Latest Ratios: P/E Ratio -66.8x · EV/EBITDA 13.6x · ROE -8.1%. (1999–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $995M | $926M | $310M | $498M | $496M | $1.2B | $1.4B | $271M | $508M | $622M | $260M |
| Enterprise Value | $1.5B | $47.7B | $34.8B | $29.9B | $19.8B | $14.9B | $8.0B | $9.1B | $6.9B | $4.4B | $3.6B |
| P/E Ratio → | -66.83 | — | — | 2.93 | 0.74 | 0.93 | 0.91 | 0.38 | 0.48 | 0.67 | 0.41 |
| P/S Ratio | 2.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.04 | 0.06 | 0.01 | 0.02 | 0.03 | 0.01 |
| P/B Ratio | 6.26 | 0.06 | 0.02 | 0.03 | 0.03 | 0.08 | 0.11 | 0.02 | 0.05 | 0.07 | 0.03 |
| P/FCF | — | — | — | — | — | — | 0.43 | 0.50 | — | 2.16 | 3.26 |
| P/OCF | 29.52 | 0.29 | 0.04 | 0.10 | 0.06 | 0.52 | 0.20 | 0.05 | 0.35 | 0.29 | 0.15 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.01 | 0.87 | 0.84 | 0.59 | 0.54 | 0.33 | 0.40 | 0.32 | 0.21 | 0.19 |
| EV / EBITDA | 13.62 | 4.57 | 4.41 | 4.17 | 2.99 | 2.42 | 1.53 | 2.19 | 2.09 | 1.45 | 1.31 |
| EV / EBIT | 51.17 | 15.05 | 14.17 | 11.71 | 7.33 | 4.96 | 3.21 | 4.66 | 4.04 | 3.33 | 3.61 |
| EV / FCF | — | — | — | — | — | — | 2.50 | 16.84 | — | 15.35 | 44.65 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.0% | 24.0% | 37.5% | 37.2% | 36.0% | 28.5% | 39.5% | 37.4% | 36.9% | 35.1% | 35.6% |
| Operating Margin | 5.9% | 5.9% | 5.7% | 6.7% | 7.9% | 10.2% | 9.8% | 8.2% | 8.1% | 6.2% | 5.2% |
| Net Profit Margin | -3.0% | -3.0% | -2.0% | 0.5% | 2.0% | 4.7% | 6.3% | 3.1% | 5.0% | 4.5% | 3.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.1% | -8.1% | -4.1% | 1.0% | 4.3% | 9.3% | 12.5% | 6.4% | 10.8% | 10.7% | 8.1% |
| ROA | -1.7% | -1.7% | -1.0% | 0.3% | 1.3% | 3.1% | 4.3% | 2.2% | 3.9% | 4.0% | 3.2% |
| ROIC | 3.6% | 3.6% | 3.3% | 4.3% | 6.2% | 8.8% | 9.0% | 7.6% | 8.8% | 7.9% | 6.5% |
| ROCE | 5.0% | 5.0% | 4.4% | 5.8% | 8.6% | 12.3% | 12.8% | 11.3% | 12.6% | 11.6% | 9.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.40 | 3.40 | 1.96 | 1.86 | 1.34 | 1.21 | 0.89 | 0.98 | 0.77 | 0.64 | 0.60 |
| Debt / EBITDA | 4.96 | 4.96 | 5.01 | 4.68 | 3.46 | 2.84 | 2.25 | 2.68 | 2.53 | 1.90 | 1.81 |
| Net Debt / Equity | — | 3.07 | 1.71 | 1.63 | 1.12 | 0.94 | 0.50 | 0.78 | 0.59 | 0.42 | 0.40 |
| Net Debt / EBITDA | 4.48 | 4.48 | 4.37 | 4.10 | 2.91 | 2.23 | 1.27 | 2.12 | 1.94 | 1.25 | 1.21 |
| Debt / FCF | — | — | — | — | — | — | 2.07 | 16.34 | — | 13.19 | 41.39 |
| Interest Coverage | 0.76 | 0.76 | 0.90 | 1.21 | 1.61 | 203.34 | 3.16 | 131.54 | 163.43 | 3.62 | 3.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.73 | 0.73 | 0.96 | 1.02 | 1.01 | 1.04 | 1.02 | 1.01 | 1.19 | 1.15 | 1.06 |
| Quick Ratio | 0.65 | 0.65 | 0.82 | 0.88 | 0.92 | 0.93 | 0.93 | 0.93 | 1.07 | 1.10 | 0.96 |
| Cash Ratio | 0.15 | 0.15 | 0.23 | 0.23 | 0.17 | 0.18 | 0.30 | 0.14 | 0.13 | 0.16 | 0.14 |
| Asset Turnover | — | 0.53 | 0.48 | 0.50 | 0.58 | 0.58 | 0.66 | 0.67 | 0.72 | 0.85 | 0.86 |
| Inventory Turnover | 12.66 | 12.66 | 6.29 | 6.59 | 11.01 | 8.17 | 10.39 | 11.03 | 7.93 | 20.80 | 10.04 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 7.3% | — | — | — | — | 82.5% | 42.9% | 33.5% | 65.3% |
| Payout Ratio | — | — | — | — | — | — | — | 31.7% | 20.4% | 22.6% | 26.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 34.1% | 135.7% | 107.0% | 110.5% | 260.0% | 210.2% | 148.5% | 246.7% |
| FCF Yield | — | — | — | — | — | — | 231.7% | 199.7% | — | 46.3% | 30.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 7.3% | 0.0% | 0.0% | 0.0% | 0.0% | 82.5% | 42.9% | 33.5% | 65.3% |
| Shares Outstanding | — | $72M | $72M | $66M | $66M | $66M | $65M | $60M | $52M | $50M | $48M |
Includes 30+ ratios · 28 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SIFY stock.
Sify Technologies Limited's current P/E ratio is -66.8x. The historical average is 1.9x.
Sify Technologies Limited's current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.8x.
Sify Technologies Limited's return on equity (ROE) is -8.1%. The historical average is -15.6%.
Based on historical data, Sify Technologies Limited is trading at a P/E of -66.8x. Compare with industry peers and growth rates for a complete picture.
Sify Technologies Limited has 24.0% gross margin and 5.9% operating margin.
Sify Technologies Limited's Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative P/E with aggressive leverage
Negative P/E Reflects Structural Losses
SIFY's trailing P/E of -69.25, per current valuation metrics, indicates the market is pricing in the significant net losses reported over the last ten quarters rather than a normalized earnings power, a stark contrast to profitable IT services peers like Infosys (14.39) and Wipro (14.53).
The negative P/E is a mathematical artifact of persistent net losses, not a valuation premium. The high P/B of 6.49 suggests the market is valuing Sify's tangible asset base and growth optionality significantly above book value, but this valuation is highly speculative given the company's negative returns on equity and assets. The absence of a dividend yield further underscores that the investment thesis is purely based on future turnaround potential rather than current income.
Leverage Fundamentally Misaligned with Earnings
According to the ratio data, SIFY's debt-to-capital ratio has climbed to 0.77 in 2026Q4 from 0.66 in 2025Q2, while interest coverage remains precarious at 0.87, suggesting the company's earnings are insufficient to cover its interest obligations from operating profits.
This leverage profile is atypical for a regulated utility and more akin to a high-growth, capital-intensive technology build-out. The low FFO/Debt ratio of 2.34% confirms that operating cash flows are a small fraction of the outstanding debt, raising questions about long-term refinancing capacity. The regulatory compact for utilities typically enforces a stable capital structure, but Sify's metrics indicate it is operating well outside those conventional boundaries.
Earned ROE Deviates Sharply from Regulatory Norms
SIFY's return on equity has been negative for eight of the last ten quarters, hitting -2.1% in 2026Q4 as reported in the ratio data, which implies the company is destroying shareholder value and operating nowhere near an authorized or target return typical for a regulated utility.
For a regulated entity, the earned ROE versus authorized ROE gap is the core performance metric. Sify's persistent negative ROE suggests that either regulatory cost recovery mechanisms are ineffective, or the company's massive capital expenditure program has not yet translated into earning assets. This deviation indicates a fundamental breakdown in the standard utility investment model, where capital deployment is expected to yield stable, predictable returns.
No Dividend Amid Cash Flow Uncertainty
As shown in the supplied ratio data, SIFY has paid no dividend across all ten quarters, which is consistent with its negative net income and the need to preserve all available capital for its aggressive infrastructure expansion program.
The absence of a dividend is a rational outcome for a company with no distributable earnings and significant capital needs. However, for a utility, the dividend yield is a primary return component for investors. Its absence forces a pure growth-and-turnaround valuation, increasing volatility and risk. The lack of dividend payments also means the entire CAPEX program must be funded by debt or external equity, as highlighted by the rising leverage metrics.
Peer Valuation Gap Highlights Utility Model Disconnect
Compared to established Indian IT services peers like Infosys (P/E 14.39, ROE 32.8%) and Wipro (P/E 14.53, ROE 15.4%) as per the peer context table, SIFY's valuation multiples and profitability metrics are fundamentally different, suggesting it is being priced on infrastructure potential rather than current operational performance.
The peer comparison reveals a stark dichotomy. Sify trades at a massive premium on a P/B basis (6.49 vs. peers ranging from 1.96 to 4.85) despite having negative returns on equity and assets. This premium appears to be entirely speculative, reflecting bets on future data center demand rather than current efficiency or profitability, which lags peers on every measure including operating margin and net margin.
Asset Turnover Masks Capital Efficiency Problem
The most commonly misapplied ratio for SIFY appears to be the Price-to-Book (P/B) of 6.49, which is misleading because it assigns a significant premium to an asset base that is currently generating negative returns and whose future earning power is highly uncertain.
Investors might anchor on P/B to argue the stock is expensive relative to net assets, but this misses the core issue: the assets are not yet earning a return. The correct metric to monitor is the trend in Asset Turnover and, more critically, the return on the incremental capital deployed. The asset turnover ratio has stagnated around 0.13-0.14, indicating that the massive build-out in PPE has not yet driven proportionate revenue increases. A more insightful adjustment would be to compare Sify's capital expenditure growth against its revenue growth and eventual operating margin expansion to gauge when the asset base will begin to generate adequate returns.