NSE: SIGMA · BSE: 543917
SIGMA SOLVE LIMITED
An IT-enabled services company with operations in India and overseas, structured around two subsidiaries — Sigma Solve INC in the US and Rish Info Logistics Private Limited in India (70% owned, acquired April 2024). On a consolidated basis, revenue from operations was Rs 95.617 crore in FY26, with the cost base dominated by employee expenses at 40.3% of revenue. Recent management commentary on Q1 FY27 results credits an AI-led service portfolio shift and contributions from both subsidiaries for sharp consolidated profit growth in the quarter. Capital spending is minimal — just 0.2% of revenue — pointing to a largely asset-light services operating model. The standalone parent also reported FY26 revenue from operations of Rs 3,852.18 lakh, with the gap between standalone and consolidated reflecting the contribution of Sigma Solve INC and Rish Info Logistics. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT-enabled services, Logistics services. Asset-light IT-enabled services with low capital intensity
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 65 | 76 | 96 |
| EBITDA (ex other income) | 23 | 26 | 28 |
| margin % | 35.5 | 33.8 | 29.5 |
| Owners' profit | 16 | 19 | 24 |
| EPS, as reported (₹) | 31.40 | 18.57 | 2.32 |
| ROE % · ROCE % | 64.0 · 73.3 | 38.6 · 47.2 | 31.0 · 38.5 |
| Debt / equity (x) | 0.16 | 0.07 | 0.03 |
| Cash from operations | 7 | 18 | 30 |
| Capex | (1) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17 | 20 | 24 | 21 | 26 | 25 | 25 | 23 |
| Profit before tax | 5 | 6 | 9 | 7 | 9 | 9 | 7 | 16 |
| Net profit | 4 | 5 | 7 | 5 | 7 | 7 | 5 | 13 |
| EPS (₹) | 8.00 | 8.22 | 6.64 | 5.04 | 0.65 | 0.65 | 0.52 | 1.22 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.8 | 17.9 | 27 of 76 | 65% |
| P/B | 5.6 | 2.2 | 61 of 70 | 13% |
| ROCE | 38.1 | 9.6 | 3 of 86 | 98% |
| ROE | 31.0 | 9.2 | 2 of 70 | 99% |
| Debt / Equity | 0.0 | 0.0 | 32 of 70 | 55% |
| EBITDA margin | 72.5 | 13.0 | 5 of 69 | 94% |
| Revenue growth | 11.5 | 20.8 | 47 of 67 | 30% |
| Profit growth | 146.6 | 14.6 | 8 of 64 | 89% |
| Market cap | 431 | 325 | 40 of 87 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Compliance certificate under Reg 74(5) filed for Q2 and H1 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · Trading window closed for half year ended Sept 30, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Sigma Solve appoints new Investor Relations agency | business updates | low | — | — |
| 24 Sept 2026 · Sigma Solve AGM 2026 results: All resolutions passed, stock split and dividend approved | board shareholder meetings | low | — | — |
| 23 Sept 2026 · 16th AGM proceedings, 6 resolutions passed including final dividend | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Notice of 16th AGM and e-voting published | compliance | minimal | — | — |
| 1 Sept 2026 · Newspaper publication of 16th AGM notice and e-voting details | compliance | minimal | — | — |
| 31 Aug 2026 · Record date set for Sigma Solve final dividend at Rs 0.50 per share | corporate actions | medium | — | — |
| 31 Aug 2026 · Sigma Solve announces final dividend of Rs 0.50 per share | corporate actions | medium | — | — |
| 31 Aug 2026 · Sigma Solve announces book closure for 16th AGM voting | corporate actions | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.