MeritValue

SIFY TECHNOLOGIES LTD

SIFYdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

SIFY TECHNOLOGIES LTD earns about 7% on invested capital, but has diluted owners by 138% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.2 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$330.9M1$356.5M2$406.3M3$427.4M4$466.1M5
Net income$20.8M6$16.6M7$8.2M8$2.03M9−$9.17M10
Operating cash flow$94.8M11$29.6M12$101.4M13$59.8M14$101M15
Capital expenditure$36.1M16$89.7M17$141.3M18$133.4M19$129.6M20
Free cash flow (derived)$58.7M11−$60.1M12−$39.9M13−$73.6M14−$28.6M15
Total debt—————
Cash & equivalents$69.4M21$49.9M22$44.4M23$49.2M24$58.4M25
Diluted shares182.2M182.7M182.8M183.3M434.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.42
your share of equity
Profit it earned you last year
−$0.21
Free cash flow it threw off
−$0.66
Debt you’d be carrying
—

10 shares is a claim on $5.42 of net worth that earned you −$0.21 and generated −$0.66 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 19%FY22 12%FY23 5%FY24 1%FY25 -1%

It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+138% shares · 5y

Share count is up 138% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$0.2
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.2M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-03-31 · accession 0001575872-21-000160 (Revenue)
  2. 20-F/A · period ending 2022-03-31 · accession 0001575872-23-000299 (Revenue)
  3. 20-F · period ending 2023-03-31 · accession 0001575872-23-001057 (Revenue)
  4. 20-F/A · period ending 2024-03-31 · accession 0001575872-25-000052 (Revenue)
  5. 20-F · period ending 2025-03-31 · accession 0001575872-25-000398 (Revenue)
  6. 20-F · period ending 2021-03-31 · accession 0001575872-21-000160 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F/A · period ending 2022-03-31 · accession 0001575872-23-000299 (ProfitLossAttributableToOwnersOfParent)
  8. 20-F · period ending 2023-03-31 · accession 0001575872-23-001057 (ProfitLossAttributableToOwnersOfParent)
  9. 20-F/A · period ending 2024-03-31 · accession 0001575872-25-000052 (ProfitLossAttributableToOwnersOfParent)
  10. 20-F · period ending 2025-03-31 · accession 0001575872-25-000398 (ProfitLossAttributableToOwnersOfParent)
  11. 20-F · period ending 2021-03-31 · accession 0001575872-21-000160 (CashFlowsFromUsedInOperatingActivities)
  12. 20-F/A · period ending 2022-03-31 · accession 0001575872-23-000299 (CashFlowsFromUsedInOperatingActivities)
  13. 20-F · period ending 2023-03-31 · accession 0001575872-23-001057 (CashFlowsFromUsedInOperatingActivities)
  14. 20-F/A · period ending 2024-03-31 · accession 0001575872-25-000052 (CashFlowsFromUsedInOperatingActivities)
  15. 20-F · period ending 2025-03-31 · accession 0001575872-25-000398 (CashFlowsFromUsedInOperatingActivities)
  16. 20-F · period ending 2021-03-31 · accession 0001575872-21-000160 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 20-F/A · period ending 2022-03-31 · accession 0001575872-23-000299 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  18. 20-F · period ending 2023-03-31 · accession 0001575872-23-001057 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  19. 20-F/A · period ending 2024-03-31 · accession 0001575872-25-000052 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  20. 20-F · period ending 2025-03-31 · accession 0001575872-25-000398 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  21. 20-F · period ending 2021-03-31 · accession 0001575872-21-000160 (CashAndCashEquivalents)
  22. 20-F/A · period ending 2022-03-31 · accession 0001575872-23-000299 (CashAndCashEquivalents)
  23. 20-F · period ending 2023-03-31 · accession 0001575872-23-001057 (CashAndCashEquivalents)
  24. 20-F/A · period ending 2024-03-31 · accession 0001575872-25-000052 (CashAndCashEquivalents)
  25. 20-F · period ending 2025-03-31 · accession 0001575872-25-000398 (CashAndCashEquivalents)