Seshaasai Technologies Limited has informed the Exchange about Investor Presentation
November 12, 2025
BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001
National Stock Exchange of India Limited The Listing Department Exchange Plaza, Bandra Kurla Complex, Mumbai - 400051
Scrip Code: 544533
Symbol: STYL
Dear Sirs,
Sub: Q2FY26 Earnings Conference Call
Dear Sirs,
Further to our letter dated November 06, 2025 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the document titled ‘Q2FY26 Investor Presentation’ to be used for the Q2 FY26 Earnings Conference Call scheduled today, i.e., November 12, 2025 at 05.30 p.m.
Thanking you,
Yours Sincerely,
For Seshaasai Technologies Limited (formerly known as Seshaasai Business Forms Limited)
Manali Siddharth Shah Company Secretary and Compliance Officer Membership No.: A47109
Encl – as above
Seshaasai Technologies Limited (Formerly known as Seshaasai Business Forms Limited)
Registered Office: 9, Lalwani Industrial Estate, 14, Katrak Road Wadala, Mumbai – 400031 Tel,: +91 22 66270919/99
Email: accounts@seshaasai.com I Website: www.seshaasai.com I CIN No.: U21017MH1993PLC074023
Q2FY26 Investor Presentation
11th November 2025
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Seshaasai Technologies Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
2
COMPANY OVERVIEW
FINANCIAL PERFORMANCE
INVESTMENT RATIONALE
GROWTH STRATEGIES
INDUSTRY OVERVIEW
3
COMPANY OVERVIEW
FINANCIAL PERFORMANCE
INVESTMENT RATIONALE
GROWTH STRATEGIES
INDUSTRY OVERVIEW
4
Seshaasai At a Glance (1/2)
Wide Range of Offerings:
s n o
i t u
l
o S t n e m y a P
End-to-End powered by Safe, Secure and Proprietary Platforms
t n e m
l i f l
u F
d n a n o i t a c i
n u m m o C
s n o
i t u
l
o S
s n o i t u o S
l
T o
I
Certifications / Licenses / Approvals
NPCI Rupay
Indian Banks Association
Global Payment Schemes
Payment Card Industry Data Security Standard
International Organization for Standardization
5
Seshaasai At a Glance (2/2)
Client Base:
Advanced Manufacturing Facilities
24 Manufacturing Units Pan India
7 Locations
6 States
2 R&D Labs
Revenue from Operations (₹ Mn)
EBITDA Margin (%)
PAT Margin (%)
Robust Financial Performance
11,463.0
15,582.6
14,631.5
18.0%
19.3%
25.1%
9.8%
10.8%
15.1%
FY23
FY24
FY25
FY23
FY24
FY25
FY23
FY24
FY25
6
A Partner Through Life’s Evolution
7
Our Journey So Far
• First personalized
cheque book printed
• Started printing of bank
statements
• Started its first unit
outside Navi Mumbai in Velacherry, Chennai
• Bagged first big
Government Project for GOI – ICR Scannable schedules
• Started Kundli and
Kolkata units
• Kolkata unit received
IBA License
• Set up Card units for
Rupay and two Global Payment Schemes at Mumbai
• Kundli unit received IBA License for printing security instruments
• Developed smart
wearables
•
Launched the Rupay On- the-Go for making contactless payments
• Set up the chip bonding facility at Mumbai
1993
2001- 2002
2003- 2007
2009- 2010
2012
2015- 2016
2018- 2019
2021
2023 - 2025
•
Incorporation of our Company
• Started printing
insurance statements, welcome kits and data entry
• Started our unit at
Okhla, Delhi
• Started our unit at GF 1,
Peenya Stage 1, Bengaluru
• Awarded UIDAI order for Aadhar cards printing
• NPCI approval for Smart City - Common mobility cards for transit
• Manufacture of
personalized Chip cards
• Set up the RFID unit at
Bengaluru
• Started Nagpur Unit
• Expanded the RFID facility
to new facility at Bengaluru and Kundli
• Setup specialty cards (Metal, Biometric) manufacturing at Bengaluru
• Acquisition of Atoll
Solutions Private Limited
•
Listed on stock exchanges (BSE, NSE)
8
COMPANY OVERVIEW
FINANCIAL PERFORMANCE
INVESTMENT RATIONALE
GROWTH STRATEGIES
INDUSTRY OVERVIEW
9
Key Financial Highlights – Q2FY26 & H1FY26
Q2FY26:
• Revenue from operation was at ₹ 3,523.4 million, a growth of 13.3% on a QoQ basis.
•
Continued to maintain momentum in its focused verticals:
o Payment Solutions contributed 51.1% of the revenues.
o Communication & Fulfilment Solutions contributed 37.8% of the revenues.
o
IOT Solutions contributed 10.8% of the revenues as against 6.9% in Q2FY25, an increase of ₹ 106.6 million on a YoY basis.
EBITDA stood at ₹ 951.1 million, a growth of 29.0% sequentially with an EBITDA margin of 26.9%, up 336 bps on a QoQ basis. Th e
growth was primarily driven by improved gross margin at 45.9% as against 41.2% in Q2 FY25.
PAT stood at ₹ 575.3 million, a growth of 56.2% sequentially with a PAT margin of 16.3%, up 452 bps on a QoQ basis.
Top 10 customers contributed 63.5% of the revenues
•
•
•
H1FY26:
• Revenue from operation was at ₹ 6,632 million.
•
•
EBITDA stood at ₹ 1,688.7 million with an EBITDA margin of 25.3%, up 54 bps on a YoY basis. The growth was led by improved gross
margin at 45.2% as against 40.9% in H1 FY25.
PAT stood at ₹ 943.7 million with a PAT margin of 14.2%.
10
Consolidated Financial Summary – Q2FY26 & H1FY26 (Figures in INR Million)
Particulars
Q2FY26
Q1FY26
QoQ Growth
Q2FY25
YoY Growth
H1FY26
H1FY25
YoY Growth
Revenue from Operations
3,523.4
3,108.7
13.3%
406.8
(10.8%)
6,632.1
7,556.5
(12.2%)
Revenue
Margins
Other Income
Total Income
EBITDA
PBT
PAT
10.7
23.4
(54.2%)
22.7
(52.7%)
34.2
39.1
(12.7%)
3,534.1
3,132.2
12.8%
3,974.2
(11.1%)
6,666.3
7,595.6
(12.2%)
951.1
737.6
29.0%
1,066.0
(10.8%)
1,688.7
1,883.1
(10.3%)
760.0
549.7
38.2%
872.9
(12.9%)
1,309.7
1,508.5
(13.2%)
575.3
368.4
56.2%
651.6
(11.7%)
943.7
1,056.5
(10.7%)
EBITDA Margin (%)
26.9%
23.5%
336bps
26.8%
9bps
25.3%
24.8%
54bps
Margin (%)
PBT Margin (%)
21.5%
17.6%
395bps
22.0%
(45bps)
19.6%
19.9%
(21bps)
PAT Margin (%)
16.3%
11.8%
452bps
16.4%
(12bps)
14.2%
13.9%
25bps
EPS (INR)
Basic & Diluted EPS (INR)
3.85
2.50
54.2%
4.41
(12.8%)
6.35
7.16
(11.2%)
11
Financial Performance – Q2FY26 & H1FY26 (Figures in INR Million)
Operating Revenue
EBITDA & Margin (%)
PAT & Margin (%)
-10.8%
YOY
13.3%
QoQ
-10.8%
YOY
23.6%
26.8%
26.9%
16.4%
29.0%
QoQ
-11.7%
YOY
11.8%
16.3%
56.2%
QoQ
3,951.5
3,108.7
3,523.4
1,066.0
737.6
951.1
651.6
368.4
575.3
Q2FY25
Q1FY26
Q2FY26
Q2FY25
Q1FY26
Q2FY26
Q2FY25
Q1FY26
Q2FY26
-12.2%
YOY
-10.3%
YOY
24.8%
25.3%
-10.7%
YOY
13.9%
14.2%
7,556.5
H1FY25
6,632.1
H1FY26
1,883.1
H1FY25
1,688.7
H1FY26
1,056.5
H1FY25
943.7
H1FY26
12
e
c n a m
r o f
r e P
6 2 Y
F 2 Q
e c
n a m
r o f
r e P
6 2 Y
F 1 H
COMPANY OVERVIEW
FINANCIAL PERFORMANCE
INVESTMENT RATIONALE
GROWTH STRATEGIES
INDUSTRY OVERVIEW
13
Investment Rationale
1
2
3
4
5
6
7
Established Leadership Position in the Large and Regulated Payment Solutions Industry with High Barriers to Entry
Long Standing Relationships with a Large Customer Base
Comprehensive Portfolio of Customizable and Scalable Solutions
Proprietary Technology Stack Enabling Bespoke Solutions
Pan-India Advanced Manufacturing Capabilities
Track Record of Healthy Financial Performance
Experienced Promoters and Senior Management Team backed by Committed Employee Base
31.9% Market Share for credit and debit cards issuance in India in FY25
708 (New 169) Total customers
As of September 30th, 2025
24
Self sustaining Manufacturing Units
26.9% EBITDA Margin
As of September 30th,2025
Over 10 Years
Avg. customer relationship with 7 of our top 10 customers as of H1FY2026
30+ years
Experience of each of the Promoters
14
1
Established Leadership Position in the Large and Regulated Payment Solutions Industry with High Barriers to Entry
Established Leadership#
High Barriers to Entry
31.9%
Market Share in FY25
60+
# of Banks served
10 of 12
PSU Banks served
15 of 21
Private Banks served
12 of 24
Life Insurance Companies served
9 of 32
General Insurance Companies served
One of the Top Two
Payments card manufacturers in India in FY25
One of the Largest
Manufacturers of cheque leaves in FY25
Best Tech Brand in the BFSI sector by Economic Times consistently since for the past four consecutive years from 2021 to 2024
The Seshaasai Edge
Domain Expertise
Portfolio of Offerings
Advanced Processes
Geographical Spread
Scalable Infrastructure
Three Decades Experience
1
2
3
4
5
6
7
Capital-Intensive Equipment and Technology
Stringent Regulatory and Security Standards
Established Industry Players and Brand Loyalty
Technological Expertise
High Certification Costs
Supply Chain Management
Data Security and Privacy Regulations
Source: F&S Report; all figures are as of March 31, 2025 unless specifically highlighted
15
2
Long Standing Relationships with a Large Customer Base -
708
Total Customers as of H1FY26
7 of top 10
Customers have a Partnership Vintage over 10 years
169
New Customers added in H1FY26
16.5%
Revenue from Largest Customer as of H1FY26
50.2%
Revenue from Top 5 Customers as of H1FY26
65.9%
Revenue from Top 10 Customers as of H1FY26
55.8%
% of Revenues from Customers with over 10 years Vintage as of H1FY26
98.0%
% of Revenues from existing customers as of H1FY26
16
3
Comprehensive Portfolio of Customizable and Scalable Solutions
49.8%
40.0%
9.9%
t n e m
l i f l u F d n a n o i t a c i n u m m o C
s n o i t u o S
l
l
s n o i t u o S t n e m y a P
s n o i t u o S T o
l
I
Note: Revenue from Business Verticals (%) as on H1FY26
17
3A
Payment Solutions
l
s n o i t u o S t n e m y a P
t n e m
l i f l u F d n a n o i t a c i n u m m o C
s n o i t u o S
l
s n o i t u o S T o
l
I
18
3A
Comprehensive Card Solutions for the BFSI Ecosystem
Our Card Offerings
Debit Cards
Credit Cards
Prepaid Cards
Mass Transit Cards
Metal Cards
Card Personalization Units
One of the Few to Manage the Entire Payment Lifecycle
Design & Develop
Delivery
Manufacturing
Securely Embed
Data Receipt
Navi Mumbai
Kolkata
Bangalore
Seshaasai meets rigorous security requirements, ensuring international standards for safeguarding cardholder data
3 Sites Certified by Global Payment Schemes & NPCI Rupay
31.9%
Market Share (FY25; Credit and debit cards issuance)
19
3A
Adapting to a Continuously Evolving Payments Landscape
Our Offerings
Merchant QR Codes
Key fobs
Wristbands
Stickers
Wearables
Metal Cards
Biometric Cards
RuPay x Seshaasai: Instrumental in Fostering Innovation
First RuPay qSPARC NCMC Card
Innovation in NFC Solutions for UPI
Introduced RuPay Wearables
Introduction of RuPay Metal Cards for PSU Banks
NPCI Rupay
Payment Keychains Payment Stickers Payment Wristbands
Establishment of Common Service Areas for NCMC Cards
Ticketing + Payment + Access Wristbands
20
3B
Communication and Fulfilment Solutions
t n e m
l i f l u F d n a n o i t a c i n u m m o C
s n o i t u o S
l
l
s n o i t u o S t n e m y a P
s n o i t u o S T o
l
I
21
3B
Driving Efficiency in Communications and Fulfilment for BFSI Clients
Our Offerings
Insurance policies and statements
Personalized letters
Passbooks
Digital communication (SMS/Email)
Courseware and office stationery
Integrated Logistics management
Citizen and tax identity cards
Health cards
Delivery format agnostic
Omni-channel
Customized communication
Backed by Our End-to-End Inventory and Order Management System
Order Intake
Manufacturing
Our Offerings Stock Management
Query Handling
Delivery
22
3C
IoT Solutions
l
s n o i t u o S t n e m y a P
t n e m
l i f l u F d n a n o i t a c i n u m m o C
s n o i t u o S
l
s n o i t u o S T o
l
I
23
3C Addressing the Entire RFID Ecosystem
24
3C
Our IoT Solutions
Our Offerings
Our Partnerships
RFID Tags
NFC
Inlays
Solutions & Automations
Our Solutions include
Supply-chain Visibility
Asset tracking
Warehouse Our Offerings management
Renewable Energy
Identification and Payments
Authenticity-tracing packaging
Asset Management
Retail automation
Compliance
Electronic Toll collection and event access
25
4
Proprietary Technology Stack Enabling Bespoke Solutions
Our solutions are powered by our proprietary platforms that leverage advanced technologies and various communication systems and protocols
understand customer data, execute business rules, and generate necessary outputs to meet customers’ needs
Artificial intelligence (“AI”)-powered deliverables and logistics management system
Inventory and order management web-based platform
Seamlessly communicates with all kinds of devices, securely collects data, and delivers it to the required end-use case
26
5
Pan-India Advanced Manufacturing Capabilities
Pan-India physical network comprising 24 manufacturing units across seven locations in India as of September 30, 2025
R&D Capabilities
68
Dedicated R&D Employees
As on September 30, 2025
2 Dedicated R&D Labs
11/2* Patents filed/Awarded
Developed various Niche Innovations
Unique QR code
Metal Cards
Biometric Cards
Our Manufacturing Facilities have received the following certifications
Maintaining High Level of Security
NPCI Rupay
Payment Card Industry
Global Payment Schemes
Indian Banks Association
Security Personnel
Digitally secured with hardware and software network infrastructure
Each of the manufacturing units are self-sustaining with minimum dependency on other units. Multi-location capabilities ensure that we offer an integrated platform to customers right from data to dispatch
*included in the total 11 mentioned
27
6
Track Record of Healthy Financial Performance
Revenue from Operations (₹ Million)
Gross Profit (₹ Million)
EBITDA & Profit after Tax (₹ Million)
34.97%
36.60%
41.82%
17.98%
19.30%
25.13%
15,582.56
14,631.51
5,703.51
6,119.29
11,462.99
4,009.10
9.37%
10.78%
15.09%
3,703.65
3,030.10
2,074.27
1,080.98
2,223.20
1,692.78
FY23
FY24
FY25
FY23
FY24
FY25
FY23
FY24
FY25
Net Debt to EBITDA ratio (times)
Return on Equity (%)
Return on Capital Employed (%)
1.18
37.26%
39.00%
34.84%
28.65%
33.47%
31.87%
0.75
0.64
FY23
FY24
FY25
FY23
FY24
FY25
FY23
FY24
FY25
Margins %
28
7
Experienced Promoters and Senior Management Team backed by Committed Employee Base
Experienced Promoters
Pragnyat Pravin Lalwani Chairman & Managing Director Experience: 30+ years
Gautam Sampatraj Jain Whole-time Director Experience: 30+ years
• He holds a bachelor’s degree in Science from Sri Sathya Sai Institute of Higher Learning
• He holds a bachelor’s degree in Science from Sri Sathya Sai Institute of Higher
and a bachelor of law from the University of Mumbai.
Learning and a bachelor of law from the University of Mumbai.
• He plays a key role in our Company's strategy, which focuses on using technology and
• Responsible for day-to-day operational and financial planning.
innovation to maintain industry leadership.
• He also guides the in-house innovation lab for indigenous technology upgradation.
29
7
Experienced Promoters and Senior Management Team backed by Committed Employee Base
Senior Management Team backed by Committed Employee Base
Pawan Kumar Pillalamarri Chief Financial Officer, Experience: 13+ years
Bosco Mascarenhas Head, Business Development & Growth Experience: 27+ years
Sandeep Khurana Head, Information Technology Experience: 20+ years
Venkat Sandhi Satyanarayana Tangella Head, Operations – Payment Solutions Experience: 29 years
Sairam Raghavan Head, Operations – IoT Solutions Experience: 19 years
Ganesh Srinivasan Head, Corporate Accounts & Taxation Experience: 27+ years
K. Krishnan Kutty Regional Head, North and East Experience: 18+ years
Nandkumar B. L Regional Head, South Experience: 16+ years
Jayeshkumar Chandrakant Shah
Abbhijet Ghag
Sowmya Vencatesan
Mehul Suresh Shah
Board of Directors
30
COMPANY OVERVIEW
FINANCIAL PERFORMANCE
INVESTMENT RATIONALE
GROWTH STRATEGIES
INDUSTRY OVERVIEW
31
Growth Strategies
Expand Offerings in the IoT and RFID Space
• Focusing on domestic manufacturing • Intend to further expand on our infrastructure for manufacturing RFID tags, devices and automation hardware including developing device firmware and middleware applications
•
Focus on Entering into International Markets
•
Intend to expand our offerings in the SAARC region, parts of Africa and Eastern Europe
• Aim to acquire new customers by developing solutions aligned with their requirements
1
2
3
4
5
Consolidate Leadership Position in Payment Solutions
• New Trends: transitioning to sustainable & dynamic CVV cards
• New Products: Metal,
Biometric & Sustainable Cards, Payment on the Go
Increase Wallet Share from Customers
• Continue focusing on increasing our contributions per customer
• Work closely with customers to develop a broader portfolio of solutions
Focus on Inorganic Growth through Strategic Acquisitions
• May consider opportunities for inorganic growth if,
among other things they helps us:
–
–
–
–
consolidate our market position in existing business categories achieve operating leverage in key markets by unlocking potential efficiency and synergy benefits strengthen and expand our product portfolio;
enhance our depth of experience, knowledge- base and know-how.
32
COMPANY OVERVIEW
FINANCIAL PERFORMANCE
INVESTMENT RATIONALE
GROWTH STRATEGIES
INDUSTRY OVERVIEW
33
A1
Payment Solutions Industry
Total Payment Cards in Circulation (in million)
Low Card Penetration India vs Global
Factors Fueling Credit and Debit Card Adoption
TAM1
14.8
30.8
61.7
1,268 74
918
277
FY22
1,474 102
965
336
FY24
2,037 330
1266
629
FY30
1- TAM for Payment Cards (₹Bn)
CAGR FY24-30
Credit Cards
21.6%
Debit Cards
4.6%
PPI Cards
11.0%
95%
62%
83%
67%
76%
Customization and Branding
Government Initiatives
38%
Regulatory Compliance and Security
27%
5%
India
UK
US
China
Credit Card (Basis 2023)
Debit Card (Basis 2021)
Technological Upgrades, Expiry & Renewals
Fintech Players & Co-Branded Cards
Continued Relevance of Cheques
Technology Adoption in Payment Cards Manufacturing
For secure and high value transactions
Customer demand and certain demographics
Documentation and record keeping for business transactions
Cheque books are popular in rural areas
Biometric and Contactless Cards
Smart and Metal Cards
Dynamic CVV and Tokenization
Blockchain and Digital Integration
Sustainability in Manufacturing
Advanced Security Protocols
Source: F&S Report
34
A2
Payment Solutions Industry
Overview
Total India Metal Cards (Million)
Mass Transit Payments Card Market
Key Factors Driving Growth of the Market
Daily ridership (million)
10
Now
12.5
Near Future
200 Mn
NCMC-enabled cards issued by March 2024
48
27
Banks had issued cards by March 2024
Slated cities with metro networks by 2025
40.40
FY30
0.70
FY22
2.20
FY24
The rise of Contactless and Wearable Payments
Indian Wearables Payment Device Market Size (₹ Bn)
Expansion of Digital Payments Ecosystem
Rising Smartphone and Internet Penetration
Convenience & Security
Smartwatch
Rings
796.80
Government Initiatives & Support for Cashless Transactions
340.30
138.60
Consumer Preference for Contactless Payments
Merchant QR
Mass Transit Card
FY24
FY27
FY30
Source: F&S Report
35
B
Communication and Fulfilment Solutions Industry
Rising Number of Bank Branches with Significant Growth in CASA
This Growth is Largely attributed to Several Key Factors
CASA (In Million)
Bank Branches
1,724
1,643
2,265
2,120
81
145
Financial Inclusion Initiatives
Economic Growth and Rising Income Levels
Increased Awareness and Digital Banking
Competitive Banking Environment
FY19
FY23
Current accounts
Saving accounts
Bank branches
Robust Growth Expected in the Indian Insurance Industry
Growing Mutual Fund Assets Under Management (AUM) in India
Premium (₹ Billion)
22,724
7,825
2,569
Life Non-Life
3,901
FY23
FY30
AUM (₹ Trillion)
CAGR FY23-30
16.5%
6.1%
23.8
FY19
CAGR FY19-25
AUM
18.3%
65.4
FY24
The Evolution of BFSI Communications Reflects a Significant Shift towards Integrating Digital Solutions while Maintaining the Reliability of Traditional Documents in India’s Diverse Financial Landscape
Source: F&S Report all figures are as of March 31, 2025unless specifically highlighted Some of the figures have been rounded off to the nearest unit
36
C
The Expanding Role of IoT across Business Operations
Global RFID Market
Indian RFID Market
Key Growth Enablers
(₹ Billion)
(₹ Billion)
2,631.1
102.9
1,338.5
47.8
2024
2030
2024
2030
RFID Market: Split by RFID Tags Type
RFID Case Studies
Passive RFID
Active RFID
79.70%
81.20%
20.10%
18.80%
FY2023
FY2030
Source: F&S Report all figures are as of March 31, 2025 unless specifically highlighted
ZARA Inditex
UNIQLO
NIKE
TARGET
• Faster inventory management
• Rolled out in 2,000+ stores
• Real-time inventory visibility
• Aids optimal stock levels and boost sales
• Maintains its inventory visibility and accuracy
• Seamless customer experience
• One of the largest RFID initiative
• Reduce stockouts & streamlines restocking
Increased Demand for Real-Time Tracking & Inventory Management
Integration with IoT & Digital Transformation
Regulatory Mandates & Industry Standards
Decreasing Costs of RFID Hardware Technology
Rise of E-commerce and Omnichannel Retail
Advancements in RFID Technology
Expansion of RFID in Emerging Markets
37
C
IoT Solutions Industry
Total IoT e-SIM Connections Market Size & Growth Drivers
India’s e-Sim Adoption*
2,312.4
226.2
23.4
2022
3,941.1
1641.3
102.7
2028
Primary Drivers of the Global IoT eSIM market include demand from automotive, utility, and logistics sectors
Collaboration among Mobile Network Operators, MVN operators, OEMs, semiconductor producers, and eSIM providers
As on December 2023
70%
10%-15%
Traditional SIM Card
Others(nuSIM, iSIM, SoftSIM)
Hardware-based eSIM(eUICC)
India
USA
Growth Enablers and Opportunities
India boasts approximately 180 million 5G customers, with 5G availability increasing from 28.1% in Q1 2023 to 52% in Q4 2023
5G Expansion
Wearables benefit from eSIM integration by enabling direct cellular connectivity without smartphone pairing. eSIMs are also expanding into other consumer electronics, including laptops, tablets, and smart cameras.
Wearables & consumer electronics
eSIM technology allows multiple carrier usage without physical SIM changes, benefiting travelers and those seeking dual SIM functionality
Consumer Flexibility Preference
New GSMA standards for IoT eSIM (SGD.31/32), which specify remote provisioning for IoT devices, are expected to drive market growth in India.
New GSMA Standards
Source: F&S Report; * percentage figures pertain to smartphones sold that feature eSIM functionality all figures are as of March 31, 2025 unless specifically highlighted
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