Sigma Advanced System
Sigma Advanced System
TelecomKey Fundamentals
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Key Insights
Weaknesses
6- Stock is trading at 40.5 times its book value
- Promoter holding has decreased over last quarter: -4.98%
- Company has a low return on equity of -5.63% over last 3 years.
- Earnings include an other income of Rs.101 Cr.
- Company has high debtors of 270 days.
- Working capital days have increased from 86.3 days to 123 days
Growth Rate
AI Analysis — Bull vs Bear
Sigma Advanced System Ltd has a market capitalisation of about Rs 16,708 Cr and trades at a P/E of 108 and a P/B of 19.14. The company's own cons list gives a higher figure of 35.6x book, so the valuation data sources disagree. TTM sales grew 964% and 3-year compounded sales grew 530%, but TTM profit grew only 20%. Return on equity has been negative in every period reported (-4% last year, -5.63% over 3 years), receivables stand at 270 days, and Rs 101 Cr of reported earnings came from other income.
- TTM sales growth of 964% shows a sharp increase in business volume over the last twelve months.
- 3-year compounded sales growth of 530% suggests the revenue ramp has lasted several years and is not a single-period jump.
- The stock returned 500% over 1 year, with 3-year and 5-year CAGRs of 169% and 121%, pointing to strong and sustained market interest.
- TTM profit grew 20%, so revenue growth is starting to show up in earnings.
- Sales have compounded at 23% over 10 years and 53% over 5 years, a long record of top-line growth before the recent surge.
- ROE improved slightly from a 3-year average of -6% to -4% last year, which may be an early sign of better capital efficiency as scale builds.
- A market capitalisation of about Rs 16,708 Cr gives the stock enough scale for wider institutional coverage and liquidity.
- A P/E of 108 builds in high expectations for future earnings growth, which leaves little room for execution misses.
- Price-to-book is very high at 19.14x in the key metrics and 35.6x in the cons list. Either way, the stock trades at a large premium to its net assets.
- ROE has been negative over every period reported: -4% last year, -5.63% over 3 years, -3% over 5 years and -2% over 10 years. The company has not generated positive returns on shareholder equity.
- Debtor days of 270 mean receivables take about nine months to collect, which ties up cash and raises collection risk.
- Working capital days rose from 86.3 to 123, so the business is becoming more capital-intensive as it grows.
- Other income of Rs 101 Cr is included in earnings, so part of reported profit may not come from core operations.
- Promoter holding fell 4.98% in the last quarter, a notable reduction in insider stake.
- TTM profit grew only 20% while sales grew 964%, a wide gap that suggests margin compression or lower-quality growth. The company also pays no dividend (0% yield).
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- FY26 results at 26th AGM Sep 30
At its 26th AGM, the company reported FY26 revenue of ₹491.88 crore and PAT of ₹268.04 crore, and highlighted strategic acquisitions and new contracts. The implied net margin of about 54% is unusually high for a manufacturer and may include one-off gains, so it needs checking against the filed financials.
- Sri City aerospace production begins Sep 10
Production started at the 75,000 sq ft Sri City plant with 100,000 annual machining hours of capacity. The company aims to replicate its UK capabilities there and scale to 300,000 hours, which would triple capacity.
- Investor visit to Sri City Sep 11
The company hosted a physical investor visit at its Sri City facility in Andhra Pradesh on September 11, 2026, under SEBI regulations. The visit came a day after production started and points to active investor outreach.
- 26th AGM date fixed Sep 8
The board set the 26th AGM for September 30, 2026 and approved the FY26 notice and directors' report. E-voting opened on September 26.
TL;DR: Sigma Advanced Systems is growing: the new Sri City aerospace plant opens with 100,000 machining hours and could reach 300,000, and the company has made acquisitions and won new contracts. No direct headwinds were reported, but the 54% PAT margin on ₹491.88 crore revenue looks unusually high and may include one-off items. Bringing the new plant up to full capacity is the other main risk. The trend looks positive, and the next few quarters should show whether Sri City can raise revenue while keeping margins sustainable.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 0 | 0 | 0 | 19 | 57 | 5 | 18 | 146 | 323 | 374 |
| Expenses | 3 | 2 | 2 | 1 | 2 | 2 | 19 | 40 | 20 | 17 | 139 | 268 | 313 |
| Operating Profit | -3 | -2 | -2 | -1 | -2 | -2 | 0 | 16 | -15 | 1 | 7 | 55 | 61 |
| OPM % | — | — | — | — | — | — | -2.2% | 29% | -291% | 6% | 4.6% | 17% | 16% |
| Other Income | 11 | 11 | 8 | 8 | 8 | 9 | 13 | 13 | 188 | 4 | 5 | 89 | 3 |
| Interest | 4 | 4 | 4 | 5 | 4 | 4 | 5 | 5 | 4 | 0 | 5 | 11 | 8 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | 7 | 8 |
| PBT | 4 | 4 | 0 | 0 | 1 | 1 | 6 | 23 | 168 | 3 | 0 | 127 | 49 |
| Tax % | 14% | 2% | 0% | 0% | 0% | 0% | 22% | 22% | 18% | 0% | 550% | 1% | 22% |
| Net Profit | 3 | -3 | -5 | -8 | -17 | -14 | 7 | 9 | 136 | 4 | -1 | 128 | 35 |
| EPS in Rs | 0.47 | -0.44 | -0.65 | -1.1 | -2.27 | -1.93 | 0.99 | 1.17 | 18.49 | 0.57 | -0.14 | 7.29 | 1.36 |
Profit & Loss
| Particulars | Mar 2015 15m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 98 | 63 | 67 | 66 | 62 | 57 | 59 | 52 | 2 | 0 | 107 | 492 | 861 |
| Expenses | 73 | 47 | 62 | 57 | 60 | 51 | 55 | 71 | 20 | 9 | 132 | 441 | 737 |
| Operating Profit | 25 | 16 | 6 | 10 | 2 | 5 | 4 | -18 | -18 | -9 | -24 | 51 | 124 |
| OPM % | 25% | 25% | 8% | 14% | 3.2% | 9% | 7% | -35% | -898% | — | -23% | 10% | 14% |
| Other Income | 1 | 1 | 8 | 1 | 9 | 6 | 7 | 30 | 43 | 37 | 42 | 285 | 101 |
| Interest | 12 | 8 | 6 | 5 | 6 | 7 | 5 | 3 | 11 | 17 | 20 | 20 | 24 |
| Depreciation | 14 | 7 | 5 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 5 | 14 | 21 |
| PBT | 0 | 2 | 2 | 1 | 1 | 1 | 2 | 5 | 11 | 8 | -7 | 301 | 180 |
| Tax % | -208% | 26% | -24% | -55% | 53% | -6% | 0% | 12% | 0% | 8% | 102% | 11% | — |
| Net Profit | 1 | 1 | 3 | 2 | 0 | 1 | 2 | 5 | 9 | -13 | -14 | 268 | 167 |
| EPS in Rs | 0.1 | 0.18 | 0.37 | 0.23 | 0.04 | 0.1 | 0.25 | 0.63 | 1.2 | -1.73 | -1.9 | 15.21 | 9.08 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 74 | 74 | 74 | 74 | 176 |
| Reserves | 126 | 84 | 87 | 91 | 93 | 96 | 97 | 111 | 120 | 107 | 131 | 292 |
| Borrowings | 94 | 98 | 46 | 47 | 41 | 40 | 34 | 29 | 146 | 147 | 148 | 332 |
| Other Liabilities | 49 | 56 | 96 | 114 | 144 | 151 | 141 | 73 | 38 | 38 | 116 | 259 |
| Total Liabilities | 312 | 282 | 273 | 297 | 322 | 331 | 317 | 286 | 377 | 366 | 468 | 1,059 |
| Fixed Assets | 193 | 194 | 187 | 141 | 208 | 243 | 248 | 204 | 179 | 187 | 202 | 325 |
| CWIP | 0 | 0 | 0 | 58 | 31 | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
| Investments | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 133 | 112 | 75 | 10 |
| Other Assets | 108 | 88 | 86 | 98 | 83 | 89 | 69 | 82 | 65 | 66 | 192 | 714 |
| Total Assets | 312 | 282 | 273 | 297 | 322 | 331 | 317 | 286 | 377 | 366 | 468 | 1,059 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -14 | 16 | 45 | 16 | 51 | 17 | 20 | 16 | 15 | 22 | 19 | -210 |
| Investing | -1 | -12 | 9 | -12 | -38 | -6 | -3 | -10 | -133 | 10 | 20 | 278 |
| Financing | 9 | -3 | -58 | -4 | -11 | -8 | -16 | 22 | 85 | -17 | -50 | -57 |
| Net Cash Flow | -6 | 1 | -4 | 0 | 2 | 3 | 1 | 28 | -33 | 15 | -10 | 11 |
| Free Cash Flow | -16 | 2 | 54 | 4 | 13 | 11 | 17 | 15 | 32 | 11 | 2 | 123 |
| CFO/OP | -59 | 107 | 809 | 170 | 2,622 | 323 | 483 | -93 | -106 | -252 | -83 | -389 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 326 | 377 | 343 | 411 | 345 | 382 | 191 | 158 | 0 | — | 201 | 270 |
| Inventory Days | — | — | — | — | — | — | — | — | — | — | 99 | 382 |
| Days Payable | — | — | — | — | — | — | — | — | — | — | 99 | 381 |
| Cash Conversion Cycle | 326 | 377 | 343 | 411 | 345 | 382 | 191 | 158 | 0 | — | 201 | 271 |
| Working Capital Days | -138 | -401 | -259 | -310 | -555 | -611 | -581 | -72 | 4,960 | — | 50 | 123 |
| ROCE % | 4% | 4% | 0% | 3% | 4% | 4% | 4% | 2% | 8% | 8% | 4% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY11–FY27.
Documents
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Company Information
Incorporated in 1999, Sigma Advanced Systems is a Hyderabad-based aerospace and defense manufacturing company[1]
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