Saksoft Limited Q2 FY26 Concall Decoded: 20% revenue growth, 19.6% margins… and management says “don’t get used to it”
1. Opening Hook
Just when global IT budgets are tiptoeing around macro landmines, Saksoft casually drops a 20% YoY revenue growth and nearly 20% EBITDA margins. Naturally, management immediately tells everyone not to get too excited. Because why enjoy nice things when sales costs are about to show up fashionably late?
Between AI buzzwords, wallet-share optimism, and a Vision 2030 PowerPoint that politely ignores compound math anxiety, Saksoft’s Q2 FY26 call had everything—confidence, caution, and comedy. Margins expanded, profits jumped, and yet the loudest message was: “Relax, this is not the new normal.”
If you enjoy earnings calls where numbers look great but management insists on emotional discipline, read on. It only gets more interesting once the acquisition dreams and vendor consolidation fears start fighting for airtime.
2. At a Glance
Revenue up 20% – Global slowdown politely ignored, Saksoft kept billing anyway.
EBITDA up 38% – Operating leverage showed up early… management asks you not to trust it.
EBITDA margin 19.6% – CFO smiling, CEO already warning of gravity.
PAT up 38% – Profits sprinted faster than revenues, briefly stole the spotlight.
H1 revenue INR508 Cr – Halfway to the INR1,000–1,100 Cr promised land.
3. Management’s Key Commentary
“The technology sector continues to evolve rapidly with a strong shift towards AI-led transformation.” (Translation: If we didn’t say AI in the first minute, the call would be invalid.) 😏
“Our performance was robust despite global macro uncertainty.” (Translation: Macro was bad, we chose not to participate.)
“We launched SakMod and SakCelerate to modernize legacy systems and automate FinOps.” (Translation: Old systems are scary; we sell the torch.)
“19% EBITDA is not the new normal. Expect 17–18%.” (Translation: Please don’t put this margin in your Excel forever.)
“We aim to reach INR1,000–1,100 crores this year.” (Translation: H2 has no room for excuses.)
“Vision 2030 is achievable with organic growth and acquisitions.” (Translation: Math works if M&A cooperates.) 😬
“95% of our growth is from existing customers.” (Translation: New logos are overrated, wallet share is king.)
4. Numbers Decoded
Metric
Q2 FY26
YoY Change
What It Really Means
Revenue
INR258 Cr
+20%
Growth engine humming
EBITDA
INR51 Cr
+38%
Costs temporarily behaved
EBITDA Margin
19.58%
+250 bps
Peak optimism zone
PAT
INR36 Cr
+38%
FX + efficiency combo
H1 Revenue
INR508 Cr
+22%
Guidance still alive
Margins benefited from delayed sales hiring and lower one-offs. Management openly admitted costs are warming up.
