NSE: TRIGYN · BSE: 517562
TRIGYN TECHNOLOGIES LTD
Provides IT services to Fortune 500 clients and government organisations, with 2,000 resources deployed across 25 countries. Consolidated revenue in FY26 was Rs 976.43 crore, up 8.8% from Rs 897.79 crore in FY25. The cost base is dominated by people: employee cost was 50.2% of revenue and other operating expenses 49.5%, leaving an EBITDA margin of about 1.95%. During FY26 it secured a BharatNet Phase III order worth Rs 101.61 crore, and it continues to carry a long-standing receivable of Rs 61.50 crore from an Andhra Pradesh government (APSFL) project that has been outstanding for over six years. Two wholly-owned subsidiaries (Leading Edge Infotech and Trigyn Technologies India) currently have negative net worth and depend on holding-company support, which contributed to consolidated net profit falling 83% to Rs 1.99 crore. The company is appealing a Rs 9.08 crore GST demand and is in arbitration over a terminated Nashik toll project with a bank guarantee of Rs 3.52 crore invoked. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT services. Asset-light IT services firm with high people costs and thin margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,041 | 1,273 | 1,280 | 898 | 976 |
| EBITDA (ex other income) | 65 | 61 | 35 | 17 | 2 |
| margin % | 6.3 | 4.8 | 2.7 | 1.8 | 0.2 |
| Owners' profit | 39 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 12.69 | 11.26 | 6.48 | 3.82 | 0.64 |
| ROE % · ROCE % | 6.4 · 10.0 | 5.1 · 8.7 | 2.8 · 5.6 | 1.6 · 3.9 | 0.2 · 2.0 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 |
| Cash from operations | 45 | (52) | 126 | 51 | (9) |
| Capex | (16) | (6) | (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 | 208 | 207 | 241 | 224 | 242 | 258 | 252 | 253 |
| Profit before tax | 6 | 2 | 6 | 1 | 5 | 2 | 6 | 6 |
| Net profit | 0 | 1 | 3 | (5) | 5 | 1 | 1 | 3 |
| EPS (₹) | 0.12 | 0.40 | 0.83 | (1.50) | 1.71 | 0.22 | 0.20 | 1.13 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.7 | 15.0 | 31 of 65 | 53% |
| P/B | 0.2 | 2.6 | 1 of 65 | 100% |
| ROCE | 1.7 | 14.2 | 59 of 76 | 23% |
| ROE | 0.3 | 11.5 | 54 of 64 | 16% |
| Debt / Equity | 0.0 | 0.0 | 28 of 65 | 58% |
| EBITDA margin | 3.1 | 18.4 | 54 of 65 | 17% |
| Revenue growth | 12.6 | 10.6 | 29 of 63 | 55% |
| Profit growth | 175.7 | 6.7 | 3 of 62 | 97% |
| Market cap | 148 | 419 | 49 of 76 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Trigyn Tech reports loss of share certificate by shareholder | compliance | minimal | — | — |
| 9 Oct 2026 · Routine compliance certificate for Q2 FY26 filed with exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results: all 3 resolutions passed with over 99.99% approval | compliance | minimal | — | — |
| 30 Sept 2026 · Trigyn Technologies 40th AGM held on Sep 30, 2026; key results shared | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 7 Sept 2026 · Trigyn Technologies 40th AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Trigyn Technologies shares FY26 Annual Report web link; 40th AGM on Sept 30 | compliance | minimal | — | — |
| 7 Sept 2026 · Trigyn Technologies - 40th AGM notice dispatch completed via email and post | compliance | minimal | — | — |
| 5 Sept 2026 · Trigyn Technologies 40th AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 40th AGM scheduled on September 30, 2026 via video conferencing | board shareholder meetings | 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.