New Risk • Jun 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹953.1m (US$9.96m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₹953.1m market cap, or US$9.96m). Minor Risk Revenue is less than US$5m (₹159m revenue, or US$1.7m). Reported Earnings • May 31
Full year 2026 earnings released: EPS: ₹1.15 (vs ₹1.21 in FY 2025) Full year 2026 results: EPS: ₹1.15 (down from ₹1.21 in FY 2025). Revenue: ₹158.7m (up 15% from FY 2025). Net income: ₹4.66m (down 5.1% from FY 2025). Profit margin: 2.9% (down from 3.6% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 59% per year whereas the company’s share price has increased by 60% per year. Aankondiging • May 20
Sancode Technologies Limited to Report Fiscal Year 2026 Results on May 30, 2026 Sancode Technologies Limited announced that they will report fiscal year 2026 results at 3:30 PM, Indian Standard Time on May 30, 2026 New Risk • Apr 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹926.9m (US$9.96m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (55% accrual ratio). Market cap is less than US$10m (₹926.9m market cap, or US$9.96m). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Revenue is less than US$5m (₹155m revenue, or US$1.7m). Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹172, the stock trades at a trailing P/E ratio of 63.4x. Average trailing P/E is 30x in the Software industry in India. Total returns to shareholders of 196% over the past year. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ₹141, the stock trades at a trailing P/E ratio of 52.2x. Average trailing P/E is 32x in the Software industry in India. Total returns to shareholders of 141% over the past year. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Non-Executive Independent Director Sumesh Mishra was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jan 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.1% average weekly change). High level of non-cash earnings (55% accrual ratio). Market cap is less than US$10m (₹411.0m market cap, or US$4.48m). Minor Risk Revenue is less than US$5m (₹155m revenue, or US$1.7m). Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹99.00, the stock trades at a trailing P/E ratio of 36.5x. Average trailing P/E is 33x in the Software industry in India. Total returns to shareholders of 62% over the past year. New Risk • Dec 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (55% accrual ratio). Market cap is less than US$10m (₹606.3m market cap, or US$6.75m). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Revenue is less than US$5m (₹155m revenue, or US$1.7m). Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹142, the stock trades at a trailing P/E ratio of 52.5x. Average trailing P/E is 37x in the Software industry in India. Total returns to shareholders of 112% over the past year. Aankondiging • Dec 15
Sancode Technologies Limited announced that it has received INR 14.999999 million in funding from ZNL Startup Accelerator LLP, North Star Opportunities Fund Vcc - Lighthouse Capital Incorporated Vcc Sub-fund On December 13, 2025, Sancode Technologies Limited closed the transaction. Pre issue shareholding of ZNL Startup Accelerator LLP was 36.69% and post issue shareholding is 37.4%. Post issue shareholding of NORTH STAR OPPORTUNITIES FUND VCCLIGHTHOUSE CAPITAL INCORPORATED VCC SUB-FUND is 12.87%. Aankondiging • Nov 04
Sancode Technologies Limited to Report First Half, 2026 Results on Nov 14, 2025 Sancode Technologies Limited announced that they will report first half, 2026 results on Nov 14, 2025 Aankondiging • Sep 09
Sancode Technologies Limited, Annual General Meeting, Sep 29, 2025 Sancode Technologies Limited, Annual General Meeting, Sep 29, 2025, at 15:00 Indian Standard Time. Location: 403, shreya house, parera hill road, chakala, andheri (east), airport,mumbai-400099, mumbai India Reported Earnings • Sep 09
Full year 2025 earnings released: EPS: ₹1.21 (vs ₹4.95 loss in FY 2024) Full year 2025 results: EPS: ₹1.21 (up from ₹4.95 loss in FY 2024). Revenue: ₹141.5m (up 197% from FY 2024). Net income: ₹4.91m (up ₹24.8m from FY 2024). Profit margin: 3.5% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹82.62, the stock trades at a trailing P/E ratio of 68.4x. Average trailing P/E is 37x in the Software industry in India. Total returns to shareholders of 40% over the past year. Aankondiging • Jul 26
Sancode Technologies Limited announced that it expects to receive INR 14.999999 million in funding from ZNL Startup Accelerator LLP, North Star Opportunities Fund Vcc - Lighthouse Capital Incorporated Vcc Sub-fund Sancode Technologies Limited announced a private placement of 1,111,111 Convertible share warrants at an issue price INR 13.5 for gross proceeds INR 1,49,99,998.5 on July 24, 2025. The transaction includes participation from ZNL STARTUP ACCELERATOR LLP, NORTH STAR OPPORTUNITIES FUND VCCLIGHTHOUSE CAPITAL INCORPORATED VCC SUB-FUND, promoter and non-promoter on preferential basis subject to approval of shareholders in the ensuing General Meeting. The transaction was approved by board of directors. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹63.90, the stock trades at a trailing P/E ratio of 52.9x. Average trailing P/E is 39x in the Software industry in India. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹47.28, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 32x in the Software industry in India. Total loss to shareholders of 22% over the past year. Reported Earnings • Jun 02
Full year 2025 earnings released: EPS: ₹2.11 (vs ₹4.95 loss in FY 2024) Full year 2025 results: EPS: ₹2.11 (up from ₹4.95 loss in FY 2024). Revenue: ₹142.4m (up 199% from FY 2024). Net income: ₹4.91m (up ₹24.8m from FY 2024). Profit margin: 3.5% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Aankondiging • May 16
Sancode Technologies Limited to Report Fiscal Year 2025 Results on May 30, 2025 Sancode Technologies Limited announced that they will report fiscal year 2025 results on May 30, 2025 Board Change • May 12
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. MD & Whole Time Director Mihir Vora is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Jan 30
AVJ Inc agreed to acquire 61.90% stake in Dhruva Advisors Usa, Inc. from Sancode Technologies Limited (BSE:543897) for $0.06 million. AVJ Inc agreed to acquire 61.90% stake in Dhruva Advisors Usa, Inc. from Sancode Technologies Limited (BSE:543897) for $0.06 million on January 28, 2025. A cash consideration of $0.06 million will be paid by AVJ Inc. Reported Earnings • Nov 16
First half 2025 earnings released: ₹2.38 loss per share (vs ₹2.62 loss in 1H 2024) First half 2025 results: ₹2.38 loss per share (improved from ₹2.62 loss in 1H 2024). Revenue: ₹58.1m (up ₹49.6m from 1H 2024). Net loss: ₹5.04m (loss narrowed 34% from 1H 2024). Aankondiging • Nov 05
Sancode Technologies Limited to Report Q2, 2025 Results on Nov 14, 2024 Sancode Technologies Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Aankondiging • Sep 13
Sancode Technologies Limited, Annual General Meeting, Sep 30, 2024 Sancode Technologies Limited, Annual General Meeting, Sep 30, 2024, at 12:00 Indian Standard Time. Location: 403, shreya house, parera hill road, chakala, andheri (east), airport,mumbai-400099, mumbai India New Risk • Aug 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹40m free cash flow). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (₹48m revenue, or US$568k). Market cap is less than US$10m (₹294.8m market cap, or US$3.52m). Reported Earnings • Jun 20
Full year 2024 earnings released: ₹4.36 loss per share (vs ₹1.84 profit in FY 2023) Full year 2024 results: ₹4.36 loss per share (down from ₹1.84 profit in FY 2023). Revenue: ₹48.4m (up 212% from FY 2023). Net loss: ₹19.9m (down 463% from profit in FY 2023). Aankondiging • May 22
Sancode Technologies Limited to Report Second Half, 2024 Results on May 30, 2024 Sancode Technologies Limited announced that they will report second half, 2024 results on May 30, 2024 New Risk • Mar 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m (₹24m revenue, or US$285k). Market cap is less than US$10m (₹305.2m market cap, or US$3.69m). Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). New Risk • Feb 28
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m (₹20m revenue, or US$243k). Market cap is less than US$10m (₹251.9m market cap, or US$3.04m). Aankondiging • Feb 06
Sancode Technologies Limited to Report Q3, 2024 Results on Feb 14, 2024 Sancode Technologies Limited announced that they will report Q3, 2024 results on Feb 14, 2024 Aankondiging • Nov 04
Sancode Technologies Limited to Report Q2, 2024 Results on Nov 10, 2023 Sancode Technologies Limited announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 19
First quarter 2024 earnings released First quarter 2024 results: ₹0.58 loss per share. Net loss: ₹2.26m (flat on 1Q 2023). Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹76.80, the stock trades at a trailing P/E ratio of 49.6x. Average trailing P/E is 33x in the Software industry in India. Aankondiging • Aug 03
Sancode Technologies Limited to Report Q1, 2024 Results on Aug 12, 2023 Sancode Technologies Limited announced that they will report Q1, 2024 results on Aug 12, 2023 Aankondiging • Jul 28
Sancode Technologies Limited, Annual General Meeting, Aug 21, 2023 Sancode Technologies Limited, Annual General Meeting, Aug 21, 2023, at 11:00 Indian Standard Time. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹59.15, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 28x in the Software industry in India. Aankondiging • May 20
Sancode Technologies Limited to Report Fiscal Year 2023 Results on May 29, 2023 Sancode Technologies Limited announced that they will report fiscal year 2023 results on May 29, 2023 Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹61.91, the stock trades at a trailing P/E ratio of 40x. Average trailing P/E is 29x in the Software industry in India. Board Change • Apr 18
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. MD & Whole Time Director Mihir Vora is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
