Seshaasai Technologies Limited – IPO Reviews 2025, Analysis and Notes

Recommendation: Neutral

Key Highlights

Company Background:

Seshaasai Technologies Limited (“Seshaasai”) is a technology-driven multi-location solutions provider specializing in payments, secure communications, fulfilment, and IoT solutions. Incorporated in 1993 and headquartered in Mumbai, the company has evolved from secure printing into digital-first offerings such as debit, credit, prepaid, and transit cards, encrypted cheque instruments, UPIenabled QR kits, RFID-based traceability, and omni-channel communication platforms. Through strategic acquisitions, including Rite Infotech, and the merger of Seshaasai E-Forms, Seshaasai has diversified into IT-enabled services. Its core client base spans the BFSI, govt, and enterprises, positioning it as a trusted enabler of secure payments, compliance-driven communication, and smart fulfillment solutions.

Market Opportunity:

The Indian secure payments, smart card, and transaction solutions industry represents a large and evolving opportunity, driven by digitalization of banking, government initiatives, and rising adoption of contactless technologies. Valued at around USD 5–6 billion in FY2025, the sector is expected to grow at a healthy double-digit CAGR over the next five years, supported by demand for payment cards, QR-based payments, RFID traceability, and eSIM-enabled IoT solutions. Enterprises across BFSI, telecom, government, and transit ecosystems are increasingly prioritizing secure, scalable, and compliance-driven solutions to support financial inclusion and digital transformation. Despite strong momentum, the market remains fragmented, favoring integrated players offering end-to-end, technology-led and regulatory-compliant platforms.

Strong Integrated Solutions Portfolio:

Seshaasai’s key strength lies in its ability to offer a comprehensive suite of secure, technology-driven solutions that integrate physical and digital platforms. The company has successfully transitioned from secure printing to digital-first offerings, including payment cards, UPI-enabled QR kits, encrypted cheque instruments, RFID-based traceability, omni-channel communication platforms, and eSIM-based IoT solutions. This wide portfolio allows Seshaasai to cater to diverse customer needs across BFSI, government, telecom, and enterprise sectors. By combining domain expertise in payments, compliance, and secure communications with scalable fulfillment capabilities, the company provides end-to-end, value-added solutions. This positions Seshaasai as a trusted partner in enabling secure digital transformation for its clients.

Established Client Relationships:

Seshaasai has cultivated enduring relationships with leading banks, financial institutions, government agencies, and enterprises over three decades of operations. Its proven track record in delivering secure, compliant, and innovative payment and communication solutions has positioned the company as a trusted partner in mission-critical transactions. By consistently meeting stringent regulatory and data security requirements, Seshaasai secures repeat business and long-term contracts, enhancing revenue stability. These established partnerships also create opportunities to introduce newer offerings such as IoT-based traceability and omni-channel communication. The client trust enhances competitive edge, driving sustainable growth and resilience across rapidly evolving digital ecosystems .

Financials:

For FY25, Seshaasai posted revenue of ₹1,463 crore, down from ₹1,558 crore in FY24. EBITDA stood at ₹370 crore with a 25.1% margin. The net profit for FY25 was ₹222 crore, reflecting a PAT margin of 15.1%. On the valuation front, at the upper price band of ₹423, the IPO is valued at 30.8x FY25 P/E based on post-issue capital.

Key Risks:

The company faces risks from competition, potential pricing pressure, and rapid shifts toward non-card digital payments requiring constant technological upgrades. Dependence on key partners and a few large BFSI clients exposes it to integration, client, and cost risks. Delays in government contracts and the promoters’ share sale in the IPO could also affect business and investor perception.

Issue Highlights

Offer Structure

Lead Book Running Managers

• IIFL Capital Services Limited

• ICICI Securities Limited

• SBI Capital Markets Limited

Registrar to the Offer

• MUFG Intime India Private Limited

Research Analyst

Vinay Kalani
📧 vinay.kalani1@religare.com

Research Team

• Ajit Mishra – ajit.mishra@religare.com

• Abhijeet Banerjee – abhijeet.banerjee@religare.com

• Gaurav Sharma – gauravsharma2@religare.com

• Ashwani Harit – ashwani.harit@religare.com

• Divya Parmar – divya.parmar@religare.com

• Vinay Kalani – vinay.kalani1@religare.com

• Rajan Gupta – rajan.gupta1@religare.com

• Author: Religare Broking
• Last Updated: September 22, 2025