Sahasra Electronic Solutions Ltd Q2FY26 – The Desi Chipmaker That Wants to Be India’s Silicon Valley (But With a Noida Accent)

1. At a Glance

Sahasra Electronic Solutions Ltd — the company whose stock chart looks like a rollercoaster designed by Elon Musk’s mood swings. Listed at ₹764, crashed to ₹228, now hovering around ₹313. Market cap: ₹783 crore. A P/E of1,072, because why not — clearly investors think they’re buying a semiconductor unicorn, not a small-cap Noida EMS shop.

This is a classic Indian tech-hope story: “Make in India” poster child, fresh off a ₹186 crore IPO, claiming to do everything from LEDs to semiconductors, from SSDs to eSIMs. The company’s Q2FY26 results show sales of ₹60.6 crore (up 31% YoY), with a PAT of ₹4.23 crore (up 2.17%). OPM? A modest 9.1%, but hey — for an electronics manufacturer, that’s practically a yoga-level stretch.

Debt? ₹56.6 crore. Promoter holding? 69.9%. Dividend? Non-existent. But the optimism? Off the charts — especially since management has been shouting from rooftops about semiconductor dreams, eSIM contracts, and subsidy cheques under the SPECS scheme.

If Sahasra can execute its plans, Noida might just start printing chips instead of complaints.

2. Introduction – The Make-in-India Dream, Made in Noida

India’s semiconductor dream has had many suitors. Some burned through subsidies, others through investor patience. Then came Sahasra — a relatively unknown ESDM (Electronic System Design & Manufacturing) company incorporated in 2013, now trying to bridge the gap between screwdriver assembly and genuine chip-making.

It’s part of that new wave of “Tech-Indianization” — where founders attend government summits wearing Nehru jackets and speak in PowerPoint optimism. But let’s be fair: Sahasra is not vaporware. They actually manufacture PCBs, LED lights, memory modules, and IT hardware. They even have a semiconductor arm that’s genuinely making chips (well, small ones for now).

Over half their revenue comes from exports — which is impressive for an SME listed on NSE. Their main facility is in Noida SEZ, churning out products that end up in IT, telecom, automotive, and industrial electronics.

The company’s management recently said they’ll merge three group entities, increase stake in their semiconductor subsidiary, and invest another ₹200 crore in Phase II expansion. This is not a side hustle — it’s a full-blown electronics saga.

And yet, their profit margins and P/E ratio make you question if they’re building chips or castles in the air.

But let’s dive into what they really do — and whether the numbers back up the dream.

3. Business Model – WTF Do They Even Do?

Sahasra Electronic Solutions isn’t your typical “we make resistors” kind of company. Think of them as theThaliof the electronics world — a bit of everything on one plate.

They’re part of theESDM(Electronic System Design & Manufacturing) ecosystem. That means they don’t just assemble components; they design systems, prototype, batch-produce, and handle lifecycle management. From semiconductors to LED lighting, Sahasra’s business model is diversified like a mutual fund for engineers.

Their product portfolio spans five main verticals:

• EMS (Electronics Manufacturing Services)– The bread and butter. PCB assembly, wire harnessing, box build solutions.
• LED Lighting Solutions– Chips, drivers, PCBs, and enclosures.
• IT Hardware– DRAMs, SSDs, USB drives, and accessories.
• Memory Products– High-value storage modules.
• Semiconductors– Through their subsidiarySahasra Semiconductor Pvt Ltd, they’ve entered into chip packaging — QFN, DFN, eMMC, NAND flash, BGA, etc.

Now, here’s the twist: 51% of Sahasra’s revenue comes from exports. For an SME electronics player, that’s like finding out your local dosa stall has opened a branch in New Jersey.

Their FY25 revenue split shows how the business leans:

• EMS:65% of revenue (with a fat 32% gross margin)
• IT Hardware:15% (4.96% margin)
• Memory Products:11% (10% margin)
• Semiconductors:11% (15.26% margin)
• Lighting:4% (20% margin)

The company also claims to be the first Indian firm tocommercially produce semiconductor memory chips. Sounds fancy — until you realize these are entry-level NAND packages, not the AI chips running ChatGPT. But still, an Indian company making chipsat allis progress worth a slow clap.

4. Financials Overview – The Quarter Where Profit Met Patience

(Data: Quarterly Consolidated Figures, ₹ in Crores)

(Quarterly results; annualised EPS = 1.69 × 4 = ₹6.76)With CMP ₹313,P/E = 46.3xbased on annualised EPS — much lower than the 1,072x headline, which clearly included one-off income distortions.

Commentary:Sahasra’s YoY revenue growth is