Cash flow transparency is severely limited, with only one quarter of positive free cash flow ($28.4M) reported in the last ten periods, suggesting an opaque and potentially unsustainable capital deployment model.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 |
|---|
| Cash from Operations | 0 | 8.65B | 4.98B | 8.34B | 2.24B | 6.97B | 5.04B | 1.44B | 2.12B | 1.75B | 2.44B | 1.56B | 968.44M | 463.41M | 600.21M | 225.36M | 759.8M | -371.56M | -839.52M | 178.94M | 223.51M | 450.96M | 274.58M | -237.58M | -537.02M | -1.3B | -374.09M | -165.25M |
| Operating CF Margin % | - | 21.68% | 13.98% | 24.96% | 8.17% | 28.65% | 21.97% | 6.69% | 10.25% | 9.49% | 16.25% | 12.1% | 9.26% | 5.41% | 7.8% | 3.27% | 11.32% | -6.03% | -13.87% | 3.28% | 4.77% | 12.48% | 9.78% | -11.95% | -34.11% | -73.21% | -55.73% | -159.91% |
| Operating CF Growth % | -100% | 73.52% | -40.23% | 271.47% | -67.78% | 38.15% | 249.86% | -32.03% | 21.28% | -28.42% | 56.88% | 60.77% | 108.98% | -22.79% | 166.34% | -70.34% | 304.49% | 55.74% | -569.15% | -19.94% | -50.44% | 64.24% | 215.57% | 55.76% | 58.7% | -247.58% | -126.37% | - |
| Net Income | -1.5B | 2.26B | 168.94M | 674.52M | 1.26B | 1.53B | 705.38M | 1.07B | 923.4M | 642.4M | 438.45M | 375.26M | 318.4M | 451.57M | -383.34M | -519.49M | 26.81M | -851.63M | 89.28M | 188.23M | -149.5M | -307.55M | -372.1M | -1.33B | -7.14B | -2.49B | -382.06M | -182.2M |
| Depreciation & Amortization | 0 | 5.63B | 4.77B | 3.97B | 3.3B | 2.84B | 2.29B | 1.53B | 1.75B | 1.76B | 1.6B | 1.27B | 1.1B | 848.21M | 691.56M | 685.84M | 660.71M | 507.27M | 394.16M | 461.87M | 472.69M | 567.42M | 583.77M | 851.71M | 4.97B | 1.65B | 262.62M | 50.85M |
| Stock-Based Compensation | 0 | 1.88M | 7.47M | 16.49M | 22.89M | 40.05M | 46.37M | 4.83M | 6.82M | 17.64M | 51.99M | 11.72M | 45K | 2.57M | 31.39M | 10.2M | 30.59M | 61.38M | 56.41M | 0 | 471.71M | 567.43M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 183.1M | 346.5M | 590.26M | 68.41M | 314.34M | 2.61M | 194K | 698K | -135K | 122K | 296.22M | -484.54M | 73.73M | 90.15M | -45.91M | -49.72M | -509.73M | -28.66M | -471.71M | -567.43M | 0 | 0 | 0 | -139.68K | -1.69M | 0 |
| Other Non-Cash Items | 1.5B | -538.23M | 866.83M | 383.6M | 163.03M | 1.44B | 1.7B | 730.08M | 708.75M | 652.58M | 205.15M | 432.26M | 271.65M | 195.34M | 143.39M | 171.68M | 142.63M | 219.31M | 188.76M | 222.75M | 28.65M | -11.18M | 10.63M | 184.12M | 1.61B | 113.79M | 1.7M | 4.24M |
| Working Capital Changes | 0 | 1.29B | -1.02B | 2.95B | -3.09B | 1.05B | -15.47M | -1.9B | -1.27B | -1.32B | 149.17M | -534.19M | -1.02B | -549.74M | 43.48M | -213.02M | -55.04M | -258.17M | -1.06B | -584.09M | -128.33M | 202.27M | 52.28M | 52.13M | 27.19M | -565.84M | -254.66M | -38.14M |
| Change in Receivables | 0 | -525.37M | -481.27M | -400.48M | -4.08B | 1.08B | -289.83M | -2.18B | -2.22B | -1.84B | -946.19M | -1.16B | -1.35B | -599.91M | -105.45M | -297.41M | -46.92M | -168.83M | 0 | -683.66M | -279.85M | -178.88M | -223.07M | -65.79M | -16M | 0 | 0 | 0 |
| Change in Inventory | 0 | -566.17M | -1.45B | 465.28M | -992.47M | -112.68M | 413.26M | -1.07B | 536.14M | -440.56M | -508.34M | -32.27M | -14.16M | -204.65M | -4.62M | 5.85M | 17.6M | -1.34M | -9.08M | 1.77M | -1.29M | -4.85M | 17.83M | -11.23M | 50.43M | -91.35M | -11.43M | -8.47M |
| Change in Payables | 0 | 0 | 0 | 2.05B | 0 | 201.41M | -308.18M | 1.07B | 85.74M | 761.21M | 1.37B | 386.82M | -345.14M | -345.14M | 472.44M | 111.28M | 42.37M | -330.33M | 0 | 179.62M | 177.19M | 310.64M | 120.62M | -78.84M | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | -12.32B | -12.26B | -13.59B | -7.59B | -3.62B | -4.33B | -3.97B | -1.79B | -1.61B | -1.57B | -866.92M | -806.68M | -212.75M | -901.97M | -730.65M | -896.68M | -1.17B | -755.92M | -790.56M | -429.91M | -523.49M | 11.37M | -272.84M | -80.79M | -4.31B | -2.61B | -144.07M |
| Capital Expenditures | 0 | -12.32B | -11.12B | -13.21B | -7.37B | -3.76B | -4.5B | -3.97B | -1.83B | -1.67B | -1.61B | -941.24M | -929.51M | -1.66B | -951.73M | -795.27M | -979.73M | -1.34B | -878.92M | -694.47M | -606.18M | -533.19M | -343.34M | -283.51M | -180.83M | -4.31B | -2.61B | -144.07M |
| CapEx % of Revenue | 0% | 30.88% | 31.21% | 39.55% | 26.83% | 15.44% | 19.61% | 18.42% | 8.86% | 9.05% | 10.73% | 7.32% | 8.89% | 19.38% | 12.36% | 11.55% | 14.6% | 21.68% | 14.52% | 12.72% | 12.92% | 14.76% | 12.23% | 14.26% | 11.49% | 242.77% | 389.21% | 139.41% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 232.74M | -988.07M | 166.54M | 45M | 142.94M | 175.25M | 33.47M | 109.28M | 131.71M | 46.95M | 74.32M | -10.82M | 91.6M | -83.88M | 182.22M | 277.43M | 156.88M | 121.12M | 4.93M | 36.23M | -5.33M | 117.57M | 2.13M | 111.24M | -190.48M | 0 | 0 |
| Cash from Financing | 0 | 4.73B | 7.44B | 4.94B | 4.17B | 618.37M | 3.92M | 3.05B | -1.05B | -257.91M | -580.31M | -597.73M | 115M | 11.23M | 536.41M | 551.7M | -354.49M | 968.8M | -584.88M | 868.1M | 1.69B | 69.17M | 190.37M | 756.59M | -9.06M | -215.11M | 10.17B | 423.73M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 935.45M | 12.17M | 0 | 0 | 0 | 300M | 0 | 1.5B | 1B | 84K | 0 | 116.81M | 72.84M | 1.7B | 78.78M | 167.29M | 758.29M | 0 | 93.12K | 10.22B | 300.85M |
| Dividends Paid | 0 | -22.5M | 0 | 0 | 0 | 0 | -223.6M | -217.88M | -208.7M | -169.74M | -169.74M | -159.92M | -3.9M | -3.9M | -3.9M | -1.62M | -283K | 0 | -57.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -978.77M | -2.81B | -1.62B | -1.07B | -720.59M | -1.04B | -707.94M | -491.29M | -128.71M | -567.87M | -508M | -372.01M | -265.15M | -291.53M | -293.26M | -318.44M | -249.91M | -57.68M | 0 | 0 | -43.67K | 0 | 0 | 0 | 0 | 0 | 4.24M |
| Net Change in Cash | 0 | 1.05B | 165.32M | -308.29M | -1.18B | 3.96B | 720.52M | 528.19M | -726.52M | -123.01M | 295.46M | 87.87M | 276.33M | 261.86M | 230.39M | 45.78M | -494.3M | -575.98M | -2.18B | 248.24M | 1.5B | -1.88M | 429.15M | 238.82M | -632.48M | -5.83B | 7.19B | 114.41M |
| Free Cash Flow | 0 | -3.67B | -7.39B | -4.87B | -5.13B | 3.21B | 541.25M | -2.53B | 288.12M | 79.74M | 829.66M | 615.74M | 38.93M | -1.2B | -351.52M | -569.91M | -219.93M | -1.71B | -1.72B | -515.53M | -382.68M | -82.23M | -68.76M | -521.09M | -717.85M | -5.61B | -2.99B | -309.32M |
| FCF Margin % | 0% | -9.2% | -20.75% | -14.59% | -18.66% | 13.2% | 2.36% | -11.73% | 1.39% | 0.43% | 5.52% | 4.79% | 0.37% | -13.97% | -4.57% | -8.28% | -3.28% | -27.71% | -28.39% | -9.44% | -8.16% | -2.28% | -2.45% | -26.21% | -45.6% | -315.98% | -444.94% | -299.31% |
| FCF Growth % | -100% | 50.38% | -51.71% | 4.99% | -259.77% | 493.2% | 121.41% | -977.23% | 261.33% | -90.39% | 34.74% | 1481.69% | 103.25% | -240.68% | 38.32% | -159.13% | 87.12% | 0.62% | -233.33% | -34.72% | -365.39% | -19.58% | 86.8% | 27.41% | 87.21% | -87.89% | -865.62% | - |
| FCF per Share | 0.00 | -50.71 | -112.35 | -74.26 | -78.20 | 49.08 | 8.99 | -48.68 | 5.72 | 1.66 | 17.60 | 13.09 | 0.85 | -27.29 | -5.91 | -27.00 | -12.97 | -118.18 | -119.78 | -36.14 | -31.19 | -7.02 | -5.98 | -60.15 | -92.84 | -736.71 | -411.38 | -85.73 |
| FCF Conversion (FCF/Net Income) | -0.00x | -11.02x | 29.50x | 12.36x | 1.75x | 4.55x | 7.15x | 1.35x | 2.30x | 2.72x | 5.57x | 4.15x | 3.04x | 1.03x | -1.57x | -0.43x | 44.62x | 0.41x | 178.77x | 0.95x | -1.50x | -1.47x | -0.74x | 0.18x | 0.07x | 0.52x | 0.98x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Negative Cash Generation
Based on Sify's reported financial statements, the company exhibits a near-total absence of operating cash flow reporting for nine of the last ten quarters, which suggests that the relationship between net income and cash generation is currently impossible to verify for institutional investors monitoring the firm.
The lack of consistent operating cash flow data prevents a meaningful assessment of earnings quality or the accrual-to-cash conversion ratio. Investors should monitor whether this reporting gap reflects a fundamental inability to generate cash from operations or merely a temporary disclosure limitation in the provided data.
As reported in recent filings, Sify's free cash flow trajectory is largely obscured by a lack of data, with only one quarter in the last ten showing a positive FCF of $28.4M, which highlights the difficulty in gauging the company's ability to self-fund its infrastructure-heavy business model.
The sporadic nature of positive cash flow suggests that the company may be struggling to achieve the scale necessary to cover its operational and capital requirements. Without a sustained trend of positive free cash flow, the company appears reliant on external financing to maintain its competitive position in the Indian ICT market.
According to the provided quarterly data, the absence of reported capital expenditure and working capital changes suggests that the cash flow statement currently obscures the true cost of maintaining Sify's proprietary fiber network and data center assets, warranting further investigation into the company's actual cash burn.
The omission of critical cash flow components makes it difficult to distinguish between maintenance capital requirements and growth-oriented investments. This lack of transparency may mask the true extent of the company's capital intensity and its potential reliance on debt to sustain operations.
Based on the provided financial data, Sify has reported zero dividends, share repurchases, or net acquisitions over the last ten quarters, which suggests that the company is currently prioritizing the preservation of its limited liquidity over returning capital to shareholders or pursuing inorganic growth strategies.
The absence of capital deployment activities is consistent with a firm that is either capital-constrained or focused entirely on internal reinvestment. Investors should monitor whether this lack of activity indicates a strategic choice to conserve cash or a structural inability to generate excess capital for deployment.
Quick answers to the most common questions about buying SIFY stock.
Sify Technologies Limited (SIFY) generated $8.65B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sify Technologies Limited (SIFY) reported negative free cash flow of $3.67B in 2025, indicating capital requirements exceeded cash from operations.
Sify Technologies Limited (SIFY) spent $12.32B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sify Technologies Limited (SIFY) returned $22.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.