Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹187Cr
Rev Gr TTM
Revenue Growth TTM
-2.68%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

TRIGYN
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 18.6 | 13.1 | -2.3 | -9.7 | 3.1 | -25.0 | -34.3 | -32.6 | -28.3 | -7.2 | 16.4 | 24.8 |
| 316 | 305 | 300 | 323 | 317 | 232 | 203 | 207 | 234 | 227 | 240 | 258 |
Operating Profit Operating ProfitCr |
| 2.5 | 5.5 | 5.1 | -5.4 | 5.2 | 3.9 | 2.1 | -0.3 | 2.3 | -1.0 | 0.9 | 0.1 |
Other Income Other IncomeCr | 2 | 3 | 3 | 2 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 3 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 1 | 1 | 0 |
Depreciation DepreciationCr | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 8 | 19 | 17 | -16 | 18 | 12 | 6 | 2 | 7 | 1 | 5 | 2 |
| 5 | 7 | 6 | 6 | -1 | 4 | 5 | 1 | 4 | 5 | -1 | 1 |
|
Growth YoY PAT Growth YoY% | -30.2 | 103.5 | 0.5 | -243.6 | 632.8 | -37.1 | -96.7 | 105.6 | -86.5 | -160.6 | 1,363.9 | -43.9 |
| 0.8 | 3.8 | 3.4 | -7.2 | 5.7 | 3.1 | 0.2 | 0.6 | 1.1 | -2.0 | 2.2 | 0.3 |
| 0.8 | 3.9 | 3.5 | -7.2 | 6.2 | 2.5 | 0.1 | 0.4 | 0.8 | -1.5 | 1.7 | 0.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 9.1 | 26.7 | 8.7 | 0.8 | 30.7 | 1.8 | 8.2 | 5.6 | 22.3 | 0.6 | -29.8 | 7.4 |
| 457 | 563 | 612 | 623 | 810 | 833 | 893 | 975 | 1,212 | 1,245 | 880 | 959 |
Operating Profit Operating ProfitCr |
| 7.4 | 9.8 | 9.9 | 8.9 | 9.4 | 8.5 | 9.3 | 6.3 | 4.8 | 2.7 | 2.0 | 0.6 |
Other Income Other IncomeCr | 5 | 2 | 1 | 1 | -4 | 5 | 3 | 3 | 6 | 12 | 17 | 15 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 3 | 2 | 2 | 3 | 4 |
Depreciation DepreciationCr | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 7 | 7 | 7 | 5 | 4 |
| 40 | 62 | 66 | 60 | 78 | 78 | 89 | 59 | 58 | 38 | 26 | 14 |
| 16 | 24 | 27 | 20 | 30 | 28 | 27 | 20 | 24 | 18 | 15 | 9 |
|
| -69.7 | 56.7 | 1.8 | 1.1 | 22.8 | 3.4 | 24.1 | -37.2 | -11.3 | -42.4 | -41.0 | -66.8 |
| 5.0 | 6.1 | 5.8 | 5.8 | 5.4 | 5.5 | 6.3 | 3.8 | 2.7 | 1.6 | 1.3 | 0.4 |
| 8.3 | 13.0 | 13.2 | 13.2 | 16.0 | 16.3 | 20.2 | 12.7 | 11.3 | 6.5 | 3.8 | 1.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 29 | 29 | 30 | 30 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| 218 | 259 | 295 | 336 | 402 | 473 | 527 | 577 | 650 | 679 | 703 | 731 |
Current Liabilities Current LiabilitiesCr | 51 | 55 | 55 | 73 | 97 | 104 | 115 | 140 | 164 | 160 | 150 | 140 |
Non Current Liabilities Non Current LiabilitiesCr | 1 | 2 | 3 | 3 | 11 | 10 | 10 | 7 | 11 | 12 | 13 | 15 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 172 | 219 | 243 | 289 | 372 | 410 | 462 | 518 | 552 | 682 | 720 | 733 |
Non Current Assets Non Current AssetsCr | 126 | 127 | 142 | 158 | 169 | 208 | 221 | 237 | 304 | 191 | 183 | 183 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 0 | 52 | 46 | 15 | -18 | -1 | 80 | 45 | -52 | 126 | 51 |
Investing Cash Flow Investing Cash FlowCr | 1 | 0 | 1 | -2 | -3 | -11 | -1 | -31 | -63 | 68 | 16 |
Financing Cash Flow Financing Cash FlowCr | -2 | -1 | -1 | -1 | 7 | -5 | -5 | -6 | -3 | -4 | -3 |
|
Free Cash Flow Free Cash FlowCr | 0 | 51 | 45 | 13 | -18 | -15 | 77 | 29 | -58 | 125 | 51 |
| 0.1 | 135.5 | 118.3 | 38.9 | -36.5 | -2.1 | 129.0 | 115.1 | -150.2 | 631.0 | 437.5 |
CFO To EBITDA CFO To EBITDA% | 0.1 | 84.5 | 68.6 | 25.1 | -20.9 | -1.3 | 87.0 | 68.8 | -85.7 | 362.5 | 291.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 104 | 197 | 339 | 386 | 221 | 70 | 191 | 414 | 283 | 288 | 208 |
Price To Earnings Price To Earnings | 4.2 | 5.1 | 8.7 | 9.8 | 4.6 | 1.4 | 3.1 | 10.6 | 8.2 | 14.4 | 17.7 |
Price To Sales Price To Sales | 0.2 | 0.3 | 0.5 | 0.6 | 0.3 | 0.1 | 0.2 | 0.4 | 0.2 | 0.2 | 0.2 |
Price To Book Price To Book | 0.4 | 0.7 | 1.1 | 1.1 | 0.5 | 0.1 | 0.3 | 0.7 | 0.4 | 0.4 | 0.3 |
| 2.5 | 2.1 | 3.4 | 4.3 | 1.2 | -0.7 | 0.1 | 3.2 | 2.5 | -1.3 | -10.8 |
Profitability Ratios Profitability Ratios |
| 99.9 | 99.5 | 99.7 | 98.8 | 93.5 | 98.5 | 98.3 | 99.7 | 97.3 | 98.8 | 99.8 |
| 7.4 | 9.8 | 9.9 | 8.9 | 9.4 | 8.5 | 9.3 | 6.3 | 4.8 | 2.7 | 2.0 |
| 5.0 | 6.1 | 5.8 | 5.8 | 5.4 | 5.5 | 6.3 | 3.8 | 2.7 | 1.6 | 1.3 |
| 16.5 | 21.9 | 20.7 | 16.6 | 18.0 | 15.7 | 16.1 | 10.0 | 8.8 | 5.6 | 3.9 |
| 9.9 | 13.3 | 12.0 | 10.8 | 11.2 | 9.9 | 11.1 | 6.4 | 5.1 | 2.8 | 1.6 |
| 8.2 | 11.1 | 10.1 | 8.8 | 9.0 | 8.1 | 9.1 | 5.2 | 4.0 | 2.3 | 1.3 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Trigyn Technologies Limited, founded in 1986, is a global IT services and solutions provider delivering end-to-end digital transformation to governments, intergovernmental organizations, Fortune 500 companies, and public sector agencies. The company operates in over 25 countries across North America, Europe, Asia, and Africa, with its U.S. subsidiary headquartered in Edison, New Jersey. Trigyn is publicly listed on India’s National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
As of 2025, Trigyn has transitioned from being a traditional IT staffing and services provider to a strategic, AI-led technology partner focused on scalable innovation, digital government modernization, and enterprise digitalization.
---
### **Strategic Transformation (FY2024–2026)**
Trigyn has undergone a significant organizational and strategic transformation in recent years, driven by:
- **Loss of a major contract in FY2023–2024**, leading to restructuring efforts and diversification of business mix.
- Appointment of a **new senior leadership team** in 2025, including a new CEO, CTO, and Chief Delivery Officer, who are spearheading an AI-first strategy.
- A deliberate shift toward **high-value, outcome-based engagements** in AI, cloud modernization, data analytics, cybersecurity, and digital government platforms.
Despite an overall year-over-year revenue decline linked to the prior contract loss, the company successfully achieved **~30% growth in placements of billable resources for U.S.-based clients** during FY2024–2025 — a strong signal of improved competitiveness in key markets.
---
### **Core Business Model & Service Offerings**
Trigyn operates under a **single reportable segment**: *Communication and Information Technology Staffing Support Services*. However, its offerings have evolved into strategic, vertically integrated solutions:
#### **Flagship Services (AI-First Approach)**
- **AI-Enhanced Enterprise Digitalization & Process Intelligence**: For workflow automation and real-time decision-making.
- **Cloud Services & AI Ops**: AI-driven monitoring, predictive analytics, and cost/performance optimization in multi-cloud environments.
- **Data Platforms, Analytics & MLOps**: Helping clients build governed, scalable data ecosystems and deploy machine learning models.
- **AI-Powered Smart City & IoT Solutions**: Leveraging computer vision, sensor networks, and edge computing for urban mobility, energy, and citizen services.
- **Healthcare & Medicaid Technology Services**: Modernizing public health systems with AI-assisted compliance, claims processing, and predictive analytics. Key player in ACA (Healthcare.gov) and CMS initiatives.
- **Security & Risk Management**: AI-powered threat intelligence, automated monitoring, and zero-trust frameworks for evolving cyber threats.
---
### **Technology Partnerships & Ecosystem**
Trigyn leverages a **three-tiered partnership model** to enhance scalability and innovation:
1. **Global Hyperscalers & Platform Providers**:
Strategic alliances with **Microsoft, AWS, IBM, SAP, and Oracle** for secure, scalable, and enterprise-grade cloud infrastructure and application platforms.
2. **Emerging AI & Generative AI Innovators**:
Collaboration with cutting-edge startups and AI labs to integrate capabilities like **NLP, computer vision, and intelligent automation** into client offerings.
3. **Niche Domain Specialists**:
Partnerships with specialized vendors to deliver tailored solutions in government, healthcare, public safety, and critical infrastructure.
The company also promotes **open-source technologies** where they offer cost efficiency and flexibility, engaging actively with open-source communities.
---
### **Innovation & Delivery Model**
Trigyn’s **NextGen Delivery Model** emphasizes agility, automation, AI integration, and customer-centric outcomes:
- **Centers of Excellence (CoEs)** established in AI, Data Engineering, Cloud, Cybersecurity, and IoT.
- Use of **reusable AI/ML accelerators and modular frameworks** to reduce time-to-value and ensure consistent, scalable deployments.
- **Agile and POD-based delivery teams** enabling faster development cycles and enhanced collaboration.
- Shift from project-based to **outcome-based engagements**, focused on measurable business impact (e.g., reduced costs, improved compliance, optimized performance).
---
### **Global Delivery & Operations**
- Anchored by its **Offshore Development Center (ODC) in Mumbai**, which supports round-the-clock development, testing, maintenance, and managed services.
- Delivers via multiple service models: **Staff Augmentation, Managed Services, Offshore Development, and Business Process Outsourcing (BPO)**.
- Over **2,500 professionals** deployed globally as of early 2025, with strong presence in the U.S., Canada, Europe, and Asia.
- Serves clients in complex and remote environments, including under challenging connectivity conditions.
---
### **Market Positioning & Growth Strategy**
#### **Target Markets**
- **Digital Government Platforms**: Especially in healthcare IT, Medicaid modernization, public safety, and smart city infrastructure.
- **U.S. Public Sector Expansion**: Reinforced by GSA Multiple Award Schedule (MAS) contract (GS-35F-139A), enabling streamlined access to federal, state, and local government opportunities.
- **ESG-Driven IT Solutions**: Aligning services with environmental, social, and governance mandates.
- **International Organizations & Enterprises**: Including UN agencies, multilateral institutions, and private sector clients.
#### **Growth Levers**
- Deepening client relationships through transformational outcomes.
- Geographic expansion beyond the U.S., targeting emerging markets and ESG-aligned tech projects.
- Scaling AI-led innovation via CoEs and reusable technology assets.
- Investing in **talent transformation** programs to address shortages in AI, cloud, and cybersecurity.
---
### **Client Base & Certifications**
#### **Key Clients Include:**
- U.S. federal, state, and local governments (e.g., CMS, State of Maryland, New Jersey, NYC)
- Intergovernmental organizations (e.g., UN agencies)
- Fortune 500 corporations across finance, pharma, manufacturing, and distribution
#### **Certifications & Standards:**
- **ISO 9001:2015** – Quality Management
- **ISO 27001:2013** – Information Security Management
- **ISO 20000-1:2018** – IT Service Management
- **ISO 14001:2015** – Environmental Management (as of 2024)
- **CMMI Development Maturity Level 5 (V2.0)** – Highest benchmark for process maturity and software development excellence
---
### **Financial & Operational Highlights (FY2024–2025)**
- Achieved **~30% YoY growth in U.S. billable resource placements** despite macroeconomic headwinds and contract loss.
- Diversified revenue streams and improved business mix: reduced dependency on any single client or service line.
- Strengthened **financial foundation and innovation roadmap** for FY2025–2026, with strategic investments expected to fully materialize in the current fiscal period.
- Focused reinvestment in AI accelerators, global talent hubs, and digital delivery capabilities.