Aeroflex Neu Limited

Sahana Systems reported a consolidated revenue of INR 114 crores for H1 FY26. The company maintained a strong profitability profile with a consolidated EBITDA of 33% and PAT of 24%. For the standalone entity, H1 FY26 revenue stood at INR 69 crores, with EBIT at 27% and PAT at 19%. Management noted a 1% increase in consolidated PAT compared to the previous full financial year's 23%.

The company's growth strategy focuses on enhancing revenue from existing customers and acquiring new ones. For Sahana standalone, 76% of H1 FY26 revenue came from existing clients, with 24% from new customer acquisitions. Softvan, a subsidiary focused on deep-tech and defense, saw 65% of its revenue from existing customers and a significant 35% from new client acquisitions, exceeding initial projections for the year.

Sahana Systems secured several high-profile projects. In the defense sector, a project with the Indian Navy involves upgrading RF testing and chip point-of-contact design facilities at NEU Jamnagar, one of only six such facilities globally. In the master system integration and deep-tech services, the company is upgrading Dredging Corporation of India's dredgers with IoT and AI capabilities. Additionally, a project to create a digital twin replica for Tuticorin port was secured, demonstrating the company's ability to serve national infrastructure.

The company's export business primarily serves customers in the US, contributing approximately INR 20 crores in business from overseas markets, with INR 16-17 crores in cash collection. Sahana Systems is also actively working in multiple countries across Southeast Asia, and exploring opportunities in the African and Latin American subcontinent for its FinTech, defense-aided tech, and deep-tech enablement services.

Sahana Systems has made significant strides in intellectual property, with 12 patents applied for in the previous year. Out of these, 6 are in the process of positive review, and 2 have already been awarded. These patents are for solutions curated from system integration business, enabling product resale in the market and contributing to future revenue streams.

For the Andhra Pradesh EV charging station rollout, Sahana Systems has partnered with an ODM for charger manufacturing. The company enhances these chargers with embedded system capabilities and IoT enablement to improve efficiency. Sahana has also developed its own CMS deployed across stations. The revenue model involves a bifurcation of per-charging revenue, with a portion going to Sahana and the remainder to the particular authority in Andhra.

Management provided long-term revenue targets, aiming for approximately INR 210 crores in FY26, over INR 350 crores in FY27, and exceeding INR 500 crores in FY28. The company also projects achieving INR 5000 crores in revenue within approximately 6 financial years. While current projects are funded by existing cash flows, large-scale projects in the pipeline may necessitate additional funding through banking and financial institutions, potentially involving OD/CC enhancements.