Sancode TechnologiesShare price, financial results, shareholding and management
- Market cap
- ₹638 cr
- Stock P/E
- 1328.4peers 11.4
- Book value
- ₹14.7
- Price to book
- 83.74
- EV / operating profit
- -
- Market cap to sales
- 40.46
- ROCE · FY26
- 6.6%
- ROE · FY26
- 7.3%
- ROE, 3-year average
- -5.8%
- Operating margin · FY26
- 3.1%peers 12.4%
- Sales growth, 3 years
- 116.6%
- Profit growth, 3 years
- -1.4%
- Debt to equity
- 0.24peers 0.14
- Borrowings
- ₹1.9 cr
- Interest cover
- 27.0×
- Cash from business / op. profit
- 24%
- Debtor days
- 9
- Pledged
- 0.00%
- Promoter holding
- 65.58%
- Change in promoter holding
- -6.98 pts
- Shareholders
- 201
- 52-week high / low
- ₹1,231 / ₹89
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Sancode Technologies share price chart
Close on 6 Nov 2026 · +2.00% on the day · Vol 5,500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +44.8%
- 3 months
- +163.2%
- 6 months
- +394.4%
- 1 year
- +528.2%
- Traded a day, 20 days
- ₹0.48 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +14% | -44% |
| 3 years, a year | +117% | -1% |
| Latest half, H2 FY26 | +3% | -68% |
About Sancode Technologies: business, products and customers
Sancode Technologies is a small Mumbai company that sells software and technology services, mostly through companies it owns, and has started planning a chip assembly and testing unit in Odisha. Its shares trade on BSE SME.
Sancode listed in 2023 as a software company offering ready-made finance automation tools, cloud and data work and support services, with customers mainly in the United States. Today the listed company itself earns only a small amount from its own services; almost all the group's sales come from Sanfin Technologies, a subsidiary it owns 51% of, and a smaller part from Zsolt Ventures LLC, its United States arm. The annual report does not say who Sanfin's customers are or what it sells to them.
The group structure shapes the numbers. Because Sanfin is a subsidiary, all of its turnover is counted in the group's sales even though Sancode owns only half of it, and most group costs are booked as other expenses rather than staff costs, so the group keeps only a thin slice of each rupee of sales. A good part of the listed company's own income is interest on loans it has given to its subsidiaries rather than money from customers.
Read more about the business
What is new: in September 2025 the company set up Sancode Semi to build a unit for outsourced semiconductor assembly and testing, the step after chips are made where they are packaged and checked. The Odisha government has given in-principle approval and land at Infovalley-II in Khordha, but the company says the project is still at the planning stage and has earned nothing yet. A second new subsidiary, Sancode Electronics, was formed in April 2026 for semiconductor and electronics trading and making.
The company's documents name no competitors. The prospectus says it competes with organised and unorganised players, some with more resources, and the annual report says established Indian and foreign packaging and testing firms would be rivals in semiconductors.
From the prospectus (March 2023), the annual reports for FY25 and FY26 and the company's exchange filings to October 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 117% a year over three years.
- It has little debt for its size: debt to equity 0.24.
- The promoters own a large part of the company: 65.58%.
To watch
- Progress of the Odisha chip assembly and testing unit through approvals, financing and equipment (Annual Report FY26, p.42 and p.44).
- Repayment of the ₹2.5 cr lent to Sanfin Technologies and Sancode Semi, which is repayable on demand (Annual Report FY26, p.67).
- Use of up to ₹2 cr of funding for Sancode Electronics in FY27 (Annual Report FY26, p.9 and p.17).
- Whether the audit qualifications on the listed company and Sanfin are cleared in the FY27 report (Annual Report FY26, p.82).
- The promoters' share has come down: 65.58%, from 71.23%.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Sancode Technologies revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Sancode Technologies half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1.42 | 0.13 | 0.84 | 3.92 | 5.76 | 8.05 | 7.46 | 8.30 |
| Expenses | 0.65 | 1.20 | 1.89 | 4.59 | 6.72 | 6.95 | 7.68 | 7.59 |
| Operating profit | 0.77 | -1.07 | -1.05 | -0.68 | -0.96 | 1.10 | -0.22 | 0.71 |
| OPM | 54.2% | -831.8% | -124.6% | -17.3% | -16.6% | 13.6% | -3.0% | 8.6% |
| Interest | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0.01 |
| Depreciation | 0 | 0 | 0 | 0.02 | 0.05 | 0.04 | 0.03 | 0.03 |
| Profit before tax | 1.15 | -1.06 | -1.06 | -0.63 | -0.97 | 1.44 | -0.24 | 0.76 |
| Net profit | 0.66 | -0.58 | -1.06 | -0.69 | -0.97 | 1.82 | -0.11 | 0.59 |
Sancode Technologies profit and loss
Full years to March, FY19 to FY26 · ₹ crore, consolidated where reported
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 0.21 | 0.13 | 1.56 | 2.44 | 1.55 | 4.76 | 13.81 | 15.76 |
| Expenses | 1.04 | 1.89 | 1.88 | 2.04 | 1.86 | 6.49 | 13.67 | 15.27 |
| Operating profit | -0.83 | -1.76 | -0.32 | 0.40 | -0.31 | -1.73 | 0.14 | 0.49 |
| OPM | -395.2% | -1353.8% | -20.5% | 16.4% | -19.8% | -36.4% | 1.0% | 3.1% |
| Other income | 0.01 | 0.30 | 0.04 | 0.66 | 0.40 | 0.09 | 0.43 | 0.11 |
| Interest | 0 | 0 | 0 | 0 | 0.01 | 0.02 | 0.01 | 0.02 |
| Depreciation | 0.01 | 0.01 | 0.01 | 0 | 0 | 0.02 | 0.09 | 0.06 |
| Profit before tax | -0.83 | -1.47 | -0.29 | 1.06 | 0.02 | -1.69 | 0.47 | 0.52 |
| Tax rate | 0.0% | -23.1% | -10.3% | 0.9% | -2073.9% | -3.7% | -79.7% | 7.7% |
| Net profit | -0.83 | -1.13 | -0.05 | 1.05 | 0.50 | -1.75 | 0.85 | 0.48 |
| EPS ₹ | -38.30 | -52.15 | -2.31 | 40.15 | 1.68 | -4.36 | 2.11 | 1.16 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY20, FY21, FY23, FY24, FY25) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Sancode Technologies profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -395.2% | -1353.8% | -20.5% | 16.4% | -19.8% | -36.4% | 1.0% | 3.1% |
| Tax rate | 0.0% | -23.1% | -10.3% | 0.9% | -2073.9% | -3.7% | -79.7% | 7.7% |
| ROCE | · | -128.4% | -11.4% | 40.2% | 1.1% | -36.0% | 7.3% | 6.6% |
| ROE | · | -102.3% | -2.3% | 47.0% | 19.0% | -39.6% | 15.0% | 7.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Sancode Technologies debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Sancode Technologies balance sheet
At each 31 March · ₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0.22 | 0.22 | 0.22 | 0.22 | 2.97 | 4.07 | 4.07 | 4.07 |
| Reserves | -0.21 | 1.98 | 2.01 | 2.02 | 0.06 | 1.74 | 1.47 | 3.56 |
| Net worth | 0.01 | 2.20 | 2.23 | 2.24 | 3.03 | 5.81 | 5.54 | 7.63 |
| Borrowings | 0.07 | 0.01 | 0.65 | 0.16 | 0.06 | 0.38 | 1.46 | 1.85 |
| Other liabilities | 0.22 | 1.09 | 0.26 | 0.42 | 0.35 | 1.47 | 1.31 | 0.88 |
| Total liabilities | 0.30 | 3.30 | 3.14 | 2.82 | 3.44 | 7.66 | 8.31 | 10.36 |
| Fixed assets | 0.01 | 0.04 | 0.02 | 0.02 | 0.02 | 0.19 | 0.19 | 0.15 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0.01 | 0 | 0 | 0 |
| Investments | 0.03 | 0.10 | 0.09 | 0.15 | 0.01 | 1.68 | 1.21 | 1.37 |
| Other assets | 0.26 | 3.16 | 3.03 | 2.65 | 3.40 | 5.79 | 6.91 | 8.84 |
Sancode Technologies cash flow
₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | · | -1.40 | -1.63 | 0.17 | 0.75 | -2.77 | -2.51 | 0.12 |
| Cash from investing | · | -0.09 | 0.39 | -0.05 | 0.13 | -1.83 | 0.87 | -0.15 |
| Cash from financing | · | 2.77 | 0.63 | -0.49 | -0.10 | 5.04 | 1.08 | 1.85 |
| Net cash flow | · | 1.28 | -0.61 | -0.37 | 0.78 | 0.44 | -0.56 | 1.82 |
Working capital
Days
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 122 | 1,628 | 271 | 281 | 212 | 27 | 10 | 9 |
| Cash conversion cycle | 122 | 1,628 | 271 | 281 | 212 | 27 | 10 | 9 |
| Working capital days | -400 | -814 | 250 | 271 | 280 | 104 | 50 | 53 |
Sancode Technologies peers and competitors
Listed SME companies in the same industryBy sales, Sancode Technologies is number 30 of the 33 listed SME companies in it - services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Matrix Geo Solutions | 84 | 8.3 | 40.1 | 10.1 | 33.0% | 0.03 |
| Icodex Publishing Solutions | 61 | 8.6 | 25.9 | 7.1 | 41.4% | 0.13 |
| Infinity Infoway | 317 | 45.3 | 23.7 | 7 | 41.9% | 0.01 |
| Infonative Solutions | 40 | 14.2 | 23 | 2.9 | 14.5% | 0.13 |
| Vertexplus Technologies | 40 | - | 22.7 | -4.6 | -14.8% | 0.64 |
| Globesecure Technologies | 18 | - | 20.7 | -0.3 | 6.0% | 0.15 |
| Octaware Technologies | 21 | - | 17.5 | -5 | -10.2% | 0.45 |
| Sancode Technologies | 638 | 1328.4 | 15.8 | 0.5 | 3.1% | 0.24 |
| Euphoria Infotech (India) | 9 | 5.7 | 15.2 | 1.6 | 18.4% | 0.29 |
| Quadpro Ites | 20 | 98.3 | 6.4 | 0.2 | 10.3% | 0.05 |
| Ekennis Software Service | 5 | - | 1.6 | -1 | -25.8% | 1.52 |
| Median of the 10 others | 31 | 11.4 | 21.7 | 0.9 | 12.4% | 0.14 |
Sancode Technologies shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Foreign and Indian funds own a noticeable share. The number of shareholders is about the same.
Sancode Technologies shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Apr 23 | Sep 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | May 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 71.23% | 71.23% | 71.53% | 71.53% | 72.56% | 72.56% | 72.56% | 65.58% |
| Foreign investors (FIIs) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 12.87% |
| Number of shareholders | 250 | 218 | 244 | 268 | 240 | 237 | 208 | 201 |
Sancode Technologies study: the business from its own documents
Read from 4 of the company's own documentsSancode Technologies key facts from the filings
Each figure with the document it comes from
- Group sales
- ₹15.8 cr
- Revenue from operations for the group in FY26, up from ₹13.8 cr in FY25.Annual Report FY26, p.25
- Listed company's own sales
- ₹0.41 cr
- Revenue the listed company earned on its own in FY26; the rest of the group's sales come from subsidiaries.Annual Report FY26, p.25
- Sanfin Technologies
- ₹14.3 cr
- FY26 turnover of the subsidiary that is 51% owned, nearly all of the group's sales; its profit after tax was ₹0.03 cr.Annual Report FY26, p.36
- Chip unit
- Planning stage
- Sancode Semi has in-principle approval from Odisha and land at Khordha for a chip assembly and testing unit, with no production or revenue yet.Annual Report FY26, p.42
- Loans to subsidiaries
- ₹2.5 cr
- Owed by Sanfin Technologies and Sancode Semi at March 2026, repayable on demand; the auditor qualified the listed company's report on this clause.Annual Report FY26, p.67 and p.82
Show 5 more facts
- Shares in issue
- 74,55,560
- After warrant conversions in 2026, up from 40,68,867 at March 2026; warrants were issued at ₹54 and ₹172 a share.Regulation 29 disclosure, 5 October 2026, p.3; Annual Report FY26, p.27
- New outside holder
- 8.94%
- North Star Opportunities Fund, a Mauritius fund outside the promoter group, received shares on converting warrants in September 2026.Regulation 29 disclosure, 5 October 2026, p.2
- Customer concentration at listing
- 100%
- Share of revenue from the top ten customers in every period shown in the prospectus; no later figure has been given.Prospectus, p.28
- Staff at the listed company
- 5
- Permanent employees on the listed company's rolls at March 2026.Annual Report FY26, p.46
- IPO
- ₹5.1 cr
- Raised in 2023 by selling 10,95,000 new shares at ₹47 each.Prospectus, p.2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has given no guidance on sales or profit. It says its immediate focus is to take the Odisha chip assembly and testing project through technical evaluation, infrastructure planning, approvals and financing, and that timing and scale depend on capital, technology, customer approvals and market conditions. Shareholders were asked to allow up to ₹2 cr of funding to the new subsidiary Sancode Electronics in FY27.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The group earns money from software and technology services, almost all of it through a subsidiary it owns only half of, and keeps very little of each rupee of sales.
Its weak spots are that the listed company earns little on its own, it has lent to its subsidiaries, and its new chip plan has not started and will need a lot of money.
WatchCan it set its own prices?Not on the evidence. Almost all group costs are other expenses that rise in step with sales, leaving a very thin profit.
WatchHow strong is it against rivals?The company calls its market competitive and says some rivals have more resources; it names no edge that others cannot copy.
WatchWho are its customers?A small number of customers, mainly in the United States, at listing; the annual reports do not name or count the customers of the subsidiaries.
WatchDoes it need a lot of money?The software work needs little, but the chip plan needs heavy spending and the company has lent to its subsidiaries and raised money through warrants.
WatchCan it keep finding new work?No new product or service was reported for FY26; growth in recent years came from adding a subsidiary, and the chip business is still a plan.
WatchDo good and bad years swing a lot?Yes. Results have moved between losses and profits from year to year.
Who runs Sancode Technologies?
Promoters, directors and officers; tap a name for the background
MDMihir Deepak VoraPromoter and Managing Director
Member of the Institute of Chartered Accountants of India with around 10 years in finance; responsible for the group's financial strategy, financial controls and accounting. On the board since January 2021 and Managing Director since March 2023; a designated partner of ZNL Startup Accelerator LLP.
Prospectus, p.132, p.134 and p.146; Annual Report FY26, p.28AVAmit Vijay JainPromoter, Chairman and Executive Director
Bachelor of Commerce from the University of Mumbai and a chartered accountant, with more than 10 years in corporate restructuring and software consultancy; oversees the company's operations and growth plans. A designated partner of ZNL Startup Accelerator LLP; the prospectus gives a residential address in California.
Prospectus, p.132, p.134 and p.146KJKhushboo JainPromoter
Bachelor of Commerce (Honours) from Sri Ram College of Commerce, Delhi University, and a member of the Institute of Chartered Accountants of India, with around 6 years in consultancy and software. A promoter since the company was formed; the prospectus lists Khushboo Jain as the spouse of Amit Vijay Jain.
Prospectus, p.145, p.147 and p.148ZSZNL Startup Accelerator LLPCorporate promoter
A Mumbai limited liability partnership formed in 2018 for management consultancy to startups; its designated partners are Amit Jain and Mihir Deepak Vora.
Prospectus, p.146MDMukeshkumar Devichand JainNon-Executive Director
Master of Technology in software systems from the Birla Institute of Technology and Science, with more than 20 years in digital transformation, product engineering, data analytics and running large technology centres in India.
Prospectus, p.134SASumesh Ashok MishraIndependent Director
Qualified company secretary with more than 10 years in real estate and finance; chairs the audit committee.
Prospectus, p.134; Annual Report FY26, p.30AMAyushi MishraIndependent Director
Master of Science in Engineering Management from Johns Hopkins University, with around 8 years in engineering and software.
Prospectus, p.134SSSanjana Sanjeev ShahChief Financial Officer
Chief Financial Officer since March 2023 and also named as the internal auditor.
Annual Report FY26, p.4 and p.29Sancode Technologies latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹8.3 cr (+3%), net profit ₹0.6 cr (-68%) on H2 FY25.
- Shareholding, 31 May 2026: promoters 72.56% to 65.58%.
Sancode Technologies announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdatePlease find disclosure for appointment of new CEO in the Subsidiary Company i.e. Sancode SEMI Private LimitedPDF ↗
- Insider Trading / SASTThe Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for North Star OpportuPDF ↗
- AGM/EGMDeclaration of Voting Result along with Scrutinizer Report of Annual General Meeting of the CompanyPDF ↗
- AGM/EGMPlease find attached the proceeding of 10th Annual general Meeting of the companyPDF ↗
- Insider Trading / SASTPlease find attached the closure of Trading windowPDF ↗
Sancode Technologies annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Sancode Technologies share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Sancode Technologies' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (51,79,978 shares).
- !The FY26 results imply 40,70,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY22 (₹40.15) and FY23 (₹1.68) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY19 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Sancode Technologies
What does Sancode Technologies do?
Sancode Technologies is a small Mumbai company that sells software and technology services, mostly through companies it owns, and has started planning a chip assembly and testing unit in Odisha. Its shares trade on BSE SME.
What is the share price of Sancode Technologies?
₹1,231 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Sancode Technologies?
₹638 cr at the close on 6 Nov 2026, on 51,79,978 shares.
What is the P/E of Sancode Technologies?
1328.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Sancode Technologies' revenue and profit?
Revenue ₹16 cr and profit after tax ₹0 cr in FY26.
Who are the promoters of Sancode Technologies?
Mihir Deepak Vora, Amit Vijay Jain, Khushboo Jain, ZNL Startup Accelerator LLP; promoters held 65.58% at 31 May 2026.
What is Sancode Technologies' website?
www.sancodetech.com
More SME companies like Sancode Technologies
Other listed SME companies in it - services, the closest in size first, each read from its own documents.
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Built from 3 annual reports, 1 offer document, 5 exchange announcements, 8 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.