SIS Ltd

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.

SIS Ltd trades at ₹422, in a confirmed uptrend and 10 weeks into that stage. That is +13.6% against its own 200-day average. It sits at 89% of a 52-week range of ₹274 to ₹442. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹422 it trades +13.6% versus its 200-day average and sits at 89% of its 52-week range (₹274–₹442).

Against the market, two honest reads. Cumulative: over the last 9.0 years the stock moved +10% while the NIFTY 500 moved +172% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-24) — 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.

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.

SIS Ltd trades at 17.3× P/E, near the bottom of its own range — cheaper only 30% of the time. Its long-run median P/E is 22.1×, measured across 9.0 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 17.3× is near the bottom of its own range — cheaper only 30% of the time, against a long-run median of 22.1× measured over 9.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +1,089.0% against a +11.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −2.6%/yr price move, ~−8.7%/yr came from earnings growth and ~+6.1 pp from the multiple (expanding). 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.

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).

SIS Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −75.0% at the trough to +1050.0%, a 2-quarter improving streak, ROCE lifting at 14.0%. The read is built from 12 quarters across 4 curves, on partial evidence.

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.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

55.5/100 — rank 2 of 4 in Facility Management · 82% evidence confidence

SIS Ltd scores 55.5 out of 100 against the 4 companies it is compared with in Facility Management, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.9 + 9.8 + 16.4 + 10.4 = 55.5. 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.

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

SIS Ltd reported ₹4,489 Cr of revenue in the Mar 26 quarter, +31.0% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 15.3% a year. The last full year, FY26, came in at ₹15,982 Cr. The last four reported quarters add to ₹15,981 Cr.

FY26 revenue came in at ₹15,982 Cr (+21.2% on the year), capping 10 years at 15.3% compound. The latest quarter (Mar 26) printed ₹4,489 Cr, +31.0% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +21.0% growth against the decade's 15.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +21.2% over the last 4 quarters against +14.2%/yr over the last 8 — accelerating; TTM profit +1,050.0% vs −14.8%/yr — accelerating.

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.

SIS Ltd's operating margin is 4.6% in the Mar 26 quarter, −0.2 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 2.3% to 6.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 4.6%, −0.2 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 2.3%–6.0%.

🚨 Why the margin moved: operating margin went −0.2 pp year on year while gross margin went +5.4 pp — the loss came mostly from the gross line: input costs and pricing.

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

SIS Ltd earned ₹102 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹138 Cr. The 10-year compound rate is 6.4%. That is 2.3% of the quarter's revenue. The same quarter a year earlier lost ₹223 Cr. 3 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹102 Cr, null year on year. On the full year, FY26 printed ₹138 Cr (+1,050.0%), and the 10-year compound rate is 6.4%.

Pace comparison, last four quarters: profit −57.5% vs revenue +21.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 561% of SIS Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹770 Cr of operating cash against ₹138 Cr of profit. After ₹934 Cr of capital spending, ₹−164 Cr was left as free cash.

FY26: operating cash of ₹770 Cr against reported profit of ₹138 Cr, leaving free cash of ₹−164 Cr after ₹934 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 561% of profit.

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

Why conversion sits at 561%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 1.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

SIS Ltd's cash conversion cycle runs 54 days in FY26, up from 50 days in FY21. Capital spending ran ₹926 Cr over the last 3 years. At FY26 sales of ₹15,982 Cr each day of that cycle holds about ₹43.8 Cr, so roughly ₹2,364 Cr sits inside the business at any moment.

FY26: debtors at 54 days (an asset-light business — no inventory to speak of) — for a full cycle of 54 days, looser than FY21's 50.

In money terms: at FY26 sales of ₹15,982 Cr, each day of the cycle holds about ₹43.8 Cr — so the 54-day loop keeps roughly ₹2,364 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹926 Cr over the last 3 fiscal years against ₹545 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹64.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

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.

SIS Ltd earns a ROCE of 14% in FY26. That is up from a trough of 5% in FY25. Return on invested capital clears the cost of that capital by +3.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 0.9% net margin on 2.11× asset turns.

FY26 ROCE is 14%, recovered from a FY25 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 0.9% net margin × 2.11× asset turns × 2.98× balance-sheet leverage ≈ 5.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 15.6% − 12.0% = a +3.6 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. Positive but thin — value creation with little room for error.

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.

SIS Ltd carries total debt of ₹1,789 Cr against shareholder equity of ₹2,545 Cr as of Mar 26, a debt-to-equity of 0.70. On the annual view that ratio went from 0.70 in FY22 to 0.70 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹1,789 Cr against shareholder equity of ₹2,545 Cr — a debt-to-equity of 0.70. On the annual view, debt-to-equity went from 0.70 (FY22) to 0.70 (FY26). Read the returns on this page with that leverage in mind.

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.

Foreign institutions cut 3.3 points of SIS Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 13.3% of the company. Domestic institutions moved +3.2 points over the same window, to 6.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −3.3 points over 8 quarters to 13.3%; Domestic institutions: +3.2 points over 8 quarters to 6.3%; Promoters: +0.2 points over 8 quarters to 71.9%.

Why the register moved: rotation — foreign institutions −3.3 points against domestic institutions +3.2 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

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.

SIS Ltd: the Z-score reads 3.52. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 3.52 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 3.52.

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