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Seshaasai Technologies IPO
Seshaasai Technologies Ltd
₹14,070 /35 sharesMinimum Investment
Seshaasai Technologies IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 23 Sep ‘25 - 25 Sep ‘25 | ₹14,070 | 35 | ₹402 - ₹423 |
| Issue Size | IPO Doc |
|---|---|
| 813.07Cr | RHP PDF |
About Seshaasai Technologies
Founded in
1993
Managing director
Mr Pragnyat Pravin Lalwani
Parent organisation
Seshaasai Technologies Ltd
Strengths & Financials of Seshaasai Technologies
Strengths
Risks
Seshaasai Technologies claims to be among the top two payment card manufacturers in India, with an estimated market share of 31.9 percent in FY25, up from 25.0 percent in FY23. The company provided services to a wide range of financial institutions, including 10 of 12 public sector banks, nine of 11 small finance banks, and 15 of 21 private banks in India during FY25. It also served nine of 32 general insurance companies and 12 of 24 life insurance companies in the same year. The company claims to have the capacity to produce 11.94 million cards per month across its network of manufacturing units.
Seshaasai Technologies has served 702 customers in FY25, compared to 476 in FY24 and 355 in FY23. As of FY25, seven of its top 10 customers had an average relationship length of over 10 years, including a private sector bank it has partnered with for nearly three decades. The company also claims to have diversified its customer base across banking, insurance, financial technology, retail, manufacturing, renewable energy, and supply chain industries.
The company offers a comprehensive portfolio of customisable and scalable solutions spanning payment solutions, communication & fulfilment solutions, and IoT solutions, catering primarily to the BFSI sector and other industries. It has a long-standing partnership with the National Payments Corporation of India (NPCI) and has pioneered several firsts in the Indian financial ecosystem, including RuPay on-the-go wearables, metal cards, NFC tags for UPI, and India’s first open-loop integrated payment and access device. Its offerings cover a wide range of payment instruments, digital and physical communication fulfilment, and RFID-enabled traceability solutions, backed by in-house infrastructure and global technology partnerships.
The company claims to have built a proprietary technology stack that integrates consulting, design, and engineering to deliver bespoke solutions across industries. Its platforms leverage advanced technologies such as artificial intelligence (AI), robotic automation, IoT, and API frameworks, enabling digital transformation and operational efficiency. Flagship solutions like RUBIC (CCM), eTaTrak (supply chain integration), IOMS (communication and fulfilment), and izeIOT (RFID and traceability) are customisable, secure, and scalable, catering to diverse sectors beyond BFSI. By combining innovation, automation, and robust security protocols, the company provides enterprise-grade solutions that enhance customer communication, compliance, and operational agility.
The company operates 24 manufacturing units across seven locations in India as of FY25, making it one of the few vendors with approved facilities for producing plastic, metal, sustainable, biometric cards, wearables, and payment stickers. It claims to have scaled its card manufacturing capacity from 7.30 million per month in FY23 to 11.94 million per month in FY25, along with RFID infrastructure capable of producing over 41.67 million tags monthly at its Kundli and Bengaluru units.
The company is ISO 9001:2015 certified for its quality management systems, ISO 27001:2013 certified for its information security management systems, ISO 14298 certified for its security management systems, ISO 20000:1 certified for its service management systems, and ISO 14001 certified for its environmental management systems.
The company has witnessed a consistent increase in profit after tax (PAT). It increased from Rs 108.10 crore (standalone) in FY23 to Rs 169.28 crore (consolidated) in FY24 and Rs 222.32 crore (consolidated) in FY25.
The top five customers accounted for Rs 717.91 crore (49.12 percent) of the company’s revenue in FY25, Rs 766.69 crore (49.23 percent) in FY24, and Rs 510.50 crore (44.55 percent) in FY23. Any failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
The company derives a substantial portion of its revenue from the banking sector. It accounted for Rs 951.85 crore (65.12 percent) of the company’s revenue in FY25, Rs 1,090.99 crore (70.05 percent) in FY24, and Rs 735.76 crore (64.21 percent) in FY23. Any downturn in this sector or a reduction in demand for the company’s services in this industry could adversely affect the company’s financial condition and cash flows.
Seshaasai Technologies generates a significant portion of its revenue from government projects, public sector institutions, and nationalised enterprises. They accounted for Rs 604.05 crore (41.28 percent) of the company’s revenue in FY25, Rs 694.78 crore (44.61 percent) in FY24, and Rs 425.33 crore (37.12 percent) in FY23. Any unfavourable changes in government policies, budget allocations, or shifts in political or economic conditions could disrupt the continuity and scale of contracts, resulting in revenue volatility, delays in project kick-offs and payments, and higher operational costs.
The cost of materials consumed accounted for Rs 843.06 crore (71.52 percent) of the company’s total expenses in FY25, Rs 949.39 crore (71.03 percent) in FY24, and Rs 766.82 crore (75.87 percent) in FY23. Any sudden increase in the price of such raw materials, or an inability to obtain adequate supplies of quality materials on time, could hurt the company’s financial condition.
The top supplier alone accounted for Rs 149.88 crore (17.78 percent) of the company’s total cost of raw materials consumed in FY25, Rs 304.41 crore (32.06 percent) in FY24, and Rs 193.76 crore (25.27 percent) in FY23. Any disruption in supplies from this supplier could adversely affect the company’s business and finances.
Seshaasai Technologies sources a significant portion of its raw materials and machinery from international markets. Purchase of these items sourced from outside India accounted for Rs 336.37 crore (39.90 percent) of the company’s total cost of materials consumed in FY25, Rs 520.01 crore (54.77 percent) in FY24, and Rs 304.56 crore (39.72 percent) in FY23. Any import restrictions, fluctuations in global commodity prices, geopolitical tensions, or changes in tariffs and forex rates could lead to increased production costs, delays in supply chains, and reduced profit margins, ultimately impacting the company’s financial condition and cash flow.
The company, its promoters and directors are involved in certain ongoing tax proceedings. Any adverse judgments in any of these cases could hurt the company’s business prospects.
Seshaasai Technologies has received three complaints from investors after the filing of the Draft Red Herring Prospectus (DRHP) in 2025, related to issues such as the clarity of the restated financial statements, past price information disclosures, and client name disclosures. While there has been no financial impact so far, any future complaints or legal actions from investors could harm the company's reputation and lead to potential legal costs, thereby affecting its operations and financial condition.
As of FY25, the company had contingent liabilities of Rs 11.19 crore. If any of these contingent liabilities materialise, it could affect the company’s financial condition.
As of June 30, 2025, the company had financial indebtedness of Rs 336.75 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Seshaasai Technologies Financials
*All values are in Rs. Cr
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Application Details of Seshaasai Technologies IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹402 - 423 | ₹2 Lakh |
| Employee | ₹362 - 383 | ₹2 Lakh |
| High Networth Individual | ₹402 - 423 | ₹2 - 5 Lakh |
For Seshaasai Technologies IPO, eligible investors can apply as Regular & Employee.