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Hitesh Kumar of Kosha Capital Advisors presented his investment thesis on Sasken Technologies (India: SASKEN) at Asian Investing Summit 2026.
Note by John: “This is an exceptionally well-articulated investment thesis by a highly knowledgable former employee of the subject company (Sasken). Even if you do not have access to the Indian equity markets, you may like to watch this presentation. It touches substantively on several US-listed companies, including Infosys and Qualcomm.”
Thesis summary:
Sasken is a ~$200 million market cap Indian embedded engineering firm with a 30-year heritage turning silicon into intelligent devices. Hitesh frames it as a company building a differentiated “Chip-to-Device” platform, spanning silicon design, embedded software, OS/platform, and device ODM, a combination no Indian ER&D peer matches. The business has absorbed multiple platform cycles (TI OMAP, Symbian, semiconductor consolidation) by investing in R&D and won a Rs 2.76 Bn IP arbitration in FY16. FY26E revenue of Rs 6,980 Mn (+27% YoY) brings organic scale back to the FY09 peak, now on a more diversified book.
The 60x4x3 strategy (grow 60 marquee accounts to $4M+ revenue each within three years) is reshaping the mix. Top 2 customer concentration has fallen from 50% in FY09 to 17% in FY25, while $4M+ accounts rose from 1 to 5. Headcount grew 54% between Q2 FY24 and Q3 FY26, temporarily compressing EBITDA margins from 27% to sub-5%; the latest quarters show recovery to 12–17% as utilization normalizes toward 80%.
Two acquisitions totaling ~Rs 400 Cr over 18 months completed the stack. Sasken Silicon (60% for Rs 33 Cr in FY24, led by ex-Qualcomm engineer Dr. Anup Savla) adds custom ASIC, RF/mmWave, and power-management IC capabilities with TSMC/GlobalFoundries/UMC foundry ties. BORQS Technologies ($40M, FY25) contributes end-to-end Android ODM, 130+ patents, and a 200+ member Qualcomm ODC. Combined with Sasken’s existing 100+ member Qualcomm ODC, the merged team engineers >85% of Qualcomm’s chipsets, positioning Sasken to ride Qualcomm’s $45 Bn SDV design-win pipeline, NTN satellite, IoT, and XR.
Corporate governance reads like a large-cap: 75% independent board, fully independent audit committee, zero audit qualifications across FY03–FY25, and a 20-year uninterrupted dividend with ~80% of the FY16 IP windfall returned to owners. Rs 300+ Cr of cash (~15% of market cap) provides downside protection.
The shares recently traded at ~30x FY26E P/E, a depressed-earnings year. On conservative FY28E assumptions ($150M revenue (only 11% CAGR versus recent 30–35% organic growth), services EBITDA at the low end of 14–17% management guidance, and no new ODM wins) EBIT could re-rate 3–4x and ROE (ex-cash) from 3% to ~24%. That implies ~12x FY28E P/E, ~7x EV/EBITDA, and 2.0x P/B versus peer medians of ~20x, ~13x, and 5.8x, a 40–65% discount for a business with visible order-book conversion, Qualcomm entrenchment, and tier-1 governance.
Disclaimer
Asian Investing Summit 2026 was held from April 14-21, 2026. The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
Slides
Let’s take a closer look.
