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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +27% YoY · PAT +33% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹109 Cr | +26.7% | -0.9% |
| EBITDA | ₹10 Cr | +0.0% | +11.1% |
| Operating margin | 9.0% | -100 bps | +100 bps |
| PAT | ₹4 Cr | +33.3% | +100.0% |
| PAT margin | 3.7% | -109 bps | +185 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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
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.'
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.
Trend score and candlestick chart
61Bullishfull bull SMA stack · SMA20 +7.4% / mo · MACD + · sector -3.3pp vs Nifty (3M)
Technical chart
SHIGANdaily · 1Y · AUTO+22.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~6.9% over last month) — short-term momentum positive.
- RSI(14) at 55 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 19% off 52W high · 73% 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.
Valuation & score drivers
U-Score 37 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 37 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 46.1%.
- 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.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 69.7%. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Auto: 21st pctile, median 74 · SME: 41st pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.40
- P/B
- 1.46
- EV/EBITDA
- 9.17
- Market Cap
- 145.00Cr
Profitability
- ROE
- 7.02%
- ROCE
- 11.00%
- ROA
- 3.43%
- Dividend Y
- 0.70%
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
- 2.92
- 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
- 64%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable names in Auto, ranked by similarity
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.