Sancode Semi raises Rs 63.99 crore, begins OSAT capex build
Key highlights
- Sancode Semi received Rs 63.99 crore from CCPS issued to outside investors in the half year ended September 30, 2026.
- Sancode Semi’s OSAT segment recorded Rs 4.72 crore of capital expenditure and nil revenue during the six-month period.
- The OSAT segment reported a Rs 6.22 lakh net loss and Rs 4.94 crore of assets at September 30, 2026.
- Consolidated minority interest was Rs 63.36 crore at September 30, 2026, compared with nil at March 31, 2026.
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Sancode Semi Private Limited raised Rs 63.99 crore through CCPS issued to outside investors in the half year ended September 30, 2026, while recording Rs 4.72 crore of capital expenditure in its semiconductor OSAT segment. The segment reported nil revenue, a Rs 6.22 lakh net loss and Rs 4.94 crore of assets at period-end.
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How much did Sancode Semi raise from outside investors?
Sancode Semi raised Rs 63.99 crore, including securities premium, through CCPS issued to outside investors during the half year ended September 30, 2026. The consolidated cash-flow statement classifies the amount as proceeds from the subsidiary’s CCPS issue, making it a financing inflow rather than operating revenue or borrowing.
The consolidated balance sheet reported minority interest of Rs 63.36 crore at September 30, 2026, compared with nil at March 31, 2026. Sancode Semi is listed as a 99.99%-held subsidiary in the group-entity note, but the filing does not identify the outside investors or disclose the CCPS conversion terms, issue price, number of instruments or valuation.
Sancode Semi’s CCPS proceeds were larger than the Rs 41.65 crore increase in securities premium and Rs 3.39 crore increase in share capital recorded in consolidated financing cash flow. Total financing activities generated Rs 113.94 crore in the six months to September 30, 2026, against a Rs 11.86 lakh outflow in the half year ended September 30, 2025.
What OSAT capital expenditure did Sancode Semi record?
Sancode Semi recorded Rs 4.72 crore of additions to fixed assets in the semiconductor OSAT segment during the half year ended September 30, 2026. Consolidated capital work in progress also stood at Rs 4.72 crore at September 30, 2026, whereas the balance was nil at March 31, 2026.
The group spent Rs 4.73 crore on purchases of fixed assets, including capital work in progress, during the six-month period, compared with Rs 1.16 lakh in the corresponding half of 2025. The OSAT segment accounted for Rs 4.72 crore of the current-period additions, while Technology Advisory Services accounted for Rs 48,000.
OSAT segment assets were Rs 4.94 crore at September 30, 2026, and the segment reported no liabilities. Technology Advisory Services, by comparison, had Rs 7.93 crore of assets and Rs 3.66 crore of liabilities. The filing does not specify the equipment purchased, project location, production capacity, commissioning date or planned start of operations associated with the capital work in progress.
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Has Sancode Semi generated OSAT revenue yet?
No, Sancode Semi reported nil external sales and nil total revenue in the semiconductor OSAT segment for the half year ended September 30, 2026. Technology Advisory Services reported Rs 7.89 crore of external sales before Rs 3 lakh of eliminations, resulting in consolidated revenue from operations of Rs 7.86 crore.
The OSAT segment recorded a Rs 5.31 lakh operating loss and a Rs 6.22 lakh net loss for the period. It reported Rs 91,000 of interest expense, no depreciation and no income-tax charge, while the filing separately reported Rs 4.72 crore of OSAT capital additions.
Consolidated revenue from operations increased from Rs 7.46 crore in the half year ended September 30, 2025 to Rs 7.86 crore in the current period. Net profit changed from a Rs 11.22 lakh loss to a Rs 16.94 lakh profit, but the OSAT segment did not contribute sales; the Others segment reported Rs 27.52 lakh of profit after tax, offsetting losses in the two operating segments.
How did the funding affect consolidated cash and assets?
The funding period coincided with consolidated assets increasing to Rs 126.22 crore at September 30, 2026 from Rs 10.36 crore at March 31, 2026. Cash and cash equivalents increased by Rs 10.83 crore to Rs 13.74 crore, while other non-current assets rose to Rs 100.06 crore from Rs 95.51 lakh.
The largest investing cash use was Rs 100 crore placed in fixed deposits with maturities exceeding 12 months. Together with Rs 4.73 crore spent on fixed assets and Rs 1.91 lakh of investment purchases or redemptions, investing activities used Rs 104.62 crore, compared with Rs 7.54 lakh in the half year ended September 30, 2025.
Operating activities generated Rs 1.51 crore during the period, compared with Rs 9.97 lakh a year earlier. Short-term borrowings increased to Rs 6.86 crore from Rs 1.01 crore and long-term borrowings rose to Rs 1.17 crore from Rs 84.10 lakh, although the filing does not assign these borrowings specifically to Sancode Semi or the OSAT project.
Conclusion
Sancode Semi’s Rs 63.99 crore CCPS issue to outside investors materially altered the group’s financing activity and coincided with a Rs 4.72 crore OSAT asset build. At September 30, 2026, the segment had Rs 4.94 crore of assets but no reported revenue and a Rs 6.22 lakh net loss.
The next reported milestones are whether the Rs 4.72 crore of capital work in progress moves into fixed assets and whether Sancode Semi records OSAT sales. Future filings may also provide the currently undisclosed CCPS investor identities, instrument terms and conversion details.