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/E0.0

Book Value₹ 138

Price to Book7.38

Dividend Yield0.10 %

ROCE24.0 %

ROE17.5 %

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 good return on equity (ROE) track record: 3 Years ROE 49.0%
Company has a healthy return on capital (ROCE) of 48.9%
Company has delivered good sales growth of 76.8% CAGR over last 5 years
Company has consistently been profitable over the last 5 years

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 0.20x)
Working capital days have increased from 104 to 283 days
Stock is trading at 7.4x 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

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

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

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	6	3	12	24	54	108
	6	2	9	14	35	84
Operating Profit	1	1	3	10	19	26
OPM %	12	25	23	40	36	24
Other Income	0	0	0	0	0	2
Interest	1	1	1	1	0	0
Depreciation	0	0	0	0	0	1
	0	0	2	9	19	25
Tax %	32	27	28	30	20	32
Net Profit	0	0	1	6	15	17
EPS	63	164	5	11	19	20
Dividend Payout %	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0
Adjusted EPS	0	1	2	9	16	16
Minority Interest	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0
Adjusted EPS	0	1	2	9	16	16

Mar 2020

: 6
: 6
Operating Profit: 1
OPM %: 12
Other Income: 0
Interest: 1
Depreciation: 0
: 0
Tax %: 32
Net Profit: 0
EPS: 63
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

Mar 2021

: 3
: 2
Operating Profit: 1
OPM %: 25
Other Income: 0
Interest: 1
Depreciation: 0
: 0
Tax %: 27
Net Profit: 0
EPS: 164
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2022

: 12
: 9
Operating Profit: 3
OPM %: 23
Other Income: 0
Interest: 1
Depreciation: 0
: 2
Tax %: 28
Net Profit: 1
EPS: 5
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

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

: 54
: 35
Operating Profit: 19
OPM %: 36
Other Income: 0
Interest: 0
Depreciation: 0
: 19
Tax %: 20
Net Profit: 15
EPS: 19
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16

Mar 2025

: 108
: 84
Operating Profit: 26
OPM %: 24
Other Income: 2
Interest: 0
Depreciation: 1
: 25
Tax %: 32
Net Profit: 17
EPS: 20
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 77%
3 Years:: 107%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 207%
3 Years:: 130%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: —
5 Years:: 77%
3 Years:: 49%
Last Year:: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-
Equity Capital	0	0	3	6	8	9
	0	0	1	5	45	135
	0	7	5	5	13	3
Trade Payables	2	0	3	5	17	10
	7	0	2	4	5	16
Total Liabilities	8	8	15	24	89	174
ASSETS	-	-	-	-	-	-
	0	0	0	0	0	17
Capital Work in Progress	0	0	0	1	14	8
	0	0	0	0	23	45
	7	7	8	13	13	6
	0	0	0	0	12	54
Cash & Bank	0	0	0	0	25	21
	1	1	6	10	2	24
Total Assets	8	8	15	24	89	174
Total Debt	7	7	5	5	13	4
Net Working Capital	6	-0	4	10	15	84
Contingent Liabilities	0	0	0	0	0	0
Book Value per Share	10.00	174.40	14.60	18.98	66.54	163.22
Face Value	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	7	7	5	5	13	4
Net Working Capital	6	-0	4	10	15	84
Contingent Liabilities	0	0	0	0	0	0
Book Value per Share	10.00	174.40	14.60	18.98	66.54	163.22
Face Value	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2020

Equity Capital: 0
: 0
: 0
Trade Payables: 2
: 7
Total Liabilities: 8
: 0
Capital Work in Progress: 0
: 0
: 7
: 0
Cash & Bank: 0
: 1
Total Assets: 8
Total Debt: 7
Net Working Capital: 6
Contingent Liabilities: 0
Book Value per Share: 10.00
Face Value: 10.00
Total Debt: 7
Net Working Capital: 6
Contingent Liabilities: 0
Book Value per Share: 10.00
Face Value: 10.00

Mar 2021

Equity Capital: 0
: 0
: 7
Trade Payables: 0
: 0
Total Liabilities: 8
: 0
Capital Work in Progress: 0
: 0
: 7
: 0
Cash & Bank: 0
: 1
Total Assets: 8
Total Debt: 7
Net Working Capital: -0
Contingent Liabilities: 0
Book Value per Share: 174.40
Face Value: 10.00
Total Debt: 7
Net Working Capital: -0
Contingent Liabilities: 0
Book Value per Share: 174.40
Face Value: 10.00

Mar 2022

Equity Capital: 3
: 1
: 5
Trade Payables: 3
: 2
Total Liabilities: 15
: 0
Capital Work in Progress: 0
: 0
: 8
: 0
Cash & Bank: 0
: 6
Total Assets: 15
Total Debt: 5
Net Working Capital: 4
Contingent Liabilities: 0
Book Value per Share: 14.60
Face Value: 10.00
Total Debt: 5
Net Working Capital: 4
Contingent Liabilities: 0
Book Value per Share: 14.60
Face Value: 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
: 45
: 13
Trade Payables: 17
: 5
Total Liabilities: 89
: 0
Capital Work in Progress: 14
: 23
: 13
: 12
Cash & Bank: 25
: 2
Total Assets: 89
Total Debt: 13
Net Working Capital: 15
Contingent Liabilities: 0
Book Value per Share: 66.54
Face Value: 10.00
Total Debt: 13
Net Working Capital: 15
Contingent Liabilities: 0
Book Value per Share: 66.54
Face Value: 10.00

Mar 2025

Equity Capital: 9
: 135
: 3
Trade Payables: 10
: 16
Total Liabilities: 174
: 17
Capital Work in Progress: 8
: 45
: 6
: 54
Cash & Bank: 21
: 24
Total Assets: 174
Total Debt: 4
Net Working Capital: 84
Contingent Liabilities: 0
Book Value per Share: 163.22
Face Value: 10.00
Total Debt: 4
Net Working Capital: 84
Contingent Liabilities: 0
Book Value per Share: 163.22
Face Value: 10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-5	-0	0	1	25	-19
Cash from Investing	4	0	-0	0	-36	-44
Cash from Financing	1	0	0	-3	35	52
	0	-0	0	-2	25	-11
Free Cash Flow	-5	-0	-0	0	12	-29
OCF / Net Profit	-73.01	-0.51	0.21	0.15	1.69	-1.08
Cumulative 5-Year FCF	0	0	0	0	0	-18
OCF / Net Profit	-73.01	-0.51	0.21	0.15	1.69	-1.08
Cumulative 5-Year FCF	0	0	0	0	0	-18

Mar 2020

: -5
Cash from Investing: 4
Cash from Financing: 1
: 0
Free Cash Flow: -5
OCF / Net Profit: -73.01
Cumulative 5-Year FCF: 0
OCF / Net Profit: -73.01
Cumulative 5-Year FCF: 0

Mar 2021

: -0
Cash from Investing: 0
Cash from Financing: 0
: -0
Free Cash Flow: -0
OCF / Net Profit: -0.51
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.51
Cumulative 5-Year FCF: 0

Mar 2022

: 0
Cash from Investing: -0
Cash from Financing: 0
: 0
Free Cash Flow: -0
OCF / Net Profit: 0.21
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.21
Cumulative 5-Year FCF: 0

Mar 2023

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

Mar 2024

: 25
Cash from Investing: -36
Cash from Financing: 35
: 25
Free Cash Flow: 12
OCF / Net Profit: 1.69
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.69
Cumulative 5-Year FCF: 0

Mar 2025

: -19
Cash from Investing: -44
Cash from Financing: 52
: -11
Free Cash Flow: -29
OCF / Net Profit: -1.08
Cumulative 5-Year FCF: -18
OCF / Net Profit: -1.08
Cumulative 5-Year FCF: -18

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-
EPS (₹)	62.90	164.40	4.56	11.14	18.80	19.55
Book Value (₹)	10.00	174.40	14.60	18.98	66.54	163.22
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.81	1.02	2.26	9.53	15.80	16.81
PROFITABILITY	-	-	-	-	-	-
Operating Margin %	12.27%	25.43%	22.81%	40.07%	35.23%	22.57%
Net Margin %	1.00%	4.96%	11.60%	25.71%	28.01%	15.93%
ROE %	629.00%	178.31%	60.14%	82.22%	47.14%	17.50%
ROCE %	10.19%	11.50%	31.40%	76.09%	46.72%	23.97%
	0.75%	2.04%	12.44%	31.74%	26.69%	13.17%
EFFICIENCY	-	-	-	-	-	-
Debtor Days	38	44	74	91	67	111
Inventory Days	405	764	230	163	87	32
Payable Days	127	1851	185	-310	6184	0
	316	-1044	119	565	-6030	143
FINANCIAL HEALTH	-	-	-	-	-	-
Debt to Equity (x)	659.87x	41.47x	1.13x	0.45x	0.24x	0.03x
Interest Coverage (x)	1.16x	1.39x	3.71x	14.80x	229.94x	101.58x
	4.24x	0.94x	1.35x	1.71x	1.43x	3.96x
GROWTH	-	-	-	-	-	-
Revenue Growth %	0.00%	-47.21%	267.27%	98.31%	122.33%	101.97%
Operating Profit Growth %	0.00%	9.47%	229.42%	248.38%	97.39%	37.38%
Net Profit Growth %	0.00%	161.37%	758.76%	339.58%	142.27%	14.89%
	0.00%	161.37%	-97.23%	144.21%	68.80%	3.96%
VALUATION	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	44.10x	61.61x
P/B (x)	0.00x	0.00x	0.00x	0.00x	12.46x	7.38x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	8.53x	8.58x	2.93x	1.06x	34.91x	39.93x

Mar 2020

EPS (₹): 62.90
Book Value (₹): 10.00
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.81
Operating Margin %: 12.27%
Net Margin %: 1.00%
ROE %: 629.00%
ROCE %: 10.19%
: 0.75%
Debtor Days: 38
Inventory Days: 405
Payable Days: 127
: 316
Debt to Equity (x): 659.87x
Interest Coverage (x): 1.16x
: 4.24x
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%
: 8.53x

Mar 2021

EPS (₹): 164.40
Book Value (₹): 174.40
Dividend per Share (₹): 0.00
Cash EPS (₹): 1.02
Operating Margin %: 25.43%
Net Margin %: 4.96%
ROE %: 178.31%
ROCE %: 11.50%
: 2.04%
Debtor Days: 44
Inventory Days: 764
Payable Days: 1851
: -1044
Debt to Equity (x): 41.47x
Interest Coverage (x): 1.39x
: 0.94x
Revenue Growth %: -47.21%
Operating Profit Growth %: 9.47%
Net Profit Growth %: 161.37%
: 161.37%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 8.58x

Mar 2022

EPS (₹): 4.56
Book Value (₹): 14.60
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.26
Operating Margin %: 22.81%
Net Margin %: 11.60%
ROE %: 60.14%
ROCE %: 31.40%
: 12.44%
Debtor Days: 74
Inventory Days: 230
Payable Days: 185
: 119
Debt to Equity (x): 1.13x
Interest Coverage (x): 3.71x
: 1.35x
Revenue Growth %: 267.27%
Operating Profit Growth %: 229.42%
Net Profit Growth %: 758.76%
: -97.23%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 2.93x

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 %: 82.22%
ROCE %: 76.09%
: 31.74%
Debtor Days: 91
Inventory Days: 163
Payable Days: -310
: 565
Debt to Equity (x): 0.45x
Interest Coverage (x): 14.80x
: 1.71x
Revenue Growth %: 98.31%
Operating Profit Growth %: 248.38%
Net Profit Growth %: 339.58%
: 144.21%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 1.06x

Mar 2024

EPS (₹): 18.80
Book Value (₹): 66.54
Dividend per Share (₹): 0.00
Cash EPS (₹): 15.80
Operating Margin %: 35.23%
Net Margin %: 28.01%
ROE %: 47.14%
ROCE %: 46.72%
: 26.69%
Debtor Days: 67
Inventory Days: 87
Payable Days: 6184
: -6030
Debt to Equity (x): 0.24x
Interest Coverage (x): 229.94x
: 1.43x
Revenue Growth %: 122.33%
Operating Profit Growth %: 97.39%
Net Profit Growth %: 142.27%
: 68.80%
P/E (x): 44.10x
P/B (x): 12.46x
Dividend Yield %: 0.00%
: 34.91x

Mar 2025

EPS (₹): 19.55
Book Value (₹): 163.22
Dividend per Share (₹): 0.00
Cash EPS (₹): 16.81
Operating Margin %: 22.57%
Net Margin %: 15.93%
ROE %: 17.50%
ROCE %: 23.97%
: 13.17%
Debtor Days: 111
Inventory Days: 32
Payable Days: 0
: 143
Debt to Equity (x): 0.03x
Interest Coverage (x): 101.58x
: 3.96x
Revenue Growth %: 101.97%
Operating Profit Growth %: 37.38%
Net Profit Growth %: 14.89%
: 3.96%
P/E (x): 61.61x
P/B (x): 7.38x
Dividend Yield %: 0.00%
: 39.93x

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

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Concalls

Nov 2025
Transcript PPTREC
Nov 2024
TranscriptPPTREC