SYRMA SGS TECHNOLOGY LTD

Operates as an Electronics Manufacturing Services (EMS) provider, building printed circuit board assemblies and finished electronics on behalf of global original equipment manufacturers across consumer, automotive, industrial, healthcare, IT/railways, and MedTech verticals. EMS accounts for 98.1% of segment revenue in Q1 FY27, with a small 'Others' category at 1.9%. FY26 consolidated revenue was Rs 4,857 crore (+27% YoY) with operating EBITDA of Rs 545 crore at 11.3% margin; net profit was Rs 346 crore. In Q1 FY27, consolidated revenue reached Rs 1,604 crore (+67% YoY) with PAT of Rs 106 crore, exports of Rs 387 crore (+61% YoY), and ODM (original design manufacturing) revenue of Rs 270 crore (nearly doubled YoY). Revenue mix in Q1 FY27 was Consumer 34%, Automotive 25%, and Industrials 24%. The order book stood at Rs 6,770 crore at end-Q1 FY27. The largest cost line is raw materials and components at 73.6% of revenue, followed by other operating expenses at 9.8% and employee costs at 4.5%; depreciation is 1.7% and capex is 3.8% of revenue. A Rs 800 crore PCB multilayer project is under construction with Phase 1 commissioning targeted by end-FY27/start-FY28, eligible for ~50–60% government subsidy, and a 60:40 JV with Japan's Kaga Electronics has been signed to manufacture for Japanese EMS clients, targeting Rs 300–500 crore revenue potential over 3–5 years.