Date: June 23, 2026

Company Overview

Sigma Advanced Systems Limited presents itself as a Tier 1 Global Aerospace & Defense player offering cutting edge products, sub-systems and components with strong domestic manufacturing base. The company operates as an integrated aerospace and defense player spanning the value chain from components to fully integrated products with global footprint.

Business Structure and Acquisitions

Indian defense ecosystem anchor (Parent Entity | Founded 1994):

  • Defense products and sub-systems developer with strong R&D and IPs
  • Products include UAVs and counter drone solutions
  • Sub-systems include missile guidance, Radar, EW, Avionics & Naval sub-systems
  • 30+ year relationships with Defense PSUs & Armed Forces

Global aerospace engine (100% Acquired | Oct 2025):

  • Tier-1 supplier of complex sub-assemblies, fabrications, and precision engineering components
  • Class I components in aero-engine hot section and critical airframe structures
  • Delegatory approvals unlock work transfer to India

Export Bridge (51% Acquired Apr 2026):

  • Strategic supply chain partner to European and global defense OEMs
  • Active JVs with 3 European Defense Primes- Abra Works, EM&E, Arquimea
  • Direct access to European, UK & NATO defense programs
  • Ability to insource manufacturing through Sigma's capability

Manufacturing Facilities

UK Manufacturing Base:

  • 5 decades+ manufacturing experience across multiple sites
  • GEB: Metal surface treatments for complex large components
  • Henton: Machining and fine grinding of large sectioned rings and prismatic components
  • Coventry: Advanced precision fabricator for structural and turned components, including titanium and rare alloys
  • Ferndown: Sheet metal fabrications, welding, sub-assemblies, and prismatic machining
  • IEC: Assembly, sub-assembly, and CNC machining

India Manufacturing Base:

  • Headquartered in Hyderabad with R&D center
  • New state-of-the-art manufacturing facility coming up in Sri City
  • 23 acre facility for expansion of manufacturing base
  • One of the largest SEZs in India with strong manufacturing base
  • Environmentally-controlled storage for tight-tolerance components for mission-critical aerospace applications
  • Access to extensive skill base through in-house skill development center

Financial Results

Profit and Loss Statement (INR Crores):

| Particulars | Q4 FY26 | FY2026 |

| Revenue from Operations | 323 | 492 |

| Other Income | 91 | 296 |

| Total Revenue | 413 | 788 |

| COGS | (122) | (185) |

| Other Expenditure (excl. Interest and Depreciation) | (145) | (259) |

| Depreciation | (7) | (15) |

| Interest | (11) | (20) |

| Exceptional Item | (1) | (11) |

| Share of Profit from Associates | 3 | 2 |

| Profit Before Tax (PBT) | 130 | 301 |

| Tax | (2) | (33) |

| Net Profit | 128 | 268 |

Balance Sheet (as of Mar 31, 2026, INR Crores):

| Particulars | Amount |

| Fixed Assets | 334 |

| Financial Assets | 28 |

| Other Non-Current Assets | 52 |

| Current Assets | 645 |

| Total Assets | 1,059 |

| Equity | 468 |

| Non-Current Liabilities | 136 |

| Current Liabilities | 455 |

| Total Liabilities | 1,059 |

Strategic Priorities

Focus on driving growth in Core and Transformational areas while unlocking further value through margin expansion:

  • Deploying combination of organic and inorganic growth levers
  • Accelerating transfer of work from UK to India with upcoming state-of-the art facility in Sri City
  • Leveraging Delegatory approvals for driving transfer at rapid pace
  • Combination of organic and inorganic levers to build complementary value chain capabilities presence in large USA market

Board of Directors

Lt General B. S. Raju (PVSM, UYSM, AVSM, YSM) - Non-Executive Independent Director

  • 40+ Year of Experience, 44th Vice Chief of the Indian Army Staff
  • Director General Military Operations of India

Amb Dr. T V Nagendra Prasad - Non-Executive Independent Director

  • 30+ Years of Experience, Senior IFS Officer of 1993 Batch
  • Recently retired Ambassador to Kazakhstan, Former Consul General of India, San Francisco

Kalyan Vijay Sivalenka, CFA - Non-Executive Independent Director

  • 20+ Years of Experience, reputed finance professional
  • Managing Partner at Hyderabad Angels Venture Advisory

Dr. Uma Garimella - Non-Executive Independent Director

  • 35+ Years of Experience, distinguished academician
  • Held posts at University of Hyderabad, JNTU, and IIIT - Sri City

Suryanarayana Raju Nandyala - Non-Executive Independent Director

  • 25+ Years of Experience, leading entrepreneur with forays into multiple industry segments

Leona Ambuja - Non-Executive Director

  • 12+ Years of Experience in Accounting, Taxation and Compliance, with knowledge in Structured Financing

Kartheek Raju - Non-Executive Director

  • 15+ Years of Experience, key member of iLabs
  • Spearheading investments in pharma, life sciences, A&D, manufacturing and power sectors

Key Management Personnel

Sunil Kumar Kalidindi - Group CEO

  • 20+ Years of Experience, instrumental in transforming Sigma into leading Aerospace and Defense manufacturer

Cheemarla Damodar Reddy - Whole Time Director, India Operations

  • 35+ Years of Experience, co-founder Director of Sigma Advanced Systems
  • Distinguished technocrat in field of Electronics and Communications

Sanjay Pukalay - President, Defense Division

  • 35+ Years of Experience, co-founder Director of Sigma Advanced Systems
  • Extensive experience in strategic programs, customer engagement, and transformation initiatives

John Rooney - President, International Operations

  • 25+ Years of Experience, previously served as COO at Nasmyth
  • ~16 years' experience at Gardner Aerospace including roles as CTO and Director of Operations

Sudharsan Manivel - President, Aerospace Division

  • ~22 Years of Experience in engineering, aluminum castings, and precision components
  • Led VJP Aluminum Foundry and founded VAF Aero Systems

Shridhar Thathachary - CFO

  • ~40 Years of Experience, serving as CFO since Jan 2007
  • Prior experience at You Telecom India, Godrej Telecom, and UB Group

Dr. Pramod Raju - President, Corporate Finance and M&A

  • ~27 Years of Experience, instrumental in implementation of inorganic growth strategy
  • Prior experience at Goldman Sachs, UBS and Atria Power

Market Outlook and Growth Drivers

Indian Defense Market:

  • India is world's fifth largest defence spender but second-largest importer of defence equipment
  • India's defence spending to GDP at 1.9% near lowest level ever
  • Expect capital outlay on defence to increase by 6.5X (Over FY25E) to US $122bn in FY47E
  • India's FY26 defence budget is ~$78.7Bn (+9.5% YoY), with strong domestic procurement focus
  • ~$223Bn capex pipeline supported by indigenization, policy reforms, and rising private sector participation
  • Ministry of Defence has notified five indigenization lists (5,012 items), with 3,002 already indigenized

Aerospace Market:

  • Global aerospace market expected to ~2x from USD 402.8 Bn (2025) to USD 846.3 Bn by 2035, driven by ~7.7% CAGR
  • Structural demand tailwinds from rising air travel, defense spending, and fleet modernization cycles
  • High-growth adjacencies such as MRO, space exploration, and space tourism expanding total addressable market
  • Technology-led upgrade cycle improving economics and accelerating replacement demand

Investor Relations Contacts

Prayasi Patel - Go India Advisors

  • prayasi@goindiaadvisors.com, M: +91 9653602085

Khushbu Singhania - Go India Advisors

  • khushbu@goindiaadvisors.com, M: +91 8591190410