SAKSOFT Q3 FY26 earnings call.
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Revenue
₹250 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹45 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Saksoft delivered a mixed Q3 FY26 with revenue of INR 250 crore (+11% YoY) but declining 3% sequentially for the first time in 20 quarters due to temporary spending deferments from two large customers. EBITDA stood at INR 45 crore (18.1% margin) versus 19.6% in Q2, with management attributing the margin compression to revenue softness and continued investments in sales capability and geographic expansion. PAT of INR 29 crore grew 7% YoY but included a one-time INR 4.86 crore provision for new labor code requirements. Nine-month performance remains strong with revenue at INR 758 crore (+18% YoY) and EBITDA at INR 142 crore (+29% YoY). Management reaffirmed its USD 500 million revenue vision for 2030, acknowledging it is "aspirational" and that achieving at least USD 400 million would represent significant progress. Strategic focus areas include vendor consolidation wins, outcome-based contracting, and AI-enabled service delivery, though AI remains a "hygiene factor" rather than a distinct revenue driver. The primary near-term risk is customer concentration, with the top two customers causing the sequential revenue decline, while the long-term risk is talent acquisition and retention in an increasingly competitive market.
Colored figures show movement against the previous available record.
Guidance to track
- Management indicated that 18% EBITDA margin represents the realistic steady-state going forward, considering ongoing investments in capability building, feet on the ground in key geographies, and other growth avenues.
- Management reiterated its aspirational goal of achieving USD 500 million in revenue by 2030 (approximately FY31), which would represent approximately 4.5x current revenue levels. The CEO acknowledged this is an "uphill task" but expressed hope of achieving "at least USD 400 million" if the full target is not met.
- The CEO stated that 80-85% of revenue growth toward the USD 500 million goal would come organically from existing customers, with the remaining 15-20% potentially from acquisitions. The company is open to reasonably-sized acquisitions (around INR 250-300 crore) to accelerate growth.
- In response to analyst questions, management indicated that the current revenue diversification across verticals (BFS 31%, Emerging Verticals 47%, Logistics 14%, Commerce 8%) would remain approximately at the same levels for the next 1-2 years.
Risks flagged
- The top 10 customers contribute 58% of revenue, and Q3 saw a 3% sequential decline due to spending deferments from two large customers. While management characterized this as temporary, the concentration creates significant revenue volatility risk.
- The company won a major vendor consolidation deal with a 20% discount on rates to displace incumbent vendors. While management expects to recover margins through efficiency gains over the 3-year contract, near-term margin compression is likely as more such deals are pursued.
- The CEO explicitly acknowledged that reaching USD 500 million by 2030 is an "uphill task" requiring approximately 26-27% organic CAGR (assuming 4.5x growth) versus historical growth of 15-20%, with limited M&A pipeline currently identified.
- Management identified talent as the primary challenge at the company's current scale, noting that quality talent is becoming "very expensive" and that continued investment in hiring and training is required before revenue materializes. This creates a timing mismatch between cost recognition and revenue generation.
Key quotes
- This is the biggest challenge as you scale up because the focus is on growing revenues. It doesn't matter where it comes from. So even if our top customer gives us more revenues, we're going to take the revenue and not worry about increasing client concentration.
- The only thing I would say is it can only be positive because the fact that there is a deal means that there is an upbeat environment of spending with a partner like India. So I would say there will be more openness to use Indian suppliers as well as offshoring.
- Now the team that got us to 1,000 crores it is not necessarily the team that will get us to 5,000 crores. Now some will and some won't. Now the challenge is jettisoning or getting letting go the ones that won't and bringing in the new talent that will get us there.
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