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 | 4898.75 | 35.15 | 327616.15 | 0.92 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 405.50 | 48.23 | 296411.53 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1190.50 | 83.80 | 43639.27 | 0.41 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4832.90 | 3517.81 | 27056.49 | 0.21 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1677.95 | 84.27 | 15931.30 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| SIGMAADV | 832.80 | 104.14 | 15817.28 | 0.00 | 354.12 | 159.95 | 3742.77 | — | 9.66 | 15.54 |
| APOLLO | 421.95 | 129.24 | 15679.64 | 0.06 | 25.22 | 42.58 | 251.29 | 88.12 | 14.52 | 21.38 |
| ZENTEC | 1722.85 | 86.35 | 15556.12 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 226.05 | 304.43 | 15160.40 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| PARAS | 1433.00 | 122.27 | 11548.16 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1609.30 | 113.74 | 8191.66 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1831.10 | 214.34 | 7788.31 | 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 | -3 | -2 | -2 | -1 | -2 | -2 | -0 | 17 | -16 | -2 | 4 | 29 | 65 |
| OPM % | — | — | — | — | — | — | -2.16% | 30.20% | — | — | 14.45% | 26.99% | 15.73% |
| 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 |
| Profit before Tax | 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 |
| 0.44 | 0.46 | 0.06 | 0.06 | 0.07 | 0.12 | 0.68 | 1.00 | 18.49 | 0.11 | 1.76 | 2.65 | 0.54 |
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 | 3 | -4 | -3 | -5 | 1 | 1 | -18 | -18 | -9 | -10 | 96 |
| OPM % | 10.25% | -14.30% | -9.28% | -19.66% | 5.56% | 4.17% | -130.88% | -897.83% | — | — | 17.47% |
| 1 | 8 | 1 | 10 | 7 | 7 | 30 | 43 | 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 |
| Profit before Tax | 1 | 1 | -6 | 1 | 1 | 1 | 6 | 11 | 8 | 8 | 190 |
| Tax % | 53.03% | -82.95% | 10.87% | 47.01% | -7.30% | -0.62% | 10.02% | 0.00% | 7.76% | 0.00% | 17.81% |
| Net Profit | 0 | 1 | -5 | 0 | 1 | 1 | 6 | 11 | 8 | 8 | 156 |
| EPS | 0.10 | 0.24 | -1.12 | 0.09 | 0.13 | 0.31 | 0.89 | 1.56 | 1.02 | 1.15 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 44 | 44 | 44 | 44 | 74 | 74 | 74 | 74 |
| 101 | 102 | 97 | 103 | 104 | 105 | 111 | 122 | 130 | 138 | |
| 17 | 25 | 26 | 23 | 23 | 21 | 47 | 168 | 160 | 153 | |
| Trade Payables | 15 | 14 | 23 | 12 | 12 | 9 | 8 | 0 | 0 | 0 |
| 5 | 43 | 62 | 103 | 107 | 98 | 18 | 15 | 25 | 68 | |
| Total Liabilities | 182 | 228 | 252 | 286 | 290 | 278 | 256 | 380 | 389 | 433 |
| 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 |
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 | 2 | 18 | 48 | 7 | 11 | 24 | 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange about General Updates - Intimation of Plant visit by Investors under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-09-10 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026- Notice of the 26th Annual General Meeting ( AGM ) and Annual Report for the Financial Year 2025-26 pursuant to Regulation 30 and 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-09-10 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange regarding a press release dated September 10, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 - Sigma Advanced Systems Begins Production at Sri City Aerospace Facility, Replicating UK Manufacturing Capability in India".
2026-09-09 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange about Copy of Newspaper Publication- Newspaper Advertisement relating to the 26th Annual General Meeting ( AGM ) of Sigma Advanced Systems Limited ( the Company ).
2026-09-08 - SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange regarding Outcome of Board Meeting held on September 08, 2026 - Outcome of the Board Meeting held on September 08, 2026
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
News
Recent coverage and analyst commentary for SIGMAADV
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Sigma Advanced Systems Ltd.
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