Revenue growth remains highly inconsistent, fluctuating between a 21.2% peak in 2025Q3 and a 1.7% contraction in 2024Q3, while operating margins remain compressed at 6.7% as of 2026Q2.
| 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 |
|---|
| Sales/Revenue | 41.45B | 39.89B | 35.63B | 33.4B | 27.49B | 24.32B | 22.95B | 21.55B | 20.69B | 18.43B | 15.03B | 12.86B | 10.46B | 8.57B | 7.7B | 6.89B | 6.71B | 6.16B | 6.05B | 5.46B | 4.69B | 3.61B | 2.81B | 1.99B | 1.57B | 1.78B | 671.3M | 103.34M |
| Revenue Growth % | 9.09% | 11.93% | 6.68% | 21.52% | 13.03% | 5.96% | 6.52% | 4.16% | 12.23% | 22.59% | 16.87% | 22.99% | 22.05% | 11.32% | 11.8% | 2.63% | 8.89% | 1.81% | 10.84% | 16.42% | 29.8% | 28.72% | 41.18% | 26.32% | -11.37% | 164.56% | 549.58% | - |
| Cost of Goods Sold | 25.46B | 24.92B | 22.38B | 21.38B | 19.66B | 14.7B | 14.36B | 13.6B | 13.43B | 11.87B | 9.1B | 7.73B | 6.14B | 5.34B | 5.12B | 4.21B | 4.1B | 3.61B | 3.42B | 2.92B | 2.54B | 2.02B | 1.48B | 1.26B | 1.19B | 1.25B | 167.91M | 12.71M |
| COGS % of Revenue | - | 62.47% | 62.8% | 64% | 71.51% | 60.46% | 62.59% | 63.13% | 64.95% | 64.4% | 60.55% | 60.07% | 58.67% | 62.32% | 66.56% | 61.12% | 61.05% | 58.64% | 56.49% | 53.39% | 54.14% | 56.01% | 52.72% | 63.39% | 75.29% | 70.57% | 25.01% | 12.3% |
| Gross Profit | 15.98B | 14.97B | 13.26B | 12.02B | 7.83B | 9.62B | 8.59B | 7.94B | 7.25B | 6.56B | 5.93B | 5.14B | 4.32B | 3.23B | 2.57B | 2.68B | 2.61B | 2.55B | 2.63B | 2.55B | 2.15B | 1.59B | 1.33B | 728.01M | 388.99M | 522.73M | 503.39M | 90.63M |
| Gross Margin % | 38.57% | 37.53% | 37.2% | 36% | 28.49% | 39.54% | 37.41% | 36.87% | 35.05% | 35.6% | 39.45% | 39.93% | 41.33% | 37.68% | 33.44% | 38.88% | 38.95% | 41.36% | 43.51% | 46.61% | 45.86% | 43.99% | 47.28% | 36.61% | 24.71% | 29.43% | 74.99% | 87.7% |
| Gross Profit Growth % | - | 12.92% | 10.24% | 53.53% | -18.56% | 11.99% | 8.09% | 9.57% | 10.5% | 10.63% | 15.45% | 18.83% | 33.88% | 25.42% | -3.82% | 2.43% | 2.54% | -3.21% | 3.46% | 18.33% | 35.32% | 19.75% | 82.32% | 87.15% | -25.59% | 3.84% | 455.42% | - |
| Operating Expenses | 13.83B | 12.71B | 10.86B | 9.38B | 5.03B | 7.23B | 6.71B | 6.19B | 5.96B | 5.6B | 4.97B | 4.31B | 3.75B | 3.25B | 2.74B | 3.06B | 2.49B | 3.24B | 2.83B | 2.59B | 2.4B | 2.04B | 1.92B | 2.09B | 6.32B | 3.17B | 966.02M | 245.76M |
| OpEx % of Revenue | - | 31.87% | 30.47% | 28.07% | 18.29% | 29.71% | 29.22% | 28.73% | 28.81% | 30.4% | 33.07% | 33.51% | 35.83% | 37.91% | 35.56% | 44.39% | 37.16% | 52.55% | 46.74% | 47.52% | 51.18% | 56.49% | 68.54% | 105.11% | 401.31% | 178.71% | 143.9% | 237.81% |
| Selling, General & Admin | 4.82B | 5.21B | 4.54B | 3.84B | 5.03B | 4.55B | 4.51B | 4.87B | 4.39B | 3.99B | 3.48B | 3.13B | 2.74B | 2.45B | 2.08B | 2.44B | 2.48B | 2.81B | 2.43B | 2.14B | 1.95B | 1.48B | 1.29B | 1.79B | 1.92B | 2.12B | 703.41M | 194.92M |
| SG&A % of Revenue | - | 13.06% | 12.74% | 11.5% | 18.29% | 18.7% | 19.67% | 22.62% | 21.25% | 21.65% | 23.14% | 24.35% | 26.19% | 28.6% | 27.07% | 35.46% | 36.99% | 45.66% | 40.23% | 39.22% | 41.5% | 40.86% | 45.89% | 89.83% | 121.7% | 119.5% | 104.78% | 188.61% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 2.16B | 2.26B | 2.4B | 2.65B | 2.8B | 2.39B | 1.88B | 1.75B | 1.29B | 957.62M | 958.59M | 826.32M | 575.77M | -19.42M | -163.22M | -379.6M | 120.08M | -689.58M | -195.81M | -49.81M | -249.62M | -451.66M | -596.88M | -1.36B | -5.93B | -2.65B | -462.63M | -155.13M |
| Operating Margin % | 5.21% | 5.66% | 6.73% | 7.93% | 10.2% | 9.83% | 8.19% | 8.14% | 6.24% | 5.2% | 6.38% | 6.42% | 5.5% | -0.23% | -2.12% | -5.51% | 1.79% | -11.19% | -3.24% | -0.91% | -5.32% | -12.5% | -21.26% | -68.5% | -376.6% | -149.27% | -68.92% | -150.11% |
| Operating Income Growth % | - | -5.94% | -9.38% | -5.56% | 17.28% | 27.16% | 7.22% | 35.81% | 34.82% | -0.1% | 16.01% | 43.51% | 3064.85% | 88.1% | 57% | -416.13% | 117.41% | -252.17% | -293.09% | 80.04% | 44.73% | 24.33% | 56.18% | 77.02% | -123.62% | -473.05% | -198.22% | - |
| EBITDA | 8.58B | 7.89B | 7.17B | 6.62B | 6.14B | 5.23B | 4.17B | 3.29B | 3.05B | 2.72B | 2.56B | 2.1B | 1.68B | 828.79M | 528.34M | 306.24M | 776.88M | -182.31M | 198.53M | 412.06M | 215.36M | 105.11M | -13.1M | -510.33M | -960.85M | -1.01B | -200.01M | -104.28M |
| EBITDA Margin % | 20.7% | 19.78% | 20.13% | 19.82% | 22.35% | 21.49% | 18.17% | 15.26% | 14.72% | 14.74% | 17% | 16.31% | 16.03% | 9.67% | 6.86% | 4.45% | 11.58% | -2.96% | 3.28% | 7.55% | 4.59% | 2.91% | -0.47% | -25.66% | -61.04% | -56.63% | -29.79% | -100.91% |
| EBITDA Growth % | 13.05% | 10% | 8.36% | 7.75% | 17.55% | 25.31% | 26.88% | 7.94% | 12.12% | 6.25% | 21.85% | 25.11% | 102.35% | 56.87% | 72.53% | -60.58% | 526.14% | -191.83% | -51.82% | 91.34% | 104.89% | 902.24% | 97.43% | 46.89% | 4.46% | -402.81% | -91.8% | - |
| D&A (Non-Cash Add-back) | 6.42B | 5.63B | 4.77B | 3.97B | 3.34B | 2.84B | 2.29B | 1.53B | 1.75B | 1.76B | 1.6B | 1.27B | 1.1B | 848.21M | 691.56M | 685.84M | 656.8M | 507.27M | 394.34M | 461.87M | 464.98M | 556.77M | 583.77M | 851.71M | 4.97B | 1.65B | 262.62M | 50.85M |
| EBIT | 2.31B | 2.46B | 2.56B | 2.7B | 3B | 2.5B | 1.96B | 1.7B | 1.33B | 986.51M | 877.69M | 787.16M | 613.86M | 654.23M | -205.74M | -357.59M | 239.21M | -502.92M | 147.1M | -49.81M | -249.62M | -451.66M | -596.88M | -1.36B | -5.91B | -2.65B | -462.63M | -155.13M |
| Net Interest Income | -2.45B | -2.73B | -1.94B | -1.67B | -13.75M | -790.34M | -12.13M | -9.75M | -367.45M | -314.52M | -520.27M | -450.94M | -257.37M | -186.59M | -247.42M | -212.92M | -265.88M | -129.09M | 104.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 20.88M | 12.63M | 172.74M | 10.29M | 987.48K | 0 | 2.73M | 662.17K | 25.17M | 26.46M | 28.01M | 31.74M | 61.96M | 26.26M | 16.47M | 21.36M | 27.99M | 122.56M | 161.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -948.99M | -286.41M | 352.04M | 1.02B | 1.88B | 1.6B | 1.02B | 1.07B | 923.6M | 643.1M | 438.32M | 375.38M | 318.4M | 451.57M | -383.34M | -519.49M | -54.67M | -754.58M | 89.42M | 149.74M | -149.5M | -307.55M | -372.02M | -1.32B | -7.16B | -2.49B | -383.53M | 0 |
| Pretax Margin % | -2.29% | -0.72% | 0.99% | 3.06% | 6.84% | 6.58% | 4.44% | 4.97% | 4.46% | 3.49% | 2.92% | 2.92% | 3.04% | 5.27% | -4.98% | -7.54% | -0.81% | -12.25% | 1.48% | 2.74% | -3.19% | -8.51% | -13.25% | -66.52% | -454.91% | -140.3% | -57.13% | - |
| Income Tax | 549.65M | 498.55M | 183.1M | 346.5M | 600.35M | 68.41M | 314.34M | 2.61M | 194K | 698K | -135K | 122K | 0 | 0 | 0 | 0 | -81.48M | 97.05M | 63.98M | -69.08M | 0 | 0 | 86.77K | 2.84M | 0 | 1.68M | -1.48M | 0 |
| Effective Tax Rate % | -57.92% | -174.07% | 52.01% | 33.94% | 31.94% | 4.28% | 30.83% | 0.24% | 0.02% | 0.11% | -0.03% | 0.03% | 0% | 0% | 0% | 0% | 149.05% | -12.86% | 71.54% | -46.13% | 0% | 0% | -0.02% | -0.21% | 0% | -0.07% | 0.39% | - |
| Net Income | -1.5B | -784.96M | 168.94M | 674.52M | 1.28B | 1.53B | 705.38M | 1.07B | 923.4M | 642.4M | 438.45M | 375.26M | 318.4M | 451.57M | -383.34M | -519.49M | 17.03M | -900.57M | -4.7M | 188.23M | -149.5M | -307.55M | -372.1M | -1.33B | -7.27B | -2.49B | -382.06M | -182.2M |
| Net Margin % | -3.62% | -1.97% | 0.47% | 2.02% | 4.65% | 6.3% | 3.07% | 4.96% | 4.46% | 3.49% | 2.92% | 2.92% | 3.04% | 5.27% | -4.98% | -7.54% | 0.25% | -14.61% | -0.08% | 3.45% | -3.19% | -8.51% | -13.26% | -66.66% | -461.72% | -140.4% | -56.91% | -176.31% |
| Net Income Growth % | -3749.34% | -564.64% | -74.95% | -47.28% | -16.48% | 117.17% | -34% | 15.74% | 43.74% | 46.51% | 16.84% | 17.86% | -29.49% | 217.8% | 26.21% | -3150.99% | 101.89% | -19077.47% | -102.49% | 225.91% | 51.39% | 17.35% | 71.93% | 81.76% | -191.49% | -552.66% | -109.69% | - |
| Net Income (Continuing) | -1.5B | -784.96M | 168.94M | 674.52M | 1.28B | 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 | 25.45M | 188.23M | -149.5M | -307.55M | -372.1M | -1.33B | -7.14B | -2.49B | -382.06M | -182.2M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 248.85M | 199.8M | 170.17M | 0 | 1.62M | 1.61M | 2.7M | 11.21M | 33.48M | 8.3M | 0 |
| EPS (Diluted) | -20.69 | -10.86 | 2.58 | 10.26 | 19.20 | 23.40 | 11.70 | 20.58 | 18.36 | 13.32 | 9.30 | 7.98 | 6.96 | 10.32 | -6.42 | -24.60 | 1.02 | -62.34 | -0.33 | 13.20 | -12.18 | -26.22 | -32.34 | -153.00 | -940.02 | -327.36 | -52.62 | -50.52 |
| EPS Growth % | -826.32% | -520.93% | -74.85% | -46.56% | -17.95% | 100% | -43.15% | 12.09% | 37.84% | 43.23% | 16.54% | 14.66% | -32.56% | 260.75% | 73.9% | -2511.76% | 101.64% | -18790.91% | -102.5% | 208.37% | 53.55% | 18.92% | 78.86% | 83.72% | -187.15% | -522.12% | -4.16% | - |
| EPS (Basic) | - | -10.86 | 2.58 | 10.26 | 19.20 | 23.40 | 11.82 | 20.76 | 18.42 | 13.32 | 9.30 | 7.98 | 6.96 | 10.32 | -6.42 | -24.60 | 1.02 | -62.64 | -0.33 | 13.20 | -12.18 | -26.22 | -32.34 | -153.00 | -940.02 | -327.36 | -61.80 | -50.52 |
| Diluted Shares Outstanding | 72.43M | 72.35M | 65.81M | 65.63M | 65.6M | 65.42M | 60.21M | 51.92M | 50.35M | 48.17M | 47.13M | 47.05M | 45.56M | 43.88M | 59.5M | 21.11M | 16.95M | 14.45M | 14.35M | 14.26M | 12.27M | 11.72M | 11.51M | 8.66M | 7.73M | 7.62M | 7.26M | 3.61M |
| Basic Shares Outstanding | 72.41M | 72.35M | 65.81M | 65.63M | 65.6M | 65.42M | 59.73M | 51.44M | 50.14M | 48.17M | 47.01M | 47.01M | 45.56M | 43.88M | 59.5M | 21.11M | 16.95M | 14.37M | 14.29M | 14.23M | 12.27M | 11.72M | 11.51M | 8.66M | 7.73M | 7.62M | 6.18M | 3.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | 31.7% | 20.39% | 22.6% | 26.42% | 38.71% | 42.62% | - | - | - | - | 1.66% | - | - | - | - | - | - | - | - | - | - | - |
Persistent Net Margin Erosion
According to the provided quarterly income statements, Sify's top-line expansion remains highly inconsistent, fluctuating between a 21.2% growth peak in 2025Q3 and a 1.7% contraction in 2024Q3, suggesting that the company struggles to maintain a stable trajectory in its core Indian enterprise connectivity and data center markets.
The volatility in revenue growth appears to stem from the lumpy nature of technology integration projects within the Digital Services segment. Investors should monitor whether the company can transition toward more predictable, recurring colocation revenue to smooth out these quarterly fluctuations.
As reported in financial statements, Sify's gross margins have hovered within a narrow 35.9% to 40.2% range over the last ten quarters, indicating that the company faces significant structural headwinds from rising energy costs and competitive pricing pressures within the Indian telecommunications and data center landscape.
The inability to consistently expand gross margins suggests that Sify lacks the pricing power necessary to offset the high variable costs associated with power consumption and bandwidth. This margin ceiling implies that the company may be operating as a utility-like provider rather than a high-margin technology integrator.
Based on Sify's reported figures, operating income has failed to scale proportionally with gross profit, as evidenced by operating margins that compressed to 3.8% in 2025Q4, suggesting that administrative overhead and infrastructure maintenance costs are currently outpacing the company's ability to drive operational efficiency through its existing asset base.
The lack of clear operating leverage indicates that the company's high fixed-cost structure, particularly regarding data center depreciation, continues to weigh heavily on profitability. Without a significant increase in capacity utilization, it appears unlikely that the company will achieve meaningful operating margin expansion in the near term.
Data from recent filings reveals that Sify's net income has frequently dipped into negative territory, with a net margin of -2.6% in 2026Q2, highlighting that the company's bottom line is highly sensitive to non-operating items and the ongoing burden of its capital-intensive expansion strategy.
The persistent net losses suggest that the company's aggressive investment in hyperscale data centers has yet to reach the critical mass required for profitability. Analysts should scrutinize whether these losses are driven by temporary expansion costs or a more fundamental inability to manage the interest burden of its debt-heavy capital structure.
While the company's proprietary fiber network is often cited as a competitive advantage, the recent financial performance suggests that this moat may be insufficient to protect against aggressive pricing from larger conglomerates, as evidenced by the inconsistent revenue growth and recurring net losses observed over the last ten quarters.
Short-sellers may focus on the company's inability to convert its infrastructure assets into consistent shareholder value, arguing that the high capital expenditure requirements will continue to dilute returns. The risk remains that Sify is trapped in a low-margin cycle where it must constantly reinvest just to maintain its current market position.
Quick answers to the most common questions about buying SIFY stock.
For fiscal year 2025, Sify Technologies Limited (SIFY) reported total revenue of $39.89B. This represents a 38495.0% increase compared to $103.3M in 1999.
Sify Technologies Limited (SIFY) reported a net loss of $785.0M for the fiscal year ending 2025.
Sify Technologies Limited (SIFY) reported an operating income of $2.26B, resulting in an operating profit margin of 5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Sify Technologies Limited (SIFY) generated $14.97B in gross profit for the year, representing a gross profit margin of 37.5%. This demonstrates the company's core pricing power and production efficiency.