Syrma SGS
Syrma SGS
Capital GoodsKey Fundamentals
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Key Insights
Strengths
3- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 36.3% CAGR over last 5 years
Weaknesses
4- Stock is trading at 11.6 times its book value
- Company has a low return on equity of 10.4% over last 3 years.
- Promoter holding has decreased over last 3 years: -4.94%
- Working capital days have increased from 46.9 days to 68.2 days
Growth Rate
AI Analysis — Bull vs Bear
Syrma SGS Technology is an Indian electronics manufacturing services (EMS) company with a market capitalisation of about Rs 33,456 crore. Its sales have compounded at 33% over 3 years and 53% on a TTM basis, and profit has grown 39% over 3 years and 84% TTM. The stock trades at a P/E of 81.4 and a P/B of 11.43. Return on equity has averaged 10% over 3 years, rising to 14% in the last year, while working capital days have gone up and promoter holding has come down.
- Revenue growth has been fast and has sped up recently. Sales compounded at 40% over 5 years and 33% over 3 years, and TTM sales growth reached 53%.
- Profit is growing faster than sales. TTM profit growth is 84%, compared with 53% TTM sales growth, which suggests margins are expanding and operating leverage is starting to show.
- Profit growth has held up over time, with a 5-year profit CAGR of 36.3% and a 3-year profit CAGR of 39%.
- Return on equity has improved from a 3-year average of 10% and a 5-year average of 11% to 14% in the last year, a sign that capital is being used more efficiently.
- The company has reduced its debt, which strengthens the balance sheet and gives it more room to fund capacity expansion as sales grow at 33% or more.
- The stock has returned a 116% CAGR over 1 year and 46% over 3 years, showing that the market has recognised the growth momentum.
- A market cap of about Rs 33,456 crore places Syrma among the larger listed Indian EMS players. The company is positioned to benefit from domestic electronics manufacturing tailwinds, and its expected strong upcoming quarter adds near-term earnings visibility.
- The valuation is demanding. A P/E of 81.4 prices in continued high growth, and any slowdown from the 84% TTM profit growth rate could lead to a sharp de-rating.
- At 11.43 to 11.7 times book value, the stock is priced far above the value of its net assets, even though its 3-year average ROE is only about 10.4%.
- Return on equity of 10.4% over 3 years and 11% over 5 years is modest for a company valued at more than 80 times earnings, and it may be close to the cost of equity.
- Working capital days have risen from 46.9 to 68.2, an increase of about 45%. This points to more cash tied up in inventory or receivables, which is a common risk in EMS businesses.
- Promoter holding has fallen by 4.99 percentage points over the last 3 years, which lowers promoter ownership in the company.
- The dividend yield is just 0.09%, so shareholder returns depend almost entirely on share price gains, which in turn depend on growth expectations being met.
- The 116% 1-year stock CAGR has run well ahead of the 3-year sales CAGR of 33%. Much of the return has come from the valuation multiple expanding rather than from earnings alone, which raises the risk if sentiment turns.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stretched valuation after 125% rally Sep 17
As of Sep 17, 2026 the stock traded at a PE of 72.50 and PB of 10.18 after rising 125% in 2026, while the BSE Sensex fell 12.7%. At these levels there is little room for an earnings miss. The article's figures also don't fully agree: it gives a record high of ₹1,676.15 on Sep 8 but a 52-week high of ₹1,660.00.
- Franklin Templeton trims stake Oct 1
Franklin Templeton MF sold 110,190 shares on the open market on Sep 30, 2026, cutting its holding from 3.069% to 3.012%. Franklin India Flexi Cap Fund sold 100,197 of those shares. The sale is small, but it may be early profit-taking near record highs.
- Q1 FY27 revenue up 68%, PAT doubles Sep 17
Revenue rose 68.29% YoY to ₹1,588.62 crore, operating profit rose 110.63% to ₹139.09 crore, and PAT rose 101.19% to ₹100.07 crore. Operating margin was 8.76%, up from about 5.7% implied by the YoY growth figures. The article's 25.16% prior-year margin doesn't match its own numbers. Diluted normalized EPS was ₹5.19.
- Stock hits record, outperforms Sensex Sep 17
Shares jumped 9% to ₹1,658.00 in one session, against a 0.19% gain in the Sensex. The stock is up 15% in September and 125% in 2026, and its 52-week low is ₹634.50.
- ₹6,770 crore diversified order book Sep 17
Order book stood at about ₹6,770 crore at end-June. The mix is consumer 30%, automotive 29%, industrial 24%, IT/railways 9% and healthcare/MedTech 7%. This gives good revenue visibility across several sectors.
- New Jodhpur MedTech molding plant Sep 22
Subsidiary Syrma Johri MedTech opened a 120,000 sq ft Medical Plastics and Precision Molding Facility in Jodhpur. It strengthens the group's integrated MedTech manufacturing, a segment that is only 7% of the order book today.
- Growing EMS market, strong analyst backing Sep 17
The global EMS market was about $648 billion in CY2025 and is projected at $690 billion in CY2026 and $1.19 trillion by 2034, a 7.1% CAGR. Of 24 analysts covering the stock, 66.67% rate it a buy, and promoter holding is steady at 42.28%.
- JV renamed Syrma SGS Elemaster Sep 10
The Ministry of Corporate Affairs approved the joint venture's new name, Syrma SGS Elemaster Private Limited, effective Sep 9, 2026. This is an administrative change with no direct financial impact.
- Analyst and investor meet on Sep 8 Sep 3
The company scheduled an analyst and investor meeting for Sep 8, 2026, without sharing the agenda or venue. The stock hit its record high of ₹1,676.15 the same day.
TL;DR: Syrma SGS is growing fast: Q1 FY27 revenue rose 68% and PAT doubled to ₹100 crore, margins are widening, and a ₹6,770 crore order book plus the new Jodhpur MedTech plant support future growth. The stock has risen 125% in 2026 and trades at about 72x earnings, so the main risk is valuation. Franklin Templeton's small stake sale may be an early sign of profit-taking, and some reported figures (prior-year margin, EPS growth, 52-week high) don't agree with each other. The trend is still improving, but at this valuation the stock depends on strong order wins and margin gains continuing in the coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 601 | 712 | 707 | 1,143 | 1,160 | 833 | 870 | 924 | 944 | 1,146 | 1,264 | 1,465 | 1,589 |
| Expenses | 564 | 663 | 667 | 1,059 | 1,115 | 762 | 790 | 817 | 857 | 1,031 | 1,105 | 1,291 | 1,427 |
| Operating Profit | 37 | 49 | 39 | 83 | 45 | 71 | 80 | 108 | 87 | 115 | 159 | 174 | 162 |
| OPM % | 6% | 7% | 6% | 7% | 3.9% | 9% | 9% | 12% | 9% | 10% | 13% | 12% | 10% |
| Other Income | 22 | 8 | 12 | 7 | 15 | 10 | 20 | 22 | 16 | 9 | 7 | 11 | 15 |
| Interest | 8 | 8 | 11 | 13 | 14 | 14 | 15 | 16 | 15 | 13 | 8 | 13 | 13 |
| Depreciation | 10 | 12 | 14 | 16 | 17 | 17 | 20 | 21 | 21 | 22 | 20 | 21 | 22 |
| PBT | 41 | 37 | 27 | 61 | 29 | 51 | 64 | 93 | 67 | 90 | 138 | 150 | 141 |
| Tax % | 31% | 17% | 25% | 26% | 31% | 22% | 17% | 23% | 26% | 26% | 20% | 21% | 25% |
| Net Profit | 28 | 31 | 20 | 45 | 20 | 40 | 53 | 71 | 50 | 66 | 110 | 119 | 106 |
| EPS in Rs | 1.61 | 1.6 | 0.87 | 1.97 | 1.09 | 2.04 | 2.74 | 3.67 | 2.79 | 3.33 | 5.33 | 5.25 | 5.19 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 862 | 886 | 1,267 | 2,048 | 3,154 | 3,787 | 4,819 | 5,464 |
| Expenses | 727 | 784 | 1,138 | 1,856 | 2,951 | 3,463 | 4,273 | 4,853 |
| Operating Profit | 135 | 102 | 129 | 192 | 203 | 323 | 546 | 610 |
| OPM % | 16% | 11% | 10% | 9% | 6% | 9% | 11% | 11% |
| Other Income | 13 | 18 | 18 | 44 | 56 | 47 | 31 | 41 |
| Interest | 15 | 10 | 11 | 26 | 41 | 58 | 48 | 47 |
| Depreciation | 19 | 23 | 25 | 31 | 51 | 75 | 84 | 86 |
| PBT | 113 | 87 | 111 | 179 | 166 | 237 | 445 | 519 |
| Tax % | 19% | 24% | 31% | 31% | 25% | 22% | 22% | — |
| Net Profit | 92 | 69 | 79 | 123 | 124 | 184 | 346 | 402 |
| EPS in Rs | 1,282 | 917 | 5.59 | 6.75 | 6.04 | 9.53 | 16.48 | 19.1 |
| Div. Payout % | 0% | 0% | 0% | 22% | 25% | 16% | 9% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 138 | 177 | 177 | 178 | 193 |
| Reserves | 418 | 595 | 434 | 1,364 | 1,435 | 1,572 | 2,670 |
| Borrowings | 125 | 103 | 218 | 375 | 630 | 665 | 400 |
| Other Liabilities | 238 | 258 | 364 | 628 | 1,446 | 1,788 | 2,504 |
| Total Liabilities | 786 | 960 | 1,154 | 2,543 | 3,688 | 4,202 | 5,767 |
| Fixed Assets | 296 | 292 | 378 | 532 | 1,075 | 1,144 | 1,458 |
| CWIP | 1 | 0 | 41 | 25 | 17 | 66 | 72 |
| Investments | 30 | 132 | 41 | 84 | 42 | 59 | 547 |
| Other Assets | 459 | 536 | 694 | 1,901 | 2,554 | 2,933 | 3,690 |
| Total Assets | 786 | 960 | 1,154 | 2,543 | 3,688 | 4,202 | 5,767 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 156 | 37 | -13 | -70 | -109 | 176 | 290 |
| Investing | -46 | -113 | -373 | -885 | -9 | -103 | -736 |
| Financing | -59 | 72 | 382 | 968 | 150 | -71 | 558 |
| Net Cash Flow | 51 | -4 | -4 | 13 | 32 | 2 | 111 |
| Free Cash Flow | 108 | 18 | -103 | -188 | -446 | 4 | 114 |
| CFO/OP | 131 | 58 | 13 | -16 | -27 | 73 | 69 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 76 | 86 | 78 | 72 | 108 | 142 | 139 |
| Inventory Days | 93 | 109 | 119 | 139 | 146 | 102 | 108 |
| Days Payable | 110 | 112 | 98 | 116 | 178 | 193 | 199 |
| Cash Conversion Cycle | 60 | 83 | 99 | 95 | 76 | 52 | 48 |
| Working Capital Days | 20 | 51 | 30 | 42 | 36 | 37 | 68 |
| ROCE % | — | 15% | 16% | 15% | 10% | 12% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY20–FY27.
Documents
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Company Information
Incorporated in 2004, Syrma SGS Technology Ltd is a Chennai-based electronics manufacturing services (EMS) company providing engineering, design, and manufacturing solutions.[1]
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