Syrma SGS Technology Ltd
SYRMA NSE
Syrma SGS Technology Ltd
Capital GoodsNSE: SYRMA BSE: 543573 Industrial Products
Key Fundamentals
SmallcapIndustrial ProductsCapital GoodsMarket Cap
₹29,090 Cr
Volatility
Moderate
P/E Ratio
78.54
EBITDA
₹582 Cr
Return on Equity
11.28%
Debt to Equity
0.14
Book Value
₹148.44
EPS
₹5.58
52W High
₹1,543
52W Low
₹634.5
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Syrma SGS Technology Ltd insights
46 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
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 9.89 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: -4.99%
- Working capital days have increased from 46.9 days to 68.2 days
Growth Rate
Revenue Growth
26.61% ↗
Net Income Growth
87.53% ↗
Cash Flow Change
64.10% ↗
ROE
11.57% ↗
ROCE
-0.07% ↗
EBITDA Margin (Avg.)
23.35% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk high
Syrma SGS Technology is a fast-growing electronics manufacturing services (EMS) company that posted FY26 revenue of ₹4,857 crore (up 27% YoY) and net profit of ₹346 crore (up 87% YoY), trading at a PE of 70.7x and 9.9x book value with a market cap of roughly ₹28,869 crore.
Bull Case 8
- FY26 net profit surged 87% YoY to ₹346 crore, significantly beating analyst estimates of ₹302 crore
- Compounded sales CAGR of 40% over 5 years and TTM revenue growth of 53% demonstrates sustained top-line momentum
- FY26 operating EBITDA of ₹545 crore surpassed the company's own initial guidance of ₹400 crore by 36%
- FY27 management guidance targets 35% revenue growth and ₹700 crore EBITDA, supported by a strong order book and new customer additions
- Export revenue exceeded ₹1,200 crore in FY26, indicating diversification away from domestic dependence
- Company has reduced debt levels, improving balance sheet flexibility for future capex
- 5-year compounded profit CAGR of 36% reflects consistent earnings acceleration
- Q1 FY27 revenue of ₹1,589 crore grew 68% YoY, suggesting continued momentum into the new fiscal year
Bear Case 8
- Stock trades at 70.7x PE, demanding near-flawless execution to justify the premium valuation
- Price-to-book ratio of 9.9x is elevated given a 3-year average ROE of only 10.4%
- Promoter holding has declined by 4.99% over the last 3 years, signalling potential dilution or reduced insider conviction
- Working capital days have deteriorated from 46.9 days to 68.2 days, tying up more cash in operations
- Q4 FY25 revenue had dropped 18.4% YoY to ₹924 crore, highlighting quarterly lumpiness in the business
- ROE of 14% in the latest year and 10% on a 3-year basis is modest relative to the capital goods sector median for a stock at this valuation
- Dividend yield of just 0.1% offers negligible income return to shareholders
- Stock has risen 112% in the past 1 year (stock CAGR), increasing the risk of mean-reversion if growth disappoints even marginally
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 6h ago Positives 3
- Q1FY27 profit surges 75% YoY Jul 29
Standalone PAT jumped 75% YoY to ₹940.61 million while revenue rose 59% YoY to ₹14,428.21 million in Q1FY27. Board also approved ₹1,000 crore QIP for growth funding.
- Final dividend ₹1.50 per share Aug 3
Board recommends final dividend of ₹1.50/share (15% on ₹10 FV) for FY2025-26, with 22nd AGM scheduled on August 25, 2026.
- Strong ESG and workforce diversity Aug 3
BRSR FY26 reports 48% female workforce and 11,026.6 GJ renewable energy consumption. Grant Thornton provides reasonable assurance on core ESG metrics.
Neutral 1
- Q4FY26 conference call uploaded Jul 30
Audio recording of the Q4FY26 earnings conference call (quarter ended June 30, 2026) uploaded to company website for investor access.
TL;DR: Syrma SGS is firing on all cylinders with 75% profit growth and 59% revenue growth in Q1FY27, backed by strong operational momentum in the EMS space. The ₹1,000 crore QIP signals aggressive capacity expansion plans. ESG credentials and dividend payouts add to the quality narrative. No visible headwinds in recent news flow — the trend is clearly improving, though investors should watch for execution risk as the company scales rapidly.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
2
Announcement under Regulation 30 (LODR)-Press Release / Media Release
8h - Syrma SGS reported Q4FY26 revenue of ₹14,768 million, PAT ₹1,192 million; FY26 revenue ₹48,569 million, PAT ₹3,458 million. 8h - Syrma SGS reported Q4FY26 revenue of ₹14,768 million, PAT ₹1,192 million; FY26 revenue ₹48,569 million, PAT ₹3,458 million.
3
Announcement under Regulation 30 (LODR)-Dividend Updates
8h - Board approved FY26 audited results and recommended Rs.1.50 final dividend per share. 8h - Board approved FY26 audited results and recommended Rs.1.50 final dividend per share.
4
Pursuant To Regulation 30 Of The SEBI Listing Regulations- Update On - Acquisition Of 49% Equity Stake
In Ksolare Energy Private Limited In Joint Venture With Premier Energies Limited
8h - On May 11, 2026, Syrma SGS and Premier Energies will not proceed with 49% K-Solare acquisition. 8h - On May 11, 2026, Syrma SGS and Premier Energies will not proceed with 49% K-Solare acquisition.
Frequently Asked Questions about Syrma SGS Technology Ltd
What does Syrma SGS Technology Ltd do?
Incorporated in 2004, Syrma SGS Technology Ltd is a Chennai-based electronics manufacturing services (EMS) company providing engineering, design, and manufacturing solutions.[1]
Where is Syrma SGS Technology Ltd (SYRMA) listed?
Syrma SGS Technology Ltd is listed on the Indian stock exchanges. It is listed on NSE: SYRMA and BSE: 543573. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Syrma SGS Technology Ltd belong to?
Syrma SGS Technology Ltd operates in the Capital Goods sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Syrma SGS Technology Ltd?
Syrma SGS Technology Ltd has a market capitalisation of approximately ₹29090.41 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Syrma SGS Technology Ltd?
The Price-to-Earnings (PE) ratio of Syrma SGS Technology Ltd is 78.54. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Syrma SGS Technology Ltd?
Over the past 52 weeks, Syrma SGS Technology Ltd has traded between a low of ₹634.5 and a high of ₹1,543. This range helps investors understand the stock's price volatility and recent trading levels.
Does Syrma SGS Technology Ltd pay dividends?
Yes, Syrma SGS Technology Ltd has a dividend yield of 0.10%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Syrma SGS Technology Ltd?
Syrma SGS Technology Ltd has a Return on Equity (ROE) of 11.28%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Syrma SGS Technology Ltd on Tapetide?
On Tapetide, you can view Syrma SGS Technology Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]