---
title: "Shigan Quantum Technologies Ltd (SHIGAN) — Share Price, Financials & Analysis"
symbol: "SHIGAN"
company: "Shigan Quantum Technologies Ltd"
canonical: "https://tapetide.com/stocks/SHIGAN"
isin: "INE03KJ01013"
nse_symbol: "SHIGAN"
sector: "Consumer Discretionary"
industry: "Auto Components"
market_cap_cr: 134.16
generated_at: "2026-09-13T19:39:15.814Z"
---

# Shigan Quantum Technologies Ltd (SHIGAN)

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

## Company

- **NSE Symbol:** SHIGAN
- **ISIN:** INE03KJ01013
- **Sector:** Consumer Discretionary
- **Industry:** Auto Components
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2022-03-11
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** shigan-quantum.com

## About

Incorporated in 2008, Shigan Quantum Technologies Ltd is in the business of manufacturing and providing services 
of Alternate Fuel System Components 
for CNG and LPG, mainly used by  OEM 
suppliers to auto industries[1]

## Latest Price

- **Price:** ₹66.5
- **Change:** +0.5 (+0.76%)
- **Open:** ₹67.1
- **Day High:** ₹67.1
- **Day Low:** ₹66.5
- **Previous Close:** ₹66
- **Volume:** 4500
- **As Of:** 2026-09-11T07:27:17+00:00

## Key Fundamentals

Observed at 2026-09-11T04:34:35.467767Z.

- **Market Cap:** ₹134.16 Cr
- **Classification:** SME
- **P/E (reported):** 19.9
- **Book Value:** ₹48.83
- **Price to Book:** 1.35
- **Dividend Yield:** 0.76%
- **ROE:** 6.8%
- **ROCE:** 14.97%
- **Debt to Equity:** 0.57
- **Revenue (yearly):** ₹221.1 Cr
- **Net Income:** ₹6.7 Cr
- **EBITDA:** ₹21.4 Cr
- **52-Week High:** ₹88
- **52-Week Low:** ₹41.2
- **RSI (14):** 46.14

## Tapetide Score

- **Score:** 62 / 100
- **Score date:** 2026-09-04
- **Archetype:** Quality at a Reasonable Price
- **What it means:** Financial strength is not being paid for with a demanding multiple. The question worth asking is whether the quality is durable or reflects a good patch — check the consistency of returns over several years rather than the latest quarter.
- **Pillar profile:** Quality: Good · Valuation: Fair · Momentum: Rising
- **Percentile:** 92.5 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 45.1 | 9% |
| growth | 55.3 | 9% |
| momentum | 88.49 | 12% |
| ownership | 50 | 24% |
| quality | 82.87 | 22% |
| valuation | 53.31 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Weaknesses

- Company has a low return on equity of 8.63% over last 3 years.
- Promoter holding has decreased over last 3 years: -3.89%

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 248.49% | 218.92% | -99.66% |
| ebitda margin growth | -8.06% | -0.51% | — |
| net income growth | -22.99% | 21% | 13% |
| revenue growth | 4.15% | 12% | 19% |
| roce | -16.65% | 5.35% | — |
| roe | -27.58% | 7.64% | — |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 78 | 87 | 155 | 110 | 53 | 66 | 86 | 106 | 105 | 109 | 120 |
| Expenses | 73 | 79 | 146 | 102 | 52 | 60 | 79 | 95 | 95 | 100 | 111 |
| Operating Profit | 5 | 8 | 9 | 9 | 2 | 6 | 7 | 10 | 10 | 8 | 9 |
| OPM % | 6 | 9 | 6 | 8 | 3 | 9 | 8 | 10 | 9 | 8 | 8 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | 0 | 3 |
| Interest | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 3 | 4 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 4 | 6 | 7 | 7 | -1 | 2 | 5 | 6 | 6 | 3 | 6 |
| Tax % | 25 | 26 | 24 | 25 | -21 | 22 | 28 | 25 | 27 | 26 | 30 |
| Net Profit | 3 | 4 | 5 | 5 | -1 | 2 | 4 | 4 | 4 | 3 | 4 |
| EPS in Rs | 12.03 | 3.48 | 3.17 | 2.9 | -0.66 | 1.07 | 1.96 | 2.34 | 2.08 | 1.27 | 2.11 |

### Profit & Loss

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

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 69 | 69 | 73 | 96 | 242 | 164 | 152 | 211 | 229 |
| Expenses | 64 | 63 | 67 | 89 | 225 | 153 | 139 | 191 | 211 |
| Operating Profit | 5 | 6 | 6 | 7 | 17 | 10 | 13 | 20 | 17 |
| OPM % | 7 | 8 | 8 | 7 | 7 | 6 | 8 | 10 | 8 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 3 |
| Interest | 1 | 1 | 1 | 1 | 2 | 3 | 5 | 6 | 7 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 2 | 3 | 3 | 3 |
| Profit before tax | 4 | 4 | 4 | 5 | 13 | 5 | 7 | 11 | 10 |
| Tax % | 27 | 29 | 26 | 25 | 25 | 27 | 26 | 26 | 28 |
| Net Profit | 3 | 3 | 3 | 4 | 10 | 4 | 5 | 8 | 7 |
| EPS in Rs | 13.8 | 13.3 | 11.52 | 14.48 | 5.73 | 2.24 | 2.97 | 4.18 | 3.37 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 15 |

### Balance Sheet

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

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 2 | 2 | 3 | 3 | 17 | 17 | 18 | 20 | 20 |
| Reserves | 4 | 6 | 11 | 15 | 32 | 36 | 53 | 73 | 79 |
| Borrowings | 7 | 7 | 7 | 9 | 22 | 35 | 45 | 54 | 56 |
| Other Liabilities | 8 | 7 | 5 | 20 | 67 | 38 | 36 | 31 | 28 |
| Total Liabilities | 21 | 22 | 25 | 46 | 138 | 127 | 152 | 177 | 184 |
| Fixed Assets | 2 | 2 | 2 | 3 | 7 | 15 | 17 | 16 | 19 |
| CWIP | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 5 | 5 | 6 | 18 |
| Other Assets | 19 | 20 | 19 | 40 | 132 | 106 | 129 | 154 | 146 |
| Total Assets | 21 | 22 | 25 | 46 | 138 | 127 | 152 | 177 | 184 |

### Cash Flow

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

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 2 | 2 | 3 | 2 | -8 | 2 | -12 | -12 | 25 |
| Cash from Investing Activity | -1 | 0 | -5 | -1 | -2 | -16 | -5 | -3 | -17 |
| Cash from Financing Activity | -1 | -1 | 1 | 1 | 34 | 10 | 17 | 16 | -5 |
| Net Cash Flow | 0 | 0 | 0 | 2 | 24 | -4 | 0 | 1 | 2 |
| Free Cash Flow | 1 | 2 | -1 | 1 | -10 | -9 | -17 | -15 | 18 |
| CFO/OP | 63 | 52 | 79 | 52 | -24 | 33 | -81 | -46 | 157 |

### Ratios

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 42 | 26 | 22 | 43 | 52 | 13 | 51 | 68 | 73 |
| Inventory Days | 53 | 112 | 93 | 69 | 110 | 178 | 186 | 128 | 98 |
| Days Payable | 38 | 43 | 19 | 85 | 87 | 90 | 103 | 65 | 53 |
| Cash Conversion Cycle | 58 | 95 | 95 | 26 | 76 | 101 | 133 | 132 | 117 |
| Working Capital Days | 22 | 35 | 40 | 40 | 27 | 67 | 110 | 98 | 98 |
| ROCE % | — | 38 | 28 | 27 | 32 | 11 | 12 | 14 | 11 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 100% | 73.63% | 73.63% | 73.63% | 73.63% | 69.92% | 69.92% | 69.74% | 69.74% | 69.74% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 1.06% | 0.94% | 0.94% | 0.94% |
| Public | 0% | 19.56% | 17.58% | 17.25% | 16.6% | 19.46% | 19.22% | 19.82% | 19.95% | 20.06% |
| Others | 0% | 6.81% | 8.78% | 9.11% | 9.77% | 10.62% | 9.8% | 9.5% | 9.37% | 9.25% |
| No. of Shareholders | 9 | 947 | 516 | 505 | 621 | 772 | 789 | 823 | 841 | 782 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 5 / 4 / 10

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 70.52 | Sell |
| EMA (10) | 68.84 | Sell |
| SMA (20) | 68.37 | Sell |
| EMA (20) | 68.39 | Sell |
| SMA (50) | 65.98 | Buy |
| EMA (50) | 67.53 | Sell |
| SMA (100) | 67.39 | Sell |
| EMA (100) | 66.86 | Sell |
| SMA (200) | 63.07 | Buy |
| EMA (200) | 67.93 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 47.1 | Neutral |
| MACD (12,26,9) | 0.79 | Sell |
| Stochastic (14,3,3) | 18.48 | Buy |
| ADX (14) | 24.63 | Neutral |
| Williams %R (14) | -90.26 | Buy |
| ATR (14) | 2.95 | High Volatility |
| ROC (12) | -2.21 | Sell |
| Stoch RSI (14) | 3.94 | Buy |
| UO (7,14,28) | 39.48 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 7 Jul - Promoter group filed Regulation 31(4) shareholding declaration on 10 April 2026. | [Disclosure under SEBI Takeover Regulations 7 Jul - Promoter group filed Regulation 31(4) shareholding declaration on 10 April 2026.](https://nsearchives.nseindia.com/corporate/team_sandeshc_03072026125412_47.pdf) |
| 6 April 2026 - Regulation 74(5) certificate filed for quarter ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 April 2026 - Regulation 74(5) certificate filed for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/SQT_06042026163057_Reg74_Signed.pdf) |
| 30 March 2026 - Shigan Quantum EGM approved re-appointments/appointments of independent directors effective 1 Apr, 10 Sep, 6 Oct 2026; MD/JMD reappointed. | [Appointment 30 March 2026 - Shigan Quantum EGM approved re-appointments/appointments of independent directors effective 1 Apr, 10 Sep, 6 Oct 2026; MD/JMD reappointed.](https://nsearchives.nseindia.com/corporate/SQT_30032026183021_Outcome_Changeinmanagment.pdf) |
| 30 March 2026 - EGM approved re-appointments (Balraj, Vijay, Shubhangi) and appointment of Prashant effective 1 Apr 2026; MDs reconfirmed Oct 6, 2026. | [Change in Director(s) 30 March 2026 - EGM approved re-appointments (Balraj, Vijay, Shubhangi) and appointment of Prashant effective 1 Apr 2026; MDs reconfirmed Oct 6, 2026.](https://nsearchives.nseindia.com/corporate/SQT_30032026183209_Outcome_Changeinmanagment.pdf) |
| 30 March 2026 - EGM 27 Mar 2026: all resolutions passed—reappointments, remuneration variations, material RPT approved; 74.86% votes polled. | [Shareholders meeting 30 March 2026 - EGM 27 Mar 2026: all resolutions passed—reappointments, remuneration variations, material RPT approved; 74.86% votes polled.](https://nsearchives.nseindia.com/corporate/SQT_30032026182012_Voting_result_EGM.pdf) |
| 29 May - Shigan reported FY26 results, recommended 5% dividend, and highlighted new lines, customers, and technology tie-ups. | [Press Release 29 May - Shigan reported FY26 results, recommended 5% dividend, and highlighted new lines, customers, and technology tie-ups.](https://nsearchives.nseindia.com/corporate/SQT_29052026125712_Press_Release_Shigan_Signed.pdf) |
| 29 May - Investor Presentation May 2026 outlines CNG/LNG, hydrogen, EV components and fire safety growth plans. | [General Updates 29 May - Investor Presentation May 2026 outlines CNG/LNG, hydrogen, EV components and fire safety growth plans.](https://nsearchives.nseindia.com/corporate/SQT_29052026161430_SQT_InvestorPresentation_Signed.pdf) |
| 29 Aug - FY26 annual report, AGM on 25 Sep 2026, 5% dividend recommended. | [Shareholders meeting 29 Aug - FY26 annual report, AGM on 25 Sep 2026, 5% dividend recommended.](https://nsearchives.nseindia.com/corporate/SQT_29082026113646_Covering_Letter_AR_Notice_Signed.pdf) |
| 28 May 2026 - Board approved FY26 audited standalone and consolidated results; recommended 5% final dividend. | [Outcome of Board Meeting 28 May 2026 - Board approved FY26 audited standalone and consolidated results; recommended 5% final dividend.](https://nsearchives.nseindia.com/corporate/SQT_28052026152944_Outcome_sign.pdf) |
| 28 May 2026 - Board approved FY26 audited standalone and consolidated results; recommended 5% dividend of ₹0.50 per share. | [Dividend 28 May 2026 - Board approved FY26 audited standalone and consolidated results; recommended 5% dividend of ₹0.50 per share.](https://nsearchives.nseindia.com/corporate/SQT_28052026153353_Outcome_sign.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30809_SHIGAN_2025_2026_A_4997790_29082026114218.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28303_SHIGAN_2024_2025_A_4652417_03092025174750.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_24944_SHIGAN_2023_2024_14082024172644.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23909_SHIGAN_2022_2023_25092023165625_09252023170000.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21665_SHIGAN_2021_2022_07092022205040.zip) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Jan 2026 | [Concall - Jan 2026](https://nsearchives.nseindia.com/corporate/SQT_05012026182033_SQT_Investor_Outcome_PDF_Signed.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 2026-09-13T19:39:15.814Z.