine day with EV orders, wind turbine approvals, aerospace certifications, and a valuation that screams confidence louder than the balance sheet does. At a market capitalisation of around ₹327 crore and a current price hovering near ₹185, the stock trades at a P/E of about 41.5 — which is not exactly value investing territory, unless the future arrives faster than expected.
In the latest half-yearly results (H1 FY26), the company reported revenue of ₹58.31 crore with net profit of ₹6.63 crore, translating into a very spicy YoY profit growth of over 90%. ROCE sits at a modest 6.09% and ROE at 4.92%, politely reminding investors that margins are improving faster than capital efficiency. Debt is manageable at ₹23.9 crore with a debt-to-equity of 0.23, promoters hold a solid 73.9%, and the company has no dividend because apparently all the cash is busy working overtime in factories, receivables, and expansion plans.
This is a stock that doesn’t whisper — it announces. The big question is whether execution keeps up with ambition. Curious already? Good. Let’s open the panel.
2. Introduction – The Curious Case of Saakshi Medtech
Saakshi Medtech & Panels Ltd was incorporated in 2009, and if you had looked at it a few years ago, you’d have probably dismissed it as another small electrical panel manufacturer living off OEM orders and industrial boredom. Fast forward to today, and suddenly it’s supplying EV panels to Mahindra, control systems for wind turbines, assemblies for locomotives, and medical X-ray equipment licensed by AERB. That’s not diversification — that’s an industrial buffet.
But let’s be clear. This is still a manufacturing company rooted in control panels, fabrication, and wiring. There is no software magic, no recurring SaaS revenue, and no asset-light fairy tale. What it does have is certifications, long-term supply agreements, and a client list that reads like an industrial who’s-who — OTIS, GE, Philips, BPL, Wabtec, Kirloskar.
The recent excitement comes from two things: orders and optics. A ₹250 crore EV panel order from Mahindra & Mahindra spread over five years sounds massive compared to current annual revenue of about ₹106 crore (TTM). Add wind turbine control systems and aerospace certifications, and suddenly the narrative upgrades from “steady SME” to “future-ready capital goods play.”
But narratives are cheap. Execution is expensive. And that’s exactly what we’re here to audit — with
humour, sarcasm, and a calculator.
3. Business Model – WTF Do They Even Do?
Let’s explain Saakshi Medtech like you’re smart but impatient.
At its core, the company manufactures electrical control panels and cabinets. These are the brains inside machines — elevators, wind turbines, EV charging stations, diesel generators, oil & gas equipment, and industrial machinery. If electricity needs to be controlled, regulated, or not allowed to explode things, Saakshi probably builds a box for it.
Then comes fabrication, which sounds vague but is actually high-level assembly work for heavy industries like locomotives and aerospace. Think metal structures, assemblies, and industrial components where precision matters and mistakes are expensive.
Next is medical X-ray systems, which is the most regulated and fancy-sounding division. The company is licensed by AERB and CDSCO to manufacture diagnostic X-ray equipment. This business is still tiny in revenue contribution (around 2%), but strategically important because certifications act like a moat.
Finally, wire harnesses — the unsung heroes of electrical connectivity. Every machine needs wires that don’t fail, melt, or cause sparks. Saakshi makes those too.
Revenue-wise in H1 FY25, electrical panels contributed 54%, fabrication 39%, medical X-ray 2%, wire harness 2%, and others 3%. So no, this is not a medtech company in the Silicon Valley sense. It’s an industrial manufacturing company wearing multiple helmets.
The business model depends heavily on OEM relationships, long-term contracts, certifications, and the ability to deliver on time. Which brings us neatly to the numbers.
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
Result Type Locked: Half-Yearly Results (H1 FY26)
EPS annualisation method: Latest EPS × 2
Financial Comparison Table (₹ Crore)
| Metric | Latest H1 FY26 | H1 FY25 (YoY) | H2 FY25 (QoQ) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 58.31 | 44.45 | 48.00 | 31.2% | 21.5% |
| EBITDA | 11.00 | 6.00 | 4.00 | 83.3% | 175.0% |
| PAT | 6.63 | 3.45 | 1.00 | 92.2% | 563.0% |
| EPS (₹) | 3.76 | 1.95 | 0.71 | 92.8% | 429.6% |
