Syrma SGS Technology Ltd.

•

syrmasgs.comBSE: 543573NSE: SYRMA

Market Cap₹ 31,279 Cr.

Current Price

High / Low₹ 1,660 / 634

Stock P/E93.7

Book Value₹ 158

Price to Book5.04

Dividend Yield0.09 %

ROCE15.0 %

ROE12.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Electronic Manufacturing Services: 97.8% • Others: 2.2%

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 59.3% CAGR over last 5 years
Company is almost debt free
Latest quarter profit grew 251.6% YoY, showing strong momentum
Company has delivered good sales growth of 58.4% CAGR over last 5 years
Institutional investors have been accumulating - FII+DII up 7.9pp
Company comfortably covers its interest (10.1x coverage)

CONS

Promoter holding has decreased over last 2 years: -4.6pp
Company has a low return on capital employed of 10.2%
Company has a low return on equity of 8.2% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.44x)
Working capital days have increased from 59 to 123 days
Valuation is stretched - P/E of 93.7 is well above its own 5-year median (50.8)

* 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	1622.10	84.97	31279.03	0.09	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3606.20	69.93	24174.04	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2292.85	114.78	15335.11	0.00	34.87	145.31	484.41	49.83	20.34	11.96
4.	UTLSOLAR	451.20	47.05	13847.41	0.00	577.94	—	13456.93	—	40.63	18.94
5.	CYIENTDLM	944.05	91.28	7494.19	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	166.60	16.92	6036.82	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	415.55	21.29	5281.85	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	78.27	11.22	3398.20	0.32	77.79	—	372.60	115.39	63.74	33.70
9.	KERNEX	1713.80	15.10	2879.80	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	INA	90.74	9.99	2000.38	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
11.	MODINSULAT	422.25	21.14	1990.65	0.00	29.60	94.43	188.30	33.19	10.53	16.89
12.	IKIO	219.65	36.51	1697.47	0.00	11.05	364.51	169.29	40.91	10.02	12.97

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	308	393	404	727	816	793	829	864	562	1,087	1,151	1,221	1,443
	302	382	399	718	802	732	761	766	514	982	1,024	1,106	1,331
Operating Profit	6	12	6	9	14	62	69	98	48	105	127	115	111
OPM %	2.03%	2.99%	1.38%	1.24%	1.70%	7.80%	8.28%	11.37%	8.48%	9.69%	11.06%	9.44%	7.72%
	20	7	12	13	12	10	20	12	13	10	10	10	13
Interest	5	7	8	10	11	13	14	15	12	12	6	9	11
Depreciation	6	7	9	10	11	15	16	17	13	17	16	16	17
Profit before Tax	16	6	1	2	4	44	58	79	36	86	115	100	124
Tax %	35.50%	-43.40%	11.69%	32.37%	29.35%	18.88%	13.52%	22.63%	24.71%	24.08%	18.56%	19.08%	24.15%
Net Profit	10	8	1	1	3	35	50	61	27	65	93	81	94
	0.57	0.45	0.04	0.08	0.15	1.99	2.83	3.42	1.50	3.51	4.84	4.21	4.88

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	354	397	438	646	1,136	1,833	3,616	4,367	4,902
	312	328	390	588	1,053	1,799	3,332	3,924	4,443
Operating Profit	42	69	48	58	82	34	284	443	459
OPM %	11.85%	17.47%	11.01%	8.96%	7.23%	1.88%	7.86%	10.15%	9.37%
	3	2	6	8	38	51	45	38	43
Interest	8	10	6	5	16	30	55	41	38
Depreciation	10	10	12	13	17	32	63	68	68
Profit before Tax	27	52	36	48	86	24	211	372	425
Tax %	23.19%	15.99%	21.25%	36.10%	36.31%	16.18%	20.18%	21.13%	21.43%
Net Profit	21	44	29	31	55	20	169	293	334
EPS	2.96	6.19	3.32	2.67	3.35	1.13	9.47	15.23	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	48.20%	132.90%	15.83%	9.85%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 58%
3 Years:: 57%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 59%
3 Years:: 75%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 41%
1 Year:: 89%

RETURN ON EQUITY

10 Years:: —
5 Years:: 8%
3 Years:: 8%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1	1	1	138	177	177	178	193
	56	101	237	403	1,272	1,260	1,544	2,763
	100	89	61	136	255	500	610	274
Trade Payables	91	107	115	148	355	1,042	1,535	1,857
	38	74	46	128	155	122	150	148
Total Liabilities	286	371	460	953	2,214	3,101	4,017	5,235
	86	86	81	114	248	474	796	874
Capital Work in Progress	0	0	0	39	20	4	53	34
	0	0	89	404	461	678	327	1,065
	64	68	77	115	348	672	772	919
	0	0	0	0	0	705	1,411	1,596
Cash & Bank	14	35	30	11	36	47	282	256
	123	181	183	269	1,100	522	375	491
Total Assets	286	371	460	953	2,214	3,101	4,017	5,235

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	18	77	34	26	-41	-185	145	253
Cash from Investing	-22	-29	-94	-388	-861	15	-62	-711
Cash from Financing	13	-21	68	355	942	180	-77	553
	1	21	-3	-19	20	10	6	94

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	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

1622.10

84.97

31279.03

0.09

105.69

111.72

1588.62

68.29

17.70

10.17

KAYNES

3606.20

69.93

24174.04

0.00

56.43

-24.37

946.02

40.47

13.38

15.60

AVALON

2292.85

114.78

15335.11

0.00

34.87

145.31

484.41

49.83

20.34

11.96

UTLSOLAR

451.20

47.05

13847.41

0.00

577.94

—

13456.93

—

40.63

18.94

CYIENTDLM

944.05

91.28

7494.19

0.00

16.29

118.21

373.80

34.25

10.41

9.93

VIKRAMSOLR

166.60

16.92

6036.82

0.00

19.78

-85.17

1563.09

37.89

34.07

8.06

SAATVIKGL

415.55

21.29

5281.85

0.00

5.36

-95.49

511.01

-44.20

55.18

6.62

WEBELSOLAR

78.27

11.22

3398.20

0.32

77.79

—

372.60

115.39

63.74

33.70

KERNEX

1713.80

15.10

2879.80

0.00

109.85

1382.00

503.58

800.38

23.69

32.33

INA

90.74

9.99

2000.38

0.00

380.25

796.94

7406.98

1766.82

34.98

9.74

MODINSULAT

422.25

21.14

1990.65

0.00

29.60

94.43

188.30

33.19

10.53

16.89

IKIO

219.65

36.51

1697.47

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

308

393

404

727

816

793

829

864

562

1,087

1,151

1,221

1,443

302

382

399

718

802

732

761

766

514

982

1,024

1,106

1,331

Operating Profit

105

127

115

111

OPM %

2.03%

2.99%

1.38%

1.24%

1.70%

7.80%

8.28%

11.37%

8.48%

9.69%

11.06%

9.44%

7.72%

Interest

Depreciation

Profit before Tax

115

100

124

Tax %

35.50%

-43.40%

11.69%

32.37%

29.35%

18.88%

13.52%

22.63%

24.71%

24.08%

18.56%

19.08%

24.15%

Net Profit

0.57

0.45

0.04

0.08

0.15

1.99

2.83

3.42

1.50

3.51

4.84

4.21

4.88

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

354

397

438

646

1,136

1,833

3,616

4,367

4,902

312

328

390

588

1,053

1,799

3,332

3,924

4,443

Operating Profit

284

443

459

OPM %

11.85%

17.47%

11.01%

8.96%

7.23%

1.88%

7.86%

10.15%

9.37%

Interest

Depreciation

Profit before Tax

211

372

425

Tax %

23.19%

15.99%

21.25%

36.10%

36.31%

16.18%

20.18%

21.13%

21.43%

Net Profit

169

293

334

EPS

2.96

6.19

3.32

2.67

3.35

1.13

9.47

15.23

—

Dividend Payout %

0.00%

48.20%

132.90%

15.83%

9.85%

—

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

138

177

178

193

101

237

403

1,272

1,260

1,544

2,763

100

136

255

500

610

274

Trade Payables

107

115

148

355

1,042

1,535

1,857

128

155

122

150

148

Total Liabilities

286

371

460

953

2,214

3,101

4,017

5,235

114

248

474

796

874

Capital Work in Progress

404

461

678

327

1,065

115

348

672

772

919

705

1,411

1,596

Cash & Bank

282

256

123

181

183

269

1,100

522

375

491

Total Assets

286

371

460

953

2,214

3,101

4,017

5,235

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-41

-185

145

253

Cash from Investing

-22

-29

-94

-388

-861

-62

-711

Cash from Financing

-21

355

942

180

-77

553

-3

-19

Mar 2019

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

Sign in to Chat with AI

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