MarketFriction

Sigma Advanced System Ltd

NSE SIGMAADV · BSE 532408 · Aerospace & Defense
₹1,076.90 +4.99%
NSE close2026-10-01
52 week range140.10 - 1,025.70
Market cap₹18,554 Cr.
P/E112
Microcap 250Nifty India Defence ASM long-term Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales000001957518146323374
Expenses2212219402017139268313
Operating Profit-2-2-1-2-2-016-15175561
OPM %-2.2%29%-291%6%4.6%17%16%
Other Income118889131318845893
Interest4454455405118
Depreciation111111111678
Profit before tax400116231683012749
Tax %2%0%0%0%0%22%22%18%0%550%1%22%
Net Profit-3-5-8-17-14791364-112835
EPS in Rs-0.44-0.65-1.10-2.27-1.930.991.1718.490.57-0.147.291.36
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6367666257595220107492861
Expenses47625760515571209132441737
Operating Profit16610254-18-18-9-2451124
OPM %25%8%14%3.2%9%7%-35%-898%-23%10%14%
Other Income18196730433742285101
Interest86567531117202024
Depreciation75444443351421
Profit before tax2211125118-7301180
Tax %26%-24%-55%53%-6%0%12%0%8%102%11%
Net Profit13201259-13-14268167
EPS in Rs0.180.370.230.040.100.250.631.20-1.73-1.9015.219.08
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth23%53%530%964%
Compounded Profit Growth%%%20%
Stock Price CAGR55%115%169%538%
Return on Equity-2%-3%-6%-4%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4444444444444474747474176
Reserves126848791939697111120107131292
Borrowings9498464741403429146147148332
Other Liabilities495696114144151141733838116259
Total Liabilities3122822732973223313172863773664681,059
Fixed Assets193194187141208243248204179187202325
CWIP00058310000009
Investments1200000001331127510
Other Assets108888698838969826566192714
Total Assets3122822732973223313172863773664681,059
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-1416451651172016152219-210
Cash from Investing Activity-1-129-12-38-6-3-10-1331020278
Cash from Financing Activity9-3-58-4-11-8-162285-17-50-57
Net Cash Flow-61-4023128-3315-1011
Free Cash Flow-1625441311171532112123
CFO/OP-59%107%809%170%2,622%323%483%-93%-106%-252%-83%-389%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3263773434113453821911580201270
Inventory Days99382
Days Payable99381
Cash Conversion Cycle3263773434113453821911580201271
Working Capital Days-138-401-259-310-555-611-581-724,96050123
ROCE %4%4%0%3%4%4%4%2%8%8%4%12%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Jul 2026
Promoters43.77%43.54%42.77%35.07%35.07%35.07%35.07%35.07%35.07%71.22%71.22%66.24%
FIIs0.00%0.05%0.07%0.14%0.14%0.13%0.19%0.51%0.23%0.07%0.24%0.13%
DIIs0.12%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.02%0.02%
Public56.11%56.40%57.16%64.79%64.79%64.78%64.73%64.42%64.69%28.70%28.52%33.61%
No. of Shareholders30,95033,63634,18036,03235,19934,56632,59132,80833,79833,62346,28949,801

Fundamentals

Market Cap₹ 18,554 Cr.
Current Price₹ 977
Stock P/E112
Book Value₹ 26.6
ROCE11.7 %
ROE-4.03 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)964%
Compounded Profit Growth (TTM)20%
Consolidated figures.
Valuation
Market capRs 18,979 Cr
Enterprise valueRs 19,287 Cr
P/E (TTM)122.01x
Price to book40.52x
Price to sales22.04x
EV / EBITDA85.83x
EV / EBIT94.70x
EV / sales22.40x
Earnings yield0.82%
P/E, 3-year average9.70x
P/B, 3-year average3.66x
P/E, 5-year average36.77x
P/B, 5-year average2.78x
Profitability
Operating margin (excl. other income)10.35%
Operating margin (incl. other income)68.24%
EBITDA margin26.10%
Pre-tax margin20.91%
Net profit margin18.07%
Net margin, latest quarter6.39%
ROE79.69%
ROCE55.74%
ROA35.10%
ROE, 3-year average21.87%
ROCE, 3-year average22.38%
ROA, 3-year average9.44%
ROE, 5-year average14.62%
ROCE, 5-year average15.88%
ROA, 5-year average6.50%
ROIC (approx.)23.35%
Tax rate11.07%
Other income / net worth60.78%
Growth
Sales growth (latest year)358.16%
Sales CAGR, 3 years529.70%
Sales CAGR, 5 years52.62%
Profit CAGR, 3 years211.95%
Profit CAGR, 5 years170.52%
Sales growth QoQ15.94%
Profit growth QoQ-81.39%
Sales growth YoY (latest quarter)7083.88%
Profit growth YoY (latest quarter)-82.48%
Per share
EPS (TTM)Rs 8.83
EPS (latest year)Rs 15.21
EPS (latest quarter)Rs 1.36
EPS, 3-year averageRs 3.86
EPS, 5-year averageRs 2.68
Book value per shareRs 26.58
Sales per shareRs 48.85
Cash flow per shareRs -11.92
Free cash flow per shareRs 6.98
Efficiency
Asset turnover0.46x
Fixed asset turnover1.51x
Inventory turnover1.09x
Inventory days335 days
Debtor days270 days
Debtors turnover1.35x
Creditor days381 days
Cash conversion cycle271 days
Working capital days123 days
Leverage
Total debtRs 332 Cr
Cash and bankRs 24 Cr
Net debtRs 307 Cr
Debt to equity0.71x
Net debt / EBITDA1.37x
Interest coverage8.61x
Current ratio (filing 2026-03-31)1.42x
Quick ratio (filing 2026-03-31)0.99x
Trade payables (filing 2026-03-31)Rs 193 Cr
Owners' fund to total sources44.23%
Debt to assets31.32%
Cash flow
Cash from Operating Activity (latest year)Rs -210 Cr
Cash from Investing Activity (latest year)Rs 278 Cr
Cash from Financing Activity (latest year)Rs -57 Cr
Net Cash Flow (latest year)Rs 11 Cr
Free cash flow (latest year)Rs 123 Cr
FCFE (approx.: FCF + change in debt)Rs 307 Cr
Cash from ops / profit, 5 years-0.54x
Statement figures
Net sales (TTM)Rs 861 Cr
Net sales (latest year)Rs 492 Cr
Sales (latest quarter)Rs 374 Cr
Operating profit excl. other income (latest year)Rs 51 Cr
Operating profit (latest quarter)Rs 61 Cr
Other income (TTM)Rs 101 Cr
EBITDA (TTM)Rs 225 Cr
PBDT (TTM)Rs 201 Cr
Profit before tax (TTM)Rs 180 Cr
Tax (latest year)Rs 33 Cr
Net profit (TTM)Rs 156 Cr
Net profit (latest year)Rs 268 Cr
Net profit (latest quarter)Rs 24 Cr
Depreciation (TTM)Rs 21 Cr
Depreciation (latest quarter)Rs 8 Cr
Interest (TTM)Rs 24 Cr
Cost of goods sold (latest year)Rs 210 Cr
Total expenditure (latest year)Rs 441 Cr
Total income (latest year)Rs 777 Cr
Share capitalRs 176 Cr
ReservesRs 292 Cr
Shareholders' fundsRs 468 Cr
Total assetsRs 1,059 Cr
Net blockRs 325 Cr
Capital work in progressRs 9 Cr
InvestmentsRs 10 Cr
ReceivablesRs 363 Cr
InventoryRs 193 Cr
Other liabilitiesRs 259 Cr
Shares outstanding (crore)17.62
Ownership
Promoter holding66.24% (+31.17 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 122.0 is at the 53th percentile of its own 7.7-year range (median 114.1, low 17.0, high 395.2).
P/B 40.52 is at the 99th percentile (median 2.86).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSIGMAADVNifty 50Difference
1 week+13.4%-2.8% +16.2 pts
1 month+38.0%-6.8% +44.8 pts
3 months+96.4%-7.6% +104.0 pts
6 months+630.0%+0.4% +629.6 pts
1 year+550.0%-9.9% +559.9 pts
2 years+1565.5%-13.6% +1579.0 pts
3 years+2034.6%+14.2% +2020.4 pts
5 years+4908.8%+27.9% +4880.9 pts
8 mutual fund schemes hold about ₹156 Cr. Over three months 0 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Bank of India Flexi Cap Fund1.95%57
Bank of India Small Cap Fund1.61%53
Taurus Flexi Cap Fund7.00%26
Taurus Mid Cap Fund7.97%11
Taurus ELSS Tax Saver Fund4.62%3
Taurus Large Cap Fund5.56%3
Bank of India Midcap Tax Fund-Sr 11.98%1
Bank of India Midcap Tax Fund-Sr 22.00%1

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was -70% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 45% of total assets in 2026
explainReceivables outrunning sales Receivables grew 516% vs sales +358% in 2026
explainShare dilution Share count up 139% in a year, 139% in three
lookInventory outrunning sales Inventory grew 887% vs sales +358% in 2026
lookProfit leans on other income Other income was 94% of pre-tax profit in 2026
lookRegulator order or action Regulator order or action 2026-02-28: SIGMA ADVANCED SYSTEMS LIMITED has informed the Exchange about Action(s) taken or orders passed- Intimation under Regulation 30 of SEBI (Lis
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-09-27Ramanagaram Enterprises Private LiPromoterssell300,000Rs 2.07 CrMarket Sale
2024-09-26Ramanagaram Enterprises Private LiPromoterssell176,885Rs 1.28 CrMarket Sale
2024-09-25Ramanagaram Enterprises Private LiPromoterssell300,000Rs 2.24 CrMarket Sale
2024-09-24Ramanagaram Enterprises Private LiPromoterssell100,000Rs 0.71 CrMarket Sale
2024-09-23Ramanagaram Enterprises Private LiPromoterssell500,000Rs 3.21 CrMarket Sale
2024-09-20Ramanagaram Enterprises Private LiPromoterssell50,000Rs 0.31 CrMarket Sale
2024-09-18Ramanagaram Enterprises Private LiPromoterssell400,000Rs 2.58 CrMarket Sale
2024-09-17Ramanagaram Enterprises Private LiPromoterssell200,000Rs 1.22 CrMarket Sale
2024-09-16Ramanagaram Enterprises Private LiPromoterssell100,000Rs 0.57 CrMarket Sale
2024-09-13Ramanagaram Enterprises Private LiPromoterssell100,000Rs 0.55 CrMarket Sale
2024-09-12Ramanagaram Enterprises Private LiPromoterssell100,000Rs 0.55 CrMarket Sale
2024-09-10Ramanagaram Enterprises Private LiPromoterssell200,000Rs 1.09 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹374 Cr +7380.0% vs Jun 2025. Net profit ₹35 Cr -74.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-20Annual General Meeting
2023-09-15Annual General Meeting
2022-09-15Annual General Meeting
2021-07-12 Rights 2:3
2021-06-18 Annual General Meeting
2020-09-14 Annual General Meeting
2019-08-02 Annual General Meeting
2017-07-20 Annual General Meeting
2016-09-16 Annual General Meeting
2015-09-15 Annual General Meeting
2014-06-16Annual General Meeting
2013-05-06Annual General Meeting
2012-06-21Annual General Meeting
2011-06-08Annual General Meeting
2010-06-21Annual General Meeting
2009-06-22Annual General Meeting
2008-06-10Agm/Dividend - 12% Bc Dates Revised
DateTypeWhat it says
2026-09-30Shareholder meetingVoting results. - Regulation 30 and Regulation 44 (3) of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 - Proceedings an...
2026-09-30Shareholder meetingProceedings of Annual General Meeting held on September 30, 2026 - Submission of Summary of Proceedings of 26thAnnual General Meeting (AGM) of Sigma A...
2026-09-11General UpdatesGeneral Updates - Intimation of Plant visit by Investors under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations...
2026-09-10Shareholder meetingNotice of Annual General Meeting to be held on September 30, 2026- Notice of the 26th Annual General Meeting ( AGM ) and Annual Report for the Financi...
2026-09-10Press ReleaseA press release dated September 10, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, ...
2026-09-08Board meeting outcomeOutcome of Board Meeting held on September 08, 2026 - Outcome of the Board Meeting held on September 08, 2026
2026-08-25Press ReleaseA press release dated August 25, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 201...
2026-08-17Press ReleaseA press release dated August 17, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 201...
2026-08-17Concall / analyst meetSchedule of meet - Intimation of Schedule of Analysts/Institutional Investors Meeting under Regulation 30 of the SEBI (Listing Obligations and Disclos...
2026-08-17General UpdatesGeneral Updates- Investor Presentation under Regulation 30 of SEBI (LODR) Regulations, 2015
2026-08-13Press ReleaseA press release dated August 13, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 201...
2026-08-13Board meeting outcomeSIGMA ADVANCED SYSTEMS LIMITED has submitted to the Exchange, the financial results for the period ended Jun 30, 2026 - Outcome of the Board Meeting h...
2026-08-12Concall / analyst meetSchedule of meet- Intimation of Schedule of Analysts/Institutional Investors Meeting under Regulation 30 of the SEBI (Listing Obligations and Disclosu...
2026-08-04General UpdatesGeneral Updates - Regulation 30 of SEBI (LODR) Regulatons, 2015 - Allotment of Equity Shares on a Preferential Basis (for consideration other than cas...
2026-07-27Press ReleaseA press release dated July 27, 2026, titled "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 ...
2026-07-22General UpdatesGeneral Updates - Disclosure Under Regulation 30 of SEBI (LODR) Regulations, 2015- Ref: Our Earlier Disclosure dated July 14th, 2026 - Updates on Acq...
2026-07-19General UpdatesGeneral Updates - Regulation 30 of SEBI (LODR) Regulatons, 2015 - Allotment of Equity Shares on a Preferential Basis (for consideration in cash)
2026-07-14Press ReleaseA press noted dated July 14, 2026, titled "Defense and Aerospace major, Sigma Advanced Systems, Acquires UK based Bromford Precision Solutions for INR...
2026-07-14AgreementsAgreements : Company has signed a Share Purchase Agreement for Acquisition of 100% Stake(Shareholding) in Bromford Precision Solutions Limited in the ...
2026-07-06Disclosure under SEBI TakeovSIGMA ADVANCED SYSTEMS LIMITED has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India...
2026-07-01General UpdatesGeneral Updates- Revised Corporate Presentation pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015
2026-06-29Shareholder meetingVoting results.- Regulation 30 and Regulation 44 (3) of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 - Proceedings and...
2026-06-28Shareholder meetingProceedings of Extraordinary General Meeting held on Jun 28, 2026 - Submission of Summary of Proceedings of Extra- Ordinary General Meeting (EGM) held...
2026-06-26Shareholder meetingVoting results.- Disclosure of Voting Results under Regulation 44 (3) of the SEBI (Listing Obligations and Disclosure Requirements) 2015 & Scrutinizer...
2026-06-23General UpdatesGeneral Updates - Investor Presentation
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 4Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03