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Sigma Solve Ltd (SIGMA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543917 NSE: SIGMA BPO/ITeS | Small Cap | Sigma Solve Share Price

₹38.89 1.43 (3.82%)

As on 24-Jun'26 16:59

Sigma Solve Ltd (SIGMA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543917 NSE: SIGMA BPO/ITeS | Small Cap | Sigma Solve Share Price

₹38.89 1.43 (3.82%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹400 Cr.
Current Price
₹38.9
52-Week Low / High
₹36 / 65
TTM EPS
₹0.7
TTM Sales
₹38.5 Cr.
Book Value per Share
₹2.7
P/E Ratio
57.53
Lower than its 5-year historical median
Industry PE
18.2
Price to Book (P/B)
14.22
Lower than its 5-year historical median
Price to Sales (P/S)
10.38
Lower than its 5-year historical median
EV/EBITDA
37.12
Lower than its 5-year historical median
Dividend Yield
0.13%
Profitability Efficiency
Return on Equity (ROE)
29.40%
Outperforms industry median
Return on Capital Employed (ROCE)
33.69%
Outperforms industry median
Return on Assets (ROA)
20.42%
Operating Profit Margin
25.7%
Net Profit Margin
17.45%
Gross Profit Margin
26%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
15.47%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
37.78%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
32.3%
Asset Quality
Promoter Holding
73.22%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹18 Cr.
Equity
₹10.3 Cr.
Face Value
₹1
All Time Low / High
₹22.10 / 65.29

Sigma Solve stock performance

Key Ratios
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Check Before You Invest

Valuation

Undervalued

Price Trend

Weak
Q.1 Is Sigma Solve Ltd a good quality company?
Sigma Solve Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Sigma Solve Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Sigma Solve Ltd vs industry peers?
Sigma Solve Ltd revenue CAGR is 41.96%, compared to the industry median CAGR of 3.91%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Sigma Solve Ltd?
Promoters hold 73.22% of the Sigma Solve Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Sigma Solve Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -2.77% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Sigma Solve Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 19.1%46.5%40.3%31.3%19.1%15%20.6%31.6%33.7%-
Value Creation
Index
0.42.31.91.20.40.10.51.31.4-

Growth Parameters

Sales 22.53.45.57.510.817.827.731.939
Sales YoY Gr.-22.6%34.8%64.4%35.2%43.9%64.8%55.7%15.5%-
Adj EPS 00.10.10.10.10.10.20.40.60.7
YoY Gr.-350%22.2%-36.4%42.9%20%41.7%141.2%34.2%-
BVPS (₹) 0.10.20.30.50.911.21.62.12.7
Adj Net
Profit
0.10.20.30.611.21.84.25.67
Cash Flow from Ops. -0.10.30.30.40.10.41.21.713.3-
Debt/CF from Ops. -2.60.92.60.92.51.23.22.90.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA42%43.6%15.5%
Adj EPS NA51%66.1%34.2%
BVPSNA34.8%26.6%30.6%
Share Price - -24.4% 3.6% 2.8%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
17.151.3412514.911.915.428.729.628.2
Op. Profit
Mgn %
9.811.312.714.314.69.714.220.925.723.3
Net Profit
Mgn %
2.78.68.49.91311.110.115.117.518.2
Debt to
Equity
0.40.40.90.1000.30.30.20
Working Cap
Days
03754801019410612511854
Cash Conv.
Cycle
0294046637874815928

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2236711182832
Operating Expenses > + 2235610152224
Manufacturing Costs000000110
Material Costs000000000
Employee Cost 122358121920
Other Costs > 000112233
Operating Profit > 000111368
Operating Profit Margin (%) 8.8%10.6%12.7%14.3%14.0%9.5%14.1%20.9%24.9%
Other Income > + 000001111
Exceptional Items > 000000000
Interest > 000000000
Depreciation > 000000011
Profit Before Tax > 000112367
Tax > 000000112
Profit After Tax 000111246
PAT Margin (%) 2.0%8.3%9.9%11.7%12.7%11.4%10.9%15.2%17.5%
Adjusted EPS (₹)0.00.10.10.10.10.10.20.40.5
Dividend Payout Ratio (%)0%0%0%0%0%16.80%26.70%12.20%9.20%

Valuation of Sigma Solve - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 01141011131621
Share Capital 000344101010
Reserves 0111562611
Debt +001000343
Long Term Debt000000332
Short Term Debt001000011
Minority Interest000000000
Trade Payables000000100
Others Liabilities 000111345
Total Liabilities 11251012192530

Fixed Assets

Net Fixed Assets +000000087
Gross Block111111199
Accumulated Depreciation000111012
CWIP 000000700
Investments 011388556
Inventories000000000
Trade Receivables001123583
Cash Equivalents 000000108
Others Assets 000010236
Total Assets 11251012192530

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -0000001213
PBT 000112367
Adjustment 0000-00001
Changes in Working Capital -0-0-0-0-1-1-1-36
Tax Paid -0-0-0-0-0-0-1-1-1
Cash Flow From Investing Activity + -0-0-10-5-0-4-2-11
Capex -0-0-0-0-0-0-7-1-0
Net Investments 0-0-1-2-513-1-11
Others -0002-0-0000
Cash Flow From Financing Activity + 001-05030-2
Net Proceeds from Shares 000050000
Net Proceeds from Borrowing 0-0-0-0-003-0-1
Interest Paid -0-0-0-0-0-0-0-0-0
Dividend Paid 00000-0-0-1-1
Others 001-0-0001-0
Net Cash Flow -0-000000-10

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)N/A49.1648.3529.5314.4812.1416.5428.9129.4
ROCE (%)N/A46.5140.2731.3319.0514.9820.5731.6233.69
Asset Turnover Ratio3.152.92.061.560.980.961.131.251.17
PAT to CFO Conversion(x)N/AN/AN/A0000.50.52.17
Working Capital Days
Receivable Days32.8036.3053.7070.3080.2083.4082.6088.3064.30
Inventory Days000000000
Payable Days000000000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Sigma Solve Ltd FAQs

The current trading price of Sigma Solve on 24-Jun-2026 16:59 is ₹38.89.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jun-2026 the market cap of Sigma Solve stood at ₹399.7 Cr

The latest P/E ratio of Sigma Solve as of 23-Jun-2026 is 57.53.

The latest P/B ratio of Sigma Solve as of 23-Jun-2026 is 14.22.

The 52-week high of Sigma Solve is ₹65.29 and the 52-week low is ₹35.60.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Sigma Solve is ₹38.52 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Sigma Solve Ltd is a good quality company.

The key valuation ratios of Sigma Solve Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Sigma Solve Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Sigma Solve Ltd

Sigma Solve (Sigma) helps teams modernize their software, data, and operations with solutions that are built for real use, not just for show. From enterprise applications to AI-driven systems, everything it build is designed to solve a specific business problem, and scale with it. The company don't believe in one-size-fits-all platforms. Every business operates differently. So, it builds systems that fit the way businesses operate, whether that's streamlining workflows, improving decision-making, or connecting tools.

To accelerate the business opportunities and increase the foreign IT rich client base, Sigma invested in the Sigma Solve Inc., a Florida (USA) based IT Company originally floated as LLC jointly owned by Biren Zaverchand and Prerak Parikh, who are relatives of the company’s promoters. Since incorporation, the company and Sigma Solve Inc. jointly make efforts to acquire the business opportunities and execute the work respectively. In the year 2019 Sigma invested and acquired 51.04% stake of Sigma Solve Inc. and now acquire full stack in Sigma Solve Inc so it’s now Wholly owned Subsidiary and having 100% stack in it.

The company and Sigma Solve Inc. having their offices at Florida (USA), Atlanta (Home Office), Australia (Home Office) jointly makes efforts for new business acquisitions. The operation of the company is controlled from its registered office situated at Ahmedabad, (Gujarat) India. The company’s maximum of the revenue is from export of services, and in order to provide hassle free payment facilities to its clients, the company channelizes its payment through ‘Sigma Solve Inc.’. The company does not have any identified customers being almost 100% of sales are booked by Sigma Solve Inc., and subsequently, the company is charging on monthly basis to Sigma Solve Inc. for providing the execution facilities on per man hour basis in conjunction with efficiency level achieved on monthly basis. Moreover, the company also occasionally serves directly to clients.

The company and Sigma Solve Inc. are jointly offering enterprise software development. They offer turnkey consultancy services to their customers in their business domain. They also in association with group entity ‘Sigma Solve’ provide services related to Web & E-commerce Development, Real Time Application development, Business Intelligence Analytics, CRM Development, Digital Marketing, UI & UX Design, Automation Testing and Quality Assurance.

The company was incorporated by Promoter Prakash Parikh as ‘Sigma Solve It Tech Private Limited’ at Ahmedabad on April 29, 2010, under the provisions of the Companies Act, 1956 vide Certificate of Incorporation issued by the Assistant Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Later on, the name of the company was changed to ‘Presha Software Private Limited’ and Certificate of Incorporation pursuant to change of name was issued by the Assistant Registrar of Companies, Registrar of Companies, Ahmedabad on February 18, 2017. Again, the name of the company changed to ‘Sigma Solve Private Limited’ and Certificate of Incorporation pursuant to change of name was issued by the Registrar of Companies, RoC - Ahmedabad on March 7, 2019. Consequent up on the conversion of the company from Private Limited Company to Public Limited Company, the name of the company was changed to ‘Sigma Solve Limited’ and fresh Certificate of Incorporation consequent up on the conversion from Private Limited Company to Public Limited Company was issued by the Registrar of Companies, RoC - Ahmedabad on June 17, 2019.

The shares of the company got listed and traded pursuant to Initial Public Offering on SME Platform of NSE with effect from October 19, 2020 and the company has after the closure of financial year on June 09, 2023 get migrated to main board of NSE and Directly got listed on BSE main board.

Business area of the company

The company is primarily engaged in Information and Information Enabled Services. The company offers turnkey consultancy services to customers in their business domain.

Services

  • Artificial Intelligence
  • Digital Transformation
  • Data Engineering
  • Cloud & Infrastructure
  • Product Engineering
  • Digital Commerce
  • RPA

Milestones

  • 2010: Incorporated as Sigma Solve Limited with 2 employees in USA and India
  • 2014: Initial partnerships with 3Dcard (now Shift4Shop) – On shore Operations & HQ Sunrise Florida
  • 2018: Microsoft .NET Silver partnership; over 150 employees 
  • 2020: Listed on the National Stock Exchange – SME platform
  • 2022: Reached milestone of over 200 trained software consultants
  • 2022: Launched Analytics & AI Framework
  • 2023: Got listed on NSE & BSE main board in the month of June
  • 2023: Simplified Group structure of SSL & SSI
  • 2024-25: AI/ML Implementation, Snowflake Certified

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