Sahana System Ltd.

•

₹ 853.051.56%

2026-08-21

sahanasystem.comBSE: -NSE: SAHANA

Market Cap₹ 890 Cr.

Current Price₹ 840

High / Low₹ 1,074 / 571

Stock P/E13.1

Book Value₹ 168

Price to Book6.05

Dividend Yield0.10 %

ROCE44.1 %

ROE33.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • IT Services: 68.6% • Hardware Trading: 31.4%

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 53.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 48.9%
Company comfortably covers its interest (65.0x coverage)
Company generates healthy free cash flow

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -5.6pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.21x)
Working capital days have increased from 110 to 264 days
Stock is trading at 6.0x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	TCS	2287.00	16.62	827456.62	4.81	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1117.05	14.97	453305.21	4.30	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1322.50	20.60	358882.21	4.08	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	179.50	13.45	177780.78	6.13	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1582.20	30.20	155076.76	3.22	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4535.00	25.72	134517.77	1.65	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11720.00	29.90	102061.42	3.41	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5510.00	45.20	86920.25	0.73	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1815.00	45.76	80390.07	0.87	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2420.00	24.18	46192.17	2.56	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3538.70	28.44	37537.66	1.64	357.10	12.97	2940.10	11.47	27.70	18.65
12.	SAHANA	839.65	13.12	890.41	0.10	—	—	—	—	44.13	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
	24	69	167
	14	46	111
Operating Profit	10	23	58
OPM %	40	34	35
Other Income	0	0	2
Interest	1	0	1
Depreciation	0	0	1
	9	23	56
Tax %	30	21	30
Net Profit	6	18	39
EPS	11	23	40
Dividend Payout %	0	0	0
Minority Interest	0	0	-4
Share of Associates	0	0	0
Adjusted EPS	9	19	33
Minority Interest	0	0	-4
Share of Associates	0	0	0
Adjusted EPS	9	19	33

Mar 2023

: 24
: 14
Operating Profit: 10
OPM %: 40
Other Income: 0
Interest: 1
Depreciation: 0
: 9
Tax %: 30
Net Profit: 6
EPS: 11
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2024

: 69
: 46
Operating Profit: 23
OPM %: 34
Other Income: 0
Interest: 0
Depreciation: 0
: 23
Tax %: 21
Net Profit: 18
EPS: 23
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19

Mar 2025

: 167
: 111
Operating Profit: 58
OPM %: 35
Other Income: 2
Interest: 1
Depreciation: 1
: 56
Tax %: 30
Net Profit: 39
EPS: 40
Dividend Payout %: 0
Minority Interest: -4
Share of Associates: 0
Adjusted EPS: 33
Minority Interest: -4
Share of Associates: 0
Adjusted EPS: 33

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 83%
1 Year:: -20%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 49%
Last Year:: 34%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-
Equity Capital	6	8	9
	5	48	167
	5	13	11
Trade Payables	5	19	26
	4	8	38
Total Liabilities	24	96	252
ASSETS	-	-	-
	0	13	37
Capital Work in Progress	1	14	17
	0	8	21
	13	13	6
	0	20	89
Cash & Bank	0	26	29
	10	3	53
Total Assets	24	96	252
Total Debt	5	13	12
Net Working Capital	10	21	121
Contingent Liabilities	0	0	0
Book Value per Share	18.98	70.51	199.21
Face Value	10.00	10.00	10.00
Total Debt	5	13	12
Net Working Capital	10	21	121
Contingent Liabilities	0	0	0
Book Value per Share	18.98	70.51	199.21
Face Value	10.00	10.00	10.00

Mar 2023

Equity Capital: 6
: 5
: 5
Trade Payables: 5
: 4
Total Liabilities: 24
: 0
Capital Work in Progress: 1
: 0
: 13
: 0
Cash & Bank: 0
: 10
Total Assets: 24
Total Debt: 5
Net Working Capital: 10
Contingent Liabilities: 0
Book Value per Share: 18.98
Face Value: 10.00
Total Debt: 5
Net Working Capital: 10
Contingent Liabilities: 0
Book Value per Share: 18.98
Face Value: 10.00

Mar 2024

Equity Capital: 8
: 48
: 13
Trade Payables: 19
: 8
Total Liabilities: 96
: 13
Capital Work in Progress: 14
: 8
: 13
: 20
Cash & Bank: 26
: 3
Total Assets: 96
Total Debt: 13
Net Working Capital: 21
Contingent Liabilities: 0
Book Value per Share: 70.51
Face Value: 10.00
Total Debt: 13
Net Working Capital: 21
Contingent Liabilities: 0
Book Value per Share: 70.51
Face Value: 10.00

Mar 2025

Equity Capital: 9
: 167
: 11
Trade Payables: 26
: 38
Total Liabilities: 252
: 37
Capital Work in Progress: 17
: 21
: 6
: 89
Cash & Bank: 29
: 53
Total Assets: 252
Total Debt: 12
Net Working Capital: 121
Contingent Liabilities: 0
Book Value per Share: 199.21
Face Value: 10.00
Total Debt: 12
Net Working Capital: 121
Contingent Liabilities: 0
Book Value per Share: 199.21
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
	1	34	-48
Cash from Investing	0	-22	-35
Cash from Financing	-3	13	79
	-2	26	-4
Free Cash Flow	1	8	-77
OCF / Net Profit	0.15	1.88	-1.23
Cumulative 5-Year FCF	0	0	0
OCF / Net Profit	0.15	1.88	-1.23
Cumulative 5-Year FCF	0	0	0

Mar 2023

: 1
Cash from Investing: 0
Cash from Financing: -3
: -2
Free Cash Flow: 1
OCF / Net Profit: 0.15
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.15
Cumulative 5-Year FCF: 0

Mar 2024

: 34
Cash from Investing: -22
Cash from Financing: 13
: 26
Free Cash Flow: 8
OCF / Net Profit: 1.88
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.88
Cumulative 5-Year FCF: 0

Mar 2025

: -48
Cash from Investing: -35
Cash from Financing: 79
: -4
Free Cash Flow: -77
OCF / Net Profit: -1.23
Cumulative 5-Year FCF: 0
OCF / Net Profit: -1.23
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-
EPS (₹)	11.14	22.77	40.13
Book Value (₹)	18.98	70.51	199.21
Dividend per Share (₹)	0.00	0.00	0.00
Cash EPS (₹)	9.53	19.26	38.16
PROFITABILITY	-	-	-
Operating Margin %	40.07%	33.66%	33.58%
Net Margin %	25.71%	26.37%	23.41%
ROE %	58.68%	54.39%	33.73%
ROCE %	61.96%	55.03%	44.13%
	25.72%	30.31%	22.55%
EFFICIENCY	-	-	-
Debtor Days	109	72	118
Inventory Days	199	68	21
Payable Days	-367	6809	0
	674	-6670	139
FINANCIAL HEALTH	-	-	-
Debt to Equity (x)	0.45x	0.22x	0.07x
Interest Coverage (x)	14.80x	170.20x	65.03x
	1.71x	1.52x	2.94x
GROWTH	-	-	-
Revenue Growth %	0.00%	186.00%	142.51%
Operating Profit Growth %	0.00%	142.76%	147.05%
Net Profit Growth %	0.00%	193.43%	115.27%
	0.00%	104.44%	76.23%
VALUATION	-	-	-
P/E (x)	0.00x	36.41x	30.01x
P/B (x)	0.00x	11.76x	6.05x
Dividend Yield %	0.00%	0.00%	0.00%
	1.06x	28.33x	18.05x

Mar 2023

EPS (₹): 11.14
Book Value (₹): 18.98
Dividend per Share (₹): 0.00
Cash EPS (₹): 9.53
Operating Margin %: 40.07%
Net Margin %: 25.71%
ROE %: 58.68%
ROCE %: 61.96%
: 25.72%
Debtor Days: 109
Inventory Days: 199
Payable Days: -367
: 674
Debt to Equity (x): 0.45x
Interest Coverage (x): 14.80x
: 1.71x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 1.06x

Mar 2024

EPS (₹): 22.77
Book Value (₹): 70.51
Dividend per Share (₹): 0.00
Cash EPS (₹): 19.26
Operating Margin %: 33.66%
Net Margin %: 26.37%
ROE %: 54.39%
ROCE %: 55.03%
: 30.31%
Debtor Days: 72
Inventory Days: 68
Payable Days: 6809
: -6670
Debt to Equity (x): 0.22x
Interest Coverage (x): 170.20x
: 1.52x
Revenue Growth %: 186.00%
Operating Profit Growth %: 142.76%
Net Profit Growth %: 193.43%
: 104.44%
P/E (x): 36.41x
P/B (x): 11.76x
Dividend Yield %: 0.00%
: 28.33x

Mar 2025

EPS (₹): 40.13
Book Value (₹): 199.21
Dividend per Share (₹): 0.00
Cash EPS (₹): 38.16
Operating Margin %: 33.58%
Net Margin %: 23.41%
ROE %: 33.73%
ROCE %: 44.13%
: 22.55%
Debtor Days: 118
Inventory Days: 21
Payable Days: 0
: 139
Debt to Equity (x): 0.07x
Interest Coverage (x): 65.03x
: 2.94x
Revenue Growth %: 142.51%
Operating Profit Growth %: 147.05%
Net Profit Growth %: 115.27%
: 76.23%
P/E (x): 30.01x
P/B (x): 6.05x
Dividend Yield %: 0.00%
: 18.05x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.88	61.05	58.00	57.15	57.19	57.30	57.31	57.31	57.31
	0.01	0.05	0.21	0.20	0.26	0.23	0.19	0.71	0.96
	0.63	0.61	0.89	0.56	0.53	0.57	0.60	0.59	0.60
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	36.49	38.29	40.90	42.09	42.01	41.90	41.92	41.41	41.14

Jun 2024

: 62.88
: 0.01
: 0.63
Government: 0.00
: 36.49

Sep 2024

: 61.05
: 0.05
: 0.61
Government: 0.00
: 38.29

Dec 2024

: 58.00
: 0.21
: 0.89
Government: 0.00
: 40.90

Mar 2025

: 57.15
: 0.20
: 0.56
Government: 0.00
: 42.09

Jun 2025

: 57.19
: 0.26
: 0.53
Government: 0.00
: 42.01

Sep 2025

: 57.30
: 0.23
: 0.57
Government: 0.00
: 41.90

Dec 2025

: 57.31
: 0.19
: 0.60
Government: 0.00
: 41.92

Mar 2026

: 57.31
: 0.71
: 0.59
Government: 0.00
: 41.41

Jun 2026

: 57.31
: 0.96
: 0.60
Government: 0.00
: 41.14

Documents

Announcements

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Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Nov 2025
Transcript PPTREC
Nov 2024
TranscriptPPTREC