Sigma Solve Limited (SIGMA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+196.9%

₹127.26

vs ₹42.87 price

Levered DCF

₹197.19

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.66×	13.46×	27.22×	26.41×	34.68×	85.18×	135.61×	360×
P/B	4.85×	5.2×	14.53×	9.09×	13.55×	19.31×	35.81×	138.75×
P/S	3.91×	3.37×	6.75×	5.57×	7.56×	12.56×	19.09×	36.94×
EV / EBITDA	11.18×	9.21×	16.41×	12.13×	18.29×	33.32×	81.18×	292.71×
Gross margin	43.7%	47.1%	46.0%	53.0%	62.9%	69.6%	41.3%	32.6%
Operating margin	28.6%	32.8%	45.1%	39.9%	36.0%	47.7%	20.2%	12.8%
Net margin	25.0%	25.1%	24.8%	21.1%	21.8%	14.7%	14.1%	10.3%
Current ratio	5.24×	5.56×	3.74×	1.55×	13.71×	13.09×	3.18×	1.66×
Debt / equity	0.03×	0.07×	0.16×	0.11×	0.02×	0.09×	0.52×	0.87×
Interest coverage	75.96×	61.26×	92.87×	1,638.31×	2,081.82×	740.73×	26.98×	89.79×
Dividend yield	0.1%	0.2%	0.1%	0.1%	0.1%	0.0%	0.0%	0.0%
Payout ratio	2.2%	2.7%	3.2%	1.7%	2.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	31.0%	38.6%	53.4%	34.4%	39.1%	22.7%	26.4%	38.6%
Return on invested capital	24.6%	32.5%	62.9%	44.8%	37.4%	34.6%	15.9%	17.3%
Return on assets	26.8%	31.0%	40.3%	18.6%	24.5%	14.4%	10.8%	15.3%
Free cash flow yield	8.3%	6.9%	1.4%	4.1%	5.3%	1.8%	-0.4%	0.2%
Earnings yield	6.4%	7.4%	3.7%	3.8%	2.9%	1.2%	0.7%	0.3%
Enterprise value	₹3.7B	₹2.5B	₹4.4B	₹2.9B	₹3B	₹2.6B	₹1.9B	₹1.3B
Net debt / EBITDA	-0.2×	-0.26×	-0.09×	-0.78×	-0.7×	-1.27×	-2.08×	1.77×
Cash conversion cycle (days)	64	92	74	16	16	56	136	48