This is an excellent breakdown of the company. The content reflects the amount of research done. I have been wondering how this company is flying below the radar of multiple Substack analysts (my term for the various stock related Substack posts). The answer is clear after reading the article. Doing a post on this company would require substantial amount of digging and you’ve done it. Kudos!
Very well written article. But i believe the attribution of Barak-8 to Sigma is incorrect. This platform was given to Cyient DLM. IAI and BEL are amongst the oldest clients of Cyient DLM.
If you check the FY25 annual report of Cyient DLM and FY22-FY25 defence revenues they match BEL's commentary. They also received special mention from BEL's Advance Defence Systems - Navy in 2024-25 period, which is the division that executed the project as it was for the Navy.
Moreover, to do this kind of work you need NADCAP Circuit Card Assembly (AC7120) capability which only 3 companies in India have - Cyient DLM, Kaynes Tech, and Vinyas (got this recently).
Furthermore, Cyient DLM directly deals with IAI and IAI-ELTA for their global orders which very few companies in India, it's not offset buisness. Cyient DLM is also inside multiple missiles and missile interceptor platforms of IAI for their global orderbook.
Therefore I would request you to corroborate, if Sigma would be doing this, as a non-Indian missile platform will not allow you to do mission critical work without NADCAP certification.
This is an excellent breakdown of the company. The content reflects the amount of research done. I have been wondering how this company is flying below the radar of multiple Substack analysts (my term for the various stock related Substack posts). The answer is clear after reading the article. Doing a post on this company would require substantial amount of digging and you’ve done it. Kudos!
Thank you for the acknowledgment! you will find more of these on our page.
Any Corporate Governance issue ??🙏
Hope you have read the blog. Idea here is clear how to think about different businesses.
We have mentioned what we think about the business also once the annual report is out we will come up with another update blog on the same.
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🙏🙏🙏🙏🙏🙏🙏
Very well written article. But i believe the attribution of Barak-8 to Sigma is incorrect. This platform was given to Cyient DLM. IAI and BEL are amongst the oldest clients of Cyient DLM.
If you check the FY25 annual report of Cyient DLM and FY22-FY25 defence revenues they match BEL's commentary. They also received special mention from BEL's Advance Defence Systems - Navy in 2024-25 period, which is the division that executed the project as it was for the Navy.
Moreover, to do this kind of work you need NADCAP Circuit Card Assembly (AC7120) capability which only 3 companies in India have - Cyient DLM, Kaynes Tech, and Vinyas (got this recently).
Furthermore, Cyient DLM directly deals with IAI and IAI-ELTA for their global orders which very few companies in India, it's not offset buisness. Cyient DLM is also inside multiple missiles and missile interceptor platforms of IAI for their global orderbook.
Therefore I would request you to corroborate, if Sigma would be doing this, as a non-Indian missile platform will not allow you to do mission critical work without NADCAP certification.