Syrma SGS Technology Limited (SYRMA)
Large CapIndustrials stocks · Large cap · NSE
Syrma SGS is an ESDM platform specializing in high-mix, high-complexity electronics for global OEMs across high-growth sectors. It offers end-to-end capabilities from product conceptualization to post-sale support, serving industries like Automotive & EV, Healthcare, Railways, IT, Consumer, and Industrial. The company operates 17 facilities and 4 R&D centers.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +68% YoY · PAT +112% YoY · margin expansion · +8% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,589 Cr | +68.3% | +8.5% |
| EBITDA | ₹162 Cr | +86.2% | -6.9% |
| Operating margin | 10.0% | +100 bps | -200 bps |
| PAT | ₹106 Cr | +112.0% | -10.9% |
| PAT margin | 6.7% | +137 bps | -145 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 27% YoY to ₹48,569 Mn, with EBITDA up 56% YoY to ₹5,823 Mn (12.0% margin). PAT surged 87% YoY to ₹3,458 Mn (7.1% margin). Q4 FY26 revenue rose 57.1% YoY to ₹14,650 Mn, with PAT up 66.9% YoY to ₹1,192 Mn (8.1% margin).
Syrma SGS delivered robust FY26 and Q4 FY26 results, driven by strong revenue growth and significant margin expansion. Strategic JVs and acquisitions in high-barrier segments like maritime defense and high-reliability electronics, alongside backward integration into PCB manufacturing, position the company for continued growth and market share gains.
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Automotive & EV Electronics
India auto electronics market expected 22.3% CAGR (CY24-29) driven by EV and ADAS tailwinds. EV penetration scaling from ~6% (FY25) to ~30% by FY30.
Smart Energy Meters
Rollout of ~250 Mn smart meters with ₹1 lakh Cr+ opportunity (FY25-30). Syrma has a strong presence in this segment.
Railways & IT Digitization
₹2.62 lakh Cr capex (FY26) for railways, Kavach ATP rollout across 10,000+ km driving electronics demand. PLI-driven domestic manufacturing shift.
Healthcare & MedTech Localization
Global MedTech market targeting ~$1 Trillion by 2030. Growing localization, import substitution, and PLI schemes accelerate India as a manufacturing hub.
PCB Manufacturing Plant (Shinhyup JV)
24-acre campus in Naidupeta, AP, with 13 Lakh sq.ft capacity. Plant ready for commercial operations by ~Mar 2027. Phase 1: ~1.2 Mn sq. mt. capacity.
High-Reliability EMS Facility (Elemaster JV)
20,000 sq.ft facility in Bengaluru Bommasandra Industrial Area. First SMT line operational in Q2 FY2027, second line in FY27.
Government Incentives & Schemes
Capitalizing on PLI, MSIPS, ECMS, PM E-drive, and EMC schemes. Tax incentives and infrastructure support.
Supply Chain Diversification (China+1)
Rising trend of supply chain diversification, with India favored as a global alternative. EU industrial supply chains shifting away from China.
Increasing Outsourcing by OEMs
OEMs increasing reliance on ESDM players for cost efficiency, scalability, and supply chain flexibility.
India-EU FTA
India-EU FTA (Jan 2026) unlocking export upside for automotive and improving India's cost competitiveness vs Asian EMS peers for industrials.
Fluctuations in Earnings
Forward-looking statements involve risks and uncertainties regarding fluctuations in earnings.
Intense Competition
Intense competition in Electronic System Design and Manufacturing Services, affecting cost advantage.
Talent Attraction & Retention
Ability to attract and retain highly skilled professionals is a risk.
Client Concentration
Client concentration is identified as a risk factor.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY provides a clear view of annual growth and margin expansion, while QoQ highlights sequential momentum, project execution, and demand trends in a dynamic manufacturing sector.
FY26 Revenue
₹48,569 Mn, up 27% YoY
FY26 EBITDA
₹5,823 Mn, up 56% YoY (12.0% margin)
FY26 PAT
₹3,458 Mn, up 87% YoY (7.1% margin)
Q4 FY26 Revenue from Operations
₹14,650 Mn, up 57.1% YoY and 15.9% QoQ
Strategic Focus on Non-Consumer Verticals
Syrma's strategic focus is to strengthen its presence in non-consumer verticals, expand into new high-growth segments, and strengthen its export profile.
Expanding Defense Offerings
MD states, 'We now have a foot in the door in defence applications, and we intend to increase the bouquet of offerings significantly' (referring to Elcome acquisition).
India as a Strategic Market
Elemaster CEO states, 'India is a strategic market for our customers. This JV gives us a reliable, competitive, and scalable base in the region.'
Completing Value Chain with PCB Manufacturing
Management claims adding PCB manufacturing completes the stack: bare PCB → PCBA → Box Build → System.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Shinhyup PCB Plant Commercial Operations | Foundation and structural work underway. | Plant ready for commercial operations by ~Mar 2027. |
| Elemaster JV SMT Line Operationalization | Facility established in Bengaluru. | First SMT line operational in Q2 FY2027, second line in FY27. |
| Export Revenue Growth | 25% of Operating Revenue, up 41% YoY in FY26. | Continued growth and increasing contribution of export revenue. |
| Non-Consumer Vertical Mix | Non-consumer verticals (Auto, Healthcare, Industrials, IT/Railways) account for 70% of FY26 revenue. | Increasing share of non-consumer verticals in total revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +6.5% / mo · MACD − · near 52W high
Technical chart
SYRMAdaily · 1Y · AUTO+90.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 53. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.1% over last month) — short-term momentum positive.
- RSI(14) at 53 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 6% off 52W high · 130% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 30.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +9.7%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -92.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 83rd percentile within Industrials. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 83rd pctile, median 68 · Large: 65th pctile, median 73
71 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 75.70
- P/B
- 9.84
- EV/EBITDA
- 40.95
- Market Cap
- 28101.00Cr
Profitability
- ROE
- 14.00%
- ROCE
- 16.80%
- ROA
- 6.97%
- Dividend Y
- 0.10%
Growth (CAGR)
- Revenue 5Y
- 40.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 12.98×
- Altman Z
- 7.93
- Book Value
- 148.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 290.00 Cr
- EPS TTM
- 19.10
Shareholding
- Promoter Hold
- 42.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.