NSE: SYRMA · BSE: 543573
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electronic Manufacturing Services (98%), Others (2%). Asset-moderate contract electronics manufacturer with a major PCB greenfield build-out and working-capital-intensive operations.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 2,048 | 3,154 | 3,787 | 4,819 |
| EBITDA (ex other income) | 1,592 | 197 | 321 | 540 |
| margin % | 77.7 | 6.3 | 8.5 | 11.2 |
| Owners' profit | 119 | 107 | 184 | 346 |
| EPS, as reported (₹) | 7.55 | 6.06 | 9.55 | 16.94 |
| ROE % · ROCE % | 99.0 · 95.4 | 7.4 · 11.1 | 10.1 · 14.8 | 11.3 · 14.8 |
| Debt / equity (x) | 0.22 | 0.34 | 0.33 | 0.12 |
| Cash from operations | 1,334 | (114) | 176 | 290 |
| Capex | (111) | (325) | (237) | (184) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 833 | 869 | 924 | 944 | 1,146 | 1,264 | 1,465 | 1,589 |
| Profit before tax | 51 | 64 | 93 | 67 | 90 | 138 | 150 | 141 |
| Net profit | 40 | 53 | 71 | 50 | 66 | 110 | 119 | 106 |
| EPS (₹) | 2.04 | 2.74 | 3.67 | 2.79 | 3.44 | 5.33 | 5.29 | 5.19 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD ◆ | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 78.7 | 26.5 | 107 of 130 | 18% |
| P/B | 9.5 | 3.1 | 96 of 112 | 14% |
| ROCE | 13.4 | 11.3 | 60 of 142 | 58% |
| ROE | 11.3 | 9.8 | 48 of 113 | 58% |
| Debt / Equity | 0.1 | 0.2 | 45 of 113 | 61% |
| EBITDA margin | 11.1 | 12.4 | 64 of 110 | 42% |
| Revenue growth | 68.3 | 20.6 | 18 of 114 | 85% |
| Profit growth | 111.7 | 17.1 | 24 of 109 | 79% |
| Market cap | 29194 | 279 | 2 of 141 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Syrma SGS to host Q2FY27 investor earnings call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting set for October 30, 2026 results | results | low | — | — |
| 9 Oct 2026 · Quarterly Share Capital Audit Report filed for Jul-Sep 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Routine filing confirms all Syrma SGS shares are held in demat form | compliance | minimal | — | — |
| 1 Oct 2026 · Franklin Templeton MF sells 0.057 percent stake in Syrma SGS Technology | ownership changes | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Syrma SGS subsidiary inaugurates new MedTech facility in Jodhpur | capex operations | medium | — | — |
| 21 Sept 2026 · Syrma SGS clarifies appointment of Jayesh Doshi as Whole-time Director | management changes | medium | — | — |
| 10 Sept 2026 · JV company renamed to Syrma SGS Elemaster Private Limited | strategic transactions | medium | — | — |
| 3 Sept 2026 · Syrma SGS to participate in non-deal roadshow with Axis Capital in USA | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.