AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep - Management will attend Axis Capital non-deal roadshow in USA from 8–16 Sep 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result29 Jul, 09:16 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 +9.9% / mo · MACD −
Stock trend: 59
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SYRMAD candles · FIT view+50.4%Latest close ₹1473.10 on 2026-10-21
Bar
-4.8%
RSI
35
MACD hist
-32.97
52W pos
71%
2026-10-21O ₹1547.60H ₹1553.70L ₹1459.90C ₹1473.10Vol 15.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SYRMANifty India ManufacturingNifty 500
- SYRMA
- +7.2%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +13.7 pp
Chart stats
21 Oct 2026- From 52W high
- -19.2%
- 52W range position
- 71%
- ATR (14)
- 5.1%
- Volume vs 20D
- 1.08x
- Avg traded value
- ₹239 Cr
- 20D price channel
- ₹1,459.9 - ₹1,822.6
₹1,822.6
₹634.5 - ₹1,822.6
₹74.7
Latest completed session
20-session average
45.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +68.3% · PAT +112.0% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model-96.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +68% YoY · PAT +112% YoY · margin expansion · +8% QoQ · operating leverage
Filed 29 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 80.40
- P/B
- 10.46
- EV/EBITDA
- 43.45
- Market Cap
- 29842.00Cr
Profitability
- ROE
- 14.00%
- ROCE
- 16.80%
- ROA
- 6.97%
- Dividend Y
- 0.09%
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
- 8.12
- Book Value
- 148.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 290.00 Cr
- EPS TTM
- 19.10
Shareholding
- Promoter Hold
- 41.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 5,464+13.4% vs prev
Net Profit
₹ CrLatest: 346+88.0% vs prev
Return on Equity
%Latest: 12.1+15.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 35. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~9.0% over last month) — short-term momentum positive.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 19% off 52W high · 132% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
98
RS percentile
Stage 2 UptrendEstablished S2
1M return
-14.0%
3M return
+7.2%
6M return
+49.8%
1Y return
+80.3%
RS 1D
0
RS 20D
0
Sector rank
#6
Industry rank
#7
Stage evidence
- Price is 14.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +10.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
16 Apr 2026
S2 age
132 trading sessions
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 192.95-3.93%
RS vs Nifty 500193
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth14/25
Quality11/20
Balance Sheet8/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Fair-value margin of safety is negative at -96.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
80.4
PB
10.5
EV/EBITDA
43.5
ROE
14.0%
ROCE
16.8%
FCF Yield
—
Debt/Equity
0.1
MoS
-96.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-96.3%
Previous: -106.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
39
39
39
39
39
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹252.2
-484.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹750.63
-96.3% MoS
PEG
2.16
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KIRLOSENG
Large
Kirloskar Oil Engines Limited
Capital Goods
match 131
38
54.9
17.5%
-34%
WATCHLIST
SCHNEIDER
Large
Schneider Electric Infrastructure Limited
Capital Goods
match 131
44
148.0
38.2%
-274%
WATCHLIST
SHYAMMETL
Large
Shyam Metalics and Energy Limited
Capital Goods
match 131
30
28.3
9.7%
-147%
OVERVALUED
KAYNES
Small
Kaynes Technology India Limited
Capital Goods
match 127
35
62.9
8.7%
-60%
WATCHLIST
LLOYDSENGG
Micro
LLOYDS ENGINEERING WORKS LIMITED
Capital Goods
match 121
39
64.5
15.1%
-39%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-13T08:25:14.572Z
Management commentary snapshot
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.
Current business mix
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Consumer30.0%
Automotive & Electric Mobility24.0%
Industrials29.0%
Healthcare & Medical Devices8.0%
Railways and IT9.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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
Management forward view
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.
Thesis monitor
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.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 76th percentile within Industrials. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
80 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Industrials: 76th pctile, median 68 · Large: 59th pctile, median 73
Evidence depth
Financial-only
80 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
95
strong · quarterly consistency
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
- ▸Promoter holding fell 1.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Syrma SGS Technology Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 2 Sep - Syrma SGS Elemaster inaugurated a 20,000 sq ft high-reliability electronics facility in Bengaluru on September 2, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Syrma Johari MedTech inaugurates 120,000+ sq. ft. Jodhpur facility for medical plastics and precision molding.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Acquisition 18 Aug - Syrma SGS formed 60:40 subsidiary SYRMA KAGA ELECTRONICS PRIVATE LIMITED on August 18, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Management will participate in Equirus Annual India Conference on 13 August 2026 in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Aug - Post dispatch Newspaper Advertisement - Notice for 22nd Annual General Meeting of the Company and information pertaining to e-voting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Aug - Newspaper Advertisement - Information regarding 22nd Annual General Meeting of the Company and information pertaining to e-voting
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.