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Sigma Solve Limited (SIGMA)

₹44.40 +0.05% last close, 16 Oct

📊 NSE: SIGMA 🏢 Computers - Software - Medium / Small 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sigma Solve's revenue was ₹8.4 Cr (-59.3% year on year, -6.6% on the previous quarter), and net profit ₹1.9 Cr (-63.6% year on year); the operating margin was 24.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹8.4	-59.3%	-6.6%
Operating profit	₹2.0	-58.8%	+5.4%
Net profit	₹1.9	-63.6%	+1.1%
EPS (₹)	0.18	-64.0%	+0.0%
Operating margin	24.4%	—	—

Full quarterly financials → Results calendar →

SIGMA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 64.76% of the SIGMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.83%. That is close to its usual level. Turnover was only ₹26 lakh, so a handful of trades can move this figure.

64.76%Delivery, 16 Oct

55.83%Own 20-session average

0.6×Volume vs its average

₹44.40NSE close · +0.05%

Delivery in the last 5 sessions: 58.3% · 55.7% · 42.1% · 51.2% · 64.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Sigma Solve Submits Regulation 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 13 Oct 2026, 03:07 PM

Sigma Solve Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter and half-year ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited. The RTA confirmed that securities received for dematerialisation were duly processed, confirmed or rejected, and cancelled within the prescribed timelines. This is a mandatory, routine quarterly filing with no impact on business operations or financials.

Compliance certificate submitted for the quarter and half-year ended September 30, 2026
Confirmation provided under Regulation 74(5) of SEBI Depositories and Participants Regulations 2018
RTA MUFG Intime India Private Limited issued the certificate dated October 3, 2026
Company filed the intimation with exchanges on October 13, 2026

💡 No action required. Investors should track upcoming quarterly financial results for Q2 FY27 for operational updates.

Sigma Solve Sets Book Closure from Sep 17 to Sep 23, 2026 for 16th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 03:02 PM

Sigma Solve Limited has announced the closure of its Register of Members and Transfer Books from September 17, 2026, to September 23, 2026 (both days inclusive). This book closure is being conducted to determine member voting eligibility for the upcoming 16th Annual General Meeting (AGM). The announcement is standard administrative procedure under Regulation 42 of SEBI LODR and has no direct financial impact on the company.

Book closure scheduled from September 17, 2026, to September 23, 2026 (both days inclusive)
Closure conducted for voting entitlement at the 16th Annual General Meeting (AGM)
Filing executed under Regulation 42 of SEBI (LODR) Regulations, 2015

💡 Shareholders seeking to vote at the 16th AGM should ensure their shareholdings are updated prior to the book closure period.

Sigma Solve Notice of 16th AGM: Seeks ₹300 Cr Borrowing Limit, ₹0.50/Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 02:29 PM

Sigma Solve Limited has issued notice for its 16th Annual General Meeting scheduled for September 23, 2026. Key agenda items include approval of a final dividend of ₹0.50 per share (50% on ₹1 face value) for FY26 and re-appointment of statutory auditors for a 5-year term. The company is also seeking shareholder approval via special resolutions to increase its borrowing limit to ₹300 Crores under Section 180(1)(c) and loan/investment limits to ₹100 Crores under Section 186. These limit enhancements create substantial headroom compared to its current net worth of ₹28 Crores and existing debt of ₹2 Crores.

16th Annual General Meeting convened for September 23, 2026, via Video Conferencing.
Proposed final dividend of ₹0.50 per equity share (50% on face value of ₹1) for FY26.
Seeking shareholder approval to increase borrowing limit to ₹300 Crores under Section 180(1)(c).
Seeking approval to enhance limits for loans, guarantees, and securities to ₹100 Crores under Section 186.

💡 Track shareholder voting results following the AGM on September 23, 2026, and watch for any subsequent announcements regarding capital deployment or leverage plans.

Sigma Solve Sets Sept 16, 2026 Record Date for ₹0.50/Share (50%) Final Dividend

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 31 Aug 2026, 02:27 PM

Sigma Solve Limited has fixed Wednesday, September 16, 2026, as the record date to determine shareholder eligibility for a final dividend. The company announced a payout of ₹0.50 per equity share (50% on face value of ₹1) for the financial year ended March 31, 2026. The dividend distribution is subject to formal approval by members at the Annual General Meeting.

Final dividend declared at ₹0.50 per equity share (50% of ₹1 face value)
Record date set for Wednesday, September 16, 2026
Payout pertains to the financial year ended March 31, 2026
Subject to shareholder approval at the upcoming AGM

💡 Investors seeking dividend eligibility must hold shares before the ex-dividend date preceding September 16, 2026, and monitor AGM voting results.

Sigma Solve Recommends Rs 0.50 Per Share (50%) Final Dividend for FY26

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 18 Aug 2026, 06:46 PM

Sigma Solve Limited's Board of Directors has recommended a final dividend of Rs 0.50 per equity share (50% on face value of Rs 1) for the financial year ended March 31, 2026. The proposed dividend is subject to approval by shareholders at the forthcoming 16th Annual General Meeting (AGM). Based on the FY26 full-year EPS of Rs 1.77, this represents an annual payout ratio of approximately 28.2% and an indicated dividend yield of ~1.1% at the current market price of Rs 45.3.

Board recommended a final dividend of Rs 0.50 per equity share of face value Rs 1 (50%) for FY26
Approval granted for revised draft Directors' Report and notice convening the 16th AGM
Dividend payout is subject to shareholder approval at the forthcoming 16th AGM
Board meeting commenced at 12:00 PM and concluded at 18:35 PM on August 18, 2026

💡 Track the upcoming intimation of the AGM date and record date for dividend eligibility, along with shareholder voting outcomes.

Sigma Solve Approves Q1 FY27 Financial Results; Board Meeting Concluded

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 07 Aug 2026, 11:04 AM

Sigma Solve Limited's Board of Directors approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, in a meeting held on July 31, 2026. The company, which operates in the software sector with a market cap of Rs 186 Cr, reported a TTM revenue of Rs 39 Cr and a PAT of Rs 7 Cr prior to this filing. This announcement confirms the completion of the regulatory review for the first quarter of the fiscal year. Investors should monitor the detailed P&L to see if the company is tracking toward its 20% growth target.

Board meeting held on July 31, 2026, lasting 1 hour and 45 minutes (12:30 P.M. to 02:15 P.M.)
Approval of Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026
Company maintains a high ROCE of 35.5% and a low Debt/Equity ratio of 0.07 as per latest context
Promoter holding remains stable at 73.21% as of the most recent reporting period

💡 Review the detailed quarterly P&L statement to compare Q1 FY27 revenue and margins against the Rs 8.58 Cr revenue and 16.3% OPM recorded in Q1 FY26.

₹31.57 Lakhs Unutilized IPO Proceeds Reallocated to General Corporate Purpose

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 31 Jul 2026, 02:50 PM

Sigma Solve Limited has submitted its quarterly statement of deviation regarding the utilization of IPO proceeds for the period ended June 30, 2026. The company confirmed that ₹31.57 Lakhs, originally earmarked for Public Issue Expenses, remains unutilized and has been redirected to General Corporate Purpose. This reallocation follows a Special Resolution passed by shareholders on September 19, 2022. The company previously reported a utilized amount of ₹265.45 Lakhs as of December 2023 for subsidiary investments and issue expenses.

₹31.57 Lakhs in unutilized Public Issue Expenses transferred to General Corporate Purpose
₹265.45 Lakhs total utilized amount reported as of December 2023
Shareholder approval for variation of IPO objects obtained on September 19, 2022
Audit Committee reviewed and approved the statement on July 31, 2026

💡 Investors should note this as a routine regulatory disclosure; the primary action is to monitor the effective deployment of the remaining General Corporate Purpose funds in future filings.

Sigma Solve Approves Q1 Results, Final Dividend, and 5-Year Auditor Re-appointment

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 31 Jul 2026, 02:34 PM

Sigma Solve Limited's board met on July 31, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The board recommended the re-appointment of Mistry & Shah LLP as statutory auditors for a second five-year term (2026-2031). A final dividend for FY26 was approved, alongside a proposal to revise borrowing and investment limits under Sections 180 and 186 of the Companies Act. These items are subject to shareholder approval at the upcoming 16th Annual General Meeting.

Approved unaudited financial results for the quarter ended June 30, 2026
Proposed re-appointment of M/s. Mistry & Shah LLP as Statutory Auditors for a 5-year term until 2031
Approved a final dividend for the financial year ended March 31, 2026
Proposed revision of borrowing and investment limits under Sections 180(1)(c), 180(1)(a), and 186 of the Companies Act
Appointed M/s. Mukesh H. Shah & Co. as the scrutinizer for the 16th AGM

💡 Investors should monitor the detailed Q1 FY27 financial statement to check if the revenue decline seen in FY26 (down ~37% YoY) has stabilized.

Sigma Solve Limited Submits Q1 FY27 Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 12:34 PM

Sigma Solve Limited has submitted its quarterly compliance certificate for the period ended June 30, 2026. The document, issued by its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization were processed within prescribed timelines. It further verifies that the securities have been listed on the stock exchanges where earlier securities were listed. This is a standard administrative filing required by SEBI to ensure the integrity of the share registry.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime)
Verification that dematerialized securities are listed on NSE and BSE
Confirmation that security certificates were mutilated and cancelled after due verification
Filing completed on July 7, 2026, following the quarter-end

💡 No action is required from investors as this is a routine procedural filing confirming the company's adherence to depository regulations.

Sigma Solve Announces Trading Window Closure from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 12:35 PM

Sigma Solve Limited has notified the exchanges that its trading window for dealing in company securities will be closed starting July 1, 2026. This action is in compliance with SEBI Insider Trading regulations ahead of the announcement of financial results for the quarter ending June 30, 2026. The restriction applies to Directors, Designated Persons, and their immediate relatives. The window will reopen 48 hours after the financial results are officially declared to the public.

Trading window closure effective from July 1, 2026.
Closure pertains to the audit and declaration of financial results for the quarter ended June 30, 2026.
Restriction remains in place until 48 hours post-result declaration.
Board meeting date for result approval to be announced at a later date.

💡 No immediate action is required as this is a standard regulatory compliance procedure; investors should await the announcement of the Q1 FY27 financial results.

Sigma Solve Board Approves Audited FY26 Results; Auditors Issue Unmodified Opinion

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 19 May 2026, 04:32 PM

Sigma Solve Limited's Board of Directors approved the audited standalone and consolidated financial results for the fiscal year ended March 31, 2026, in a meeting held on May 19, 2026. The statutory auditors, Mistry & Shah LLP, issued an unmodified opinion, confirming that the financial statements provide a true and fair view of the company's performance. The consolidated results incorporate the performance of subsidiaries Sigma Solve INC and Rish Info Logistics Private Limited. This announcement confirms the completion of the annual audit cycle and regulatory compliance for the fiscal year.

Board approved audited standalone and consolidated financial results for the fiscal year ended March 31, 2026.
Statutory auditors issued an 'Audit Report with Unmodified Opinion,' indicating high financial reporting standards.
Consolidated results include key subsidiaries Sigma Solve INC and Rish Info Logistics Private Limited.
The board meeting was conducted over five hours, concluding at 3:35 P.M. on May 19, 2026.

💡 Investors should review the detailed profit and loss tables once available to assess year-on-year growth and margins. The unmodified audit opinion is a positive indicator of the company's financial transparency and governance.

Sigma Solve Reports No Deviation in IPO Proceeds for Q4 FY26; ₹31.57 Lakhs Reallocated

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 19 May 2026, 04:18 PM

Sigma Solve Limited has filed its statement of deviation regarding the use of IPO proceeds for the quarter and year ended March 31, 2026. The company confirmed that ₹31.57 Lakhs originally earmarked for Public Issue Expenses has been reallocated to General Corporate Purposes, following a shareholder resolution from September 2022. The total utilized amount stands at ₹265.45 Lakhs, covering subsidiary investments and general corporate needs. The Audit Committee has reviewed these figures, confirming no unauthorized deviations from the revised objects.

₹31.57 Lakhs unutilized from Public Issue Expenses transferred to General Corporate Purpose
Total utilized IPO proceeds remain at ₹265.45 Lakhs as of March 31, 2026
Reallocation of funds was previously approved by shareholders via Special Resolution in September 2022
Audit Committee reviewed and confirmed the statement of deviation on May 19, 2026

💡 This is a routine regulatory filing that demonstrates transparency in fund utilization; no action is required as the reallocation is small and previously approved.

Sigma Solve Approves FY26 Audited Financial Results and Appoints New Internal Auditor

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 19 May 2026, 04:15 PM

Sigma Solve Limited's Board of Directors approved the audited standalone and consolidated financial results for the fiscal year ended March 31, 2026, during their meeting on May 19, 2026. The statutory auditors, M/s. Mistry & Shah LLP, have issued an unmodified/unqualified opinion, confirming the accuracy and fairness of the financial statements. Additionally, the company has appointed M/s. Venish A Sanghvi & Co. as the Internal Auditor for the 2026-2027 fiscal year. While the specific financial figures were not detailed in the cover letter, the clean audit report indicates strong regulatory compliance.

Board approved audited standalone and consolidated financial results for the full year ended March 31, 2026.
Statutory auditors M/s. Mistry & Shah LLP issued an unmodified/unqualified audit opinion.
M/s. Venish A Sanghvi & Co. appointed as Internal Auditor for the upcoming financial year 2026-27.
The board meeting was held on May 19, 2026, concluding at 3:35 PM IST.

💡 Investors should monitor the detailed financial tables for specific growth in revenue and PAT, though the clean audit report provides a baseline of confidence in the company's reporting.

Sigma Solve Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Apr 2026, 05:29 PM

Sigma Solve Limited has officially closed its trading window for all designated persons and their immediate relatives effective April 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the declaration of financial results. The restriction will remain in place until 48 hours after the announcement of the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The specific date for the board meeting to approve these results is yet to be announced.

Trading window closed with immediate effect from April 1, 2026.
Closure is in anticipation of audited financial results for the quarter and year ended March 31, 2026.
Restriction applies to Directors, Designated Persons, and their immediate relatives.
The window will reopen 48 hours after the financial results are publicly disclosed.
Board meeting date for result approval to be intimated separately.

💡 This is a standard regulatory procedure and does not impact company fundamentals. Investors should monitor future filings for the specific date of the board meeting to review the company's annual financial performance.

Sigma Solve Reconstitutes Audit, NRC, and Stakeholder Committees with Independent Directors

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 18 Mar 2026, 07:02 PM

Sigma Solve Limited has restructured three of its primary board committees effective March 18, 2026. The Audit Committee and the Nomination & Remuneration Committee will now be chaired by Pratik Shah, while Aditya Patel leads the Stakeholders Relationship Committee. All members across these three committees are classified as Independent Directors, which strengthens the company's corporate governance framework. This update follows the Board of Directors meeting held on the same day to ensure compliance with SEBI Listing Regulations.

Audit Committee reconstituted with 3 Independent Directors, chaired by Pratik Shah.
Nomination & Remuneration Committee also chaired by Pratik Shah with 2 other Independent members.
Stakeholders Relationship Committee chaired by Aditya Patel, consisting entirely of 3 Independent Directors.
The changes were approved by the Board of Directors in a meeting held on March 18, 2026.

💡 No immediate action is required as this is a standard regulatory update. The move to have committees comprised entirely of Independent Directors is a positive sign for corporate governance.

View All SIGMA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

IT software services contribute more than 95% of revenue, while products contribute less than 5%. Recurring revenues represent 65% of the portfolio, with one-time services at 35%. Consolidated revenue for FY25 grew 13.09% YoY to INR 77.57 Cr, and H1 FY26 revenue surged 45.26% YoY to INR 49.95 Cr.

Geographic Revenue Split

100% of revenue is derived from exports, primarily to the USA via the subsidiary Sigma Solve Inc. (Florida), with additional home offices in Atlanta and Australia.

Profitability Margins

Consolidated Net Profit Margin was 24.61% in FY25 (down from 28.17% in FY24) and stood at 23.70% in H1 FY26. Standalone Net Profit Margin for Q2 FY26 improved to 17.66% from 13.70% YoY.

EBITDA Margin

Consolidated EBITDA margin was 34.46% in FY25 (INR 26.73 Cr), a decrease from 38.34% in FY24. H1 FY26 consolidated EBITDA margin stood at 32.66% (INR 16.31 Cr), reflecting a slight YoY compression of 36 bps.

Capital Expenditure

Historical investment includes the acquisition of the remaining 40.19% stake in Sigma Solve Inc. at a valuation of USD 5.07 million (approx. INR 42 Cr) in October 2023. Planned expansion includes a new technology hub in Pune to enhance talent capabilities.

⚙️ Operational Drivers

Raw Materials

Human capital/Software professionals represent the primary 'raw material,' with employee benefit expenses accounting for approximately 36% of total revenue.

Import Sources

Operations are primarily based in Ahmedabad (Gujarat) and Pune (Maharashtra), India, with sales and onshore support based in Florida and Atlanta, USA, and Australia.

Key Suppliers

Not disclosed in available documents as the company is a service provider.

Capacity Expansion

Current employee base is 224 professionals as of FY25, a net addition of 28 employees (14% growth). Expansion is focused on the new Pune center to tap into a key technology hub.

Raw Material Costs

Employee costs are the dominant expense at 36% of revenue. The company utilizes a hybrid model (onshore/offshore) to manage these costs while maintaining a 90%+ client retention rate.

Manufacturing Efficiency

Efficiency is driven by revenue charge-out rates on a per-man-hour basis. The company aims to achieve higher charge-out rates through specialized domain expertise in sectors like Logistics and CRM.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved through the 100% ownership of Sigma Solve Inc., capturing full sales margins. The company is scaling its US sales team for lead generation, expanding delivery capacity in Pune, and integrating AI-led solutions which are expected to contribute 5% to the revenue topline. Strategic partnerships in Logistics and CRM are also projected to add 5% to growth.

Products & Services

Custom enterprise applications, AI-based digital transformation services, eCommerce platforms, web and mobile applications, and specialized software for Logistics and CRM sectors.

Brand Portfolio

Sigma Solve

New Products/Services

AI-based solutions and customized products in the logistics and CRM sectors, each expected to contribute approximately 5% to the revenue topline.

Market Expansion

Expansion into the Pune technology hub and stabilization of the US-based sales and marketing teams to drive outbound lead generation.

Strategic Alliances

Significant partnerships established in the Logistics and CRM space to drive a 5% increase in revenue topline.

🌍 External Factors

Industry Trends

The industry is shifting toward AI-led digital transformation. Sigma is positioning itself to capture this by pivoting from general IT services to high-value AI and custom enterprise applications, targeting a USD 30 million revenue goal within 4 years.

Competitive Landscape

Operates in a fragmented global IT services market, competing on the basis of domain expertise in Logistics, CRM, and Fintech.

Competitive Moat

Durable advantages include a 90%+ client retention rate and a 100% owned US-based sales arm (Sigma Solve Inc.) which facilitates low customer acquisition costs and high-touch client management.

Macro Economic Sensitivity

Highly sensitive to US economic conditions and enterprise IT budgets, as 100% of revenue is derived from international clients.

Consumer Behavior

Enterprises are increasingly demanding AI-integrated solutions to maximize revenue, prompting Sigma to invest in AI-based product development.

Geopolitical Risks

Exposed to global trade tensions and potential changes in international tax structures which could impact the cross-border service model.

⚖️ Regulatory & Governance

Industry Regulations

Subject to US immigration laws for onsite personnel (H1B/L1A visas) and international data privacy standards. The company recently secured 2 H1B and 1 L1A visa approvals.

Taxation Policy Impact

Not disclosed in available documents; however, the company notes that changes in tax structures could impact operations.

⚠️ Risk Analysis

Key Uncertainties

Primary risks include the stabilization of the US sales team and the successful commercialization of AI-based solutions, which are critical to meeting the 20% growth target.