Annual reportSep 2026
Sep 2026 · Shareholders meeting 29 Aug - FY26 annual report, AGM on 25 Sep 2026, 5% dividend recommended.
Source: Nse
Shigan Quantum Technologies Ltd. (SHIGAN)
SME CapAuto stocks · SME cap · NSE
As a leading Automotive Tier-1 OEM supplier, Shigan Quantum Technologies Limited specializes in Alternative Fuel Systems and Fire Protection Solutions. It is actively future-proofing its portfolio by developing capabilities in EVs, EMS, Automotive Sensors, and Hydrogen ICE fuel systems, driven by R&D and global technology tailored for India.
₹62.5
+0.00 · +0.00%
Market cap ₹128 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:22 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -7.5% / mo · MACD + · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 39
Sector RS: 44
Sector 3M: -7.8% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHIGAND candles · FIT view-13.2%Latest close ₹62.50 on 2026-10-19
Bar
+0.0%
RSI
47
MACD hist
0.12
52W pos
46%
2026-10-19O ₹62.50H ₹62.50L ₹62.50C ₹62.50Vol 1,500 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHIGANNifty AutoNifty 500
- SHIGAN
- -1.0%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +4.5 pp
Chart stats
19 Oct 2026- From 52W high
- -34.2%
- 52W range position
- 40%
- ATR (14)
- 5.4%
- Volume vs 20D
- 0.16x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹54 - ₹72
₹95
₹41.2 - ₹95
₹3.4
Latest completed session
20-session average
59.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +26.7% · PAT +33.3% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model+51.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 57/100Rev +27% YoY · PAT +33% YoY · operating leverage · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹109 Cr | +26.7% | -0.9% |
| EBITDA | ₹10 Cr | NDF | +11.1% |
| Operating margin | 9.0% | NDF | +100 bps |
| PAT | ₹4 Cr | +33.3% | +100.0% |
| PAT margin | 3.7% | NDF | +185 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.90
- P/B
- 1.29
- EV/EBITDA
- 8.43
- Market Cap
- 128.00Cr
Profitability
- ROE
- 7.02%
- ROCE
- 11.00%
- ROA
- 3.43%
- Dividend Y
- 0.80%
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- 20.51%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.67
- Interest Coverage
- 2.38×
- Altman Z
- 2.82
- Book Value
- 48.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 8.00 Cr
- EPS TTM
- 3.32
Shareholding
- Promoter Hold
- 69.74%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 109-0.9% vs prev
Net Profit
₹ CrLatest: 4.0+100.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 47.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.1% over last month) — short-term momentum negative.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 29% off 52W high · 52% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
65
RS percentile
Stage 3 Topping
1M return
-8.1%
3M return
-5.3%
6M return
+25.0%
1Y return
-14.9%
RS 1D
+5
RS 20D
+40
Sector rank
#5
Industry rank
#30
Stage evidence
- 29.0% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+1.2% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
220 observations
19 Oct 2026Value 90.81-0.02%
RS vs Nifty 50091
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation14/30
Growth17/25
Quality0/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
-8
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 51.1%.
- Growth contributes 17/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
18.9
PB
1.3
EV/EBITDA
8.4
ROE
7.0%
ROCE
11.0%
FCF Yield
—
Debt/Equity
0.7
MoS
+51.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+51.1%
Previous: +51.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
37
37
37
37
37
37
37
37
37
37
37
37
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹60.38
-3.5% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹127.99
+51.1% MoS
PEG
0.88
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VIAZ
SME
Viaz Tyres Ltd.
Auto Components
match 140
39
24.0
10.8%
+38%
WATCHLIST
FORGEAUTO
SME
Forge Auto International Ltd.
Auto Components
match 139
37
8.9
17.7%
-15%
WATCHLIST
TUNWAL
SME
Tunwal E-Motors Ltd.
Auto Components
match 137
52
12.4
10.7%
+48%
FAIR VALUE
BIKEWO
SME
Bikewo Green Tech Ltd.
Auto Components
match 136
28
50.3
8.1%
-28%
OVERVALUED
PREMIUM
SME
Premium Plast Ltd.
Auto Components
match 136
32
55.1
14.5%
-43%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-23T07:51:06.862Z
Management commentary snapshot
SHIGAN reported modest consolidated revenue growth of 4% YoY to INR 218.43 Cr in FY26, with PAT declining 23% YoY to INR 6.8 Cr. H2FY26 saw 3% YoY revenue growth and a 6% YoY PAT decline. Standalone revenue growth was stronger at 9% YoY for FY26 and 16% YoY for H2FY26.
Consolidated financials show significant PAT decline and margin compression in FY26, despite modest revenue growth. While H2FY26 saw sequential margin improvement, the overall profitability trend is concerning. Management's focus on EV components as a future growth driver is key, but its current contribution is small. The company faces challenges in passing on raw material costs.
Current business mix
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Alternative Fuel Systems64.0%
Fire Protection Systems24.0%
Electronics12.0%
Growth engines
EV Components & Electronics
Management states this will be the 'real driver of our next phase of growth,' leveraging infrastructure to become a key player.
Fire Protection Systems
Expected to become a core revenue vertical with a ₹300+ Cr market potential over 3–4 years, driven by regulatory shifts.
Hydrogen ICE Fuel Systems
Developing cutting-edge capabilities and expanding modular injector range from CNG to LNG & Hydrogen fuel platforms.
Long-Term OEM Partnerships
Building niche, high-dependency products embedded in OEM platforms to create multi-decade partnerships.
Capacity and execution
New LNG Regulator Assembly Line, Solenoid Assembly Line, Automated Injector Line
Commissioned during FY26, strengthening manufacturing and testing capabilities with a total investment of ₹29.14 million.
Dedicated Facility for Electric Bus Auxiliary Controllers
Established and commissioned for localization and production, with an investment of approximately ₹5 million.
METL Jhajjar Facility Expansion
Expanding into a dedicated EV Electronics & EMS hub, designed for high-capacity EMS lines and integrated digital systems.
Tailwinds
Regulatory Shift for Fire Safety
AIS-135 amendments to soon mandate FDAS/FDSS coverage for EV buses, expanding mandatory safety coverage across fuel types.
Government EV & CNG Bus Schemes
PM e-Drive & PM e-Bus SEWA schemes to deploy 50,000+ buses by 2026, all requiring compliant fire protection systems.
FAME III & PLI Incentives
Accelerating India’s EV revolution, supporting indigenous power electronics, controllers, and smart components.
State-level EV Policies
Policy actions, such as Delhi's new EV policy and banning BS IV diesel in NCR from Oct’26, are creating real and durable demand.
Headwinds
Rising Input Costs
Rising prices of industrial metals and higher labour costs put pressure on costs through the year.
Limited Cost Pass-through
Management stated they 'did not have the luxury of passing all of it on to our customers,' impacting profitability.
Narrowing LNG-Diesel Price Gap
The price gap between LNG and conventional (Diesel) fuels narrowed, which naturally softened demand for the LNG business.
Risk radar
Input Cost Volatility
Continued pressure from rising industrial metal prices and labour costs could further impact margins if not fully passed on.
Competition in EV Segment
Rapidly scaling the EV components business in a competitive and evolving market requires sustained innovation and market penetration.
Regulatory Dependence
Growth in fire protection and EV segments is highly dependent on timely implementation and enforcement of government mandates and incentives.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for assessing annual performance and growth trends. QoQ comparison (H2FY26 vs H1FY26) is relevant for observing sequential momentum, particularly in EBITDA margins and PAT, which management highlighted as improving.
Sector KPIs management disclosed
Consolidated Revenue Growth (YoY)
FY26: 4% (INR 218.43 Cr); H2FY26: 3% (INR 108.8 Cr)
Standalone Revenue Growth (YoY)
FY26: 9% (INR 231.32 Cr); H2FY26: 16% (INR 122.575 Cr)
Consolidated EBITDA Margin
FY26: 9.82% (vs 10.60% in FY25); H2FY26: 11.4% (vs 10.8% in H2FY25)
Product Mix Growth (FY26)
Alternative Fuel Systems: 7.05% growth; Fire Protection Systems: 17.50% growth; Electronics: 3% growth
Management forward view
Challenging FY26
Management stated: 'FY26 was a year that tested our resolve. Rising prices of industrial metals and higher labour costs put pressure on our costs.'
EV as Future Growth Driver
Management believes: 'The real driver of our next phase of growth will be EV components. We are building this business with conviction.'
Government Support for EV
Management noted: 'The government's focus on electric mobility gives us additional confidence. Policy actions... are beginning to create real and durable demand.'
LNG Demand Softening
Management observed: 'The LNG business... faced a different challenge the price gap between LNG and conventional (Diesel) fuels narrowed, which naturally softened demand.'
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated PAT Growth | -23% YoY in FY26 | Reversal of PAT decline and sustained growth in subsequent periods. |
| Consolidated EBITDA Margin | 9.82% in FY26 | Improvement towards previous levels and the company's ability to effectively pass on input costs. |
| EV Components Revenue Contribution | 12% of FY26 revenue | Significant increase in contribution and accelerated growth rate as a key future driver. |
| Fire Protection Systems Growth | 17.50% growth in FY26 | Continued strong growth, driven by the expected regulatory mandates and market expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 21st percentile within Auto. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Auto: 21st pctile, median 74 · SME: 41st pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
90
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
52
watch · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 69.7%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸ROE is low at 7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Shigan Quantum Technologies Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Investor presentationJan 2026
Jan 2026 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.