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Sigma Solve Q2 FY27 results: net profit up 2.6% to ₹6.82 crore, revenue down 8.5%
Sigma Solve Limited reported Q2 FY27 consolidated revenue of ₹23.41 crore, down 8.5% from ₹25.59 crore a year earlier, while net profit rose 2.6% to ₹6.82 crore. EBITDA increased 11.6% to ₹8.53 crore and the EBITDA margin widened by 6.5 percentage points to 36.4%. On a standalone basis, revenue was ₹7.88 crore and profit after tax was ₹1.13 crore.
Key points
- Consolidated revenue was ₹23.41 crore, down 8.5% from ₹25.59 crore in Q2 FY26 and up 1.7% from ₹23.03 crore in Q1 FY27.
- EBITDA rose to ₹8.53 crore from ₹7.64 crore a year earlier, with the margin at 36.4% against 29.9%.
- Net profit was ₹6.82 crore, up 2.6% from ₹6.65 crore a year earlier but down 45.8% from ₹12.58 crore in Q1 FY27.
- Basic EPS was ₹0.66, against ₹0.65 in Q2 FY26 and ₹1.22 in Q1 FY27.
- H1 FY27 revenue was ₹46.45 crore and profit after tax was ₹19.4 crore, against ₹46.24 crore and ₹11.84 crore in H1 FY26.
How did Sigma Solve perform in Q2 FY27?
Sigma Solve reported consolidated revenue of ₹23.41 crore for the July–September 2026 quarter, down 8.5% from ₹25.59 crore in Q2 FY26 and up 1.7% from ₹23.03 crore in Q1 FY27. Total income was ₹24.3 crore, down 10.5% year on year and 24.1% from the previous quarter. On a standalone basis, revenue was ₹7.88 crore, down 25.9% year on year.
EBITDA was ₹8.53 crore, up 11.6% from ₹7.64 crore a year earlier and 10.2% from ₹7.74 crore in the previous quarter. The EBITDA margin widened to 36.4% from 29.9% in Q2 FY26 and 33.6% in Q1 FY27. Profit before tax was ₹9.19 crore and net profit was ₹6.82 crore, up 2.6% year on year but down 45.8% from the previous quarter. Basic EPS was ₹0.66, against ₹0.65 a year earlier and ₹1.22 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 23.41 | 23.03 | 25.59 | −8.5% | +1.7% |
| Other income | 0.89 | 8.97 | 1.57 | −43.3% | −90.1% |
| Total expenses | 15.11 | 15.53 | 18.35 | −17.7% | −2.7% |
| EBITDA | 8.53 | 7.74 | 7.64 | +11.6% | +10.2% |
| EBITDA margin | 36.4% | 33.6% | 29.9% | +6.5 pp | +2.8 pp |
| Profit before tax | 9.19 | 16.48 | 8.80 | +4.4% | −44.2% |
| Tax | 2.25 | 3.90 | 2.15 | +4.7% | −42.3% |
| Net profit | 6.82 | 12.58 | 6.65 | +2.6% | −45.8% |
| EPS (₹) | 0.66 | 1.22 | 0.65 | +1.5% | −45.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sigma Solve's costs and profit?
Total expenses fell to ₹15.11 crore from ₹18.35 crore in Q2 FY26, a decline of ₹3.24 crore or 17.7%. Employee benefit expenses were down ₹1.81 crore at ₹8.72 crore, other expenses were down ₹1.44 crore at ₹3.29 crore, finance costs fell by ₹0.14 crore to ₹0.04 crore and depreciation was down ₹0.04 crore at ₹0.18 crore. Cost of services consumed was higher by ₹0.19 crore at ₹2.88 crore.
Other income was ₹0.89 crore, down ₹0.68 crore or 43.3% from ₹1.57 crore in the year-ago quarter. There was no exceptional item in the quarter. Tax expense rose by ₹0.10 crore to ₹2.25 crore. Against the previous quarter, other income fell ₹8.08 crore to ₹0.89 crore, while tax was down ₹1.65 crore at ₹2.25 crore and total expenses were lower by ₹0.42 crore at ₹15.11 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2.88 | 2.69 | +0.19 | +7.1% |
| Employee cost | 8.72 | 10.53 | −1.81 | −17.2% |
| Finance costs | 0.04 | 0.18 | −0.14 | −77.8% |
| Depreciation | 0.18 | 0.22 | −0.04 | −18.2% |
| Other expenses | 3.29 | 4.73 | −1.44 | −30.4% |
| Total expenses | 15.11 | 18.35 | −3.24 | −17.7% |
| Other income | 0.89 | 1.57 | −0.68 | −43.3% |
| Tax | 2.25 | 2.15 | +0.10 | +4.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Sigma Solve reported consolidated revenue of ₹46.45 crore, up 0.5% from ₹46.24 crore in H1 FY26. Total income rose 12.7% to ₹56.3 crore from ₹49.95 crore, and profit before tax rose 64.2% to ₹25.67 crore from ₹15.63 crore.
Profit after tax for H1 FY27 was ₹19.4 crore, up 63.9% from ₹11.84 crore in H1 FY26, and basic EPS rose to ₹1.89 from ₹1.15. The results were approved by the board on 3 November 2026 after review by the audit committee, and the statutory auditors issued an unmodified limited review report.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 46.45 | 46.24 | +0.5% |
| Profit before tax | 25.67 | 15.63 | +64.2% |
| Net profit | 19.40 | 11.84 | +63.9% |
| EPS (₹) | 1.89 | 1.15 | +64.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹109.84 crore as at 30 September 2026 from ₹89.22 crore as at 31 March 2026, while total equity increased to ₹92.23 crore from ₹77.09 crore. Borrowings fell to ₹1.58 crore from ₹2.01 crore and cash declined to ₹5.19 crore from ₹8.67 crore. Trade receivables were ₹17.19 crore against ₹18.41 crore, trade payables were ₹1.48 crore against ₹0.99 crore, and there was no inventory against ₹1.62 crore.
For H1 FY27, operating cash flow was ₹13.05 crore against ₹16.86 crore in H1 FY26. Investing cash flow was negative ₹16.01 crore compared with negative ₹13.84 crore, financing cash flow was negative ₹0.51 crore against negative ₹1.32 crore, and capital expenditure was ₹0.03 crore against ₹0.1 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 109.84 | 89.22 |
| Total equity | 92.23 | 77.09 |
| Borrowings | 1.58 | 2.01 |
| Cash and equivalents | 5.19 | 8.67 |
| Inventories | 0 | 1.62 |
| Trade receivables | 17.19 | 18.41 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 13.05 | 16.86 |
| Cash from investing | −16.01 | −13.84 |
| Cash from financing | −0.51 | −1.32 |
| Capital expenditure | 0.03 | 0.10 |
Source: Company's results filing (XBRL).
How has Sigma Solve done over the last 8 quarters?
Revenue over the last eight quarters peaked at ₹25.59 crore in Q2 FY26 and was at ₹23.41 crore in Q2 FY27, after reaching a low of ₹19.58 crore in Q3 FY25. Profit after tax peaked at ₹12.58 crore in Q1 FY27 and fell to ₹6.82 crore in Q2 FY27, while the lowest was ₹4.7 crore in Q3 FY25.
The EBITDA margin reached its low of 24.0% in Q1 FY26 and its high of 41.3% in Q4 FY25, then moved to 36.4% in Q2 FY27. Revenue has risen in each of the last two quarters on a year-on-year basis for profit, moving from ₹5.1 crore in Q1 FY26 to ₹6.65 crore in Q2 FY26 and then ₹12.58 crore in Q1 FY27 and ₹6.82 crore in Q2 FY27.
How did Sigma Solve shares react?
The results were announced after market hours on 3 November 2026. From the price when the filing appeared, the stock rose 1.3% in the first five minutes, 1.3% in the first 15 minutes and 1.6% in the first 30 minutes. On the reaction day it fell 6.3% from the previous close of ₹43.35, and by the next day's close it was down 5.0% from that pre-results close.
The IT Enabled Services sector median moved up 2.7% on the reaction day and 3.4% by the next day's close, leaving Sigma Solve 8.9 percentage points behind the sector on the reaction day and 8.3 percentage points behind by the next day's close. The Nifty Microcap 250 rose 2.2% on the reaction day. Earlier results-day moves included a 15.0% rise on 31 July 2026, a 5.7% fall on 19 May 2026 and a 20.3% rise on 23 May 2025.
| After the filing | Stock | IT Enabled Services median |
|---|---|---|
| 5 minutes | +1.3% | |
| 15 minutes | +1.3% | |
| 30 minutes | +1.6% | |
| Reaction day | −6.3% | +2.7% |
| Next day | −5.0% | +3.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 31 July 2026 | +15.0% |
| 19 May 2026 | −5.7% |
| 13 January 2026 | +7.1% |
| 31 October 2025 | +4.6% |
| 6 August 2025 | −4.9% |
| 23 May 2025 | +20.3% |
| 13 February 2025 | +4.2% |
| 14 November 2024 | −1.8% |
Source: MarketPing price-reaction measurement.
How did other IT Enabled Services companies do?
Among 36 IT Enabled Services companies compared for this quarter, the median revenue growth was 22.5%. Seven peers grew revenue more slowly than Sigma Solve, while 29 grew faster. Of the 31 peers whose profit was compared, 22 reported higher profit, with the comparison dated 6 November 2026.
| Sigma Solve revenue growth (YoY) | −8.5% |
|---|---|
| Median of 36 other IT Enabled Services companies | +22.5% |
| Companies with slower revenue growth than Sigma Solve | 7 of 36 |
| Companies with faster revenue growth than Sigma Solve | 29 of 36 |
| Companies whose net profit rose | 22 of 31 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sigma Solve's revenue in Q2 FY27?
Revenue from operations was ₹23.41 crore, down 8.5% from ₹25.59 crore in Q2 FY26 (consolidated).
Did Sigma Solve make a profit in Q2 FY27?
Yes. Net profit was ₹6.82 crore, against a net profit of ₹6.65 crore in Q2 FY26.
What was Sigma Solve's EPS in Q2 FY27?
Basic earnings per share were ₹0.66, against ₹0.65 in Q2 FY26.
How did Sigma Solve shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.3% from the previous close; the median IT Enabled Services stock moved +2.7%.
When did Sigma Solve announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Financial Result For The Quarter And Half Year Ended Sept 30 2026 (BSE, 3 November 2026) · PDF
- Result For Quarter And Half Year Ended September 30 2026 (BSE, 3 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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