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SIGMA SOLVE LIMITED (SIGMA)

Technology Services

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.90 / 100
Profitability 95Growth 76Balance sheet 100
Compare withONE 97 COMMUNICATIONS PAYTMORACLE FINANCIAL SERVICES SOFTMPHASIS LIMITED

Passes these screens: Cash Rich · Quality Compounder · Debt-light & profitable · Consistent compounders

Share Price
₹41.35
P/E
13.6x
ROCE
48.0%
Market Cap
₹424 cr
Revenue (TTM)
₹99 cr
P/S
4.3x
P/B
5.5x
ROE
40.5%
Operating Margin
34.0%
Debt / Equity
0.0x
Promoter Holding
73.2%
12M Momentum
-25.4%
P/E vs its own history11th percentilesince Oct '20
P/E vs Technology Services0.7xthe sector median

52-week range

₹35.46₹64.20
20% of the way from its 52-week low to its high

Price risk

1Y volatility
50.2%
Beta vs sector
1-year daily
0.41

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
0.87x
Share count, 1Y
unchanged

Was the rally earned?

-25%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 38 points, but investors now pay less per rupee of profit (P/E 28.1x to 13.6x), which took 63 points back.
  • The share count barely moved.
1 year Net profit growth: +39 pts. Points of the price return explained by net profit growing (or shrinking).+39 ptsP/E change: -63 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-63 ptsShare count change: -1 pts. Points of the price return explained by the share count changing. More shares count against the price. -25% 1 year Net profit growth: +39 pts. Points of the price return explained by net profit growing (or shrinking).+39 ptsP/E change: -63 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-63 ptsShare count change: -1 pts. Points of the price return explained by the share count changing. More shares count against the price. -25%
Net profit growth+39 ptsNet profit rose about 56%, which lifts the price.
P/E change-63 ptsThe P/E fell from 28.1x to 13.6x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-19%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 88 points, but investors now pay less per rupee of profit (P/E 44.8x to 13.6x), which took 107 points back.
  • The share count fell 35%.
3 years Net profit growth: +50 pts. Points of the price return explained by net profit growing (or shrinking).+50 ptsP/E change: -107 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-107 ptsShare count change: +39 pts. Points of the price return explained by the share count changing. More shares count against the price.+39 pts -19% 3 years Net profit growth: +50 pts. Points of the price return explained by net profit growing (or shrinking).+50 ptsP/E change: -107 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-107 ptsShare count change: +39 pts. Points of the price return explained by the share count changing. More shares count against the price.+39 pts -19%
Net profit growth+50 ptsNet profit rose about 73%, which lifts the price.
P/E change-107 ptsThe P/E fell from 44.8x to 13.6x, which lowers the price.
Share count change+39 ptsShare count fell 35%, which lifts the price.
+239%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 453 points, but investors now pay less per rupee of profit (P/E 40.7x to 13.6x), which took 214 points back.
  • The share count fell 38%.
5 years Net profit growth: +359 pts. Points of the price return explained by net profit growing (or shrinking).+359 ptsP/E change: -214 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-214 ptsShare count change: +95 pts. Points of the price return explained by the share count changing. More shares count against the price.+95 pts +239% 5 years Net profit growth: +359 pts. Points of the price return explained by net profit growing (or shrinking).+359 ptsP/E change: -214 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-214 ptsShare count change: +95 pts. Points of the price return explained by the share count changing. More shares count against the price. +239%
Net profit growth+359 ptsNet profit rose about 524%, which lifts the price.
P/E change-214 ptsThe P/E fell from 40.7x to 13.6x, which lowers the price.
Share count change+95 ptsShare count fell 38%, which lifts the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with ONE 97 COMMUNICATIONS PAYTM

Is it expensive against its own past and its peers?

13.6xP/E todayNear its historic low
Against its own history11th percentileMedian 24.8x; usual range 13.7x to 44.5x since 2020-10.
Against Technology Services13.6x vs 20.6xBelow the Technology Services median.
8.8x37.4x66.1x94.8xOct '20Jan '22Apr '23Jul '24Oct '25Oct '268.8x37.4x66.1x94.8xOct '20Oct '22Oct '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianTechnology Services median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Technology Services is valued

What is the price implying?

~17%annual earnings growth implied by the price

At a P/E of 23.2x, the price would imply about 16.8%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Technology Services The market-wide Expectations lists

What changed?

  1. Oct '26P/E fell below the 10th percentile of its own history to date (13.6x).
  2. Sep '26Moved into the top quartile of Technology Services on EPS growth (from the 2nd quartile).
  3. Jun '26Slipped to the 2nd quartile of Technology Services on EPS growth (from the top quartile).
  4. Mar '26Fell 42% from the Jan 2026 peak to the Mar 2026 low.
  5. Mar '26Moved into the top quartile of Technology Services on EPS growth (from the 2nd quartile).
  6. Oct '25Regained the 2023-10 peak, 6 months after the low.
  7. Apr '25Fell 58% from the Oct 2023 peak to the Apr 2025 low.
  8. Dec '24Revenue (TTM) reached a new high of ₹65 cr.
Show 16 earlier events
  1. Jun '24Revenue (TTM) reached a new high of ₹64 cr.
  2. Jun '23Revenue (TTM) reached a new high of ₹56 cr.
  3. Jun '23Regained the 2022-10 peak, 2 months after the low.
  4. Jun '23Slipped to the 2nd quartile of Technology Services on EPS growth (from the top quartile).
  5. Jun '23Share count is up 150.0% over 12 months.
  6. Apr '23Fell 42% from the Oct 2022 peak to the Apr 2023 low.
  7. Oct '22Regained the 2022-01 peak, 8 months after the low.
  8. Jun '22Revenue (TTM) reached a new high of ₹41 cr.
  9. Jun '22Dividend payout cut from 7% to 2% of profit.
  10. May '22Debt / equity halved over 12 months to 0.05x.
  11. Feb '22Fell 36% from the Jan 2022 peak to the Feb 2022 low.
  12. Jan '22Regained the 2021-12 peak, 1 month after the low.
  13. Dec '21Fell 30% from the Dec 2021 peak to the Dec 2021 low.
  14. Oct '21Debt / equity halved over 12 months to 0.05x.
  15. Oct '21Share count is up 33.3% over 12 months.
  16. Jun '21Started paying a dividend (payout 7% of profit).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

5 of 6 checks are within range, 1 near a threshold.
Tap a check to see how it is measured.

Other income reliance29%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 29.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.87xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.87x (cash from operations ₹54 cr, net profit ₹62 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-12 daysWithin range

Debtor days are below the median of the previous three fiscal years by 12 days (70 vs 82). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, institutional and promoter holdings were broadly unchanged.
  • The number of shareholders rose from 12,726 to 18,679 (+47%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters73.2%73.2%0.0 pts
FIIs0.0%0.0%0.0 pts
DIIs0.0%0.0%0.0 pts
Public and others26.8%26.8%0.0 pts

Number of shareholders

18,679shareholders+47% since Dec '23
13k15k17k19k Dec '23Dec '24Jun '25Dec '25Mar '26Jun '26
Dec '23: 12,726
Dec '24: 15,093
Jun '25: 14,171
Dec '25: 18,486
Mar '26: 18,750
Jun '26: 18,679
 13k15k17k19k Dec '23Jun '25Mar '26Jun '26
Dec '23: 12,726
Dec '24: 15,093
Jun '25: 14,171
Dec '25: 18,486
Mar '26: 18,750
Jun '26: 18,679

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-57.9%recovered 2025-10
1-year volatility50.2%annualised

Monthly share price

₹2₹20₹39₹57 Oct '20Jan '22Apr '23Jul '24Oct '25Oct '26
2020-10: ₹1.80
2020-11: ₹1.80
2020-12: ₹1.80
2021-01: ₹1.80
2021-02: ₹1.80
2021-03: ₹1.75
2021-04: ₹1.85
2021-05: ₹3.55
2021-06: ₹6.00
2021-07: ₹8.85
2021-08: ₹9.00
2021-09: ₹12.95
2021-10: ₹12.20
2021-11: ₹16.85
2021-12: ₹21.35
2022-01: ₹28.45
2022-02: ₹19.95
2022-03: ₹22.80
2022-04: ₹22.80
2022-05: ₹24.90
2022-06: ₹24.00
2022-07: ₹21.60
2022-08: ₹23.10
2022-09: ₹20.40
2022-10: ₹23.40
2022-11: ₹22.60
2022-12: ₹20.50
2023-01: ₹22.80
2023-02: ₹19.10
2023-03: ₹18.90
2023-04: ₹21.05
2023-05: ₹25.15
2023-06: ₹35.90
2023-07: ₹46.25
2023-08: ₹42.15
2023-09: ₹47.15
2023-10: ₹51.05
2023-11: ₹45.10
2023-12: ₹46.60
2024-01: ₹46.20
2024-02: ₹42.05
2024-03: ₹35.60
2024-04: ₹40.70
2024-05: ₹39.20
2024-06: ₹40.25
2024-07: ₹40.50
2024-08: ₹39.90
2024-09: ₹38.20
2024-10: ₹35.40
2024-11: ₹34.90
2024-12: ₹32.35
2025-01: ₹32.45
2025-02: ₹25.90
2025-03: ₹24.20
2025-04: ₹28.55
2025-05: ₹37.25
2025-06: ₹37.50
2025-07: ₹38.00
2025-08: ₹40.20
2025-09: ₹51.25
2025-10: ₹55.45
2025-11: ₹52.77
2025-12: ₹57.45
2026-01: ₹48.10
2026-02: ₹41.93
2026-03: ₹36.33
2026-04: ₹44.46
2026-05: ₹40.81
2026-06: ₹38.91
2026-07: ₹54.98
2026-08: ₹48.35
2026-09: ₹44.25
2026-10: ₹41.35
 ₹2₹20₹39₹57 Oct '20Oct '22Oct '24Oct '26
2020-10: ₹1.80
2020-11: ₹1.80
2020-12: ₹1.80
2021-01: ₹1.80
2021-02: ₹1.80
2021-03: ₹1.75
2021-04: ₹1.85
2021-05: ₹3.55
2021-06: ₹6.00
2021-07: ₹8.85
2021-08: ₹9.00
2021-09: ₹12.95
2021-10: ₹12.20
2021-11: ₹16.85
2021-12: ₹21.35
2022-01: ₹28.45
2022-02: ₹19.95
2022-03: ₹22.80
2022-04: ₹22.80
2022-05: ₹24.90
2022-06: ₹24.00
2022-07: ₹21.60
2022-08: ₹23.10
2022-09: ₹20.40
2022-10: ₹23.40
2022-11: ₹22.60
2022-12: ₹20.50
2023-01: ₹22.80
2023-02: ₹19.10
2023-03: ₹18.90
2023-04: ₹21.05
2023-05: ₹25.15
2023-06: ₹35.90
2023-07: ₹46.25
2023-08: ₹42.15
2023-09: ₹47.15
2023-10: ₹51.05
2023-11: ₹45.10
2023-12: ₹46.60
2024-01: ₹46.20
2024-02: ₹42.05
2024-03: ₹35.60
2024-04: ₹40.70
2024-05: ₹39.20
2024-06: ₹40.25
2024-07: ₹40.50
2024-08: ₹39.90
2024-09: ₹38.20
2024-10: ₹35.40
2024-11: ₹34.90
2024-12: ₹32.35
2025-01: ₹32.45
2025-02: ₹25.90
2025-03: ₹24.20
2025-04: ₹28.55
2025-05: ₹37.25
2025-06: ₹37.50
2025-07: ₹38.00
2025-08: ₹40.20
2025-09: ₹51.25
2025-10: ₹55.45
2025-11: ₹52.77
2025-12: ₹57.45
2026-01: ₹48.10
2026-02: ₹41.93
2026-03: ₹36.33
2026-04: ₹44.46
2026-05: ₹40.81
2026-06: ₹38.91
2026-07: ₹54.98
2026-08: ₹48.35
2026-09: ₹44.25
2026-10: ₹41.35

Last 90 trading days

₹37₹43₹49₹55 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹37.59
2026-06-25: ₹39.02
2026-06-30: ₹38.91
2026-07-02: ₹38.40
2026-07-06: ₹38.04
2026-07-08: ₹38.36
2026-07-10: ₹38.34
2026-07-14: ₹37.68
2026-07-16: ₹36.79
2026-07-20: ₹38.11
2026-07-22: ₹38.26
2026-07-24: ₹38.07
2026-07-28: ₹37.55
2026-07-30: ₹48.30
2026-08-03: ₹50.24
2026-08-05: ₹47.45
2026-08-07: ₹46.37
2026-08-11: ₹47.13
2026-08-13: ₹45.69
2026-08-17: ₹45.15
2026-08-19: ₹46.12
2026-08-21: ₹48.65
2026-08-25: ₹48.64
2026-08-27: ₹47.54
2026-08-31: ₹48.35
2026-09-02: ₹46.85
2026-09-04: ₹46.66
2026-09-08: ₹47.21
2026-09-10: ₹44.97
2026-09-15: ₹44.90
2026-09-17: ₹46.24
2026-09-21: ₹46.76
2026-09-23: ₹46.04
2026-09-25: ₹45.61
2026-09-29: ₹43.90
2026-10-01: ₹44.91
2026-10-06: ₹45.24
2026-10-08: ₹44.48
2026-10-12: ₹43.86
2026-10-14: ₹45.48
2026-10-16: ₹44.40
2026-10-21: ₹41.67
2026-10-23: ₹42.17
2026-10-27: ₹40.76
2026-10-29: ₹41.20
2026-10-30: ₹41.35
 ₹37₹43₹49₹55 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹37.59
2026-06-25: ₹39.02
2026-06-30: ₹38.91
2026-07-02: ₹38.40
2026-07-06: ₹38.04
2026-07-08: ₹38.36
2026-07-10: ₹38.34
2026-07-14: ₹37.68
2026-07-16: ₹36.79
2026-07-20: ₹38.11
2026-07-22: ₹38.26
2026-07-24: ₹38.07
2026-07-28: ₹37.55
2026-07-30: ₹48.30
2026-08-03: ₹50.24
2026-08-05: ₹47.45
2026-08-07: ₹46.37
2026-08-11: ₹47.13
2026-08-13: ₹45.69
2026-08-17: ₹45.15
2026-08-19: ₹46.12
2026-08-21: ₹48.65
2026-08-25: ₹48.64
2026-08-27: ₹47.54
2026-08-31: ₹48.35
2026-09-02: ₹46.85
2026-09-04: ₹46.66
2026-09-08: ₹47.21
2026-09-10: ₹44.97
2026-09-15: ₹44.90
2026-09-17: ₹46.24
2026-09-21: ₹46.76
2026-09-23: ₹46.04
2026-09-25: ₹45.61
2026-09-29: ₹43.90
2026-10-01: ₹44.91
2026-10-06: ₹45.24
2026-10-08: ₹44.48
2026-10-12: ₹43.86
2026-10-14: ₹45.48
2026-10-16: ₹44.40
2026-10-21: ₹41.67
2026-10-23: ₹42.17
2026-10-27: ₹40.76
2026-10-29: ₹41.20
2026-10-30: ₹41.35

Drawdown from peak

0% -28% -57% Oct '20Oct '23Oct '26 0% -28% -57% Oct '20Oct '23Oct '26
Largest drawdowns

-57.9% (2023-10 peak to 2025-04 low, recovered 2025-10)

-42.4% (2026-01 peak to 2026-03 low, not yet recovered)

-41.6% (2022-10 peak to 2023-04 low, recovered 2023-06)

Where does it rank among Technology Services peers?

Each cell is the company's percentile rank among its Technology Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Technology Services sector page Watch it move against Technology Services in the Observatory

What happened next to similar setups

−1.8%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like SIGMA SOLVE LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −27% to +21% vs the market, against −3% for all non-financial companies in the same months.
  • The gap against the base rate (+1.6%, 80% range −5.5% to +8.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
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IPL · Aug 2023: −45.5% vs market
MARKSANS · Jul 2021: −44.5% vs market
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ATULAUTO · Jan 2020: −40.9% vs market
BAJAJCON · Aug 2021: −38.8% vs market
BALAXI · Nov 2022: −38.0% vs market
EMSLIMITED · Jul 2025: −35.1% vs market
FOCUS · Jun 2024: −31.3% vs market
FCL · Aug 2024: −30.3% vs market
APOLSINHOT · Apr 2020: −28.8% vs market
NIITMTS · Aug 2024: −28.0% vs market
KSCL · Nov 2020: −27.8% vs market
NUCLEUS · Jul 2024: −25.2% vs market
EXCELINDUS · Jan 2020: −21.2% vs market
VIMTALABS · Jun 2023: −20.5% vs market
ACCELYA · May 2024: −17.6% vs market
SHAREINDIA · Jul 2023: −14.1% vs market
LINCOLN · May 2021: −10.2% vs market
GANDHITUBE · Nov 2023: −8.8% vs market
TVTODAY · Jul 2020: −8.0% vs market
CONTROLPR · Jun 2024: −7.4% vs market
SBCL · Feb 2025: −6.4% vs market
ACI · Nov 2023: −5.8% vs market
MPSLTD · Dec 2024: −2.9% vs market
CIGNITITEC · Aug 2021: −0.6% vs market
DOLATALGO · May 2021: +3.5% vs market
MOLDTECH · May 2020: +5.0% vs market
STYLAMIND · Feb 2024: +5.4% vs market
LIKHITHA · Dec 2023: +6.5% vs market
MONARCH · Sep 2025: +7.0% vs market
NEWGEN · Jan 2020: +8.8% vs market
SWARAJENG · Jul 2023: +9.2% vs market
EXPLEOSOL · Oct 2021: +13.7% vs market
STEELCAS · Dec 2023: +18.7% vs market
DRCSYSTEMS · Apr 2024: +19.4% vs market
WEALTH · Nov 2022: +19.7% vs market
ARROWGREEN · Oct 2025: +21.2% vs market
JAMNAAUTO · Jan 2020: +22.1% vs market
ALLDIGI · Oct 2020: +33.3% vs market
CAPLIPOINT · Jan 2020: +34.1% vs market
NINSYS · May 2025: +47.4% vs market
BETA · Jul 2024: +49.1% vs market
ECLERX · May 2024: +53.5% vs market
TRITURBINE · May 2021: +55.6% vs market
GLOBAL · May 2025: +62.4% vs market
RSYSTEMS · Apr 2021: +74.7% vs market
SIGACHI · Apr 2023: +85.9% vs market
SONATSOFTW · May 2020: +90.4% vs market
ACCENTMIC · Apr 2025: +96.5% vs market
Similar setups −1.8%All companies −3.4%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months

Similar setups' median
−1.8%
All companies' median
−3.4%
Beat the market
48% vs 46%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ACCELYA
Technology Services		 May 2024 17x56% +19%−22% −18%
APOLSINHOT
Consumer Services		 Apr 2020 6x42% −46%−51% −29%
FCL
Process Industries		 Aug 2024 35x39% +18%−18% −30%
CAPLIPOINT
Health Technology		 Jan 2020 12x45% −21%−37% +34%
BAJAJCON
Consumer Non-Durables		 Aug 2021 16x38% +43%−21% −39%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ACI
Process Industries		 Nov 2023 19x45% +13%−14% −6%
MPSLTD
Consumer Services		 Dec 2024 28x36% +20%−19% −3%
GANDHITUBE
Non-Energy Minerals		 Nov 2023 17x36% +8%−11% −9%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and P/E. Not used (unavailable for this company): interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SIGMA SOLVE LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.
Monthly history (73 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1013.6x₹99 cr40.5%48.0%0.0x
2026-0914.6x₹99 cr41.6%48.0%0.0x
2026-0820.8x₹97 cr31.2%48.0%0.0x
2026-0723.7x₹97 cr31.2%48.0%0.0x
2026-0616.8x₹97 cr31.2%48.0%0.0x
2026-0516.6x₹96 cr53.1%59.0%0.1x
2026-0418.1x₹96 cr53.1%59.0%0.1x
2026-0314.8x₹96 cr53.1%59.0%0.1x
2026-0218.9x₹91 cr46.9%59.0%0.1x
2026-0121.7x₹91 cr46.9%59.0%0.1x
2025-1225.9x₹91 cr46.9%59.0%0.1x
2025-1126.8x₹82 cr40.8%59.0%0.1x
2025-1028.1x₹82 cr40.8%59.0%0.1x
2025-0926.0x₹82 cr40.8%59.0%0.1x
2025-0821.7x₹77 cr38.8%59.0%0.1x
2025-0720.5x₹77 cr38.8%59.0%0.1x
2025-0620.3x₹77 cr38.8%59.0%0.1x
2025-0521.8x₹69 cr56.7%52.0%0.2x
2025-0416.7x₹69 cr56.7%52.0%0.2x
2025-0314.2x₹69 cr56.7%52.0%0.2x
2025-0214.8x₹65 cr60.0%52.0%0.2x
2025-0118.5x₹65 cr60.0%52.0%0.2x
2024-1218.5x₹65 cr60.0%52.0%0.2x
2024-1121.7x₹64 cr60.0%52.0%0.2x
2024-1022.0x₹64 cr60.0%52.0%0.2x
2024-0923.7x₹64 cr60.0%52.0%0.2x
2024-0825.3x₹64 cr63.3%52.0%0.2x
2024-0725.6x₹64 cr63.3%52.0%0.2x
2024-0625.5x₹64 cr63.3%52.0%0.2x
2024-0534.4x₹56 cr50.0%52.0%0.1x
2024-0435.7x₹56 cr50.0%52.0%0.1x
2024-0331.2x₹56 cr50.0%52.0%0.1x
2024-0236.9x₹56 cr50.0%52.0%0.1x
2024-0140.5x₹56 cr50.0%52.0%0.1x
2023-1240.9x₹56 cr50.0%52.0%0.1x
2023-1139.6x₹56 cr50.0%52.0%0.1x
2023-1044.8x₹56 cr50.0%52.0%0.1x
2023-0941.4x₹56 cr50.0%52.0%0.1x
2023-0837.0x₹56 cr50.0%52.0%0.1x
2023-0740.6x₹56 cr50.0%52.0%0.1x
2023-0631.5x₹56 cr50.0%52.0%0.1x
2023-0528.9x₹41 cr60.9%58.0%0.0x
2023-0424.2x₹41 cr60.9%58.0%0.0x
2023-0321.7x₹41 cr60.9%58.0%0.0x
2023-0222.0x₹41 cr60.9%58.0%0.0x
2023-0126.2x₹41 cr60.9%58.0%0.0x
2022-1223.6x₹41 cr60.9%58.0%0.0x
2022-1126.0x₹41 cr60.9%58.0%0.0x
2022-1026.9x₹41 cr60.9%58.0%0.0x
2022-0923.4x₹41 cr60.9%58.0%0.0x
2022-0826.6x₹41 cr60.9%58.0%0.0x
2022-0724.8x₹41 cr60.9%58.0%0.0x
2022-0627.6x₹41 cr60.9%58.0%0.0x
2022-0583.0x₹21 cr26.3%44.0%0.1x
2022-0476.0x₹21 cr26.3%44.0%0.1x
2022-0376.0x₹21 cr26.3%44.0%0.1x
2022-0266.5x₹21 cr26.3%44.0%0.1x
2022-0194.8x₹21 cr26.3%44.0%0.1x
2021-1271.2x₹21 cr26.3%44.0%0.1x
2021-1156.2x₹21 cr26.3%44.0%0.1x
2021-1040.7x₹21 cr26.3%44.0%0.1x
2021-0943.2x₹21 cr26.3%44.0%0.1x
2021-0830.0x₹21 cr26.3%44.0%0.1x
2021-0729.5x₹21 cr26.3%44.0%0.1x
2021-0620.0x₹21 cr26.3%44.0%0.1x
2021-0517.8x₹10 cr10.3%—0.5x
2021-049.3x₹10 cr10.3%—0.5x
2021-038.8x₹10 cr10.3%—0.5x
2021-029.0x₹10 cr10.3%—0.5x
2021-019.0x₹10 cr10.3%—0.5x
2020-129.0x₹10 cr10.3%—0.5x
2020-119.0x₹10 cr10.3%—0.5x
2020-109.0x₹10 cr10.3%—0.5x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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