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About
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
₹45.62 0.96 (2.15%)
As on 16-Sep'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
₹45.62 0.96 (2.15%)
As on 16-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹459 Cr.
Current Price
₹45.6
52-Week Low / High
₹36 / 65
TTM EPS
₹3
TTM Sales
₹98 Cr.
Book Value per Share
₹8.7
P/E Ratio
14.68
Lower than its 5-year historical median
Industry PE
21.4
Price to Book (P/B)
5.12
Lower than its 5-year historical median
Price to Sales (P/S)
4.68
Lower than its 5-year historical median
EV/EBITDA
10.66
Lower than its 5-year historical median
Dividend Yield
1.1%
Profitability Efficiency
Return on Equity (ROE)
37.79%
Outperforms industry median
Return on Capital Employed (ROCE)
48.51%
Outperforms industry median
Return on Assets (ROA)
31.72%
Operating Profit Margin
29.9%
Net Profit Margin
25%
Gross Profit Margin
34%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
20.6%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
9.93%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
25.2%
Asset Quality
Promoter Holding
73.22%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹79 Cr.
Equity
₹10.3 Cr.
Face Value
₹1
All Time Low / High
₹22.10 / 65.29
Check Before You Invest
Quality
Very GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
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?
Revenue growth of Sigma Solve Ltd vs industry peers?
Sigma Solve Ltd revenue CAGR is 35.22%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
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.
Stock return of Sigma Solve Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -30.65% 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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 19.1% | 46.5% | 40.3% | 31.3% | 19.1% | 15% | 20.6% | 31.6% | 33.7% | 35.5% | - |
| Value Creation Index ⓘ | 0.4 | 2.3 | 1.9 | 1.2 | 0.4 | 0.1 | 0.5 | 1.3 | 1.4 | 1.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 2 | 2.5 | 3.4 | 5.5 | 7.5 | 10.8 | 17.8 | 27.7 | 31.9 | 38.5 | 38 |
| Sales YoY Gr. | - | 22.6% | 34.8% | 64.4% | 35.2% | 43.9% | 64.8% | 55.7% | 15.5% | 20.6% | - |
| Adj EPS ⓘ | 0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.4 | 0.6 | 0.6 | 0.7 |
| YoY Gr. | - | 350% | 22.2% | -36.4% | 42.9% | 20% | 41.7% | 141.2% | 34.2% | 14.6% | - |
| BVPS (₹) ⓘ | 0.1 | 0.2 | 0.3 | 0.5 | 0.9 | 1 | 1.2 | 1.6 | 2.1 | 2.7 | 2.9 |
| Adj Net Profit ⓘ | 0.1 | 0.2 | 0.3 | 0.6 | 1 | 1.2 | 1.8 | 4.2 | 5.6 | 6.4 | 8 |
| Cash Flow from Ops. ⓘ | -0.1 | 0.3 | 0.3 | 0.4 | 0.1 | 0.4 | 1.2 | 1.7 | 13.3 | 11.1 | - |
| Debt/CF from Ops. ⓘ | -2.6 | 0.9 | 2.6 | 0.9 | 2.5 | 1.2 | 3.2 | 2.9 | 0.3 | 0.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 38.6% | 38.8% | 29.4% | 20.6% | ||||
| Adj EPS ⓘ | 46.7% | 44.5% | 54.8% | 14.6% | ||||
| BVPSⓘ | 40.3% | 24% | 30.1% | 30.6% | ||||
| Share Price | - | -30.7% | -0.3% | -3.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 17.1 | 51.3 | 41 | 25 | 14.9 | 11.9 | 15.4 | 28.7 | 29.6 | 26 | 26.2 |
| Op. Profit Mgn % ⓘ | 9.8 | 11.3 | 12.7 | 14.3 | 14.6 | 9.7 | 14.2 | 20.9 | 25.7 | 23.9 | 25.1 |
| Net Profit Mgn % ⓘ | 2.7 | 8.6 | 8.4 | 9.9 | 13 | 11.1 | 10.1 | 15.1 | 17.5 | 16.7 | 19.8 |
| Debt to Equity ⓘ | 0.4 | 0.4 | 0.9 | 0.1 | 0 | 0 | 0.3 | 0.3 | 0.2 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 37 | 54 | 80 | 101 | 94 | 106 | 125 | 118 | 124 | 54 |
| Cash Conv. Cycle ⓘ | 0 | 29 | 40 | 46 | 63 | 78 | 74 | 81 | 59 | 9 | 28 |
Valuation of Sigma Solve - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Sales | 10 | 21 | 41 | 56 | 65 | 76 | 96 |
| Operating Expenses > ⓘ + | 9 | 14 | 26 | 33 | 42 | 50 | 67 |
| Operating Profit > ⓘ | 2 | 7 | 15 | 23 | 23 | 26 | 28 |
| Operating Profit Margin (%) | 18.1% | 34.7% | 36.6% | 40.6% | 35.5% | 33.9% | 29.7% |
| Other Income > ⓘ + | 1 | 0 | 1 | 1 | 4 | 1 | 5 |
| Interest > ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation > ⓘ | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit Before Tax > ⓘ | 2 | 7 | 16 | 24 | 25 | 26 | 32 |
| Tax > ⓘ | 0 | 2 | 2 | 5 | 6 | 7 | 8 |
| Profit After Tax | 2 | 5 | 14 | 18 | 19 | 19 | 24 |
| PAT Margin (%) | 18.6% | 24.6% | 34.5% | 32.9% | 29.7% | 25.1% | 25.0% |
| Adjusted EPS (₹) | 0.2 | 0.3 | 0.9 | 1.1 | 1.6 | 1.9 | 2.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 2.30% | 4.40% | 3.20% | 2.70% | 21.50% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 6 | 14 | 23 | 36 | 30 | 49 | 77 | ||||
| Debt + | 3 | 1 | 0 | 3 | 4 | 3 | 1 | ||||
| Minority Interest | 4 | 0 | 11 | 16 | 0 | 0 | 0 | ||||
| Trade Payables | 0 | 0 | 0 | 1 | 1 | 1 | 1 | ||||
| Others Liabilities ⓘ | 1 | 6 | 2 | 8 | 5 | 8 | 10 | ||||
| Total Liabilities ⓘ | 14 | 22 | 37 | 64 | 40 | 62 | 89 | ||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 0 | 1 | 1 | 1 | 8 | 7 | 6 | ||||
| CWIP ⓘ | 0 | 0 | 0 | 7 | 0 | 0 | 0 | ||||
| Investments ⓘ | 1 | 6 | 21 | 44 | 7 | 17 | 39 | ||||
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Trade Receivables | 4 | 4 | 3 | 5 | 15 | 21 | 18 | ||||
| Cash Equivalents | 8 | 11 | 12 | 5 | 7 | 11 | 9 | ||||
| Others Assets ⓘ | 0 | 1 | 0 | 3 | 3 | 6 | 17 | ||||
| Total Assets ⓘ | 14 | 22 | 37 | 64 | 40 | 62 | 89 | ||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -0 | 5 | 16 | 20 | 7 | 17 | 30 |
| Cash Flow From Investing Activity ⓘ + | 4 | -5 | -15 | -31 | 36 | -20 | -22 |
| Cash Flow From Financing Activity ⓘ + | 4 | 3 | -1 | 3 | -41 | -2 | -3 |
| Net Cash Flow ⓘ | 8 | 3 | 1 | -7 | 3 | -5 | 6 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 34.92 | 53.8 | 77.18 | 62.03 | 58.09 | 47.93 | 37.79 | |||
| ROCE (%) | 26.15 | 50.63 | 73.38 | 74.58 | 67.85 | 59.32 | 48.51 | |||
| Asset Turnover Ratio | 0.77 | 1.2 | 1.41 | 1.11 | 1.25 | 1.5 | 1.27 | |||
| PAT to CFO Conversion(x) | -0 | 1 | 1.14 | 1.11 | 0.37 | 0.89 | 1.25 | |||
| Working Capital Days | ||||||||||
| Receivable Days | 141.80 | 66.20 | 30.40 | 28.30 | 56.20 | 85.10 | 75.10 | |||
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
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Sigma Solve Ltd FAQs
The current trading price of Sigma Solve on 16-Sep-2026 16:59 is ₹45.62.
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 15-Sep-2026 the market cap of Sigma Solve stood at ₹459.0 Cr
The latest P/E ratio of Sigma Solve as of 15-Sep-2026 is 60.55.
The latest P/B ratio of Sigma Solve as of 15-Sep-2026 is 15.31.
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 ₹38.36 ( 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 Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Sigma Solve Ltd is likely to Rise-somewhat 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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