Syrma SGS Technology Limited (SYRMA)
₹1,604.60 -4.90% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Syrma SGS's revenue was ₹1,589 Cr (+68.3% year on year, +8.4% on the previous quarter), and net profit ₹106 Cr (+111.4% year on year); the operating margin was 10.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,589 | +68.3% | +8.4% |
| Operating profit | ₹162 | +85.7% | -7.1% |
| Net profit | ₹106 | +111.4% | -11.2% |
| Operating margin | 10.2% | — | — |
SYRMA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.45% of the SYRMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 29.91%. The price fell 4.90% on that unusually high delivery, the pattern the delivery dashboard labels distribution. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 31.2% · 38.1% · 46.1% · 42.2% · 43.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Syrma SGS Technology Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended September 30, 2026. The total issued and listed equity share capital stands at 19,28,30,485 shares with a face value of Rs. 10 each. Exactly 100% of the company's equity capital is held in dematerialized form across NSDL (91.56%) and CDSL (8.44%), with zero physical shares outstanding. This is a routine quarterly compliance filing under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018.
- Issued and listed equity share capital confirmed at 19,28,30,485 shares
- 17,65,46,448 shares (91.5553%) held in demat form via NSDL
- 1,62,84,037 shares (8.4447%) held in demat form via CDSL
- 0 shares held in physical form, representing 100% dematerialization
- Audit period covers the quarter ended September 30, 2026
Syrma SGS Technology's subsidiary, Syrma Johari MedTech Limited, has inaugurated a new Medical Plastics and Precision Molding Facility spanning over 120,000 sq. ft. in Jodhpur, Rajasthan. The unit expands the Group's manufacturing footprint to 17 global production sites and four design and innovation centres. It aims to provide integrated CDMO capabilities including injection molding, extrusion, blow molding, and tooling for global medical-device programmes. Specific capex investments and incremental revenue potential were not disclosed in the filing.
- Inaugurated a new medical plastics and precision molding facility covering 120,000+ sq. ft. in Jodhpur
- Adds to Syrma SGS Group's network of 17 global production sites and 4 design and innovation centres
- Supports high-margin MedTech segments across diagnostics, patient monitoring, surgical, and critical care
- Capex outlay and expected revenue generation from the facility were not disclosed
Syrma SGS Technology submitted a clarification regarding the appointment of Mr. Jayesh Nagindas Doshi as Whole-time Director, effective from August 25, 2026, until March 31, 2031 (approx. 5 years). Doshi previously served as a Non-Executive Director and brings around 37 years of experience in corporate finance, M&A, and capital allocation. The appointment was approved by shareholders at the AGM held on August 25, 2026. This administrative filing clarifies details pursuant to NSE queries and SEBI LODR requirements.
- Appointment of Mr. Jayesh Nagindas Doshi as Whole-time Director effective August 25, 2026, till March 31, 2031
- Transitioned from Non-Executive Director role following shareholder approval at the AGM
- Appointee carries approximately 37 years of professional experience across corporate finance, M&A, and investments
- Clarification submitted in response to exchange query under Regulation 30 of SEBI LODR Regulations
Syrma SGS Technology has received MCA approval and a fresh Certificate of Incorporation to rename its joint venture company. Effective September 09, 2026, 'Syrma SGS Design and Manufacturing Private Limited' has been renamed to 'Syrma SGS Elemaster Private Limited'. This administrative update follows the earlier JV transaction and share allotment completed with Elemaster S.P.A Tecnologie Elettroniche on April 14, 2026.
- MCA issued a fresh Certificate of Incorporation effective September 09, 2026
- JV entity renamed from Syrma SGS Design and Manufacturing Private Limited to Syrma SGS Elemaster Private Limited
- Announcement follows transaction completion and share allotment disclosed on April 14, 2026
- Joint venture formed between Syrma SGS Technology and Elemaster S.P.A Tecnologie Elettroniche
Syrma SGS Technology Limited has scheduled participation in a Non-Deal Roadshow organized by Axis Capital in the USA. The roadshow will feature one-on-one and group investor meetings between September 8, 2026, and September 16, 2026, from 9:00 AM to 6:00 PM EST. The company confirmed that discussions will be based on publicly available information and no unpublished price-sensitive information (UPSI) will be shared.
- Non-Deal Roadshow organized with Axis Capital in the USA
- Scheduled from September 8, 2026, to September 16, 2026
- Meeting timing: 09:00 am to 6:00 pm EST in One-on-one / Group formats
- No unpublished price sensitive information (UPSI) to be shared during discussions
Syrma SGS Technology has inaugurated a new 20,000 sq. ft. high-reliability electronics manufacturing facility in Bommasandra, Bengaluru, through its 60:40 joint venture with Italy's Elemaster S.p.A. The facility features integrated Surface Mount Technology (SMT), Through-Hole Technology (THT), and box-build assembly lines. It aims to cater to high-margin, mission-critical sectors including railways, industrial electronics, medical devices, and energy applications.
- Inaugurated a 20,000 sq. ft. high-reliability electronics manufacturing facility in Bommasandra, Bengaluru
- Operated via Syrma SGS Elemaster Private Limited, a joint venture where Syrma SGS holds 60% and Elemaster holds 40%
- Equipped with integrated SMT, THT, and box-build assembly lines
- Targets high-reliability sectors such as railways, transportation, industrial, energy, and medical electronics
Syrma SGS Technology Limited has announced the voting results for its 22nd Annual General Meeting held on August 25, 2026. All 9 resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and dividend declaration. Key special resolutions passed include enabling approvals for raising funds via private placement/preferential basis to Qualified Institutional Investors and the re-appointment of Mr. Sandeep Tandon as Executive Chairman.
- All 9 resolutions passed at the 22nd AGM held on August 25, 2026 with requisite majority
- Special resolution for fundraise via private placement to QIBs passed with 15,52,99,552 votes in favour
- Approved dividend declaration and adoption of audited FY26 financial statements
- Re-appointment of Mr. Sandeep Tandon as Executive Chairman approved (15,03,73,857 votes in favour)
- Approval granted under Section 180(1)(a) for creation of mortgage/charge on company assets
Syrma SGS Technology Limited announced that shareholders at its 22nd AGM on August 25, 2026, approved the re-appointment of Mr. Sandeep Tandon as Executive Chairman for a 5-year term from October 1, 2026, to September 30, 2031. Additionally, Mr. Jayesh Nagindas Doshi, previously a Non-Executive Director, has been appointed as a Whole-time Director from August 25, 2026, to March 31, 2031. Mr. Doshi brings over 37 years of experience in corporate finance, M&A, and capital allocation, previously serving as Group CFO of Dalmia Bharat.
- Re-appointment of Executive Chairman Sandeep Tandon for a 5-year tenure from October 1, 2026, to September 30, 2031
- Appointment of Jayesh Nagindas Doshi as Whole-time Director effective August 25, 2026, through March 31, 2031
- Jayesh Doshi brings 37 years of corporate finance, capital allocation, and M&A experience to executive leadership
- All appointments approved by shareholders at the 22nd AGM held on August 25, 2026
Syrma SGS Technology concluded its 22nd Annual General Meeting on August 25, 2026. Shareholders considered 9 resolutions, including the adoption of FY26 financial statements, declaration of dividend, and the re-appointment of Executive Chairman Sandeep Tandon. Additionally, special resolutions were placed for enabling fund raising through private placement/preferential issue to Qualified Institutional Investors and asset encumbrance under Section 180(1)(a). Final voting results will be submitted following the Scrutinizer's report.
- 22nd AGM conducted via Video Conferencing on August 25, 2026, between 04:00 PM and 04:53 PM IST.
- Total of 9 ordinary and special resolutions tabled before shareholders.
- Special resolutions included re-appointment of Executive Chairman Sandeep Tandon and appointment of Jayesh Nagindas Doshi as Whole Time Director.
- Shareholder approval sought for raising funds via issuance of securities to Qualified Institutional Investors.
Syrma SGS Technology Limited has completed the incorporation of a subsidiary, 'SYRMA KAGA ELECTRONICS PRIVATE LIMITED', jointly with Kaga Electronics India Private Limited on August 18, 2026. Syrma holds a 60% equity stake while Kaga holds 40%, with Syrma investing Rs 60,000 for 6,000 shares out of the initial subscribed capital of Rs 1,00,000. The entity will focus on electronic components, bare printed circuit board (PCB) assembly, interface cards, and semiconductor manufacturing. Commercial operations are yet to commence at its registered facility in Bawal, Haryana.
- Incorporated joint venture subsidiary 'SYRMA KAGA ELECTRONICS PRIVATE LIMITED' on August 18, 2026.
- Syrma holds a 60% controlling stake (6,000 shares), while Kaga Electronics holds 40%.
- Initial authorized and subscribed share capital is Rs 1,00,000 at Rs 10 per share (cash consideration of Rs 60,000 by Syrma).
- Facility located at IMT Bawal, Haryana, focusing on PCB assembly, interface cards, and electronic component manufacturing.
Syrma SGS Technology Limited has informed the exchanges regarding its participation in the Motilal 22nd Annual Global Investor Conference on August 19, 2026. The meetings will be held in Mumbai between 09:00 am and 5:30 pm IST in one-on-one and group formats. The company stated that no unpublished price sensitive information (UPSI) will be discussed during the interactions. The company holds a market capitalization of Rs 41,606 Cr with TTM revenue of Rs 5,405 Cr.
- Conference Date: August 19, 2026, from 09:00 am to 5:30 pm IST
- Event: Motilal 22nd Annual Global Investor Conference in Mumbai
- Format: One-on-one and group institutional investor meetings
- Compliance: Discussion strictly restricted to public domain information without UPSI disclosure
Syrma SGS Technology Limited has announced its participation in the Equirus Annual India Conference scheduled for August 13, 2026, in Mumbai. The management will engage in one-on-one and group meetings between 9:00 am and 6:00 pm IST. This interaction comes as the company maintains a strong growth trajectory, with TTM revenue reaching Rs 4,760 Cr and a TTM PAT of Rs 344 Cr. The company clarified that no unpublished price sensitive information (UPSI) will be shared during these meetings.
- Management to participate in Equirus Annual India Conference on August 13, 2026
- Meetings scheduled from 09:00 am to 06:00 pm IST in Mumbai
- Company reported TTM revenue of Rs 4,760 Cr as of March 2026
- TTM Net Profit stands at Rs 344 Cr with an Operating Profit Margin of 11.0%
- Promoter holding remains stable at 42.28% as of March 2026
Syrma SGS reported a robust Q1 FY27 with consolidated revenue growing 67% YoY to ₹1,604 crore and operating EBITDA rising 69% to ₹162 crore. Growth was primarily driven by a 61% surge in exports and a significant jump in Original Design Manufacturing (ODM) sales, which reached ₹270 crore compared to ₹125 crore in the previous year. Management is strategically increasing inventory levels to mitigate global supply chain constraints in specialty chemicals and components. The company's major PCB project is progressing well, with building construction 65-70% complete and equipment installation slated for October.
- Consolidated revenue for Q1 FY27 stood at ₹1,604 crore, a 67% increase year-on-year.
- ODM sales more than doubled to ₹270 crore from ₹125 crore in the same quarter last year.
- Export revenue grew by 61% YoY, significantly outpacing the 40% growth recorded in the previous fiscal year.
- Operating EBITDA increased by 69% YoY to ₹162 crore, maintaining margin stability despite supply chain headwinds.
- The new PCB manufacturing facility is on track, with building 65-70% complete and sampling expected in the Jan-Mar 2027 quarter.
Syrma SGS Technology has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, detailing its operational and ESG footprint. The company reported that 92.5% of its turnover is derived from Printed Circuit Board Assembly (PCBA) and Box Builds. Exports accounted for 23.2% of total turnover, serving 39 international countries. The report also highlights a significant workforce of 10,046 (employees and workers) and an improvement in permanent employee turnover, which dropped to 17.6% from 24.54% in the previous year.
- PCBA and Box Builds remain the core business, contributing 92.5% of total turnover in FY26
- Export revenue contribution stood at 23.2%, with operations spanning 39 countries
- Total workforce reached 10,046 individuals, comprising 1,620 employees and 8,426 workers
- Permanent employee turnover rate improved significantly to 17.6% in FY26 from 24.54% in FY25
- Manufacturing footprint includes 14 national plants and 1 international plant in Germany
Syrma SGS Technology has fixed August 18, 2026, as the record date for a final dividend of ₹1.50 per equity share (15% of face value) for FY26. The dividend is subject to shareholder approval at the 22nd Annual General Meeting scheduled for August 25, 2026. Based on the current market price of ₹1366.6, the dividend yield is approximately 0.11%. The company reported a strong FY26 with revenue of ₹4,760 Cr and PAT of ₹344 Cr, representing a significant scale-up from FY25.
- Final dividend declared at ₹1.50 per equity share of ₹10 face value (15% payout)
- Record date for dividend eligibility and e-voting fixed as August 18, 2026
- 22nd Annual General Meeting (AGM) to be held via video conferencing on August 25, 2026
- Dividend payment to be completed within 30 days from the date of AGM declaration
- FY26 annual revenue reached ₹4,759.98 Cr with an operating profit margin of 11.04%
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.
Geographic Concentration Risk
Exports account for 23% of revenue (INR 270 Cr in Q2 FY26), with a long-term goal of 30%.
Technology Obsolescence Risk
Identified as a key risk; mitigated by continuous R&D and regular upgrades to manufacturing processes to maintain competitiveness.
Credit & Counterparty Risk
Receivables management is reflected in the reduction of NWC days from 73 to 63 YoY, indicating improved collection efficiency.
