Syrma SGS Technology Ltd.

•

syrmasgs.comBSE: 543573NSE: SYRMA

Market Cap₹ 30,634 Cr.

Current Price

High / Low₹ 1,660 / 634

Stock P/E83.2

Book Value₹ 154

Price to Book5.22

Dividend Yield0.09 %

ROCE17.7 %

ROE15.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Electronic Manufacturing Services: 99.1% • Others: 0.9%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 64.6% CAGR over last 5 years
Latest quarter profit grew 111.7% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 61.5% CAGR over last 5 years
Institutional investors have been accumulating - FII+DII up 7.9pp
Company comfortably covers its interest (10.2x coverage)

CONS

Promoter holding has decreased over last 2 years: -4.6pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.55x)
Working capital days have increased from 70 to 129 days
Valuation is stretched - P/E of 83.2 is well above its own 5-year median (48.2)
Recurring exceptional / one-off items are inflating headline profit
Stock is trading at 5.2x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsElectricalsElectronics - Components

Part ofNIFTY500MOMENTM50 NIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	SYRMA	1588.65	83.22	30634.01	0.09	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3500.00	67.87	23462.13	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2265.95	113.44	15155.19	0.00	34.87	145.31	484.41	49.83	20.34	11.96
4.	UTLSOLAR	446.70	46.58	13709.30	0.00	577.94	—	13456.93	—	36.46	18.94
5.	CYIENTDLM	904.15	87.42	7177.45	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	166.80	16.94	6044.07	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	396.30	20.30	5037.17	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	75.79	10.86	3290.52	0.33	77.79	—	372.60	115.39	63.74	33.70
9.	KERNEX	1734.35	15.28	2914.34	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	MODINSULAT	449.50	22.51	2119.12	0.00	29.60	94.43	188.30	33.19	10.53	16.89
11.	INA	93.04	10.24	2051.08	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
12.	IKIO	224.45	37.30	1734.57	0.00	11.05	364.51	169.29	40.91	10.02	12.97

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	601	712	707	1,134	1,160	833	870	924	944	1,146	1,264	1,465	1,589
	564	662	667	1,059	1,115	762	790	817	857	1,031	1,105	1,291	1,463
Operating Profit	37	50	39	75	45	71	80	107	87	115	159	174	126
OPM %	6.14%	7.03%	5.58%	6.59%	3.92%	8.52%	9.15%	11.63%	9.18%	10.06%	12.61%	11.89%	7.92%
	22	8	12	16	15	10	20	22	16	9	7	11	15
Interest	8	9	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
Profit before Tax	41	37	27	61	29	51	64	93	67	90	138	150	141
Tax %	31.48%	17.43%	24.78%	26.12%	30.99%	21.78%	16.57%	23.48%	25.66%	25.88%	20.26%	20.71%	24.95%
Net Profit	0	0	0	0	20	40	53	71	50	66	110	119	106
	1.61	1.60	0.88	1.97	1.09	2.04	2.74	3.67	2.79	3.44	5.33	5.29	5.19

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	397	438	1,020	2,048	3,154	3,787	4,819	5,464
	328	390	923	1,857	2,952	3,463	4,275	4,889
Operating Profit	69	48	97	191	202	323	545	575
OPM %	17.47%	11.01%	9.47%	9.34%	6.41%	8.54%	11.30%	10.52%
	2	6	12	44	57	47	33	41
Interest	10	6	9	26	41	58	48	47
Depreciation	10	12	19	31	51	75	84	86
Profit before Tax	52	36	81	179	166	237	445	519
Tax %	15.99%	21.25%	33.08%	31.12%	25.29%	22.20%	22.36%	22.63%
Net Profit	44	29	54	123	124	184	346	402
EPS	6.19	3.72	4.94	7.50	6.05	9.54	16.50	—
Dividend Payout %	0.00%	0.00%	0.00%	22.22%	24.80%	15.72%	9.09%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 62%
3 Years:: 33%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 58%
3 Years:: 39%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 44%
1 Year:: 90%

RETURN ON EQUITY

10 Years:: —
5 Years:: 12%
3 Years:: 11%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1	1	138	177	177	178	193
Minority Interest	0	0	11	3	64	75	203
	101	241	431	1,364	1,431	1,567	2,662
	89	61	219	375	626	659	497
Trade Payables	107	115	240	489	1,223	1,548	1,959
	66	70	208	258	167	175	253
Total Liabilities	364	488	1,247	2,665	3,688	4,202	5,767
	86	81	378	532	1,075	1,144	1,458
Capital Work in Progress	0	0	39	20	11	61	68
	0	92	41	84	42	59	547
	68	77	291	587	1,004	822	1,062
	0	0	0	0	930	1,477	1,841
Cash & Bank	35	30	37	54	87	296	299
	173	207	461	1,387	539	343	493
Total Assets	364	488	1,247	2,665	3,688	4,202	5,767

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	77	34	38	-31	-109	176	290
Cash from Investing	-29	-94	-394	-886	-28	-105	-742
Cash from Financing	-21	68	359	968	150	-71	558
	21	-3	-20	12	13	1	105

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
46.89	46.89	46.58	46.52	46.42	42.97	42.72	42.28	42.28
10.44	10.32	8.49	6.20	6.34	7.02	6.47	6.60	7.51
6.45	6.44	7.45	7.73	9.14	16.38	15.89	16.59	15.90
0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01
36.22	36.35	37.48	39.55	38.10	33.62	34.93	34.51	34.29

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

General Updates

2026-09-10 - Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations ) - Update on change of name of Syrma SGS Design and Manufacturing Private Limited ( JVCo ) in terms of Joint Venture Agreement between Syrma SGS Technology Limited ( Company ), and Elemaster S.P.A Tecnologie Elettroniche ( Elemaster ).

2026-09-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - Syrma Sgs Technology Limited has informed the Exchange about Schedule of meet

2026-09-02

Press Release

2026-09-02 - Syrma Sgs Technology Limited has informed the Exchange regarding a press release dated September 02, 2026, titled "Syrma SGS Elemaster Inaugurates State-of-the-Art High-Reliability Electronics Manufacturing Facility in Bengaluru".

2026-08-26

Shareholders meeting

2026-08-26 - Voting Results of the Remote e-voting of the 22nd Annual General Meeting of the Company held on Tuesday, August 25, 2026

2026-08-25

Change in Director(s)

2026-08-25 - Syrma Sgs Technology Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-25

Shareholders meeting

2026-08-25 - Summary of Proceedings of the 22nd (Twenty-Second) Annual General Meeting of SyrmaSGS Technology Limited ( the Company ) held today i.e. on Tuesday, August 25, 2026, throughVideo Conferencing ( VC )/ Other Audio- Visual Means ( OAVM )

2026-08-18

General Updates

2026-08-18 - Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations ) - Incorporation of a Company ( Subsidiary Company ) jointly with Kaga Electronics India Private Limited ( Kaga )

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Syrma Sgs Technology Limited has informed the Exchange about Schedule of meet

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Syrma Sgs Technology Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for SYRMA

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Name

SYRMA

1588.65

83.22

30634.01

0.09

105.69

111.72

1588.62

68.29

17.70

10.17

KAYNES

3500.00

67.87

23462.13

0.00

56.43

-24.37

946.02

40.47

13.38

15.60

AVALON

2265.95

113.44

15155.19

0.00

34.87

145.31

484.41

49.83

20.34

11.96

UTLSOLAR

446.70

46.58

13709.30

0.00

577.94

—

13456.93

—

36.46

18.94

CYIENTDLM

904.15

87.42

7177.45

0.00

16.29

118.21

373.80

34.25

10.41

9.93

VIKRAMSOLR

166.80

16.94

6044.07

0.00

19.78

-85.17

1563.09

37.89

34.07

8.06

SAATVIKGL

396.30

20.30

5037.17

0.00

5.36

-95.49

511.01

-44.20

55.18

6.62

WEBELSOLAR

75.79

10.86

3290.52

0.33

77.79

—

372.60

115.39

63.74

33.70

KERNEX

1734.35

15.28

2914.34

0.00

109.85

1382.00

503.58

800.38

23.69

32.33

MODINSULAT

449.50

22.51

2119.12

0.00

29.60

94.43

188.30

33.19

10.53

16.89

INA

93.04

10.24

2051.08

0.00

380.25

796.94

7406.98

1766.82

34.98

9.74

IKIO

224.45

37.30

1734.57

0.00

11.05

364.51

169.29

40.91

10.02

12.97

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

601

712

707

1,134

1,160

833

870

924

944

1,146

1,264

1,465

1,589

564

662

667

1,059

1,115

762

790

817

857

1,031

1,105

1,291

1,463

Operating Profit

107

115

159

174

126

OPM %

6.14%

7.03%

5.58%

6.59%

3.92%

8.52%

9.15%

11.63%

9.18%

10.06%

12.61%

11.89%

7.92%

Interest

Depreciation

Profit before Tax

138

150

141

Tax %

31.48%

17.43%

24.78%

26.12%

30.99%

21.78%

16.57%

23.48%

25.66%

25.88%

20.26%

20.71%

24.95%

Net Profit

110

119

106

1.61

1.60

0.88

1.97

1.09

2.04

2.74

3.67

2.79

3.44

5.33

5.29

5.19

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

397

438

1,020

2,048

3,154

3,787

4,819

5,464

328

390

923

1,857

2,952

3,463

4,275

4,889

Operating Profit

191

202

323

545

575

OPM %

17.47%

11.01%

9.47%

9.34%

6.41%

8.54%

11.30%

10.52%

Interest

Depreciation

Profit before Tax

179

166

237

445

519

Tax %

15.99%

21.25%

33.08%

31.12%

25.29%

22.20%

22.36%

22.63%

Net Profit

123

124

184

346

402

EPS

6.19

3.72

4.94

7.50

6.05

9.54

16.50

—

Dividend Payout %

0.00%

22.22%

24.80%

15.72%

9.09%

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

138

177

178

193

Minority Interest

203

101

241

431

1,364

1,431

1,567

2,662

219

375

626

659

497

Trade Payables

107

115

240

489

1,223

1,548

1,959

208

258

167

175

253

Total Liabilities

364

488

1,247

2,665

3,688

4,202

5,767

378

532

1,075

1,144

1,458

Capital Work in Progress

547

291

587

1,004

822

1,062

930

1,477

1,841

Cash & Bank

296

299

173

207

461

1,387

539

343

493

Total Assets

364

488

1,247

2,665

3,688

4,202

5,767

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-31

-109

176

290

Cash from Investing

-29

-94

-394

-886

-28

-105

-742

Cash from Financing

-21

359

968

150

-71

558

-3

-20

105

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

46.89

46.58

46.52

46.42

42.97

42.72

42.28

10.44

10.32

8.49

6.20

6.34

7.02

6.47

6.60

7.51

6.45

6.44

7.45

7.73

9.14

16.38

15.89

16.59

15.90

0.00

0.01

36.22

36.35

37.48

39.55

38.10

33.62

34.93

34.51

34.29

Syrma SGS Technology Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Syrma SGS Technology Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI