Earning call transcript of the Investors Conference call held for the audited financial results (Consolidated and Standalone) of the Company for the quarter and financial year ended March 31, 2026
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Syrma SGS reported strong FY26 results with revenue of INR4,857 crores (27% YoY growth) and operating EBITDA of INR545 crores (68% YoY growth), exceeding initial guidance. The company moved from a net debt position of INR264 crores to a net cash position of INR467 crores, with operating cash flow of INR290 crores. Key verticals showed robust growth: IT and Railways (74%), Automotive (39%), Healthcare (36%), and Exports (41%). Management guided for FY27 revenue growth of 35% and EBITDA margin of 10.5-11% (down from 12% in FY26), citing caution due to geopolitical headwinds and raw material inflation. The company plans INR800 crores capex for PCB business and targets INR1,500 crores exports in FY27. The Ksolare acquisition was dropped but renewable energy entry remains on the agenda via greenfield route.
Strong execution delivered significant margin expansion and debt reduction in FY26. FY27 guidance of 10.5-11% EBITDA margin reflects near-term caution on geopolitical/supply chain headwinds, though 35% revenue growth guidance remains ambitious. The net cash position and ROCE improvement to 20.1% provide financial flexibility for capex investments.