SEDEMAC’s Strong Q4, Cellogen Bags $2 Mn & More

SEDEMAC’s Q4 Profit Zooms

SEDEMAC put up a strong show in Q4. The quarter saw the deeptech company’s revenues surge on the back of mobility-led demand and a widening product footprint. This operational scale drastically enhanced profitability, lifting EBITDA margins by over 500 basis points.

Here is a quick snapshot of SEDEMAC’s Q4 FY26 numbers:

• Net profit rose 273% YoY to ₹32.1 Cr
• Operating revenue zoomed 60% YoY to ₹287.7 Cr
• Total expenses increased 47% YoY to ₹246.4 Cr
• EBITDA margins improved to 21.3% from 16.1% in Q4 FY25

Mobility Drives Growth: The deeptech company’s core mobility arm did most of the heavy lifting in Q4 and accounted for nearly 90% of its top line. With auto giants like TVS, Bajaj, and Hero MotoCorp in its  kitty, the company also scaled its annual electronic control unit (ECU) sales to 39 Lakh units in FY26, up 63% YoY. 

Expanding Product Depth: A key driver for SEDEMAC’s growth has been the ramp-up in integrated starter generator ECUs for ICE three-wheelers. Simultaneously, it is also seeing deeper MCU penetration in electric two- and three-wheeler segments. Beyond its domestic dominance, SEDEMAC is actively expanding into the North American genset market via its electronic fuel injection ECUs. 

The Road Ahead: The deeptech company is now preparing for its next growth phase, with products for commercial vehicles, electric light commercial vehicles and power tools in the pipeline. Its new 1.2 Lakh sq ft plant in Pune’s Chakan is expected to begin ECU shipments from Q2 FY27, while another 9,000 sq ft facility is projected to begin shipments of electric machines from Q3 of the ongoing fiscal. It has also acquired 13 acres of land in Tamil Nadu’s Shoolagiri for future customer shipments in South India, signalling a broader manufacturing push. 

As the listed deeptech company prepares for heavy capex on new factories, here is how SEDEMAC fared on the financial front in Q4…

From The Editor’s Desk

Cellogen Therapeutics Bags ₹20 Cr 

• The biotech startup has raised about $2 Mn in a funding round from Kotak Alternate Asset Managers to advance its clinical programmes, expand gene therapy pipeline and strengthen manufacturing and regulatory capabilities.
• Founded in 2021, Cellogen Therapeutics is a cellular engineering startup that develops therapies to treat cancers and blood disorders. The startup aims to price its treatments at $60K to $70K compared to $500K currently. 
• The biotech startup claims to be working towards phase I human clinical trials in collaboration with CMC Vellore. Last year, it also bagged a patent for its CAR-T platform. 

  NPCI’s Unified Soundbox Infra

• The National Payments Corporation of India (NPCI) is working on building a common interoperable infrastructure for UPI soundboxes to enable merchants to accept payment from any QR code.
• Currently, most soundboxes are closed systems which are compatible with their respective company’s ecosystem. A merchant currently needs separate devices for different providers like Paytm, PhonePe, Google Pay, among others. 
• While the move is expected to benefit merchants, it will likely impact the revenues of fintech companies. Most fintech players typically charge merchants a monthly rental fee for soundbox devices.

Indian Fintechs’ Mythos Threat

• The launch of Anthropic’s AI model, which is capable of autonomously finding and exploiting software vulnerabilities, last month sent shockwaves through India’s financial establishment. 
• To curb this new threat, the Centre has urged top bankers to assess allied risks, while also pushing for faster threat-intelligence sharing between regulators and agencies like CERT-In. As a result, cybersecurity has become a national economic security issue.
• Yet, analysts are skeptical about readiness. Critics warn that many banks still depend on manual triage, fragmented asset visibility, and slow vendor coordination — weaknesses that systems like Mythos can ruthlessly exploit.

Shadowfax’s Inflexion Point

• The logistics major turned profitable in Q4 FY26, alongside a record surge in top line. Having posted its first meaningful quarterly profit, Shadowfax is attempting to transform itself into a full-stack logistics operating system.
• The company has set its eyes on vertical quick commerce categories. To this end, it is planning to scale its dark store network to 100 in FY27, while focusing on high gross margins and profitability. 
• Even as it scales core parcel delivery, Shadowfax is also widening its ambitions to foray into specialised logistics categories like heavy-shipment and high-value deliveries. This is expected to bring in higher margins and even stronger customer stickiness.

India’s Listed Startup Tracker

• Over 60 Indian new-age tech companies have so far listed on the bourses, boasting a combined revenue of $18 Bn and a cumulative market capitalisation of $141 Bn.
• While 13 startups went public in 2024, another 18 companies made their D-Street debut in 2025. Continuing the momentum, six startups have already listed on the bourses this year so far. 
• Currently, nearly 25 startups, including Zepto, Shiprocket, OYO, among others, are in various stages of their IPO journey. Delhi NCR is home to the biggest chunk of listed Indian startups, while fintech and SaaS top the sectoral charts. 

Inc42 Markets

Inc42 Startup Spotlight

How VU Dynamics Is Making Battle-Ready UAVs In India

India’s defence ecosystem depends heavily on imports for advanced aerial systems. The real gap appears to be turning research into rugged, deployable hardware that can work in the field. VU Dynamics is trying to close this gap with its indigenous UAV platforms.

From Lab To Deployment: Founded in 2022, the IIT Kanpur-incubated startup designs and manufactures next-generation unmanned aerial systems (UAVs) for both defence and civilian use cases. Its focus is not just on building drones, but on creating end-to-end systems that are practical to deploy and easier to operate.

Multi-Product Stack: VU Dynamics’ offerings includes surveillance and battlefield drones, portable launch systems and simulation modules for operator training. This combination matters because drone adoption is not only about the aircraft itself, but also how quickly it can be launched, how reliably it performs and how well users can be trained before deployment.

Built For India: The startup’s pitch rests on endurance, ease of use and cost efficiency, which are critical in defence and public-sector environments. Last year, VU Dynamics partnered with PATH Group to scale manufacturing and move toward production-grade deployment. 

With the homegrown defence UAV systems and autonomous aerial platforms market expected to cross $1.4 Bn by 2030, can VU Dynamics help India build its own aerial systems at scale?

Infographic Of The Day

Delhi NCR is now India’s top D2C hub by both funding and deal count, attracting over $3.5 Bn across 434 deals, surpassing Bengaluru’s $3.4 Bn and 342 deals.

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