SIGMA ADVANCED SYSTEMS LIMITED (SIGMAADV)

Sigma Advanced Systems released its Q2 FY27 earnings call transcript highlighting an order book exceeding ₹10,000 crore (90% international), representing over 11.6x its TTM revenue of ₹861 crore. Q2 consolidated operational revenue reached ₹417 crore (up 11.43% QoQ) with operational EBITDA of ₹82.28 crore (19.7% margin) and PAT of ₹48.6 crore. Management guided FY27 revenue of ₹1,900 to ₹2,000 crore with ~20% EBITDA margin, aiming for 25% to 30% aerospace EBITDA margins by FY28 via India manufacturing shift. Integration of UK acquisitions (Nasmyth and Bromford) included £8-£9 million capex and working capital infusion, improving on-time-in-full deliveries from 65% to 97%.

• Order book stands at ₹10,000+ crore (90% international), offering massive revenue visibility against ₹861 crore TTM revenue
• Q2 operational revenue grew 11.43% QoQ to ₹417 crore with operational EBITDA of ₹82.28 crore (19.7% margin)
• FY27 guidance set at ₹1,900 to ₹2,000 crore revenue at ~20% EBITDA margin
• Invested £8 to £9 million in UK acquisitions Nasmyth and Bromford, lifting OTIP metrics from 65% to 97%
• Sri City facility commenced production in September, driving planned 200-400 bps margin expansion by end-FY27

Sigma Advanced Systems approved a massive fundraise of up to ₹3,000 crore via equity shares or eligible securities through QIP, rights issue, preferential allotment, or other routes, subject to shareholder approval via postal ballot. Relative to the company's current market capitalization of ₹15,548 crore, the proposed fundraise represents ~19.3% equity dilution/capital infusion. In parallel, the company undertook significant board-level changes, including designating Sunil Kumar Kalidindi as Managing Director and Lt. Gen. Retd. Raju Somashekar Baggavalli as Board Chairman. Additionally, prominent industrialist Galla Jayadev was inducted as an Independent Director, while three directors tendered resignations.

• Board approved raising funds up to ₹3,000 crore through equity or other permissible securities.
• Proposed fundraise represents ~19.3% of the company's current market cap of ₹15,548 crore.
• Sunil Kumar Kalidindi elevated from Whole-Time Director to Managing Director.
• Lt. Gen. Retd. Raju Somashekar Baggavalli designated as Chairman of the Board; Galla Jayadev appointed as Independent Director.
• Noted resignations of three directors: Suryanarayana Raju Nandyala, Leona Ambuja, and Uma Garimella effective November 06, 2026.

Sigma Advanced Systems reported consolidated revenue of ₹417.07 crore for Q2 FY27, up 11.43% QoQ, with PAT growing 37.24% QoQ to ₹48.60 crore and operational EBITDA margins expanding to 19.73%. The company completed the acquisition of Bromford Precision for ~₹153 crore (GBP 11.89 million) and secured a ~₹1,600 crore Rolls-Royce agreement. It has amassed ~₹3,915 crore in new aerospace and defence orders since July 2026, which is ~4.5x its TTM revenue of ₹861 crore. Additionally, operations have formally commenced at its Sri City manufacturing facility.

• Q2 FY27 operational revenue rose 11.43% QoQ to ₹417.07 crore, with PAT up 37.24% QoQ to ₹48.60 crore
• Consolidated operational EBITDA stood at ₹82.28 crore with an expanded margin of 19.73%
• Secured ~₹3,915 crore in new orders/agreements since July 2026, representing over 4.5x TTM revenue
• Acquisition of UK-based Bromford Precision completed for GBP 11.89 million (~₹153 crore), followed by a ~₹1,600 crore Rolls-Royce contract
• Sri City facility operationalized and dispatched its first batch of aerospace components to UK customers

Sigma Advanced Systems reported consolidated revenue of ₹417 Cr for Q2 FY27, up 11% QoQ from ₹374 Cr in Q1 FY27. Operational EBITDA rose 35% QoQ to ₹82.2 Cr with margins expanding to 19.7%, while PAT stood at ₹52 Cr. The company highlighted a robust order book exceeding ₹10,000 Cr (over 11x TTM revenue of ₹861 Cr), supported by long-term aerospace agreements including a ₹1,600 Cr (£125 mn) Rolls-Royce deal and major export orders for 155mm ammunition.

• Q2 FY27 operational revenue reached ₹417 Cr, marking an 11% QoQ growth
• Operational EBITDA expanded 35.06% QoQ to ₹82.28 Cr with margins rising to 19.7%
• Consolidated order book stands at ₹10,000+ Cr, with Aerospace accounting for 70-75%
• Secured new Long-Term Agreement with Rolls-Royce worth approx. ₹1,600 Cr (£125 mn)
• Commercial production commenced at the 23-acre Phase 1 Sri City aerospace campus

Sigma Advanced Systems announced board approval for a massive fundraise of up to ₹3,000 crore via QIP, preferential allotment, rights issue, or other eligible securities, which represents ~18.6% of its current market cap of ₹16,112 crore. The company reported standalone Q2 FY27 revenue from operations of ₹46.52 crore, up 156% YoY from ₹18.15 crore, while net profit stood at ₹14.88 crore compared to ₹3.56 crore in Q2 FY26. Additionally, the company announced major leadership changes, appointing Lt. Gen. Retd. Raju Somashekar Baggavalli as Chairman and designating Sunil Kumar Kalidindi as Managing Director.

• Board approved fundraising up to ₹3,000 crore via equity/eligible securities subject to shareholder approval
• Standalone Q2 revenue from operations rose to ₹4,651.63 lakhs from ₹1,814.58 lakhs in Q2 FY26
• Standalone Q2 profit after tax grew to ₹1,487.90 lakhs compared to ₹356.37 lakhs in the prior-year quarter
• Fundraise limit of ₹3,000 crore equals ~18.6% of current market capitalisation (₹16,112 crore)

Sigma Advanced Systems Limited has bagged a major export order valued at USD 102.23 million (approximately ₹973 crore) from a NATO customer. The contract entails manufacturing and supplying Base Bleed Units for 155mm artillery ammunition, executed over a 12-month period. Notably, the order size is approximately 113% of the company's TTM revenue of ₹861 crore, representing a massive jump in revenue visibility. The win deepens Sigma's vertical integration strategy across the 155mm ammunition value chain alongside shells and fuzes.

• Order valued at USD 102.23 million (approx. ₹973 crore) from a NATO customer
• Execution timeline scheduled over a tight window of 12 months
• Scope covers manufacturing and supply of Base Bleed (BB) Units for 155mm artillery ammunition
• Order value exceeds company's entire TTM revenue (₹861 crore), standing at ~113% of TTM revenue

Sigma Advanced Systems Limited has secured a purchase order valued at US$19.70 million (approximately ₹174 crore) from a North American NATO customer. The contract involves manufacturing and supplying specialised ancillary subsystems for 155 mm artillery ammunition, slated for execution by Q2 2027. This order represents approximately 20.2% of the company's TTM revenue of ₹861 crore and marks its fifth 155 mm contract win since May 2026. The engagement broadens the company's presence from basic components to integrated subsystems in global defence supply chains.

• Secured order worth US$19.70 million (approx. ₹174 crore) from a North American customer serving NATO.
• Order covers specialised ancillary subsystems for 155 mm artillery ammunition, with execution scheduled by Q2 2027.
• Represents the fifth 155 mm milestone since May 2026, including prior wins of US$11.4M, US$21.97M, and US$104.9M.
• Value constitutes ~20.2% of TTM revenue (₹861 crore).

Sigma Advanced Systems has commenced production at its dedicated aerospace facility in Sri City, Andhra Pradesh, completed in eight months. Currently, 75,000 sq ft is operational, providing 100,000 annual machining hours (AMH) with plans to scale to 300,000 AMH. The initial batch of precision components has been shipped to Sigma UK for verification, and the facility has completed initial source-change approval stages with Rolls-Royce Aerospace. The full 500,000 sq ft campus is expected to be operational in the next 12 months, shifting approximately 70% of the manufacturing process to India.

• 75,000 sq ft operational out of a planned 500,000 sq ft campus, completed in 8 months
• Current operational capacity of 100,000 annual machining hours, budgeted to scale to nearly 300,000 AMH
• First batch of precision aerospace components manufactured and shipped to Sigma UK
• Completed initial stages of source-change approval process with Rolls-Royce Aerospace
• Management anticipates the shift to drive double-digit EBITDA expansion and employ over 500 people in 2-3 years