BPO/ITeS · Founded 2010 · www.sigmasolve.in · BSE 543917 · NSE SIGMA · ISIN INE0A0S01028
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Business
Sigma Solve Ltd. is an Indian IT services and digital transformation company. It provides a range of technology solutions designed to help businesses modernize, optimize, and innovate. Its core business model involves offering services such as custom software development, web and mobile application development, cloud consulting and management, data analytics, artificial intelligence (AI) solutions, and digital marketing. The company generates revenue through project-based engagements, managed services contracts, and staff augmentation models, charging clients for its expertise and delivery of technology solutions.
Revenue Mix
While specific revenue percentages for each segment are not publicly detailed, Sigma Solve's offerings broadly fall into:
Digital Transformation & Consulting: Strategy formulation, technology roadmap, and advisory services.
Software Development: Custom application development, web development, mobile app development.
Cloud Services: Cloud migration, infrastructure management, and optimization across major cloud platforms.
Data & AI: Business intelligence, data analytics, machine learning, and AI solution development.
Digital Marketing: Search Engine Optimization (SEO), Search Engine Marketing (SEM), social media marketing, and content strategy.
The company primarily serves clients in geographies like North America and India.
Industry
Sigma Solve operates within the highly competitive and fragmented Indian BPO/ITeS sector. This industry is characterized by strong global demand for digital transformation, cloud adoption, and emerging technologies. The market includes large-cap global IT service providers, numerous mid-tier companies, and many smaller, niche players. Sigma Solve positions itself as a full-service digital transformation partner, likely targeting mid-market enterprises or specific project types where agility, personalized service, and a strong focus on modern technologies are valued. It competes on the basis of its technical expertise, service quality, and potentially cost-effectiveness for specific project scopes.
MOAT
For a company of its size, a wide moat is challenging to establish. Sigma Solve's potential competitive advantages include:
Niche Expertise: Developing specialized proficiency in specific technologies (e.g., particular cloud stacks, AI frameworks) or industry verticals.
Client Relationships: Building long-term, sticky client relationships where it becomes an integrated technology partner, leading to higher switching costs for clients.
Agility & Cost-Effectiveness: The ability to be more agile than larger competitors and offer competitive pricing for specific project engagements or mid-market clients.
Talent Pool: The capability to attract and retain skilled professionals in high-demand technology areas.
Growth Drivers
Accelerated Digital Transformation: Continued global enterprise investment in modernizing IT infrastructure and enhancing digital capabilities.
Cloud Adoption: Growing demand for cloud migration, management, and optimization services across public and hybrid cloud environments.
Emerging Technologies: Increasing adoption of AI/Machine Learning, data analytics, IoT, and cybersecurity solutions across industries.
Outsourcing Trends: The ongoing trend of businesses globally outsourcing IT development and support functions to leverage cost efficiencies and specialized skills.
Geographic Expansion: Potential to deepen penetration in existing markets (e.g., North America) or expand into new regions.
Risks
Intense Competition: Facing stiff competition from both large, established IT service providers and other agile mid-sized firms.
Talent Acquisition & Retention: Challenges in attracting, developing, and retaining skilled IT professionals, potentially leading to wage inflation and project execution risks.
Economic Downturns: Reduced IT spending by clients during periods of global or regional economic slowdown.
Technological Obsolescence: The need to constantly adapt to rapidly evolving technologies and update service offerings to remain relevant.
Client Concentration: Potential over-reliance on a few key clients, making the company vulnerable to loss of business from these clients.
Currency Fluctuations: Exposure to foreign exchange risks, particularly USD/INR, given its significant international client base.
Data Security & Privacy: Risks associated with managing sensitive client data and ensuring compliance with global data protection regulations.
Management & Ownership
Sigma Solve Ltd. is promoted by individuals such as Mr. Pratik Mohohnbhai Patel, who serves as the Chairman & Managing Director. Promoter group typically holds a significant ownership stake in the company, aligning their interests with the company's long-term growth. The management team's experience in the IT services domain and its ability to navigate technological shifts are key factors. Public shareholders, including retail investors and high net-worth individuals, hold the remaining equity.
Outlook
Sigma Solve operates in an industry with strong secular tailwinds driven by the ongoing global demand for digital transformation, cloud computing, and advanced analytics. If the company can effectively leverage its niche expertise, maintain strong client relationships, and successfully navigate the highly competitive landscape, it has the potential for continued growth. However, challenges such as intense competition for talent and projects, the constant need for technological innovation, and potential economic headwinds could impact its performance. Its ability to scale efficiently while delivering consistent quality will be critical for sustained success.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 16 | 16 | 17 | 20 | 24 | 21 | 26 | 25 | 25 | 23 |
| Other Income | 0 | 1 | 1 | 0 | -0 | 2 | 2 | 2 | -1 | 9 |
| Total Income | 17 | 17 | 18 | 20 | 23 | 23 | 27 | 26 | 24 | 32 |
| Total Expenditure | 10 | 11 | 12 | 14 | 14 | 16 | 18 | 17 | 17 | 15 |
| Operating Profit | 6 | 5 | 6 | 6 | 10 | 7 | 9 | 10 | 7 | 17 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 5 | 5 | 6 | 9 | 7 | 9 | 9 | 7 | 16 |
| Provision for Tax | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 1 | 4 |
| Profit After Tax | 5 | 4 | 4 | 4 | 7 | 5 | 7 | 7 | 5 | 13 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 | -0 |
| Profit After Adjustments | 5 | 4 | 4 | 4 | 7 | 5 | 7 | 7 | 5 | 13 |
| Adjusted Earnings Per Share | 0.5 | 0.4 | 0.4 | 0.4 | 0.7 | 0.5 | 0.1 | 0.7 | 0.5 | 1.2 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 10 | 21 | 41 | 56 | 65 | 76 | 96 | 99 |
| Other Income | 1 | 0 | 1 | 1 | 4 | 1 | 5 | 12 |
| Total Income | 11 | 21 | 42 | 57 | 69 | 78 | 100 | 109 |
| Total Expenditure | 9 | 14 | 26 | 33 | 42 | 50 | 67 | 67 |
| Operating Profit | 2 | 8 | 16 | 24 | 27 | 27 | 33 | 43 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 7 | 16 | 24 | 25 | 26 | 32 | 41 |
| Provision for Tax | 0 | 2 | 2 | 5 | 6 | 7 | 8 | 10 |
| Profit After Tax | 2 | 5 | 14 | 18 | 19 | 19 | 24 | 32 |
| Adjustments | -0 | -2 | -5 | -7 | -3 | 0 | -0 | 0 |
| Profit After Adjustments | 2 | 3 | 9 | 12 | 16 | 19 | 24 | 32 |
| Adjusted Earnings Per Share | 0.2 | 0.3 | 0.9 | 1.1 | 1.6 | 1.9 | 2.3 | 2.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 26% | 20% | 36% | 0% |
| Operating Profit CAGR | 22% | 11% | 33% | 0% |
| PAT CAGR | 26% | 10% | 37% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | -9% | 29% | NA% |
| ROE Average | 38% | 48% | 57% | 53% |
| ROCE Average | 49% | 59% | 65% | 57% |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 6 | 19 | 23 | 36 | 30 | 49 | 77 |
| Minority's Interest | 4 | 0 | 11 | 16 | 0 | 0 | 0 |
| Borrowings | 0 | 1 | 0 | 3 | 3 | 2 | 1 |
| Other Non-Current Liabilities | 0 | -0 | 0 | 1 | 1 | 4 | 5 |
| Total Current Liabilities | 4 | 1 | 2 | 8 | 6 | 6 | 6 |
| Total Liabilities | 14 | 22 | 37 | 64 | 40 | 62 | 89 |
| Fixed Assets | 0 | 1 | 1 | 1 | 8 | 7 | 6 |
| Other Non-Current Assets | 0 | 5 | 21 | 51 | 9 | 20 | 50 |
| Total Current Assets | 13 | 16 | 15 | 12 | 23 | 35 | 33 |
| Total Assets | 14 | 22 | 37 | 64 | 40 | 62 | 89 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 8 | 11 | 12 | 5 | 7 | 2 |
| Cash Flow from Operating Activities | -0 | 5 | 16 | 20 | 7 | 17 | 30 |
| Cash Flow from Investing Activities | 4 | -5 | -15 | -31 | 36 | -20 | -22 |
| Cash Flow from Financing Activities | 4 | 3 | -1 | 3 | -41 | -2 | -3 |
| Net Cash Inflow / Outflow | 8 | 3 | 1 | -7 | 3 | -5 | 6 |
| Closing Cash & Cash Equivalent | 8 | 11 | 12 | 5 | 7 | 2 | 9 |
| # | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.2 | 0.3 | 0.87 | 1.14 | 1.57 | 1.86 | 2.32 |
| CEPS(Rs) | 0.28 | 0.54 | 1.4 | 1.83 | 1.99 | 1.96 | 2.41 |
| DPS(Rs) | 0 | 0 | 0.02 | 0.05 | 0.05 | 0.05 | 0.5 |
| Book NAV/Share(Rs) | 0.74 | 1.34 | 2.23 | 3.53 | 2.94 | 4.81 | 7.5 |
| Core EBITDA Margin(%) | 18.08 | 34.73 | 36.55 | 40.56 | 35.48 | 33.85 | 29.65 |
| EBIT Margin(%) | 21.2 | 34.84 | 39.29 | 42.43 | 39.24 | 34.32 | 33.53 |
| Pre Tax Margin(%) | 20.27 | 34.73 | 39.26 | 42.41 | 38.75 | 33.72 | 33.04 |
| PAT Margin (%) | 18.61 | 24.57 | 34.46 | 32.91 | 29.71 | 25.06 | 25 |
| Cash Profit Margin (%) | 20.46 | 26.08 | 35.02 | 33.59 | 31.39 | 26.44 | 25.92 |
| ROA(%) | 14.35 | 29.57 | 48.67 | 36.54 | 37.18 | 37.64 | 31.72 |
| 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 |
| Receivable days | 141.81 | 66.17 | 30.42 | 28.31 | 56.16 | 85.14 | 75.11 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 5.8 | 26.15 | 16.52 | 22.65 | 12.98 | 15.68 |
| Price/Book(x) | 0 | 1.31 | 10.22 | 5.35 | 12.09 | 5.01 | 4.86 |
| Dividend Yield(%) | 0 | 0 | 0.09 | 0.26 | 0.14 | 0.21 | 1.37 |
| EV/Net Sales(x) | -0.19 | 0.39 | 5.42 | 3.47 | 5.58 | 3.16 | 3.84 |
| EV/Core EBITDA(x) | -0.82 | 1.08 | 13.61 | 8.05 | 13.64 | 8.86 | 11.16 |
| Net Sales Growth(%) | 0 | 102.51 | 94.26 | 35.89 | 16.5 | 17.09 | 25.53 |
| EBIT Growth(%) | 0 | 232.81 | 119.06 | 46.75 | 7.73 | 2.41 | 22.64 |
| PAT Growth(%) | 0 | 167.35 | 172.41 | 29.78 | 5.16 | -1.23 | 25.22 |
| EPS Growth(%) | 0 | 51.1 | 187.38 | 31.3 | 37.16 | 18.29 | 25.08 |
| Debt/Equity(x) | 0.52 | 0.09 | 0.02 | 0.11 | 0.16 | 0.07 | 0.03 |
| Current Ratio(x) | 3.18 | 13.09 | 6.57 | 1.55 | 3.74 | 5.56 | 5.24 |
| Quick Ratio(x) | 3.18 | 13.09 | 6.57 | 1.55 | 3.74 | 5.56 | 5.24 |
| Interest Cover(x) | 22.81 | 300.84 | 1404.02 | 1742.21 | 80.73 | 57.54 | 69.27 |
| Total Debt/Mcap(x) | 0 | 0.07 | 0 | 0.02 | 0.01 | 0.01 | 0.01 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 |
| Public | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.75 | 26.78 | 26.76 | 26.74 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 7.52 | 7.52 | 7.52 | 7.52 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 2.75 | 2.75 | 2.75 | 2.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 10.28 | 10.28 | 10.28 | 10.28 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +26% | +20% | +36% | — |
| Operating Profit CAGR | +22% | +11% | +33% | — |
| PAT CAGR | +26% | +10% | +37% | — |
| Share Price CAGR | -19% | -9% | +29% | — |
| ROE Average | +38% | +48% | +57% | +53% |
| ROCE Average | +49% | +59% | +65% | +57% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 |
| Public | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.75 | 26.78 | 26.76 | 26.74 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 7.52 | 7.52 | 7.52 | 7.52 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 2.75 | 2.75 | 2.75 | 2.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 10.28 | 10.28 | 10.28 | 10.28 |
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