Cigniti Technologies Ltd

CIGNITITEC

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Market Cap

₹ 5,026 Cr

P/E

17.62

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

LOW RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Cigniti Technologies Limited is an independent software testing services company, focusing on functional, performance, automation, and security testing. With capabilities extending to medical, business, and legal transcription services, Cigniti caters primarily to US and Indian clients through onsite consulting and offshore delivery.

The company has expanded through acquisitions, most recently assimilating into Coforge in FY 2024, reflecting its strategic shift towards comprehensive digital services with a focus on emerging technologies.

Strategic milestones include the launch of AI-powered, low-code test automation platforms like iNSta, and the establishment of a nearshore delivery center in Costa Rica. These developments underscore Cigniti's commitment to innovation and enhanced client service.

Cigniti holds prestigious appraisals such as CMMI Level 5, highlighting its quality standard in software testing—a testament to its leadership in the software testing services niche.

Recognized for its growth and innovation, the company has been a recipient of awards like the 2014 Frost & Sullivan Customer Value Leadership Award and the 2015 Business Today BEST SME Award for Global Excellence.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

5,026 Cr

Volatility

High Risk

P/E Ratio

17.6

Industry P/E

38.4

PEG Ratio

0.4

P/B Ratio

4.5

52W High

1,980.75

52W Low

1,073.95

Sales CAGR

10.98%

30.26%

27.37%

10Y

19.38%

Profit CAGR

20.88%

46.03%

15.43%

10Y

16.07%

ROE

TTM

25.28%

23.32%

23.41%

10Y

17.77%

ROCE

TTM

33.50%

30.41%

30.34%

10Y

25.75%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AXISCADES	1295.00	5,530 Cr	59.91	7.98	0.00	12.89	14.53	7.40
EMUDHRA	616.60	5,137 Cr	54.08	6.32	0.20	11.69	13.24	9.10
CIGNITITEC	1805.00	4,960 Cr	17.39	4.40	0.00	25.28	33.50	19.29
STYL	295.45	4,781 Cr	21.42	3.86	0.36	23.85	28.03	11.00
INFIBEAM	17.06	4,771 Cr	20.07	1.15	0.00	5.74	8.02	3.95
ASMTEC	3143.60	4,585 Cr	82.77	15.56	0.08	18.74	25.15	13.53
TECHNVISN	7000.00	4,407 Cr	3431.37	1941.34	0.00	11.46	12.40	0.76

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	440	452	468	456	468	499	516	530	534	567
Expenses	377	387	403	426	419	434	431	441	445	471
Operating Profit	62	65	65	30	50	65	85	89	89	96
OPM %	14.12	14.35	13.80	6.56	10.60	13.01	16.46	16.87	16.64	16.96
Other Income	4.69	5.32	7.31	16	-24	18	9.43	17	8.30	20
Interest	1.05	1.14	0.92	1.03	0.69	0.81	0.58	0.90	0.80	0.70
Depreciation	7.11	7.59	7.85	7.79	8.26	9.38	8.33	8.22	7.50	5.70
Profit Before Tax	59	61	63	37	17	73	86	97	89	110
Tax %	23.97	25.33	23.89	27.10	37.46	27.02	25.67	24.71	25.87	25.05
Net Profit	45	46	48	27	11	53	64	73	66	83
EPS in Rs	16.16	16.65	17.41	9.83	3.81	19.16	23.02	26.49	23.89	29.99

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	619	693	816	872	897	1,242	1,648	1,815	2,014	2,080
Expenses	641	641	683	743	751	1,113	1,410	1,593	1,725	1,752
Operating Profit	-22	52	133	129	145	129	238	222	289	328
OPM %	-3.56	7.51	16.27	14.76	16.23	10.41	14.43	12.22	14.35	15.78
Other Income	-332	0.58	27	22	13	13	15	33	20	52
Interest	16	17	15	8.00	5.59	5.05	4.40	4.12	2.98	3.09
Depreciation	17	2.71	3.15	11	12	16	26	30	34	33
Profit Before Tax	-387	33	142	131	141	122	222	220	272	344
Tax %	-2.03	2.33	-3.61	7.06	25.32	24.50	24.06	24.86	26.42	25.74
Net Profit	-395	32	147	122	105	92	168	166	200	256
EPS in Rs	-144.80	11.48	53.23	43.99	38.24	33.35	60.89	60.06	72.48	103.39
Dividend Payout %	0.00	0.00	0.00	0.00	6.62	7.65	8.99	4.97	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	25	27	27	28	28	28	28	27	27	27
Reserves	334	-67	-20	123	239	344	432	562	711	936
Borrowings	127	139	126	74	121	46	80	56	57	28
Other Liabilities	149	129	105	83	91	114	158	201	211	248
Total Liabilities	636	228	238	308	480	532	698	846	1,006	1,239
Fixed Assets	141	64	62	68	102	93	113	135	121	121
CWIP	64	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	49	80	120	177	250	146
Other Assets	430	164	176	239	329	358	465	533	635	973
Total Assets	636	228	238	308	480	532	698	846	1,006	1,239

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	115	-48	35	127	87	145	38	157	129	160
Cash from Investing Activity	-197	-3.13	-2.83	-7.11	-136	-44	-52	-56	-38	-18
Cash from Financing Activity	52	53	-29	-135	-13	-14	-20	-69	-40	-18
Net Cash Flow	-30	1.56	3.34	-15	-62	87	-34	32	52	125

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Jul 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	34.61%	34.59%	33.46%	32.77%	32.77%	32.77%	22.61%	22.68%	55.32%	55.16%	55.16%	55.04%
FIIs	5.13%	6.21%	6.32%	6.04%	6.06%	5.73%	5.92%	4.64%	8.25%	9.74%	11.33%	11.88%
DIIs	0.00%	0.00%	0.17%	0.07%	0.09%	2.13%	2.18%	6.98%	10.42%	10.59%	8.23%	7.68%
Public	60.26%	59.19%	60.04%	61.12%	61.08%	59.37%	69.29%	65.71%	26.01%	24.52%	25.29%	25.40%
Total Shareholders	14,451	17,065	19,033	21,302	23,339	22,318	21,490	20,602	25,470	28,953	28,563	28,223

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 24, 2025	Morgan stanley asia singapore...	Bulk	Buy	1,591.46	26.38 Cr	1,65,750	0.60
Dec 23, 2024	Coforge limited	Insider - Promoter	Acquisition	1,415.00	842.58 Cr	59,54,626	21.8
Dec 23, 2024	Sapna pennam	Insider - Promoter Group	Disposal	1,415.00	297.08 Cr	20,99,472	7.68
Dec 23, 2024	Chakkilam srikanth	Insider - Promoter	Disposal	1,415.00	346.54 Cr	24,49,075	8.97
Dec 23, 2024	Chakkilam rajeswari	Insider - Promoter Group	Disposal	1,415.00	5.08 Cr	35,925	0.13
Dec 23, 2024	Chakkilam venkata subramanyam	Insider - Promoter	Disposal	1,415.00	193.88 Cr	13,70,154	5.02
Nov 25, 2024	Naga vasudha	Insider - KMP	Disposal	1,383.70	1.38 Cr	10,000	0.04
Nov 25, 2024	Coforge limited	Insider - Promoter	Acquisition	1,415.00	181.30 Cr	12,81,239	4.69
Nov 01, 2024	Urmila markila	Insider - Designated Person	Disposal	—	—	80,000	0.29
Nov 01, 2024	Urmila markila	Insider - Designated Person	Disposal	1,471.60	1.47 Cr	10,000	0.03

Projection

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Documents

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Reports

Presentations

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Investor Presentation

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AXISCADES	1295.00	5,530 Cr	59.91	7.98	0.00	12.89	14.53	7.40
EMUDHRA	616.60	5,137 Cr	54.08	6.32	0.20	11.69	13.24	9.10
CIGNITITEC	1805.00	4,960 Cr	17.39	4.40	0.00	25.28	33.50	19.29
STYL	295.45	4,781 Cr	21.42	3.86	0.36	23.85	28.03	11.00
INFIBEAM	17.06	4,771 Cr	20.07	1.15	0.00	5.74	8.02	3.95
ASMTEC	3143.60	4,585 Cr	82.77	15.56	0.08	18.74	25.15	13.53
TECHNVISN	7000.00	4,407 Cr	3431.37	1941.34	0.00	11.46	12.40	0.76

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	440	452	468	456	468	499	516	530	534	567
Expenses	377	387	403	426	419	434	431	441	445	471
Operating Profit	62	65	65	30	50	65	85	89	89	96
OPM %	14.12	14.35	13.80	6.56	10.60	13.01	16.46	16.87	16.64	16.96
Other Income	4.69	5.32	7.31	16	-24	18	9.43	17	8.30	20
Interest	1.05	1.14	0.92	1.03	0.69	0.81	0.58	0.90	0.80	0.70
Depreciation	7.11	7.59	7.85	7.79	8.26	9.38	8.33	8.22	7.50	5.70
Profit Before Tax	59	61	63	37	17	73	86	97	89	110
Tax %	23.97	25.33	23.89	27.10	37.46	27.02	25.67	24.71	25.87	25.05
Net Profit	45	46	48	27	11	53	64	73	66	83
EPS in Rs	16.16	16.65	17.41	9.83	3.81	19.16	23.02	26.49	23.89	29.99

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	619	693	816	872	897	1,242	1,648	1,815	2,014	2,080
Expenses	641	641	683	743	751	1,113	1,410	1,593	1,725	1,752
Operating Profit	-22	52	133	129	145	129	238	222	289	328
OPM %	-3.56	7.51	16.27	14.76	16.23	10.41	14.43	12.22	14.35	15.78
Other Income	-332	0.58	27	22	13	13	15	33	20	52
Interest	16	17	15	8.00	5.59	5.05	4.40	4.12	2.98	3.09
Depreciation	17	2.71	3.15	11	12	16	26	30	34	33
Profit Before Tax	-387	33	142	131	141	122	222	220	272	344
Tax %	-2.03	2.33	-3.61	7.06	25.32	24.50	24.06	24.86	26.42	25.74
Net Profit	-395	32	147	122	105	92	168	166	200	256
EPS in Rs	-144.80	11.48	53.23	43.99	38.24	33.35	60.89	60.06	72.48	103.39
Dividend Payout %	0.00	0.00	0.00	0.00	6.62	7.65	8.99	4.97	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	25	27	27	28	28	28	28	27	27	27
Reserves	334	-67	-20	123	239	344	432	562	711	936
Borrowings	127	139	126	74	121	46	80	56	57	28
Other Liabilities	149	129	105	83	91	114	158	201	211	248
Total Liabilities	636	228	238	308	480	532	698	846	1,006	1,239
Fixed Assets	141	64	62	68	102	93	113	135	121	121
CWIP	64	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	49	80	120	177	250	146
Other Assets	430	164	176	239	329	358	465	533	635	973
Total Assets	636	228	238	308	480	532	698	846	1,006	1,239

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	115	-48	35	127	87	145	38	157	129	160
Cash from Investing Activity	-197	-3.13	-2.83	-7.11	-136	-44	-52	-56	-38	-18
Cash from Financing Activity	52	53	-29	-135	-13	-14	-20	-69	-40	-18
Net Cash Flow	-30	1.56	3.34	-15	-62	87	-34	32	52	125

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Cigniti holds prestigious appraisals such as CMMI Level 5, highlighting its quality standard in software testing—a testament to its leadership in the software testing services niche.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

5,026 Cr

Volatility

High Risk

P/E Ratio

17.6

Industry P/E

38.4

PEG Ratio

0.4

P/B Ratio

4.5

52W High

1,980.75

52W Low

1,073.95

Sales CAGR

10.98%

30.26%

27.37%

10Y

19.38%

Profit CAGR

20.88%

46.03%

15.43%

10Y

16.07%

ROE

TTM

25.28%

23.32%

23.41%

10Y

17.77%

ROCE

TTM

33.50%

30.41%

30.34%

10Y

25.75%