Sicagen India Limited (SICAGEN) AI Stock Analysis

Sicagen India Limited

(NSE:SICAGEN)

Select Model

Rating:58Neutral

Price Target:INR 54.00▲(4.39% Upside)

Action:initiatedcoverage

Date:09/22/26

The score is driven primarily by a steady but capped financial profile (thin margins and modest ROE despite improved profitability and positive free cash flow). Technical indicators are the main drag with price trading below key moving averages and negative MACD. Valuation is a meaningful positive offset due to a low P/E and moderate dividend yield.

Positive Factors

Revenue RecoveryRevenue has returned to growth after the FY2024 decline, indicating that demand for the company’s traded building materials and industrial supplies remains active. While the pace is moderate, renewed sales expansion supports continued scale and provides a base for improving earnings over the next several quarters.

Negative Factors

Thin and Compressing MarginsThin margins leave limited room to absorb procurement, logistics, or pricing pressure and reduce the earnings benefit from higher sales. The FY2026 gross-margin compression is particularly important because sustained pressure on the trading spread could constrain profitability even if revenue continues to grow.

Sicagen India Limited (SICAGEN) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 1.92B
Dividend Yield: 2.06%
Average Volume (3M): 12.84K
Price to Earnings (P/E): 9.4
Beta (1Y): 1.57
Revenue Growth: 22.07%
EPS Growth: 21.43%
Country: India
Employees: 276
Sector: General
Sector Strength: 55
Industry: Industrial - Distribution

Sicagen India Limited Business Overview & Revenue Model

Company Description

Headquartered in Chennai, India, and founded in 2004, Sicagen India Limited is a multifaceted company operating across both trading and manufacturing sectors. The firm engages in the domestic and international distribution of an extensive range of bu...

How the Company Makes Money

Sicagen primarily makes money by purchasing products from manufacturers and principals and selling them to customers through a trading/distribution model. Revenue is generated from (1) sales of building materials and allied products, where earnings l...

Sicagen India Limited Financial Statement Overview

Summary

Financials are stable but not strong: revenue has resumed growth after the FY2024 decline, profitability has improved versus FY2021–FY2022 losses, and recent free cash flow has been positive and broadly tracks net income. Offsetting this, margins remain thin for a distributor, gross margin compressed in FY2026, and returns on equity are only mid-single-digits.

Income Statement

56Neutral

Balance Sheet

67Positive

Cash Flow

61Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	10.57B	9.73B	8.92B	7.95B	8.95B	8.36B
Gross Profit	989.60M	710.30M	1.02B	440.90M	445.30M	728.10M
EBITDA	515.50M	487.70M	355.00M	342.10M	410.60M	226.90M
Net Income	204.60M	180.70M	171.10M	104.90M	178.20M	-6.10M
Balance Sheet
Total Assets	0	7.40B	7.22B	6.99B	6.29B	6.56B
Cash, Cash Equivalents and Short-Term Investments	845.60M	839.00M	680.90M	450.50M	217.20M	268.50M
Total Debt	0	1.59B	1.48B	1.21B	1.21B	945.40M
Total Liabilities	-4.95B	2.45B	2.38B	2.39B	1.90B	2.34B
Stockholders Equity	4.95B	4.95B	4.84B	4.60B	4.40B	4.22B
Cash Flow
Free Cash Flow	0	345.00M	296.60M	203.80M	95.90M	-29.10M
Operating Cash Flow	0	408.70M	334.60M	246.00M	148.60M	-15.30M
Investing Cash Flow	0	-140.90M	-144.90M	-26.90M	-41.40M	176.20M
Financing Cash Flow	0	-85.70M	-173.60M	-199.20M	-134.50M	-182.40M

Sicagen India Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price51.73

Price Trends

50DMA52.62Negative

100DMA52.92Negative

200DMA52.63Negative

Market Momentum

MACD-1.10Positive

RSI42.86Neutral

STOCH25.40Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SICAGEN, the sentiment is Negative. The current price of 51.73 is above the 20-day moving average (MA) of 50.60, below the 50-day MA of 52.62, and below the 200-day MA of 52.63, indicating a bearish trend. The MACD of -1.10 indicates Positive momentum. The RSI at 42.86 is Neutral, neither overbought nor oversold. The STOCH value of 25.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SICAGEN.

Sicagen India Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:SICAGEN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:SICAGEN	58Neutral	INR 1.92B	9.38	―	2.06%	22.07%	21.43%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:ARCHIDPLY	53Neutral	INR 1.84B	14.18	―	―	20.53%	―
IN:TEXMOPIPES	48Neutral	INR 1.41B	9.35	―	―	2.73%	-18.79%
IN:SIGIND	47Neutral	INR 1.67B	7.42	―	0.88%	17.48%	48.53%
IN:HEXATRADEX	46Neutral	INR 8.13B	-119.20	―	―	0.48%	70.36%

* General Sector Average

Performance Comparison

IN:SICAGEN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:SICAGEN	Sicagen India Limited	48.50	-14.04	-22.45%
IN:ARCHIDPLY	Archidply Industries Limited	92.85	-5.24	-5.34%
IN:HEXATRADEX	Hexa Tradex Limited	147.10	-26.95	-15.48%
IN:SIGIND	Signet Industries Limited	56.70	-0.93	-1.62%
IN:TEXMOPIPES	Texmo Pipes & Products Ltd.	48.40	-5.26	-9.80%
IN:IWP	Indian Wood Products Co. Ltd.	34.17	-7.08	-17.17%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 22, 2026

Sicagen India Limited AI Stock Analysis