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Cigniti Technologies Ltd

CIGNITITEC·NSE
1,260.300.00%Thu, 14 May '26

Cigniti Technologies Ltd

CIGNITITEC
NSE
1,260.30
0.00%
|Thu, 14 May '26
SOICxStockScans Reports
6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
3,472Cr
Close
Close Price
1,260.30
Industry
Industry
IT - Software
PE
Price To Earnings
11.50
PS
Price To Sales
1.57
Revenue
Revenue
2,211Cr
Rev Gr TTM
Revenue Growth TTM
13.99%
PAT Gr TTM
PAT Growth TTM
95.93%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
425440452468456469499516530534567579
Growth YoY
Revenue Growth YoY%
23.516.38.49.37.26.610.510.316.414.013.612.2
Expenses
ExpensesCr
357377387403426419434431441445471476
Operating Profit
Operating ProfitCr
6862656530506585908996104
OPM
OPM%
16.114.114.313.86.610.613.016.516.916.617.017.9
Other Income
Other IncomeCr
455716-241891782010
Interest Expense
Interest ExpenseCr
111111111112
Depreciation
DepreciationCr
778888988865
PBT
PBTCr
64596163371773869789110108
Tax
TaxCr
15141615106202224232827
PAT
PATCr
494546482711536473668380
Growth YoY
PAT Growth YoY%
117.943.710.43.2-44.9-76.415.332.4169.7527.656.126.3
NPM
NPM%
11.610.110.210.36.02.210.612.313.812.314.613.9
EPS
EPS
18.116.316.817.69.93.919.423.326.623.930.029.1
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
425440452468456469499516530534567579
Growth YoY
Revenue Growth YoY%
23.516.38.49.37.26.610.510.316.414.013.612.2
Expenses
ExpensesCr
357377387403426419434431441445471476
Operating Profit
Operating ProfitCr
6862656530506585908996104
OPM
OPM%
16.114.114.313.86.610.613.016.516.916.617.017.9
Other Income
Other IncomeCr
455716-241891782010
Interest Expense
Interest ExpenseCr
111111111112
Depreciation
DepreciationCr
778888988865
PBT
PBTCr
64596163371773869789110108
Tax
TaxCr
15141615106202224232827
PAT
PATCr
494546482711536473668380
Growth YoY
PAT Growth YoY%
117.943.710.43.2-44.9-76.415.332.4169.7527.656.126.3
NPM
NPM%
11.610.110.210.36.02.210.612.313.812.314.613.9
EPS
EPS
18.116.316.817.69.93.919.423.326.623.930.029.1

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
3795956196938168728971,2421,6481,8152,0142,211
Growth
Revenue Growth%
46.257.04.111.917.76.82.838.532.710.211.014.0
Expenses
ExpensesCr
3414976416426837437511,1131,4101,5931,7251,833
Operating Profit
Operating ProfitCr
3898-2252133129145129238222289379
OPM
OPM%
10.016.5-3.67.516.314.816.210.414.412.214.317.1
Other Income
Other IncomeCr
23-33212722131315332056
Interest Expense
Interest ExpenseCr
361617158654434
Depreciation
DepreciationCr
511173311121626303426
PBT
PBTCr
3184-38733142131141122222220272404
Tax
TaxCr
63481-593630535572102
PAT
PATCr
2650-3953214712210592168166200302
Growth
PAT Growth%
0.693.3-894.8108.2358.0-17.5-13.4-12.983.5-1.620.995.9
NPM
NPM%
6.88.3-63.84.618.113.911.87.410.29.19.913.7
EPS
EPS
11.019.9-151.112.153.643.937.832.761.360.772.8109.6
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
3795956196938168728971,2421,6481,8152,0142,211
Growth
Revenue Growth%
46.257.04.111.917.76.82.838.532.710.211.014.0
Expenses
ExpensesCr
3414976416426837437511,1131,4101,5931,7251,833
Operating Profit
Operating ProfitCr
3898-2252133129145129238222289379
OPM
OPM%
10.016.5-3.67.516.314.816.210.414.412.214.317.1
Other Income
Other IncomeCr
23-33212722131315332056
Interest Expense
Interest ExpenseCr
361617158654434
Depreciation
DepreciationCr
511173311121626303426
PBT
PBTCr
3184-38733142131141122222220272404
Tax
TaxCr
63481-593630535572102
PAT
PATCr
2650-3953214712210592168166200302
Growth
PAT Growth%
0.693.3-894.8108.2358.0-17.5-13.4-12.983.5-1.620.995.9
NPM
NPM%
6.88.3-63.84.618.113.911.87.410.29.19.913.7
EPS
EPS
11.019.9-151.112.153.643.937.832.761.360.772.8109.6

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
252627272828282827272728
Reserves
ReservesCr
244334-67-201232393444325627119361,101
Current Liabilities
Current LiabilitiesCr
110274243210149174127197221235249326
Non Current Liabilities
Non Current LiabilitiesCr
522621739334136332725
Total Liabilities
Total LiabilitiesCr
3846362282383084805326988461,0061,2391,479
Current Assets
Current AssetsCr
2422811541712353694295566778631,0941,337
Non Current Assets
Non Current AssetsCr
142355746773111104141169143145142
Total Assets
Total AssetsCr
3846362282383084805326988461,0061,2391,479
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
252627272828282827272728
Reserves
ReservesCr
244334-67-201232393444325627119361,101
Current Liabilities
Current LiabilitiesCr
110274243210149174127197221235249326
Non Current Liabilities
Non Current LiabilitiesCr
522621739334136332725
Total Liabilities
Total LiabilitiesCr
3846362282383084805326988461,0061,2391,479
Current Assets
Current AssetsCr
2422811541712353694295566778631,0941,337
Non Current Assets
Non Current AssetsCr
142355746773111104141169143145142
Total Assets
Total AssetsCr
3846362282383084805326988461,0061,2391,479

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
-28115-48351278714538157129160
Investing Cash Flow
Investing Cash FlowCr
-51-203-3-3-7-136-44-52-56-38-18
Financing Cash Flow
Financing Cash FlowCr
1085253-29-135-13-14-20-69-40-18
Net Cash Flow
Net Cash FlowCr
28-3023-15-6287-343252125
Free Cash Flow
Free Cash FlowCr
-8224-51321188014218144124147
CFO To PAT
CFO To PAT%
-109.4232.112.2108.786.271.2137.541.693.478.279.9
CFO To EBITDA
CFO To EBITDA%
-73.9117.7218.767.695.767.399.629.666.158.455.3
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
-28115-48351278714538157129160
Investing Cash Flow
Investing Cash FlowCr
-51-203-3-3-7-136-44-52-56-38-18
Financing Cash Flow
Financing Cash FlowCr
1085253-29-135-13-14-20-69-40-18
Net Cash Flow
Net Cash FlowCr
28-3023-15-6287-343252125
Free Cash Flow
Free Cash FlowCr
-8224-51321188014218144124147
CFO To PAT
CFO To PAT%
-109.4232.112.2108.786.271.2137.541.693.478.279.9
CFO To EBITDA
CFO To EBITDA%
-73.9117.7218.767.695.767.399.629.666.158.455.3

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,0661,0671,0186288995428811,2012,0913,4583,9993,472
Price To Earnings
Price To Earnings
42.021.520.16.14.58.413.112.120.920.011.5
Price To Sales
Price To Sales
2.81.81.60.91.10.61.01.01.31.92.01.6
Price To Book
Price To Book
4.03.0-24.993.66.02.02.42.63.44.74.23.1
EV To EBITDA
EV To EBITDA
28.212.2-51.714.26.94.55.59.08.615.113.18.7
Profitability Ratios
Profitability Ratios
GPM
GPM%
99.299.798.098.286.584.682.079.079.982.983.583.5
OPM
OPM%
10.016.5-3.67.516.314.816.210.414.412.214.317.1
NPM
NPM%
6.88.3-63.84.618.113.911.87.410.29.19.913.7
ROCE
ROCE%
11.018.5-376.937.669.935.735.123.435.028.227.836.1
ROE
ROE%
9.613.8967.4467.597.845.528.319.928.622.420.826.8
ROA
ROA%
6.77.8-173.213.547.925.319.813.219.916.516.120.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,0661,0671,0186288995428811,2012,0913,4583,9993,472
Price To Earnings
Price To Earnings
42.021.520.16.14.58.413.112.120.920.011.5
Price To Sales
Price To Sales
2.81.81.60.91.10.61.01.01.31.92.01.6
Price To Book
Price To Book
4.03.0-24.993.66.02.02.42.63.44.74.23.1
EV To EBITDA
EV To EBITDA
28.212.2-51.714.26.94.55.59.08.615.113.18.7
Profitability Ratios
Profitability Ratios
GPM
GPM%
99.299.798.098.286.584.682.079.079.982.983.583.5
OPM
OPM%
10.016.5-3.67.516.314.816.210.414.412.214.317.1
NPM
NPM%
6.88.3-63.84.618.113.911.87.410.29.19.913.7
ROCE
ROCE%
11.018.5-376.937.669.935.735.123.435.028.227.836.1
ROE
ROE%
9.613.8967.4467.597.845.528.319.928.622.420.826.8
ROA
ROA%
6.77.8-173.213.547.925.319.813.219.916.516.120.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Cigniti Technologies is a digital assurance and engineering partner that tests and builds the software behind the world’s largest companies - from banking apps to hospital systems - using its own AI platforms to catch defects before they reach users. Born in 1998 as a small IT shop in Hyderabad and later repositioned as a pure-play software testing firm, the company was acquired by Coforge Limited in 2024 and formally merged into it in 2026, capping a journey from niche tester to full-cycle digital engineering house. Its recurring approach is an “IP and platform-led” model: it builds proprietary tools like BlueSwan and Zastra, then wraps them in services that let enterprises ship software faster and with fewer failures. # Business segments A single engine with two complementary strokes - digital assurance, the legacy testing backbone that still drives the bulk of the work, and digital engineering, the newer build-and-modernise practice that grew out of it - both fuelled by the same proprietary AI platforms. ## 1. Digital assurance and quality engineering: the testing engine that pays the bills **Cigniti tests other companies’ software so they do not ship broken apps - it is the quality gate for mobile banking, airline booking, medical-device and smart-grid systems, running on a mix of its own AI tools and deep domain labs.** - **Paid mostly by the hour** - contracts are predominantly time-and-material, typically lasting 6 to 18 months, with a small slice of outcome-based deals that earn slightly higher margins. That means revenue grows as headcount grows, and the company keeps roughly four-fifths of its people offshore to manage cost. - **Proprietary platforms cut the grunt work** - its BlueSwan suite includes iNSta, a self-healing test-automation tool that has helped some customers achieve a 44% reduction in execution time with 75% more automation coverage, and InCight, which monitors real-world phone conditions like battery and signal strength to measure digital experience. These platforms have been used to assure over 10,000 applications, so the tools are proven at scale. - **Domain labs create stickiness** - dedicated centres of excellence for healthcare and life sciences, energy and utilities, and medical devices, and an insurance domain competency group, house reusable test assets and specialised know-how, such as experience with Cerner and Epic hospital systems or smart-meter data management. Clients stay because the alternative is rebuilding that expertise themselves. - **Analyst recognition is the sales credential** - six consecutive years in Gartner’s Magic Quadrant for application testing and a “Leader” ranking from Everest Group in 2023 signal to Fortune 500 buyers that Cigniti is a safe pair of hands. - **AI assurance is the new frontier** - the company now validates clients’ own AI and GenAI models, using risk-based testing and observability frameworks to ensure deployments are trusted, explainable and ethical, which matters as enterprises scramble to adopt generative AI safely. ## 2. Digital engineering: the build-and-modernise practice growing on top of testing **Cigniti does not just test software anymore - it builds, migrates and modernises it, using the same AI-first playbook, though this younger practice still contributes roughly a tenth of revenue.** - **Built on an acquired foundation** - the 2022 purchase of Aparaa Digital (branded RoundSqr), an AI, data and blockchain shop with 95 people, brought in the Zastra annotation platform and a consulting-led digital transformation capability that Cigniti lacked. That is how a testing company gained credibility in computer vision and data engineering. - **Zastra trains the eyes of AI** - the platform is an enterprise-grade annotation tool for computer-vision projects, letting clients label and refine training data for use cases like visual recognition and natural-language processing. Forrester took notice, listing it in a 2023 computer-vision tools landscape report. - **Cloud migration is the practical entry point** - the engineering team handles cloud-native development, infrastructure-as-code validation and chaos engineering across AWS, Azure, Google Cloud and IBM Cloud, so a client modernising a legacy app can get both the build and the assurance from one vendor. - **Enterprise AI ties it together** - Cigniti frames its AI work in three buckets: Assurance AI (making AI safe), Engineering AI (building and deploying models) and Digital AI (embedding AI algorithms and models into digital systems), which lets it sell strategy, development and testing as a single AI/ML project. - **Recognition is early but directional** - ISG named it a “Product Challenger” in digital engineering services for the US and Europe, and HFS called it a “disruptor” in generative enterprise services, suggesting the market is beginning to see it as more than a testing firm. # Group structure and partners **Cigniti is now fully absorbed into Coforge Limited, but before the merger it operated as a parent company with eight foreign subsidiaries, two Indian subsidiaries and a network of cloud, automation and testing-tool partners that extended its reach into 24 countries.** - **Acquired and amalgamated** - Coforge bought a 54% stake from the promoters and public shareholders in 2024, then merged Cigniti into itself under a scheme effective May 2026, with Cigniti shareholders receiving one Coforge share for every one Cigniti share held after a stock-split adjustment. - **Global delivery footprint** - before the merger, Cigniti ran offices across the US, Canada, UK, Australia, Singapore, Czech Republic, Costa Rica, South Africa and Dubai, with the Prague centre acting as a nearshore hub for European clients. - **Cloud and tooling alliances** - partnerships with AWS, Azure, Google Cloud and IBM Cloud underpin its cloud assurance work, while ties to UiPath, Blue Prism, Tricentis, Micro Focus and dozens of DevOps tools mean it can slot into almost any client’s existing toolchain.

Documents — Cigniti Technologies Ltd

  • Q3 FY2024 Earnings Call Transcript (Dec 2023, PDF): https://www.stockscans.in/document/3crejj26fxn0djnof4waa44g.pdf
  • Q2 FY2024 Earnings Call Transcript (Sep 2023, PDF): https://www.stockscans.in/document/zvw3h4s8fa4u1o99mit7oifi.pdf
  • Q1 FY2024 Earnings Call Transcript (Jun 2023, PDF): https://www.stockscans.in/document/6qdcmp00aa83mdbz6xxq14qb.pdf
  • Q4 FY2023 Earnings Call Transcript (Mar 2023, PDF): https://www.stockscans.in/document/nps6i9oz6az7txtwckemb1to.pdf
  • Q3 FY2023 Earnings Call Transcript (Dec 2022, PDF): https://www.stockscans.in/document/vr8o6qatkqcogr711y4qbpyh.pdf
  • Q2 FY2023 Earnings Call Transcript (Sep 2022, PDF): https://www.stockscans.in/document/fethey5venbwfwnqetdf5fk5.pdf
  • Q1 FY2023 Earnings Call Transcript (Jun 2022, PDF): https://www.stockscans.in/document/fkzi2430t5zf63sw1ei9draw.pdf
  • Q3 FY2022 Earnings Call Transcript (Dec 2021, PDF): https://www.stockscans.in/document/f71s6oi93viz4xzng5zpumv4.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/5hyjiz98u3uoceq8obsir203.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/ouzmxhwgis6r4erifath8n3d.pdf
  • Q1 FY2026 Quarterly Result (Jun 2025, PDF): https://www.stockscans.in/document/8jq4c9p3glv2xuyh4y57c3gl.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/zs5359uk2y8qko629td64tx7.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/d97zzipkq2ugmpkq4t95kwis.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/fka2tw8f9ju3rc87x6qarw2f.pdf
  • Q1 FY2025 Quarterly Result (Jun 2024, PDF): https://www.stockscans.in/document/l1rlnswia4c0fcot36dt82ri.pdf
  • Q4 FY2024 Quarterly Result (Mar 2024, PDF): https://www.stockscans.in/document/pfk0pyadjuyy88ln57myvslh.pdf
  • Q3 FY2024 Investor Presentation (Dec 2023, PDF): https://www.stockscans.in/document/jalv634hvu553apg5k7lr5wb.pdf
  • Q2 FY2024 Investor Presentation (Sep 2023, PDF): https://www.stockscans.in/document/a5m9oq43i6mvjsnc3w92d7mq.pdf
  • Q1 FY2024 Investor Presentation (Jun 2023, PDF): https://www.stockscans.in/document/uanv3mhfafvfcf0dn57dintr.pdf
  • Q4 FY2023 Investor Presentation (Mar 2023, PDF): https://www.stockscans.in/document/9prkzoh7e0vi8b6ibv6mdool.pdf
  • Q3 FY2023 Investor Presentation (Dec 2022, PDF): https://www.stockscans.in/document/m3gwk9fldzqftmdrk7vrvwlb.pdf
  • Q2 FY2023 Investor Presentation (Sep 2022, PDF): https://www.stockscans.in/document/q9nks3103ymblatq2mr3w3qd.pdf
  • Q1 FY2023 Investor Presentation (Jun 2022, PDF): https://www.stockscans.in/document/y4comcltoj7d4ji5av5s85sk.pdf
  • Q4 FY2022 Investor Presentation (Mar 2022, PDF): https://www.stockscans.in/document/novua1d96o5d5e9grx1sr3u0.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/tipejw2npy4mt4n38wy3j6c1.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/4278dxwtzr49wfioqnya4wm6.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/etwl4w9y902kj0kkit23c0at.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/os29by011ef2u4otycfncyou.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/hph9xtg2qff4bu4sg5uq7au2.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/i7zai15o8r2oo212tfxgxtps.pdf

Concall Transcript Summaries — Cigniti Technologies Ltd

  • Q3 FY2024 Concall Transcript Summary (Dec 2023): https://www.stockscans.in/company/NSE%3ACIGNITITEC/transcript-notes/202312/3crejj26fxn0djnof4waa44g.pdf
  • Q2 FY2024 Concall Transcript Summary (Sep 2023): https://www.stockscans.in/company/NSE%3ACIGNITITEC/transcript-notes/202309/zvw3h4s8fa4u1o99mit7oifi.pdf
  • Q1 FY2024 Concall Transcript Summary (Jun 2023): https://www.stockscans.in/company/NSE%3ACIGNITITEC/transcript-notes/202306/6qdcmp00aa83mdbz6xxq14qb.pdf
  • Q4 FY2023 Concall Transcript Summary (Mar 2023): https://www.stockscans.in/company/NSE%3ACIGNITITEC/transcript-notes/202303/nps6i9oz6az7txtwckemb1to.pdf
  • Q3 FY2023 Concall Transcript Summary (Dec 2022): https://www.stockscans.in/company/NSE%3ACIGNITITEC/transcript-notes/202212/vr8o6qatkqcogr711y4qbpyh.pdf
  • Q2 FY2023 Concall Transcript Summary (Sep 2022): https://www.stockscans.in/company/NSE%3ACIGNITITEC/transcript-notes/202209/fethey5venbwfwnqetdf5fk5.pdf
  • Q1 FY2023 Concall Transcript Summary (Jun 2022): https://www.stockscans.in/company/NSE%3ACIGNITITEC/transcript-notes/202206/fkzi2430t5zf63sw1ei9draw.pdf