Sigma Q2 PAT rises 37% to Rs 48.60 crore as revenue grows

Sigma Advanced Systems Limited reported Q2 FY27 profit after tax of Rs 48.60 crore, up 37.24% from Q1 FY27, while consolidated operational revenue rose 11.43% to Rs 417.07 crore for the quarter ended September 30, 2026. Operational EBITDA increased 35.06% sequentially to Rs 82.28 crore as the company added aerospace capacity and new defence orders.

What did Sigma report in Q2 FY27?

Sigma reported consolidated operational revenue of Rs 417.07 crore, operational EBITDA of Rs 82.28 crore and profit after tax of Rs 48.60 crore in Q2 FY27. For the quarter ended September 30, 2026, it reported a gross margin of 66.32% and an operational EBITDA margin of 19.73%.

Revenue increased from Rs 374.27 crore in Q1 FY27 to Rs 417.07 crore in Q2 FY27. Over the same period, operational EBITDA rose from Rs 61 crore to Rs 82.28 crore, while profit after tax increased from Rs 35.41 crore to Rs 48.60 crore.

The comparison shows profit and EBITDA growing faster than revenue during Q2 FY27. EBITDA rose 35.06% and profit after tax rose 37.24%, versus the 11.43% revenue increase, while the company reported a 19.73% EBITDA margin for the quarter.

How did Sigma perform in the first half of FY27?

Sigma reported H1 FY27 consolidated operational revenue of Rs 791.34 crore, operational EBITDA of Rs 143.20 crore and profit after tax of Rs 84.01 crore. The half year ended September 30, 2026 and includes the Q1 FY27 and Q2 FY27 operating periods.

Sigma said H1 FY27 cannot be directly compared with H1 FY26 because its scale of operations and business composition changed significantly during FY26. The company therefore disclosed quarter-on-quarter changes for Q2 FY27, including the increase in revenue to Rs 417.07 crore from Rs 374.27 crore in Q1 FY27.

The H1 figures also place Q2 in context: Q2 revenue of Rs 417.07 crore exceeded the Rs 374.27 crore recorded in Q1, and Q2 EBITDA of Rs 82.28 crore exceeded Q1 EBITDA of Rs 61 crore. The release did not provide an H1 FY26 comparison or explain the contribution of individual aerospace and defence businesses to H1 FY27 revenue.

What did the Bromford acquisition add to Sigma?

Sigma completed the acquisition of 100% of Bromford Precision Solutions Limited, announced on July 14, 2026, for an enterprise value of about Rs 153 crore. Bromford, based in Leicester in the United Kingdom, manufactures high-precision aero-engine rings and other complex engine structures.

The acquisition expanded Sigma's position in the Rolls-Royce supply chain, according to the company. Within weeks of the transaction, Bromford secured a further long-term Rolls-Royce agreement valued at nearly Rs 1,600 crore.

The newer Rolls-Royce agreement and an agreement signed in April 2026 worth about Rs 3,800 crore bring Sigma's two disclosed Rolls-Royce long-term agreements to nearly Rs 5,400 crore. These agreements are not reported Q2 FY27 revenue, and the announcement did not provide contract-specific delivery dates or a revenue-recognition schedule.

Sigma also said its Sri City facility had commenced operations following a transfer of work from its UK operations. The site produced and delivered its first batch of aerospace components to customers of Nasmyth, Sigma's UK subsidiary, under its India-UK manufacturing integration strategy.

Which orders and funding events affect Sigma's execution plans?

Sigma said it had secured new orders and long-term agreements aggregating approximately Rs 3,915 crore since July 2026 across its aerospace and defence businesses. The disclosed total includes ammunition export orders, Indrajaal Ranger anti-drone patrol vehicle orders and long-term aerospace agreements.

A North American customer placed an export order worth approximately Rs 1,013 crore on July 27, 2026 for the manufacture and supply of 155 millimetre base bleed artillery shell bodies. Sigma said this order is to be executed over six to 12 months.

A North American North Atlantic Treaty Organization customer awarded an approximately Rs 174 crore order on October 21, 2026 for 155 millimetre artillery ammunition subsystems, scheduled for execution by Q2 2027. A separate North Atlantic Treaty Organization customer awarded an export order worth Rs 973.64 crore on October 26, 2026 for Base Bleed Units, with execution planned over 12 months.

Sigma and Indrajaal Autonomous Defense Systems secured Government of India orders worth approximately Rs 155 crore on August 17, 2026 for the Indrajaal Ranger anti-drone patrol vehicle. On October 14, 2026, Sigma signed an exclusive memorandum of understanding with Munitions India Limited covering integration, indigenous manufacturing and supply of 155 millimetre artillery course-correction fuses, without disclosing an order value.

In August 2026, Sigma completed a preferential allotment of Rs 460 crore at Rs 347 per share, with participation from mutual funds and other investors. The company said the proceeds would support growth initiatives, including strategic acquisitions, following the approximately Rs 153 crore Bromford transaction.

Conclusion

Sigma's Q2 FY27 figures show revenue rising to Rs 417.07 crore from Rs 374.27 crore in Q1 FY27, while EBITDA and profit after tax rose faster to Rs 82.28 crore and Rs 48.60 crore respectively. The quarter also followed the Bromford acquisition, the operational start of Sri City and disclosed order and agreement additions of approximately Rs 3,915 crore since July 2026.

Next, investors can watch execution of the approximately Rs 1,013 crore shell-body order over six to 12 months, the Rs 973.64 crore Base Bleed Units order over 12 months and the approximately Rs 174 crore ammunition-subsystems order due by Q2 2027. Sigma has also disclosed nearly Rs 5,400 crore of Rolls-Royce long-term agreements, but the announcement does not provide a contract-wise revenue timetable.