Sigma Solve Q2 FY27: revenue down 8.5% YoY, margin expansion lifts PAT 2.6% to ₹6.82 Cr

Sigma Solve's consolidated revenue fell 8.5% YoY to ₹23.41 Cr (from ₹25.59 Cr in Q2 FY26), while consolidated PAT edged up 2.6% YoY to ₹6.82 Cr (from ₹6.65 Cr) — a revenue-down, profit-flat quarter rather than a growth print. The gain came entirely from margins: operating margin (OPM, EBITDA ex-other-income basis) expanded to 36.4% from 29.9% a year ago and 33.6% last quarter, as cost of services consumed and employee costs eased relative to revenue. Net profit margin of 28.1% is up YoY (24.5%) but down sharply from last quarter's 39.3% — that QoQ compression is a base effect, not deterioration: Q1 FY27's ₹1,647.79 Lakh pre-tax profit included roughly ₹897 Lakh of one-off investment/fair-value gains routed through other income, against just ₹88.50 Lakh this quarter, so the 45.7% QoQ fall in PAT (₹12.58 Cr to ₹6.82 Cr) overstates any sequential slowdown. Neither our records nor a web search turned up a formal company guidance or a Q2 FY27-specific street estimate for Sigma Solve (an August 2026 preview had pegged Q1 FY27 revenue at ₹22-25 Cr and PAT at ₹4-5 Cr, but nothing quarter-specific was found for Q2), so vsGuidance and vsStreet are both unknown here; management issued no press release with this filing either, so there is no company framing to reconcile against the numbers. The basis divergence is the more notable story: standalone (parent-only) PAT fell 41.6% YoY to ₹1.13 Cr on revenue down 25.9% YoY to ₹7.88 Cr, a materially weaker picture than the flat-to-up consolidated numbers — meaning nearly all of the group's YoY resilience is coming from subsidiaries Sigma Solve Inc. (US) and Rish Info Logistics rather than the Indian parent. During the quarter the company also paid out its 50% (₹0.50/share) final FY26 dividend, approved at the September 16, 2026 AGM, and appointed an IR agency (Hi Care Capital Advisors) on September 25 — neither materially affects the P&L this quarter. Going forward, the quarter sets up a test of whether the OPM gains hold once other-income normalizes fully and whether the standalone business stabilizes or keeps shrinking as a share of the group.