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SYRMA - Syrma SGS Tech.

📊 NSE: SYRMA 🏢 Electronics - Components 📅 Last Updated: 12/14/2025 14:04

📢 Recent Corporate Announcements

Syrma SGS Completes JV with Elemaster; Acquires 60% Stake for INR 32.7 Crore

🟢 POSITIVE ⭐ 8/10

M&A 📅 14 Apr 2026, 06:03 PM

Syrma SGS Technology has successfully completed the closing of its Joint Venture (JV) with Italian firm Elemaster S.P.A. The company acquired 11,43,322 equity shares in the JV entity, Syrma SGS Design and Manufacturing Private Limited, for a total consideration of INR 32.7 crore. This transaction establishes Syrma as the majority shareholder with a 60% stake, while Elemaster holds the remaining 40%. This partnership is expected to bolster Syrma's design and manufacturing capabilities in the electronics space.

Syrma SGS acquired a 60% controlling stake in the JV company for INR 32,69,90,092
Elemaster S.P.A acquired a 40% stake in the JV for a consideration of INR 21,98,99,966
The JV entity is named Syrma SGS Design and Manufacturing Private Limited
The closing follows the initial Joint Venture Agreement executed on September 1, 2025
The partnership combines Syrma's local manufacturing strength with Elemaster's technical expertise

💡 Investors should monitor the JV's contribution to Syrma's high-end design capabilities and its impact on consolidated margins. This move strengthens Syrma's position in the EMS (Electronic Manufacturing Services) sector through international collaboration.

Syrma SGS JV Renamed to Shinhyup Syrma Circuits Following Partnership with SH Electronic

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Apr 2026, 07:50 PM

Syrma SGS Technology Limited has announced a name change for its joint venture entity, previously known as Syrma Strategic Electronics Private Limited. The company has been renamed to Shinhyup Syrma Circuits Private Limited effective April 10, 2026, following approval from the Ministry of Corporate Affairs. This update follows the completion of the JV transaction and share allotment with partner SH Electronic Co. Limited (SHE) which occurred in December 2025. The change is administrative and reflects the collaborative branding of the joint venture partners.

JV company renamed from Syrma Strategic Electronics Private Limited to Shinhyup Syrma Circuits Private Limited.
The name change is effective from April 10, 2026, following the issuance of a fresh Certificate of Incorporation.
The joint venture involves Syrma SGS Technology and SH Electronic Co. Limited (SHE).
This follows the successful completion of the JV transaction and share allotment finalized on December 30, 2025.

💡 This is a routine administrative update regarding a previously disclosed joint venture. Investors should focus on future operational updates and financial contributions from this JV rather than the name change itself.

Syrma SGS Reports 100% Dematerialized Share Capital for Q4 FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Apr 2026, 09:53 PM

Syrma SGS Technology Limited has filed its quarterly Reconciliation of Share Capital Audit Report for the period ending March 31, 2026. The report confirms that the company's total issued capital of 19,28,30,485 shares is fully listed and reconciled across depositories. Notably, the company has achieved 100% dematerialization, with no shares held in physical form. There were no changes to the share capital structure during this quarter, and all demat requests were processed within the stipulated 21-day timeframe.

Total issued and listed equity share capital remains at 19,28,30,485 shares.
100% of the share capital is dematerialized, with 92.02% in NSDL and 7.98% in CDSL.
Zero shares are held in physical form as of March 31, 2026.
No changes in share capital (Rights, Bonus, ESOPs, etc.) occurred during the quarter.
Zero demat requests were pending beyond the regulatory limit of 21 days.

💡 This is a routine regulatory filing confirming the integrity of the company's share capital records. No action is required from investors based on this report.

Syrma SGS Technology Reports 100% Demat Holding in Q4 FY26 Regulatory Filing

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Apr 2026, 06:02 PM

Syrma SGS Technology Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no rematerialization requests were received during this period. The filing confirms that 100% of the company's shares are already held in dematerialized form. This is a standard procedural disclosure required by Indian stock exchanges to ensure the integrity of shareholding records.

Compliance certificate filed for the quarter ended March 31, 2026
100% of the company's equity shares are currently held in dematerialized form
Zero rematerialization (REMAT) requests were received by the RTA during the quarter
Filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 No action is required as this is a routine administrative filing. Investors should focus on the company's upcoming financial results and operational updates.

Syrma SGS Clarifies ₹1,600 Crore Andhra Pradesh Investment as Previously Disclosed Project

🟡 NEUTRAL ⭐ 7/10

EXPANSION 📅 01 Apr 2026, 01:25 PM

Syrma SGS Technology has clarified that recent media reports regarding a ₹1,600 crore investment in Andhra Pradesh refer to a project already disclosed in late 2025. The company is setting up a major manufacturing and R&D facility for PCBs and Copper Clad Laminates in Naidupeta through a joint venture with South Korea's Shinhyup Electronics. The project involves 26.70 acres of land and is eligible for significant state incentives, including a 75% land cost subsidy. This facility is expected to create over 1,000 direct jobs and significantly boost the company's high-end electronics manufacturing capacity.

Total investment outlay of approximately ₹1,595 crores for PCB and component units
Joint Venture with South Korea-based Shinhyup Electronics for advanced PCB engineering
Allotment of 26.70 acres of land in Naidupeta, AP, with 75% land cost subsidy eligibility
Facility to produce single-layer, multi-layer, HDI, and Flex PCBs for automotive and medical sectors
Project expected to generate 1,000+ direct jobs and enhance EMS capabilities

💡 Investors should recognize this as a clarification of an ongoing expansion rather than a new announcement. Focus on the execution progress of the Naidupeta plant as it is a significant scale-up relative to the company's FY25 revenue of ₹3,839 crores.

Syrma SGS to Close Trading Window from April 1, 2026, for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 03:47 PM

Syrma SGS Technology Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading Regulations. This closure is a standard procedure ahead of the declaration of the audited financial results for the quarter and financial year ending March 31, 2026. The restriction applies to all designated persons and their immediate relatives. The trading window will remain closed until 48 hours after the financial results are officially announced to the exchanges.

Trading window closure scheduled to begin on April 1, 2026
Closure pertains to the audited financial results for Q4 and the full financial year ending March 31, 2026
Window will reopen 48 hours after the official declaration of financial results
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should monitor for the future announcement of the board meeting date to review the company's year-end financial performance.

Syrma SGS Appoints Jayesh Nagindas Doshi as Whole Time Director for 5-Year Term

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 23 Mar 2026, 08:30 PM

Syrma SGS Technology has elevated Mr. Jayesh Nagindas Doshi from a Non-Executive Director to a Whole Time Director for a five-year term starting April 1, 2026. Mr. Doshi is a seasoned professional with 37 years of experience and was the key architect behind the company's 2022 IPO, which was oversubscribed 35 times. His previous experience includes serving as the Group CFO of Dalmia Bharat Ltd, bringing significant expertise in capital allocation and M&A. This transition is part of an internal restructuring to deepen his involvement in the company's strategic growth.

Appointment of Jayesh Nagindas Doshi as Whole Time Director for a 5-year term effective April 1, 2026.
Mr. Doshi has 37 years of experience and previously led the company's IPO which was oversubscribed 35 times in August 2022.
Former leadership roles include Whole Time Director & Group CFO at Dalmia Bharat Ltd, India's 3rd largest cement business.
The move is intended to strengthen organizational development, strategy, and capital allocation under internal restructuring.

💡 Investors should view this as a positive move that strengthens the executive leadership with a proven internal candidate. No immediate action is required, but the appointment provides continuity and financial expertise to the board.

Syrma SGS Approves Transfer of 37,035 Equity Shares Under ESOP Scheme 2023

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 06:42 PM

Syrma SGS Technology Limited has announced the transfer of 37,035 equity shares to eligible employees following the exercise of options under its ESOP Scheme 2023. The shares, each with a face value of Rs. 10, are being transferred from the Syrma SGS Employee Welfare Trust. This action was approved by the Nomination and Remuneration Committee on February 10, 2026. As the shares are transferred from an existing trust, there is no fresh issuance of capital or immediate equity dilution.

Transfer of 37,035 equity shares approved for eligible employees.
Shares are being transferred from the Syrma SGS Employee Welfare Trust.
The equity shares carry a face value of Rs. 10 each.
Approval granted by the Nomination and Remuneration Committee (NRC) under ESOP Scheme 2023.

💡 This is a routine administrative update regarding employee compensation and retention. No action is required from investors as the transaction size is negligible relative to the company's total market capitalization.

Syrma SGS Q3 FY26 PAT Jumps 108% YoY to ₹110 Cr; EBITDA Margins Expand to 12.6%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 03 Feb 2026, 04:50 PM

Syrma SGS reported a robust Q3 FY26 performance with revenue growing 45% YoY to ₹1,274 crores, driven by a 66% surge in exports. Profitability saw significant expansion, with EBITDA doubling to ₹159 crores and PAT rising 108% to ₹110 crores. The company has revised its annual EBITDA guidance upwards to over ₹500 crores, reflecting strong execution across auto, medical, and industrial verticals. Additionally, the integration of Elcome and the progress on the new PCB project provide strong visibility for future growth.

Q3 FY26 Revenue grew 45% YoY to ₹1,274 crores, while 9-month exports rose 45% to ₹837 crores.
Operating EBITDA for the quarter doubled to ₹159 crores with margins expanding to 12.6%.
Order book remains strong at ₹6,400 crores, providing high revenue visibility for the coming quarters.
Management upgraded full-year EBITDA guidance to ₹500+ crores, implying 55-57% annual growth.
Net working capital efficiency improved to 68 days (ex-Elcome), resulting in positive operating cash flow.

💡 Investors should take note of the significant margin expansion and the management's upward revision of EBITDA guidance. The stock remains a strong growth play in the EMS space given the robust order book and successful integration of acquisitions.

Syrma SGS Q3 FY26 PAT Jumps 108% YoY to ₹110 Cr; EBITDA Margins Expand to 12.6%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 03 Feb 2026, 02:41 PM

Syrma SGS reported a robust Q3 FY26 with revenue growing 43% YoY to ₹1,274 crore, driven by strong performance in exports and industrial verticals. Net profit (PAT) surged 108% YoY to ₹110 crore, while EBITDA margins expanded significantly to 12.6% from the previously guided 9%. The company successfully integrated the Elcome acquisition and maintained a healthy order book of ₹6,400 crore. Management has raised its full-year EBITDA guidance to over ₹500 crore, reflecting high confidence in operational efficiencies and export growth.

Q3 Revenue increased 45% YoY to ₹1,274 crore; 9M PAT doubled to ₹227 crore.
Export revenue hit a record ₹335 crore in Q3, growing 66% YoY and contributing 25% to the 9M mix.
EBITDA grew 101% YoY to ₹159 crore, with margins improving to 12.6% due to better product mix and operational efficiency.
Order book visibility remains strong at ₹6,400 crore across diverse sectors like Auto, Consumer, and Industrial.
PCB project construction is on track with trial production expected by Q3 FY27.

💡 Investors should view the margin expansion and guidance upgrade as strong positive signals for long-term growth. The successful integration of Elcome and focus on high-margin exports make Syrma a compelling play in the Indian EMS space.

Syrma SGS Technology Releases Audio Recording of Q3 and 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 30 Jan 2026, 11:09 PM

Syrma SGS Technology has officially released the audio recording of its conference call held on January 30, 2026, concerning the unaudited financial results for the quarter and nine months ended December 31, 2025. The recording provides a detailed account of management's discussion regarding the company's performance and strategic direction. This disclosure is part of the company's regulatory compliance under SEBI's Listing Obligations and Disclosure Requirements. Investors can access the full audio via the company's investor relations website to gain deeper insights into the quarterly numbers.

Audio recording for the Q3 and 9M FY26 earnings call is now publicly available.
The conference call was conducted on January 30, 2026, following the financial results announcement.
Compliance with SEBI Regulations 30 and 46(2) regarding timely disclosure of investor meets.
Recording link provided for transparent access to management's commentary on business operations.

💡 Investors should listen to the recording to understand management's guidance on the order book and margin outlook. No immediate trading action is required as this is a routine procedural filing.

Syrma SGS Q3 FY26 PAT Jumps 108% YoY to ₹1,103 Mn; Margins Expand Significantly

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Jan 2026, 07:03 PM

Syrma SGS reported a stellar performance for Q3 FY26, with revenue growing 43% YoY to ₹12,745 million and PAT more than doubling to ₹1,103 million. The company achieved significant margin expansion, with the PAT margin rising to 8.7% from 5.9% in the previous year. Growth was broad-based across all segments, particularly IT and Railways, which saw a 65% YoY increase. Additionally, the company completed the acquisition of a 60% stake in Elcome and progressed with its PCB and Solar Inverter JVs, strengthening its long-term growth outlook.

Q3 FY26 PAT surged 108% YoY to ₹1,103 million, while 9M FY26 PAT grew 101% to ₹2,266 million.
Operating EBITDA margin improved significantly to 12.6% in Q3 FY26 compared to 9.1% in Q3 FY25.
Revenue from operations for Q3 FY26 stood at ₹12,642 million, a 45% YoY increase driven by strong demand across Auto, Consumer, and Industrials.
Company turned net cash positive with ₹4,038 million as of December 2025, compared to a net debt position in March 2025.
Completed 60% stake acquisition in Elcome for ₹2,350 million and initiated site development for the PCB venture with Shinhyup.

💡 Investors should focus on the company's ability to scale revenue while simultaneously expanding margins, which indicates strong operational leverage. The successful integration of acquisitions and progress in high-growth JVs make this a robust growth play in the Indian EMS space.

Syrma SGS Q3 FY26 PAT Jumps 108% YoY to Rs 1,103 Mn; Revenue Up 43%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 06:59 PM

Syrma SGS reported a robust performance for Q3 FY26, with consolidated revenue growing 43% YoY to Rs 12,745 million. Profitability saw a significant boost as PAT surged 108% YoY to Rs 1,103 million, driven by operational efficiencies and scale. EBITDA margins expanded by 190 bps to 13.3%, reflecting an improved product mix. For the nine-month period, the company maintained strong momentum with PAT doubling to Rs 2,266 million.

Q3 FY26 Revenue grew 43% YoY to Rs 12,745 million compared to Rs 8,915 million in Q3 FY25
Net Profit (PAT) for the quarter surged 108% YoY to Rs 1,103 million from Rs 530 million
EBITDA margins improved significantly by 190 bps YoY to reach 13.3% in Q3 FY26
9M FY26 PAT grew 101% YoY to Rs 2,266 million on a revenue base of Rs 33,800 million
Management reports strong traction across industry verticals in both domestic and export markets

💡 The significant margin expansion and doubling of profits indicate strong operational leverage and demand in the EMS sector. Investors should consider this a positive signal for long-term growth, though they should monitor the sustainability of these high margins.

Syrma SGS Q3 PAT Surges 85% YoY to ₹933 Million; Extends M&A Deadlines

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 05:38 PM

Syrma SGS Technology reported a robust performance for Q3 FY26, with standalone revenue from operations growing 38.8% YoY to ₹11,513.94 million. Net profit (PAT) witnessed a significant jump of 85.4% YoY, reaching ₹933.10 million compared to ₹503.24 million in the restated year-ago period. The company also announced a short extension of deadlines for its 49% stake acquisition in Ksolare Energy and its joint venture with Elemaster S.P.A to late February 2026. Operational efficiency is evident as PAT margins improved significantly on a quarter-on-quarter basis from ₹653.99 million in Q2 FY26.

Standalone Revenue from operations increased 38.8% YoY to ₹11,513.94 million.
Net Profit (PAT) surged 85.4% YoY to ₹933.10 million; EPS rose to ₹4.84 from ₹2.83 YoY.
Long-stop date for Ksolare Energy 49% stake acquisition extended to February 20, 2026.
Elemaster S.P.A Joint Venture closure deadline extended to February 28, 2026.
Unutilized IPO proceeds stand at ₹524.43 million as of December 31, 2025.

💡 Investors should remain positive on the stock given the strong double-digit growth in both top-line and bottom-line. Watch for the successful closure of the Ksolare and Elemaster deals in February as they represent key expansion milestones.

Syrma SGS Q3 PAT Jumps 85% YoY to ₹933 Mn; Revenue Up 39% YoY

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Jan 2026, 05:34 PM

Syrma SGS Technology reported a robust performance for Q3 FY26, with standalone revenue growing 38.8% YoY to ₹11,513.94 million. Net profit surged 85.4% YoY to ₹933.10 million, reflecting strong operational momentum and margin improvement compared to the previous year. The company also announced short extensions for the completion of its 49% stake acquisition in Ksolare Energy and its joint venture with Elemaster S.P.A. IPO proceeds are nearly fully utilized, with ₹6,732.79 million already deployed towards growth initiatives.

Standalone Revenue from operations rose to ₹11,513.94 million, up from ₹8,292.71 million in Q3 FY25.
Profit After Tax (PAT) increased significantly to ₹933.10 million versus ₹503.24 million YoY.
Earnings Per Share (EPS) for the quarter stood at ₹4.84, up from ₹2.83 in the year-ago period.
Long-stop date for the Ksolare Energy acquisition extended to February 20, 2026.
Total IPO proceeds of ₹7,257.22 million are mostly utilized, with only ₹524.43 million remaining in fixed deposits.

💡 The strong earnings growth and sequential improvement in margins suggest Syrma is successfully scaling its EMS operations. Investors should maintain a positive outlook but monitor the final closure of the Ksolare and Elemaster strategic partnerships in February.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 reached INR 1,146 Cr, representing a 37% YoY growth. For H1 FY26, total revenue was INR 2,109 Cr. The Industrial segment grew by 30% YoY in H1 FY26. The IT segment increased its contribution to 5% of total business in Q2 FY26. FY25 consolidated revenue was INR 3,787.19 Cr, up 19.43% YoY from INR 3,170.96 Cr in FY24.

Geographic Revenue Split

Export revenue for Q2 FY26 was INR 270 Cr, growing 40% YoY and contributing 23% of total operations. For H1 FY26, exports reached INR 502 Cr, a 35% YoY increase. The company has a long-term target to increase export contributions to 30% of total revenue (aspirational goal) from the current levels to capture higher margins.

Profitability Margins

Gross margins saw a slight sequential decline in Q2 FY26 due to a higher mix of the lower-margin IT business (5% of revenue). However, PAT margin for Q2 FY26 was 5.7% (INR 66.3 Cr), up from 4.8% in FY25. PBT margin for Q2 FY26 stood at 7.8% (INR 89.5 Cr), compared to 6.2% in FY25.

EBITDA Margin

EBITDA for Q2 FY26 was INR 124 Cr, up 53% YoY, with a margin of 10.7% (an improvement from 9.5% in Q2 FY25). Operating EBITDA margin for Q2 FY26 was 10.1% (INR 115.2 Cr), representing a 56% YoY growth. Management initially guided for 8.5% to 9% EBITDA margins for FY26 but expects to exceed this based on H1 performance.

Capital Expenditure

The company is planning a significant capital expenditure of INR 1,500 Cr for backward integration into PCB manufacturing. This investment is expected to generate steady-state annual revenues of approximately INR 2,500 Cr by FY29, based on an estimated asset turnover of 1.5x.

Credit Rating & Borrowing

Total consolidated debt as of March 31, 2025, was INR 611.2 Cr, up 6% from INR 576.3 Cr in FY24. The Debt-to-Equity ratio remained stable at 0.3 in FY25. Net Debt to EBITDA (LTM) was 0.7 as of September 2025, down from 0.8 in FY25.

⚙️ Operational Drivers

Raw Materials

Flexible PCBs and various electronic components are primary inputs. Specific raw material names like copper or silicon and their individual cost percentages are not disclosed in the available documents.

Capacity Expansion

The company is commissioning a large integrated electronics manufacturing facility in Pune. Additionally, the planned PCB manufacturing unit is designed to reach a revenue capacity of INR 2,500 Cr. A dedicated design center for MedTech ODM has also been established in Pune.

Raw Material Costs

Raw material costs are influenced by the business mix; for instance, the IT segment's expansion to 5% of revenue in Q2 FY26 led to a slight decline in gross margins due to different procurement costs and value-add profiles.

Manufacturing Efficiency

Capacity utilization improvements contributed to ROCE increasing from 9.9% in FY24 to 12.4% in FY25. Adjusted ROCE (excluding surplus IPO money and goodwill) was 16.0% in FY25.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

Growth will be driven by a shift toward high-margin segments (Industrial, Automotive, Healthcare) and long-term framework contracts. The company onboarded 8 major customers in Q2 FY26 with $100 million revenue potential for next year and signed a $250 million contract over 2-3 years. Backward integration into PCBs and the acquisition of a defense vertical provide new revenue streams.

Products & Services

Electronic Manufacturing Services (EMS), Original Design Manufacturing (ODM) services, inverters (via KSolare), flexible PCBs, automotive electronics, industrial control systems, healthcare/MedTech devices, and defense electronics.

Brand Portfolio

Syrma SGS, KSolare (Inverters).

New Products/Services

New product launches include inverters through the KSolare acquisition and flexible PCBs through backward integration. ODM revenue already contributes 38% of total revenue, focusing on higher value-add designs.

Market Expansion

Targeting a 30% growth in exports to reach INR 1,100 Cr in FY25, focusing on international markets for Industrial and MedTech segments to capture higher margins.

Strategic Alliances

The company acquired KSolare to enter the inverter market and has acquired a defense-focused entity to establish a new vertical in defense electronics.

🌍 External Factors

Industry Trends

The EMS industry is seeing a shift toward 'China Plus One' strategies and domestic manufacturing incentives in India. Syrma is positioning itself by expanding its Pune footprint and moving into high-growth segments like Railway electronics and MedTech.

Competitive Landscape

The company competes in the EMS and ODM space, focusing on differentiating through technical complexity in Automotive and Industrial verticals rather than low-margin consumer electronics.

Competitive Moat

The moat is built on 30+ years of R&D, a high share of ODM business (38%), and long-term customer framework contracts (e.g., a $250M multi-year deal) which provide high switching costs and revenue visibility.

Macro Economic Sensitivity

The company is sensitive to global trade policies, specifically American tariffs which impact the industrial portfolio, though the segment still achieved 30% growth in H1 FY26.

Consumer Behavior

There is a strategic shift to reduce reliance on the consumer sector in favor of more stable, high-margin industrial and automotive demand.

Geopolitical Risks

Trade barriers and tariffs (e.g., US tariffs) pose risks to the export-oriented segments, which the company aims to grow to 30% of total revenue.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to domestic and international regulations including data privacy, environmental standards, and safety norms. Compliance is managed by dedicated internal teams.

Environmental Compliance

The company monitors evolving environmental and safety regulations to avoid penalties and operational disruptions, though specific ESG costs are not listed.

⚠️ Risk Analysis

Key Uncertainties

Product mix volatility can cause quarter-on-quarter margin variations. For example, the IT segment's growth to 5% of revenue impacted gross margins sequentially in Q2 FY26.