Sigma Advanced Systems Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Telecom: 100.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Promoters have been increasing their shareholding - up 28.4pp over 2 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.63x)
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (487.1% of PBT)
- Recent results are weak - TTM profit is down 48.0% versus prior year
- Company has a low return on equity of 5.4% over last 3 years
- Company has a low return on capital employed of 8.4%
- Interest coverage is weak at 1.5x - earnings barely cover interest
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4845.00 | 34.76 | 324021.49 | 0.93 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 410.75 | 48.85 | 300249.17 | 0.61 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1305.50 | 0.00 | 47854.73 | 0.38 | 118.79 | 547.36 | 572.24 | 147.63 | 19.75 | 14.52 |
| DATAPATTNS | 4622.85 | 3364.91 | 25880.55 | 0.22 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| AEQUS | 246.10 | 0.00 | 16505.08 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| ZENTEC | 1819.10 | 91.17 | 16425.19 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| ASTRAMICRO | 1705.55 | 85.66 | 16193.35 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| SIGMAADV | 777.40 | 97.21 | 14765.08 | 0.00 | 354.12 | 159.95 | 3742.77 | — | 9.66 | 15.54 |
| APOLLO | 387.45 | 118.67 | 14397.62 | 0.06 | 252.16 | 1325.84 | 2512.93 | 1781.17 | 14.05 | 21.38 |
| PARAS | 1440.25 | 122.89 | 11606.59 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1502.65 | 106.20 | 7648.79 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1594.00 | 186.58 | 6779.84 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 19 | 57 | 0 | 0 | 29 | 106 | 413 | |
| 3 | 2 | 2 | 1 | 2 | 2 | 19 | 40 | 16 | 2 | 24 | 77 | 348 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 11 | 11 | 8 | 8 | 8 | 9 | 13 | 12 | 188 | 4 | 13 | 25 | 62 |
| Interest | 4 | 4 | 4 | 5 | 4 | 4 | 5 | 5 | 3 | 0 | 2 | 4 | 23 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 10 |
| 4 | 4 | 0 | 0 | 1 | 1 | 6 | 23 | 167 | 1 | 14 | 48 | 127 | |
| Tax % | 14.59% | 2.28% | 0.00% | 0.00% | 0.00% | 0.00% | 21.86% | 21.80% | 18.51% | 0.00% | 3.84% | 3.77% | 24.76% |
| Net Profit | 3 | 3 | 0 | 0 | 1 | 1 | 5 | 18 | 136 | 1 | 13 | 47 | 96 |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 18 | 0 | 2 | 3 | 1 | |
| Equity Capital | 74 | 74 | 74 | 74 | 74 | 74 | 74 | 74 | 74 | 74 | 74 | 176 | 1,762 |
| Reserves | 98 | 101 | 102 | 102 | 103 | 103 | 0 | 0 | 275 | 276 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 | 31 | 29 | 24 | 20 | 16 | 14 | 2 | 0 | 0 | 548 | |
| 27 | 35 | 31 | 28 | 19 | 16 | 33 | 20 | 9 | 10 | 452 | |
| Operating Profit | 4 | 4 | -2 | 5 | 8 | 8 | 8 | 24 | 28 | 31 | — |
| OPM % | 13 | 12 | -6 | 23 | 38 | 46 | 58 | 1,226 | — | — | — |
| Other Income | 1 | 8 | 1 | 10 | 7 | 7 | 27 | 42 | 37 | 41 | 104 |
| Interest | 2 | 2 | 3 | 4 | 4 | 3 | 2 | 11 | 17 | 18 | 29 |
| Depreciation | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 3 | 3 | 4 | 14 |
| 1 | 1 | -6 | 1 | 1 | 1 | 6 | 11 | 8 | 8 | 190 | |
| Tax % | 53 | -83 | 11 | 47 | -7 | -1 | 10 | 0 | 8 | 0 | 18 |
| Net Profit | 0 | 1 | -5 | 0 | 1 | 1 | 6 | 11 | 8 | 8 | 156 |
| EPS | 0 | 0 | -1 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 0 | -1 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 30%
- 5 Years:
- 72%
- 3 Years:
- 15%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 2%
- 5 Years:
- 4%
- 3 Years:
- 5%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 44 | 44 | 44 | 44 | 44 | 44 | 74 | 74 | 74 | 74 |
| 101 | 102 | 97 | 103 | 104 | 105 | 111 | 122 | 130 | 138 | |
| 17 | 16 | 17 | 12 | 8 | 1 | 0 | 8 | 1 | 1 | |
| Trade Payables | 15 | 14 | 23 | 12 | 12 | 9 | 8 | 0 | 0 | 0 |
| 5 | 52 | 70 | 114 | 122 | 118 | 64 | 176 | 185 | 220 | |
| Total Liabilities | 182 | 228 | 252 | 286 | 290 | 278 | 256 | 380 | 389 | 433 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 61 | 55 | 13 | 105 | 135 | 138 | 185 | 179 | 187 | 200 | |
| Capital Work in Progress | 0 | 0 | 58 | 31 | 0 | 0 | 0 | 0 | 0 | 0 |
| 56 | 56 | 56 | 34 | 34 | 34 | 7 | 136 | 136 | 136 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 3 | 1 | 0 | 1 | 0 | 1 | 34 | 3 | 18 | 9 |
| 63 | 116 | 125 | 115 | 121 | 105 | 31 | 61 | 48 | 88 | |
| Total Assets | 182 | 228 | 252 | 286 | 290 | 278 | 256 | 380 | 389 | 433 |
| Total Debt | 17 | 16 | 17 | 12 | 9 | 2 | 26 | 146 | 145 | 138 |
| Net Working Capital | 30 | 44 | -41 | -75 | -70 | -66 | 40 | 30 | 27 | -13 |
| Contingent Liabilities | 44 | 3 | 1 | 2 | 2 | 2 | 2 | 1 | 1 | 0 |
| Book Value per Share | 32.80 | 33.04 | 31.99 | 27.09 | 27.22 | 27.52 | 21.25 | 22.81 | 23.83 | 24.99 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 3 | 18 | 48 | 7 | 11 | 23 | 13 | 23 | 37 | |
| Cash from Investing | -3 | -2 | -16 | -39 | -1 | -1 | -42 | -147 | 10 | -19 |
| Cash from Financing | -2 | -2 | -2 | -9 | -7 | -10 | 51 | 103 | -17 | -26 |
| 0 | -2 | -0 | 1 | -1 | 0 | 32 | -30 | 15 | -8 | |
| Free Cash Flow | -7 | 3 | 2 | -18 | 5 | 5 | -13 | 13 | 11 | 20 |
| OCF / Net Profit | 13.82 | 2.20 | -3.70 | 116.60 | 12.78 | 7.83 | 4.12 | 1.12 | 2.98 | 4.38 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -16 | -5 | -20 | -9 | 21 | 36 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.10 | 0.26 | -1.12 | 0.09 | 0.13 | 0.31 | 0.76 | 1.56 | 1.02 | 1.15 |
| Book Value (₹) | 32.80 | 33.04 | 31.99 | 27.09 | 27.22 | 27.52 | 21.25 | 22.81 | 23.83 | 24.99 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.24 | 0.41 | -0.97 | 0.32 | 0.90 | 1.09 | 1.22 | 1.94 | 1.46 | 1.75 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 13.08% | 11.66% | -5.80% | 23.24% | 37.52% | 45.85% | 58.38% | 1226.03% | 0.00% | 0.00% |
| Net Margin % | 1.40% | 3.67% | -17.32% | 1.74% | 2.74% | 8.43% | 39.57% | 582.36% | 0.00% | 0.00% |
| ROE % | 0.26% | 0.78% | -3.43% | 0.31% | 0.46% | 1.15% | 4.01% | 7.06% | 4.39% | 4.71% |
| ROCE % | 1.87% | 1.82% | -1.44% | 3.10% | 3.20% | 3.25% | 5.39% | 9.01% | 7.95% | 8.30% |
| 0.22% | 0.56% | -2.06% | 0.15% | 0.19% | 0.49% | 2.09% | 3.61% | 1.97% | 2.06% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 568 | 405 | 536 | 663 | 743 | 807 | 481 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 568 | 405 | 536 | 663 | 743 | 807 | 481 | 0 | 0 | 0 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.12x | 0.11x | 0.12x | 0.10x | 0.07x | 0.02x | 0.17x | 0.87x | 0.83x | 0.75x |
| Interest Coverage (x) | 1.37x | 1.27x | -0.72x | 1.21x | 1.14x | 1.50x | 4.01x | 2.05x | 1.48x | 1.47x |
| 1.87x | 1.62x | 0.59x | 0.41x | 0.45x | 0.38x | 2.66x | 2.28x | 2.03x | 0.81x | |
| GROWTH | ||||||||||
| Revenue Growth % | -43.72% | 3.36% | -8.16% | -17.10% | -13.93% | -19.06% | -14.32% | -86.03% | -100.00% | 0.00% |
| Operating Profit Growth % | -37.82% | -7.88% | -145.71% | 431.93% | 38.97% | -1.09% | 9.09% | 193.38% | 17.73% | 9.52% |
| Net Profit Growth % | -31.49% | 170.09% | -533.80% | 108.33% | 35.43% | 149.20% | 301.95% | 105.62% | -34.13% | 12.10% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -34.13% | 12.10% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 87.17x | 44.29x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.75x | 2.04x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 27.65x | 16.18x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-25 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange regarding a press release dated August 25, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 - Defence and Aerospace major, Sigma Advance Systems, deepens Rolls-Royce Aerospace UK partnership with £125m additional long-term agreement following strategic Bromford acquisition".
2026-08-17 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange regarding a press release dated August 17, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 - Media Release - "India becomes the First Country to establish Anti-Drone Patrolling of Border and Urban areas. Indrajaal Ranger secures ₹155 Crore orders from Home Ministry, taking Counter-Drone Security Beyond Military Installations, to Border Villages, VVIP Routes and City Streets"".
2026-08-17 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange about Schedule of meet - Intimation of Schedule of Analysts/Institutional Investors Meeting under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-17 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange about General Updates- Investor Presentation under Regulation 30 of SEBI (LODR) Regulations, 2015
2026-08-13 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange regarding a press release dated August 13, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 - Sigma Advanced Systems Reports Robust Q1 FY2027 Financial Results".
2026-08-13 - SIGMA ADVANCED SYSTEMS LIMITED has submitted to the Exchange, the financial results for the period ended Jun 30, 2026 - Outcome of the Board Meeting held on August 13, 2026.
2026-08-12 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange about Schedule of meet- Intimation of Schedule of Analysts/Institutional Investors Meeting under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-04 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange about General Updates - Regulation 30 of SEBI (LODR) Regulatons, 2015 - Allotment of Equity Shares on a Preferential Basis (for consideration other than cash)
2026-07-27 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange regarding a press release dated July 27, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 - Press Release - Sigma Advanced Systems Secures USD 104.9 Million (roughly INR 1,013 Cr.) Export Order for Next-generation Extended Range 155mm Base Bleed Artillery Shells".
News
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