Sify Technologies Ltd SIFY

Communication ServicesTelecommunications ServicesIndia

Last close 12.78 USD on Nov 2, 2026, +4.8% year to date

Quant rating

Quant rating C Rank 103 of 152 in Communication Services

Growth C 86 of 152
Valuation C 105 of 152
Quality D 130 of 152
Revisions B 36 of 152
Momentum C 93 of 152

Wall Street consensus Average target 27.00 USD +111.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 926M
Enterprise value: 1.4B
52-week range: 10.10 – 17.85
3-year range: 1.92 – 17.85
Dividend yield: –
Beta (5 years): 1.37
Shares outstanding: 435M
Next earnings: Jan 11, 2027

About the company

Sify Technologies Limited is an India-based integrated information communications technology (ICT) solutions and services provider in India. Its segments include Network centric services, Data Center Services, and Digital Services. The Network centric services segment consists of domestic data, international data, and wholesale voice. The Data Center Services segment consists of co-location services, cross connects, and other allied managed services. The Digital Services segment consists of cloud and managed services, network managed services, applications integration services, and technology integration services. Its network centric services include a range of internet protocol-based virtual private network offerings, including intranets, extranets, and remote access applications for both small and large corporate customers. Its remote and onsite infrastructure management services provide management and support of customer operating systems, applications, and database layers.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	480	467	428	407	356	–
Revenue growth	2.9%	9.2%	5.2%	14.2%	7.1%	7.6%
EPS (basic, normalized)	−0.03	−0.02	0.02	0.27	0.54	–
EPS growth	–	–	−93.3%	−50.0%	–	–
Gross margin	40.2%	37.5%	37.2%	36.0%	40.6%	38.3%
Net margin	−3.0%	−2.0%	0.5%	2.0%	4.7%	0.4%
ROE	−7.0%	−4.1%	1.0%	4.6%	9.1%	0.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	201
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	480	+2.9%	2.9x	112	−12.6%	12.5x	−0.03	−65.0%	−387.3x
2027	801	+66.9%	1.7x	199	+78.2%	7.0x	0.02	+160.6%	639.0x
2028	996	+24.4%	1.4x	248	+24.6%	5.6x	0.05	+150.0%	255.6x
2029	1,189	+19.3%	1.2x	–	–	–	0.06	+20.0%	213.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	801	0.0%	0.0%	+1.1%	0.02	0.0%	0.0%	0.0%
2028	996	+5.1%	+5.1%	+8.5%	0.05	0.0%	0.0%	0.0%
2029	1,189	–	–	–	0.06	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	116	113	123	124	112	125	121	130	131	131
Sales mean (mil)	149	148	153	152	171	161	162	171	180	187
Surprise	−22.3%	−23.8%	−19.7%	−18.4%	−34.5%	−22.1%	−25.5%	−23.9%	−27.1%	−30.0%
EPS reported	0.01	–	–	–	–	–	–	–	–	–
EPS mean	0.00	0.00	0.00	0.00	0.00	−0.01	−0.01	0.00	0.00	0.00
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SIFY Sify Technologies Ltd	926M	–	−3.0%	–	639.0x	255.6x	7.0x	5.6x
BRTI Bharti Airtel Ltd	130.9B	1.30x	12.7%	7.67x	31.5x	23.9x	10.0x	8.8x
SPCX Space Exploration Technologies Corp	1.85T	–	−26.4%	10.48x	420.4x	39.0x	70.9x	15.4x
TATA Tata Communications Ltd	5.3B	2.58x	4.2%	14.71x	31.4x	22.1x	11.2x	9.6x
ASTS AST SpaceMobile, Inc.	14.1B	−5.02x	−482.2%	7.46x	−16.6x	−30.7x	−42.9x	205.5x
GSAT Globalstar, Inc.	10.7B	−0.37x	−7.1%	36.72x	−159.5x	1,704.1x	75.3x	62.3x
Mean		−0.38x	−83.6%	15.41x	157.7x	335.7x	21.9x	51.2x
Median		0.46x	−5.0%	10.48x	31.5x	31.5x	10.6x	12.5x

Technical analysis

1M−4.0%
3M−12.7%
1Y+9.9%
3Y+30.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Sify Technologies Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	480	467	428	407	356	333
Cost of revenue	287	292	268	260	211	201
Gross profit	193	175	159	146	145	131
Selling, general & administrative expenses	86.9	87.1	78.0	69.8	65.1	62.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	77.8	65.9	57.3	48.3	43.3	38.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.3	–	0	−0.1	0.1	0
Other operating expenses	−4.0	−4.3	−2.2	−1.5	−1.7	−2.1
Operating income	32.0	26.4	26.0	29.8	37.8	32.7
Net interest income (expense)	−42.0	−29.8	−21.1	−17.3	−12.5	−11.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	−0.7	−0.1	−1.0	0.7
Net income before taxes	−10.1	−3.4	4.2	12.4	24.4	21.9
Provision for taxes	4.5	5.8	2.2	4.2	7.8	0.9
Minority interest	–	–	–	0	0	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−14.6	−9.2	2.0	8.2	16.6	20.9
Extraordinary items	–	–	–	–	–	–
Net income	−14.6	−9.2	2.0	8.2	16.6	20.9
EBIT, normalized	32.2	26.4	26.0	29.7	38.0	32.7
EBITDA, normalized	110	92.3	83.3	78.0	81.2	71.4
Basic EPS, normalized	−0.03	−0.02	0.02	0.27	0.54	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Sify Technologies Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	43.8	73.8	64.7	44.4	49.8	69.7
Receivables	164	174	170	179	186	133
Total inventory	31.0	46.3	40.7	23.6	31.7	19.3
Prepaid expenses	12.3	9.7	8.2	9.0	8.0	7.1
Other current assets	14.4	6.9	7.2	16.1	14.4	6.1
Total current assets	266	311	290	272	290	235
Property, plant & equipment	566	559	474	341	278	233
Goodwill	–	–	–	–	0	0.2
Intangibles	6.4	8.2	7.7	7.6	8.4	9.3
Long-term investments	77.2	14.4	14.4	12.7	6.3	2.9
Note receivable	0.7	–	–	0	0	0
Other long-term assets	54.4	81.4	65.5	65.9	37.5	20.7
Total assets	970	973	852	699	620	501
Liabilities
Accounts payable	79.8	142	124	112	65.5	49.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	23.9	19.1	21.5	54.1	59.2
Short-term debt	125	3.8	5.8	11.6	4.9	1.7
Current portion of long-term debt	45.3	85.9	84.5	76.6	100	84.7
Other current liabilities	111	67.8	49.9	46.5	53.4	36.4
Total current liabilities	361	324	283	269	278	231
Long-term debt	350	373	312	215	125	74.0
Minority interest	–	–	–	–	–	–
Other liabilities	56.9	41.5	39.2	30.5	26.4	15.9
Total liabilities	768	738	635	514	429	321
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	46.6	51.0	22.1	22.4	24.2	25.1
Additional paid-in capital	212	231	237	240	259	268
Retained earnings (accumulated deficit)	−61.6	−48.5	−42.6	−78.3	−93.8	−115
Treasury stock	–	–	–	–	–	–
Other equity	5.7	1.7	0.5	0.6	1.0	1.2
Total equity	203	236	217	184	191	180
Total liabilities & shareholders' equity	970	973	852	699	620	501

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Sify Technologies Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	32.2	26.4	2.0	8.2	16.6	20.9
Depreciation, depletion & amortization	77.8	65.9	57.3	48.3	43.3	38.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	1.6	2.2	28.1	25.7	27.2	22.7
Changes in working capital	−34.9	6.7	−27.6	19.3	−57.5	12.8
Cash from operations	76.8	101	59.8	101	29.6	95.3
Investing activities
Capital expenditures	−138	−144	−148	−161	−97.2	−51.4
Other investing cash flows	−0.2	−0.1	1.4	−4.6	−2.9	1.9
Cash from investing	−138	−144	−147	−165	−100	−49.5
Financing activities
Financing cash flow items	−40.2	−41.1	−34.2	−19.8	−14.7	−13.2
Cash dividends paid	0	−0.3	–	–	0	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	95.4	96.7	123	80.0	69.6	21.7
Cash from financing	55.2	55.3	89.3	60.2	54.9	8.5
Foreign exchange effects	0	0	0	0	0	0
Net change in cash	−6.1	12.3	2.0	−3.8	−15.5	54.2
Free cash flow	−61.1	−42.9	−88.7	−59.3	−67.6	43.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.