Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Cigniti Technologies Ltd

CIGNITITEC
IT - Software

Cigniti Technologies Ltd's earnings have outrun its stock. EPS grew +20.4% in a year against a −19.2% price move.

The sharpest disagreement: annual EPS moved +20.4% against a −19.2% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (13 weeks in) while the P/E sits at the 30th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +25.0% year on year, and 84% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Turning around
fundamental trajectory, 12 quarters
Price
₹1,260
−19.2% 1Y
P/E
11.4×
30th pctile
of its own 10-year range
Revenue (Dec 25)
₹579 Cr
+12.2% YoY
Profit (Dec 25)
₹80.0 Cr
+25.0% YoY
Operating margin
18.0%
+2.0 pp YoY
ROCE
34%
FY25
ROIC
28.7%
vs WACC 12.0% → +16.7 pp
Cash conversion
84%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Cigniti Technologies Ltd trades at ₹1,260, in a downtrend and 13 weeks into that stage. That is −12.6% against its own 200-day average. It sits at 23% of a 52-week range of ₹1,068 to ₹1,910. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (17 weeks and counting).

Today the stock is in a downtrend — week 13 of stage 4, confirmed. At ₹1,260 it trades −12.6% versus its 200-day average and sits at 23% of its 52-week range (₹1,068–₹1,910).

May 26: ₹1,260 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−12.6% versus the 200-day line, week 13 of stage 4
Price50-day avg200-day avg
S2S4S2S4₹2,011₹1,646₹1,282₹917₹553₹1,260₹1,442May 23Feb 24Nov 24Aug 25May 26
S2S4S2S4₹2,011₹1,646₹1,282₹917₹553₹1,260₹1,442May 23Nov 24May 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (532 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16May 26

Against the market, two honest reads. Cumulative: over the last 10.2 years the stock moved +205% while the NIFTY 500 moved +261% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (17 weeks and counting; last ahead the week of 2026-01-16) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 30th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Cigniti Technologies Ltd trades at 11.4× P/E, near the bottom of its own range — cheaper only 30% of the time. Its long-run median P/E is 15.0×, measured across 10.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 11.4× is near the bottom of its own range — cheaper only 30% of the time, against a long-run median of 15.0× measured over 10.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 11.4× vs a 15.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.2-year window; loss-period spikes above 45× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 30% of the time
P/EMedianEPS (TTM) (quarterly)
48.2×₹12036.5×₹90.324.8×₹60.213.1×₹30.11.4×₹0.0×11.30×₹112Mar 16Aug 19Nov 21Feb 24May 26
48.2×₹12036.5×₹90.324.8×₹60.213.1×₹30.11.4×₹0.0×11.30×₹112Mar 16Nov 21May 26
PEG 0.16 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 8 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.1×0.8×0.6×0.3×0.1××0.16×Q4 FY23Q1 FY24Q3 FY24Q1 FY26Q3 FY26
1.1×0.8×0.6×0.3×0.1××0.16×Q4 FY23Q3 FY24Q3 FY26
P/E
11.4×
30th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +20.4% against a −19.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +27.5%/yr price move, ~+24.2%/yr came from earnings growth and ~+3.3 pp from the multiple (expanding); over 10y, of the +10.8%/yr price move, ~+18.8%/yr came from earnings growth and ~−8.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Turning around

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Cigniti Technologies Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −26.2% at the trough to +96.1% off a 5-quarter-old trough, ROCE lifting at 40.9%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
35%118%28%79%20%39%13%0.0%5.8%−39%%%14%96.1%94.8%Mar 23Jun 24Dec 25
35%118%28%79%20%39%13%0.0%5.8%−39%%%14%96.1%94.8%Mar 23Jun 24Dec 25
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
45%39%34%29%24%%40.9%Mar 23Jun 24Dec 25
45%39%34%29%24%%40.9%Mar 23Jun 24Dec 25
Revenue growth
Steady high
latest +14.0% · span +7.8% to +32.8%
Profit growth
Rising
latest +96.1% · span −28.4% to +107.2%
EPS growth
Rising
latest +94.8% · span −26.1% to +105.1%
ROCE
Rising
latest 40.9% · span 25.0%–43.2%

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Growth, year by year: revenue +11.0% in FY25, profit +20.5% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
61%348%46%174%30%0.0%14%−174%−1.4%−348%%%11%20.5%FY15FY20FY25
61%348%46%174%30%0.0%14%−174%−1.4%−348%%%11%20.5%FY15FY20FY25
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+14.0%) with the last 8 annualized (+11.3%).
revenue stabilising, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
35%118%28%79%20%39%13%0.0%5.8%−39%%%14%96.1%Mar 23Jun 24Dec 25
35%118%28%79%20%39%13%0.0%5.8%−39%%%14%96.1%Mar 23Jun 24Dec 25
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+11.0%+17.5%+18.2%+18.2%
Profit+20.5%+29.5%+10.4%+23.1%
EPS+20.4%+30.8%+10.8%+21.7%
Share price−19.2%+13.3%+27.5%+10.8%
Revenue YoY (Dec 25)
+12.2%
latest quarter vs a year ago
Profit YoY (Dec 25)
+25.0%
latest quarter vs a year ago
Revenue 10y
18.2%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

64.9/100 — rank 6 of 63 in IT - Software · 79% evidence confidence

Cigniti Technologies Ltd scores 64.9 out of 100 against the 63 companies it is compared with in IT - Software, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23.4 + 16.7 + 16 + 8.8 = 64.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Cigniti Technologies Ltd reported ₹579 Cr of revenue in the Dec 25 quarter, +12.2% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.2% a year. The last full year, FY25, came in at ₹2,014 Cr. The last four reported quarters add to ₹2,210 Cr.

Cigniti Technologies Ltd reported ₹579 Cr of revenue in the Dec 25 quarter, +12.2% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.2% a year. The last full year, FY25, came in at ₹2,014 Cr. The last four reported quarters add to ₹2,210 Cr.

FY25 revenue came in at ₹2,014 Cr (+11.0% on the year), capping 10 years at 18.2% compound. The latest quarter (Dec 25) printed ₹579 Cr, +12.2% year on year — the 12th consecutive quarter of year-over-year growth.

FY25 revenue ₹2,014 Cr (+11.0% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
18.2% a year over 10 years
RevenueYoY growth
2.2k61%1.6k46%1.1k30%54414%0−1.4%₹ Cr%₹2,01411%FY15FY20FY25
2.2k61%1.6k46%1.1k30%54414%0−1.4%₹ Cr%₹2,01411%FY15FY20FY25
Dec 25: ₹579 Cr (+12.2% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
62525%46920%31315%15610.0%05.0%₹ Cr%₹57912.2%Mar 23Jun 24Dec 25
62525%46920%31315%15610.0%05.0%₹ Cr%₹57912.2%Mar 23Jun 24Dec 25

Pace check: the last four quarters averaged +14.0% growth against the decade's 18.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.0% over the last 4 quarters against +11.3%/yr over the last 8 — stabilising; TTM profit +96.1% vs +26.7%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 18.0% this quarter (+2.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Cigniti Technologies Ltd's operating margin is 18.0% in the Dec 25 quarter, +2.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −4.0% to 16.0%. The current quarter is running above every full year in that window.

Cigniti Technologies Ltd's operating margin is 18.0% in the Dec 25 quarter, +2.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −4.0% to 16.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 18.0%, +2.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −4.0%–16.0%.

Why the margin moved: operating margin went +1.5 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY25: 14.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 12-year window.
within a −4.0–16.0% band over 12 years
operating marginYoY change (pp)
18%15%12%5.3%6.0%−4.0%0.0%−13%−5.6%−23%%%14%2%FY14FY19FY25
18%15%12%5.3%6.0%−4.0%0.0%−13%−5.6%−23%%%14%2%FY14FY19FY25
Dec 25: 18.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
19%12%16%6.0%13%0.5%9.3%−5.0%6.1%−11%%%18%2%Mar 23Jun 24Dec 25
19%12%16%6.0%13%0.5%9.3%−5.0%6.1%−11%%%18%2%Mar 23Jun 24Dec 25

→ Margins held — did that reach the bottom line? Next: profit +25.0% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Cigniti Technologies Ltd earned ₹80.0 Cr of net profit in the Dec 25 quarter, +25.0% year on year. It is the 6th consecutive quarter of growth. Full-year FY25 profit was ₹200 Cr. The 10-year compound rate is 23.1%. That is 13.8% of the quarter's revenue. The same quarter a year earlier earned ₹64.0 Cr.

Cigniti Technologies Ltd earned ₹80.0 Cr of net profit in the Dec 25 quarter, +25.0% year on year. It is the 6th consecutive quarter of growth. Full-year FY25 profit was ₹200 Cr. The 10-year compound rate is 23.1%. That is 13.8% of the quarter's revenue. The same quarter a year earlier earned ₹64.0 Cr.

Dec 25 profit was ₹80.0 Cr, +25.0% year on year — the 6th consecutive quarter of growth. On the full year, FY25 printed ₹200 Cr (+20.5%), and the 10-year compound rate is 23.1%.

FY25 profit ₹200 Cr (+20.5% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
23.1% a year over 10 years
Net profitYoY growth
248459%7597%−98−265%−270−628%−443−990%₹ Cr%₹20020.5%FY15FY20FY25
248459%7597%−98−265%−270−628%−443−990%₹ Cr%₹20020.5%FY15FY20FY25
Dec 25: ₹80.0 Cr (+25.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
6th straight quarter of growth
Net profit (quarterly)YoY growth
90611%67426%45241%2256%0−129%₹ Cr%₹8025%Mar 23Jun 24Dec 25
90611%67426%45241%2256%0−129%₹ Cr%₹8025%Mar 23Jun 24Dec 25

Why profit moved: revenue contributed +12.2% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +203.0% vs revenue +14.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 84% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 84% of Cigniti Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹160 Cr of operating cash against ₹200 Cr of profit. After ₹34.0 Cr of capital spending, ₹126 Cr was left as free cash.

FY25: operating cash of ₹160 Cr against reported profit of ₹200 Cr, leaving free cash of ₹126 Cr after ₹34.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 84% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY25: CFO ₹160 Cr vs profit ₹200 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
84% of 3-year profit arrived as cash
Operating cashNet profitFree cash
24875−98−270−443₹ Cr₹160₹200₹126FY15FY20FY25
24875−98−270−443₹ Cr₹160₹200₹126FY15FY20FY25
FY25: CFO = 80% of profit (three-year rate 84%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
257%158%59%−40%−139%%80%FY15FY20FY25
257%158%59%−40%−139%%80%FY15FY20FY25

Why conversion sits at 84%: the cash cycle held roughly steady between FY20 and FY25 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 74-day cycle and ₹98.0 Cr of building.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Cigniti Technologies Ltd's cash conversion cycle runs 74 days in FY25, up from 69 days in FY20. Capital spending ran ₹98.0 Cr over the last 3 years. At FY25 sales of ₹2,014 Cr each day of that cycle holds about ₹5.5 Cr, so roughly ₹408 Cr sits inside the business at any moment.

FY25: debtors at 74 days (an asset-light business — no inventory to speak of) — for a full cycle of 74 days, looser than FY20's 69.

In money terms: at FY25 sales of ₹2,014 Cr, each day of the cycle holds about ₹5.5 Cr — so the 74-day loop keeps roughly ₹408 Cr sitting inside the business at any moment.

FY25: a 74-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 12-year window.
+5 days vs FY20
Cash cycleDebtor days
136114937149days74d74dFY14FY16FY19FY22FY25
136114937149days74d74dFY14FY19FY25

On the investment side: capital spending of ₹98.0 Cr over the last 3 fiscal years against ₹90.0 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY25) — capacity paid for but not yet earning.

FY25: capex ₹34.0 Cr, work-in-progress ₹0.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
10745−17−79−141₹ Cr₹34₹0FY15FY17FY20FY22FY25
10745−17−79−141₹ Cr₹34₹0FY15FY20FY25

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 34% and the ROIC − WACC spread is +16.7 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Cigniti Technologies Ltd earns a ROCE of 34% in FY25. That is up from a trough of −13% in FY17. Return on invested capital clears the cost of that capital by +16.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 9.9% net margin on 1.63× asset turns.

FY25 ROCE is 34%, recovered from a FY17 trough of −13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 9.9% net margin × 1.63× asset turns × 1.29× balance-sheet leverage ≈ 20.8% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 28.7% − 12.0% = a +16.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY25: ROCE 34% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 12-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY17's −13%
ROCEROIC (annual)WACC
94%65%37%7.8%−21%%34%38.3%FY14FY19FY25
94%65%37%7.8%−21%%34%38.3%FY14FY19FY25
Q2 FY26: ROCE 28.6% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
49%39%29%19%9.3%%28.6%45%Q4 FY23Q1 FY25Q3 FY26
49%39%29%19%9.3%%28.6%45%Q4 FY23Q1 FY25Q3 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.03.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Cigniti Technologies Ltd carries total debt of ₹20.0 Cr against shareholder equity of ₹1,128 Cr as of Dec 25, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.12 in FY21 to 0.03 in FY25. The returns elsewhere on this page are therefore earned rather than borrowed.

Dec 25: total debt of ₹20.0 Cr against shareholder equity of ₹1,128 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.12 (FY21) to 0.03 (FY25). The returns on this page are earned, not borrowed.

FY25: debt ₹28.0 Cr at 0.03× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
860.18×650.14×430.10×220.06×00.02×₹ Cr×₹280.03×FY21FY23FY25
860.18×650.14×430.10×220.06×00.02×₹ Cr×₹280.03×FY21FY23FY25
Dec 25: debt ₹20.0 Cr, debt-to-equity 0.02 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
750.11×560.08×370.06×190.04×00.01×₹ Cr×₹200.02×Mar 23Jun 24Dec 25
750.11×560.08×370.06×190.04×00.01×₹ Cr×₹200.02×Mar 23Jun 24Dec 25

→ Who owns this, and are they adding or leaving? Next: Promoters added 21.2 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 21.2 points of Cigniti Technologies Ltd over 8 quarters, the biggest move on the register. That takes promoters to 54.0% of the company. Domestic institutions moved +11.5 points over the same window, to 11.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +21.2 points over 8 quarters to 54.0%; Domestic institutions: +11.5 points over 8 quarters to 11.6%; Foreign institutions: +4.4 points over 8 quarters to 10.4%.

Why the register moved: promoters drove it (+21.2 points), alongside domestic institutions (+11.5 points) — steady accumulation by institutions reading the same numbers this page reads.

Fiscal-year ends: promoters +19.4 pts from Mar 23 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 4 year-ends held.
PromotersForeign inst.Domestic inst.Public
66%48%31%13%−4.9%%54%10.4%11.6%24.0%Mar 23Mar 24Mar 26
66%48%31%13%−4.9%%54%10.4%11.6%24.0%Mar 23Mar 24Mar 26
Promoters added 21.2 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
71%52%33%14%−5.3%%54%10.4%11.6%24.0%Mar 23Sep 24Mar 26
71%52%33%14%−5.3%%54%10.4%11.6%24.0%Mar 23Sep 24Mar 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Cigniti Technologies Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · IT - Software Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Cigniti Technologies Ltd this page11.4×₹3,472 CrMixed
Tata Consultancy Services Ltd15.2×₹8.2L CrConsistent
Infosys Ltd13.6×₹4.2L CrConsistent
HCL Technologies Ltd19.0×₹3.4L CrMixed
Wipro Ltd13.3×₹1.8L CrTopping out
Tech Mahindra Ltd28.7×₹1.5L CrTopping out
LTM Ltd21.6×₹1.2L CrConsistent
Coforge Ltd40.0×₹65,726 CrMixed
Mphasis Ltd22.6×₹43,674 CrConsistent
Hexaware Technologies Ltd23.0×₹33,719 CrNo read
IDream Film Infrastructure Company Ltd₹17,180 CrNo read
Zensar Technologies Ltd15.1×₹11,511 CrTurning around
Sonata Software Ltd15.8×₹8,079 CrMixed
Tanla Platforms Ltd14.9×₹7,954 CrTurning around
Birlasoft Ltd14.8×₹7,896 CrTurning around
Seshaasai Technologies Ltd23.6×₹6,221 CrNo read
ASM Technologies Ltd103.0×₹6,206 CrNo read
AvenuesAI Ltd20.2×₹5,700 CrMixed
Mastek Ltd12.0×₹5,242 CrConsistent
Datamatics Global Services Ltd20.3×₹4,856 CrTopping out
Aurionpro Solutions Ltd21.0×₹4,562 CrMixed
Moschip Technologies Ltd141.0×₹4,508 CrMixed
Capillary Technologies India Ltd128.0×₹3,790 Cr
TechNVision Ventures Ltd984.0×₹3,563 CrNo read
63 Moons Technologies Ltd₹3,264 CrNo read
ASM Technologies Ltd52.8×₹3,220 CrNo read
TechNVision Ventures Ltd14,485.0×₹3,187 CrNo read
R Systems International Ltd12.6×₹2,909 CrTurning around
Sasken Technologies Ltd48.1×₹2,765 CrImproving
BLS E-Services Ltd44.6×₹2,565 CrMixed
Silver Touch Technologies Ltd71.0×₹2,538 CrTurning around
Saksoft Ltd16.3×₹2,231 CrMixed
Blue Cloud Softech Solutions Ltd31.2×₹1,889 CrMixed
Hypersoft Technologies Ltd440.0×₹1,798 CrNo read
Kody Technolab Ltd104.0×₹1,748 Cr
IZMO Ltd34.8×₹1,653 CrImproving
NINtec Systems Ltd50.3×₹1,610 CrMixed
Dynacons Systems & Solutions Ltd18.6×₹1,580 CrMixed
Magellanic Cloud Ltd13.6×₹1,568 CrMixed
InfoBeans Technologies Ltd18.0×₹1,526 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Cigniti Technologies Ltd's share price today?

Cigniti Technologies Ltd trades at ₹1,260, −19.2% over the past year. The company is valued at ₹3,472 Cr. The stock sits at 23% of its 52-week range of ₹1,068–₹1,910, −12.6% versus its 200-day average. On the tape, the price is in a downtrend, 13 weeks in. — as of 24 July 2026.

What were Cigniti Technologies Ltd's latest quarterly results?

Cigniti Technologies Ltd reported revenue of ₹579 Cr and net profit of ₹80.0 Cr for the Dec 25 quarter. Revenue rose 12.2% and profit rose 25.0% year on year. Earnings per share were ₹29.20. The operating margin was 18.0%, 2.0 pp higher than a year earlier. — as of 24 July 2026.

What is Cigniti Technologies Ltd's revenue?

Cigniti Technologies Ltd reported revenue of ₹579 Cr in the Dec 25 quarter, +12.2% year on year. For the full FY25 fiscal year, revenue was ₹2,014 Cr (+11.0%). Over the last 10 years revenue compounded at 18.2% a year. — as of 24 July 2026.

What is Cigniti Technologies Ltd's profit?

Cigniti Technologies Ltd earned ₹80.0 Cr of net profit in the Dec 25 quarter, +25.0% year on year — the 6th straight quarter of growth. Full-year FY25 profit was ₹200 Cr. The operating margin ran 18.0% in the latest quarter. — as of 24 July 2026.

What is Cigniti Technologies Ltd's market cap?

Cigniti Technologies Ltd's market capitalisation is ₹3,472 Cr at a share price of ₹1,260. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Cigniti Technologies Ltd's P/E ratio?

Cigniti Technologies Ltd trades at a P/E of 11.4×, at the 30th percentile of its own 10-year range, against a long-run median of 15.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Cigniti Technologies Ltd pay a dividend?

Not in its latest year — Cigniti Technologies Ltd's dividend payout was 0% of profit in FY25. It did record a payout in 4 of its last 12 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Cigniti Technologies Ltd overvalued?

On its own history, Cigniti Technologies Ltd looks cheap against its own history: its P/E of 11.4× has been cheaper only 30% of the time in 10 years (long-run median 15.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Cigniti Technologies Ltd growing?

Yes — Cigniti Technologies Ltd is growing: latest-quarter revenue +12.2% year on year, profit +25.0%, and the margin +2.0 pp at 18.0%. The 10-year compound rates are 18.2% (revenue) and 23.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Cigniti Technologies Ltd performing?

Cigniti Technologies Ltd is in a downtrend, 13 weeks in. Its latest quarter's revenue rose 12.2% and profit rose 25.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 17 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Cigniti Technologies Ltd in?

Turning around — profit growth swung from −26.2% at the trough to +96.1% off a 5-quarter-old trough, ROCE lifting at 40.9%. The read comes from the last 12 quarters of growth (revenue growth +14.0% latest, profit growth +96.1% latest, eps growth +94.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Cigniti Technologies Ltd in an uptrend?

No — the price is in a downtrend (week 13 of stage 4), trading −12.6% versus its 200-day average and at 23% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Cigniti Technologies Ltd beating the market?

Not lately — on a trailing-13-week view Cigniti Technologies Ltd is currently behind the NIFTY 500 (17 weeks and counting; last ahead the week of 2026-01-16), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.2 years the stock moved +205% against the NIFTY 500's +261% — behind the index over the full window. — as of 24 July 2026.

Will Cigniti Technologies Ltd's share price go up?

This page publishes no price forecast for Cigniti Technologies Ltd. What it measures instead: the share price is ₹1,260, the price is in a downtrend 13 weeks in. Its P/E of 11.4× sits at the 30th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Cigniti Technologies Ltd?

Promoters hold 54.0% of Cigniti Technologies Ltd, foreign institutions 10.4%, domestic institutions 11.6% and the public 24.0% (latest quarter). The biggest move on the register over the last two years: Promoters added 21.2 points over 8 quarters. — as of 24 July 2026.

Does Cigniti Technologies Ltd have too much debt?

No — Cigniti Technologies Ltd's debt-to-equity is 0.03, and operating profit covers the interest bill 96×. FY25 borrowings were ₹28.0 Cr against equity of ₹963 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Cigniti Technologies Ltd's capex?

Cigniti Technologies Ltd spent ₹98.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹34.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Cigniti Technologies Ltd's cash flow?

Cigniti Technologies Ltd generated ₹160 Cr of operating cash flow in FY25 and ₹126 Cr of free cash flow after ₹34.0 Cr of capital spending. Reported profit that year was ₹200 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Cigniti Technologies Ltd's profit real cash?

Yes — over the last 3 fiscal years, 84% of Cigniti Technologies Ltd's reported profit arrived as operating cash. In FY25, operating cash was ₹160 Cr against reported profit of ₹200 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Cigniti Technologies Ltd in its business cycle?

Cigniti Technologies Ltd's FY25 operating margin was 14.0%, against a 12-year band of −4.0%–16.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 18.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Cigniti Technologies Ltd story?

The sharpest disagreement: annual EPS moved +20.4% against a −19.2% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Cigniti Technologies Ltd a stock worth studying right now?

This is not investment advice. The machine read: Cigniti Technologies Ltd's earnings have outrun its stock. EPS grew +20.4% in a year against a −19.2% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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