Sigma Solve (SIGMA) had a P/E of 16.9× on 6 Nov 2026, below the industry P/E of 17.7×, and the shares are 36% below their 52-week high. Sales and net profit grew 20% and 27% a year over 3 years, with ROCE of 39% and ROE of 38%. It carries very little debt, and its dividend yield is 1.2%. It is a small-cap company with a market cap of ₹425 Cr, ranked 55th of 126 Information Technology Services companies by market cap; the shares fell 29% over the past year.
- ₹40.00
- ₹41.75
- ₹40.00
- ₹40.77
- 55.8K
Health check
- ReturnsBehind
−28.6% over a year, better than 0 of 7 peers.
- Price tagIn line
P/E 16.9 vs industry 17.7.
- GrowthStrong
Sales +19.6%, profit +26.6% a year over 3 years.
- ProfitabilityStrong
ROCE 38.5% vs peer median 27.2%.
- Balance sheetStretched
Practically debt-free, Piotroski 2 of 9.
- Red flags1 to check
36% below its 52-week high.
Small cap
Defensive
Key metrics
- Market cap
- ₹425 Cr
- Small cap
- P/E
- 16.9
- Industry 17.7
- Price to book
- 5.51
- Peers 5.20
- Dividend yield
- 1.17%
- ROE
- 37.8%
- Peers 22.9%
- ROCE
- 38.5%
- Peers 27.2%
- Debt to equity
- 0.03
- Debt ₹2.01 Cr
- EPS (TTM)
- ₹2.45
- Face value ₹1
- OPM (TTM)
- 31.7%
- Net margin 31.9%
- Sales growth
- +11.5%
- Latest quarter vs a year ago
- Profit growth
- +142.8%
- Latest quarter vs a year ago
- Price to sales
- 4.33
- EV/EBITDA 14.0
Strengths and risks
Strengths
- Return on equity of 37.8%.
- Return on capital employed of 38.5%.
- Practically debt-free.
- Quarterly profit up 142.8% on a year ago.
- Net margin of 31.9%.
Risks to check
- 36% below its 52-week high.
About Sigma Solve
Sigma Solve Limited, together with its subsidiary, Sigma Solve Inc., engages in the enterprise software development business worldwide. The company offers IT and turnkey consultancy services to customers in their business domain. It also provides web and e-commerce development, mobile app and real-time application development, cloud solutions, business intelligence analytics, CRM development, digital marketing, UI and UX design, automation testing, and…
- Headquarters
- Ahmedabad
- Employees
- 216
- Sector
- Technology
- ISIN
- INE0A0S01028
- Website
- sigmasolve.in
Price range
- Avg volume (3M)
- 1.1 L
- 1-year return
- minus 28.6%
- From 52-week high
- minus 35.6%
Peers · Information Technology Services
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TCSTata Consultancy Services | 2,498.50 | plus 0.11% | 9,03,979 | 17.5 | 7.60 | 54.9% | 45.6% | 26.5% | 5.8% | 5.3% | 1.92% | minus 16.5% |
| INFYInfosys | 1,181.40 | plus 1.20% | 4,78,511 | 15.7 | 4.91 | 39.0% | 30.0% | 23.1% | 6.7% | 6.9% | 4.40% | minus 20.5% |
| HCLTECHHCL Technologies | 1,440.00 | plus 0.66% | 3,89,754 | 21.3 | 5.20 | 27.2% | 24.6% | 20.8% | 8.7% | 3.9% | 3.33% | minus 6.4% |
| WIPROWipro | 198.00 | minus 0.20% | 1,95,898 | 15.6 | 2.46 | 17.8% | 15.9% | 19.2% | 0.8% | 5.2% | 4.04% | minus 16.6% |
| TECHMTech Mahindra | 1,831.00 | plus 0.46% | 1,79,476 | 29.4 | 5.47 | 19.8% | 19.2% | 17.2% | 2.2% | −0.1% | 2.79% | plus 29.3% |
| LTMLTM | 4,338.00 | minus 1.25% | 1,28,620 | 24.6 | 4.97 | 25.4% | 21.0% | 17.9% | 8.4% | 4.4% | 1.80% | minus 21.8% |
| PERSISTENTPersistent Systems | 6,053.50 | minus 0.92% | 99,859 | 53.0 | 11.12 | 29.4% | 22.9% | 16.9% | 20.9% | 26.5% | 0.59% | plus 4.3% |
| SIGMASigma Solve | 41.32 | plus 1.35% | 425 | 16.9 | 5.51 | 38.5% | 37.8% | 32.8% | 19.6% | 26.6% | 1.17% | minus 28.6% |
| Median of 7 peers | – | 0.11% | 1,95,898 | 21.3 | 5.20 | 27.2% | 22.9% | 19.2% | 6.7% | 5.2% | 2.79% | −16.5% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 20.7 | 25.6 | 24.7 | 24.6 | 23 | |
| 15.7 | 17.9 | 16.9 | 16.8 | 15.3 | |
| 5 | 7.6 | 7.8 | 7.8 | 7.7 | |
| 24.0% | 29.9% | 31.7% | 31.6% | 33.6% | |
| 2.1 | 1.6 | 1.7 | −0.8 | 9 | |
| 0.1 | 0.2 | 0.1 | 0 | 0 | |
| 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |
| 6.8 | 8.8 | 9.2 | 6.8 | 16.5 | |
| 24.1% | 24.4% | 27.2% | 20.6% | 23.7% | |
| 5.2 | 6.6 | 6.7 | 5.4 | 12.6 | |
| 0.50 | 0.07 | 0.65 | 0.52 | 1.22 |
Profit & loss
- Sales CAGR 3Y
- +19.6%
- Profit CAGR 3Y
- +26.6%
- EPS CAGR 3Y
- +26.5%
- ROE
- 37.8%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 55.8 | 65.1 | 76.2 | 95.6 | |
| – | +16.5% | +17.1% | +25.5% | |
| 32.1 | 41.9 | 48 | 63 | |
| 23.7 | 23.1 | 28.2 | 32.6 | |
| 42.5% | 35.5% | 37.0% | 34.1% | |
| 0.8 | 1.1 | 0.9 | 2.4 | |
| 0 | 0.3 | 0.4 | 0.4 | |
| 0.4 | 1.1 | 1 | 0.9 | |
| −0.4 | 2.4 | −1.9 | −2.2 | |
| 23.7 | 25.2 | 25.7 | 31.6 | |
| 22.4% | 23.3% | 25.7% | 24.4% | |
| 11.8 | 16.1 | 19.1 | 23.9 | |
| – | +37.2% | +18.3% | +25.1% | |
| 1.15 | 1.57 | 1.86 | 2.32 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 10.3 | 10.3 | 10.3 | 10.3 | |
| 26 | 19.9 | 39.1 | 66.8 | |
| 3.9 | 4.8 | 3.7 | 2 | |
| 23.8 | 4.9 | 8.4 | 10.1 | |
| 64 | 40 | 61.5 | 89.2 | |
| 7.5 | 7.8 | 7 | 6.3 | |
| 6.6 | – | – | – | |
| 44 | 9 | 19.9 | 49.8 | |
| 6.4 | 8.1 | 13.1 | 14.1 | |
| −0.4 | 15.1 | 21.5 | 19 | |
| 64 | 40 | 61.5 | 89.2 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 20.3 | 7.4 | 17.2 | 30.5 | |
| −30.8 | 36.5 | −19.9 | −21.7 | |
| 3.2 | −41.2 | −2.1 | −2.6 | |
| −7.3 | 2.7 | −4.8 | 6.2 | |
| −7.1 | −1.4 | −0.2 | −0.2 | |
| 13.2 | 6 | 17 | 30.3 | |
| −0.2 | −0.5 | −0.5 | −0.5 |
Shareholding pattern
- Promoters73.22%
- Public26.78%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 73.22% | 26.78% | 0.00 | |
| 30 Jun 2026 | 73.22% | 26.78% | 0.00 | |
| 31 Mar 2026 | 73.22% | 26.78% | 0.00 | |
| 31 Dec 2025 | 73.22% | 26.78% | 0.00 | |
| 30 Sep 2025 | 73.22% | 26.78% | – |
Major shareholders
Filings & events
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