---
title: "Zigma Software Ltd (532177) — Share Price, Financials & Analysis"
symbol: "532177"
company: "Zigma Software Ltd"
canonical: "https://tapetide.com/stocks/532177"
isin: "INE746C01032"
bse_code: "532177"
generated_at: "2026-10-13T11:00:55.887Z"
---

# Zigma Software Ltd (532177)

Canonical page: https://tapetide.com/stocks/532177

## Company

- **BSE Code:** 532177
- **ISIN:** INE746C01032
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** zigma-soft.com

## About

Zigma Software Limited, incorporated in India, Listed on the Bombay Stock exchange Limited, the company is engaged in Computers - Software - Medium / Small.

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.12 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -68.0% over past five years.
- Company has a low return on equity of -0.16% over last 3 years.
- Company has high debtors of 41,002 days.
- Working capital days have increased from 38,975 days to 1,06,580 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 5% | — | 2% |
| revenue growth | -97% | -77% | -68% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2014 | Mar 2015 | Jun 2015 | Sep 2015 | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Expenses | 0.17 | 0.08 | 0.03 | 0.04 | 0.07 | 0.25 | 0.09 | 0.11 | 0.08 | 0.24 | 0.03 | 0.03 |
| Operating Profit | -0.17 | -0.08 | -0.03 | -0.04 | -0.07 | -0.25 | -0.09 | -0.11 | -0.08 | -0.24 | -0.03 | -0.03 |
| Other Income | 0.05 | 0.04 | 0.01 | 0.01 | 0.01 | 0.14 | 0.03 | 0.03 | 0 | 0.07 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Profit before tax | -0.15 | -0.07 | -0.04 | -0.05 | -0.08 | -0.13 | -0.07 | -0.09 | -0.09 | -0.18 | -0.04 | -0.04 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -0.14 | -0.06 | -0.04 | -0.05 | -0.07 | -0.13 | -0.07 | -0.1 | -0.09 | -0.19 | -0.04 | -0.03 |
| EPS in Rs | -0.03 | -0.01 | -0.01 | -0.01 | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 | -0.05 | -0.01 | -0.01 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 26.98 | 8.89 | 6.46 | 2.37 | 1.46 | 1.15 | 0.03 | 0 |
| Expenses | 20.15 | 6.96 | 0.97 | 0.69 | 0.39 | 0.8 | 0.31 | 0.38 |
| Operating Profit | 6.83 | 1.93 | 5.49 | 1.68 | 1.07 | 0.35 | -0.28 | -0.38 |
| OPM % | 25.32 | 21.71 | 84.98 | 70.89 | 73.29 | 30.43 | -933.33 | — |
| Other Income | 0.71 | 1.11 | 0.1 | 0.02 | 0.02 | 0.31 | 0.28 | 0.07 |
| Interest | 0.08 | 0.08 | 0 | 0 | 0.01 | 0.01 | 0.4 | 0 |
| Depreciation | 4.23 | 2.9 | 2.69 | 1.65 | 1.03 | 0.64 | 0 | 0.04 |
| Profit before tax | 3.23 | 0.06 | 2.9 | 0.05 | 0.05 | 0.01 | -0.4 | -0.35 |
| Tax % | 3.1 | 33.33 | 0.34 | 0 | 0 | 0 | 0 | — |
| Net Profit | 3.13 | 0.04 | 2.89 | 0.05 | 0.05 | 0.01 | -0.4 | -0.35 |
| EPS in Rs | — | — | 0.76 | 0.01 | 0.01 | 0 | -0.1 | -0.09 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 14.82 | 14.82 | 38.16 | 38.16 | 38.16 | 41.76 | 41.76 |
| Reserves | 19.97 | 29.17 | 28.05 | 28.1 | 27.67 | 35.72 | 35.86 |
| Borrowings | 0.03 | 0.04 | 0.02 | 0.05 | 0.03 | 0.02 | 0.52 |
| Other Liabilities | 14.02 | 0.19 | 0.29 | 0.3 | 0.73 | 0.23 | 0.17 |
| Total Liabilities | 48.84 | 44.22 | 66.52 | 66.61 | 66.59 | 77.73 | 78.31 |
| Fixed Assets | 22.53 | 17.29 | 23.33 | 21.72 | 20.7 | 20.04 | 19.64 |
| CWIP | 0 | 1.47 | 1.62 | 1.8 | 2.11 | 2.12 | 2.11 |
| Investments | 8.07 | 7.1 | 7.1 | 4.43 | 4.44 | 4.44 | 3.52 |
| Other Assets | 18.24 | 18.36 | 34.47 | 38.66 | 39.34 | 51.13 | 53.04 |
| Total Assets | 48.84 | 44.22 | 66.52 | 66.61 | 66.59 | 77.73 | 78.31 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 20.4 | -3.9 | -19.03 | -2.41 | 0.09 | -11.77 | -1.23 |
| Cash from Investing Activity | -18.96 | 1.93 | -8.83 | 2.46 | -0.31 | 0.31 | 1.19 |
| Cash from Financing Activity | 0.19 | 0.44 | 27.98 | 0.03 | -0.02 | 11.63 | 0.05 |
| Net Cash Flow | 1.63 | -1.53 | 0.12 | 0.08 | -0.24 | 0.17 | 0.01 |
| Free Cash Flow | 8.37 | -3.03 | -27.9 | -2.63 | -0.23 | -11.75 | -1.23 |
| CFO/OP | 300 | -201 | -346 | -143 | 8 | -3360 | 439 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 86.45 | 251.68 | 180.24 | 454.32 | 735 | 844.26 | 41001.67 |
| Inventory Days | 45.38 | — | — | — | — | — | — |
| Days Payable | 193.35 | — | — | — | — | — | — |
| Cash Conversion Cycle | -61.53 | 251.68 | 180.24 | 454.32 | 735 | 844.26 | 41001.67 |
| Working Capital Days | 24.35 | 709.47 | 1874.72 | 5738.35 | 9440 | 904.57 | 106580 |
| ROCE % | — | -0.94 | 5.26 | 0.08 | 0.09 | 0.01 | 0 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% |
| FIIs | 3.94% | 3.94% | 3.43% | 2.52% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0.58% | 0% | 0.01% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0.64% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 37.43% | 37.36% | 38.51% | 39.42% | 41.94% | 41.94% | 41.94% | 41.94% | 41.95% | 41.94% |
| No. of Shareholders | 7537 | 7278 | 7539 | 7423 | 8393 | 11593 | 11263 | 12003 | 13077 | 13232 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% | 58.06% |
| Public | 41.94% | 41.94% | 41.95% | 41.93% | 41.94% | 41.94% | 41.94% | 41.94% | 41.95% | 41.95% | 41.95% | 41.94% |
| No. of Shareholders | 11263 | 11216 | 11869 | 11513 | 12003 | 12633 | 12858 | 12914 | 13077 | 13120 | 13511 | 13232 |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-02-10 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/14aede4c-28fe-4471-bcde-15c67872718b.pdf) |
| 2026-02-09 | [Unaudited Financial Results Ended On December 31, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/feec0942-fa89-4edb-bc31-9f73199ee53b.pdf) |
| 2026-02-09 | [Unaudited Financial Results Ended On December 31, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3a59f4c7-d19e-4dec-83cb-829f57576bfe.pdf) |
| 2026-02-09 | [Unaudited Financial Results Ended On December 31, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f7bcecdf-19d7-4281-ad41-3596bfccf13b.pdf) |
| 2026-02-09 | [Board Meeting Outcome for Unaudited Financial Results Ended On December 31, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cd07f748-91ba-4ab2-94c4-ea5742fd70da.pdf) |
| 2017-11-14 | [Outcome of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=33997ee6-3928-4ec3-a512-6a5bf3eceb71.pdf) |
| 2017-11-14 | [Outcome of Board Meeting](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/33997ee6-3928-4ec3-a512-6a5bf3eceb71.pdf) |
| 2017-09-16 | [Meeting Updates](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3596ab96-211a-453d-bef9-7844632f904d.pdf) |
| 2017-09-16 | [Meeting Updates](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/9/3596ab96-211a-453d-bef9-7844632f904d.pdf) |
| 2017-08-12 | [Outcome of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=85227503-2360-43d7-9a68-92004933e63d.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/da0fa22a-39c2-41bc-b633-fe6065739975.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3e2875d9-29fe-43af-bd80-124fef744c57.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/00f02d08-482b-432e-ac02-476def27f74a.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/504093/73388504093.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/504093/69727504093.pdf) |
| Mar 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/504093/5040930320.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/504093/5040930319.pdf) |
| Mar 2018 | [Financial Year 2018](https://www.bseindia.com/bseplus/AnnualReport/504093/5040930318.pdf) |
| Mar 2017 | [Financial Year 2017](https://www.bseindia.com/bseplus/AnnualReport/504093/5040930317.pdf) |
| Mar 2016 | [Financial Year 2016](https://www.bseindia.com/bseplus/AnnualReport/504093/5040930316.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:00:55.887Z.