NSE: SYRMA · BSE: 543573 · ISIN INE0DYJ01015
Syrma SGS Technology Limited stock analysis
Syrma SGS Technology Limited ranks #403 in the TickerSutra evidence-ranked universe with a score of 65/100 and 89% data confidence. The latest captured fundamentals show ROCE of 16.8%, quarterly sales growth of 68.3% and quarterly profit growth of 101.2%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.14×
- 33% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,267cr | ₹129cr | ₹79cr | 10.0% |
| 2023 | ₹2,048cr | ₹192cr | ₹123cr | 9.0% |
| 2024 | ₹3,154cr | ₹203cr | ₹124cr | 6.0% |
| 2025 | ₹3,787cr | ₹323cr | ₹184cr | 9.0% |
| 2026 | ₹4,819cr | ₹546cr | ₹346cr | 11.0% |
| TTM | ₹5,464cr | ₹610cr | ₹402cr | 11.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Syrma Sgs Technology Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutinePress ReleaseNSE · 22 Sept 2026Syrma Sgs Technology Limited has informed the Exchange regarding a press release dated September 22, 2026, titled "Update on inauguration of facility by Syrma Johri MedTech Limited, a subsidiary of Syrma SGS Technology Limited ( Syrma SGS/Company ) -Press Release.
RoutineSyrma SGS Technology Ltd - 543573 - Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseBSE · 22 Sept 2026Press Release
RoutineChange in Directors/KMP/SMP/Auditor/RTANSE · 22 Sept 2026 · Structured filingSYRMA SGS TECHNOLOGY LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA
SYRMA SGS TECHNOLOGY LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA
Open original XBRL sourceClarification_Intimation under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) regarding appointment of Mr. Jayesh Nagindas Doshi, Whole-time Director of Syrma SGS Technology Limited ( the Company ) with effect from August 25, 2026.
MANAGEMENT COMMENTARY
Signals from filed documents
Some of the new clients which we have onboarded belong to the automotive sector. So, going forward, I believe automotive sector, alphabetically, industrial and MedTech would be the drivers for the export growth. Santhosh Seshadri: That is very clear.
Design part is where the cake is, where the cream is, and then the fab. So, we have to see how we get into the higher margin profile within the semicon ecosystem. Moderator: The next question comes from the line of Rahul Maheshwary with Ambit Investment Advisors.
Going forward, our capital allocation philosophy remains unchanged. We will continue to invest prudently in capacity expansion s, technology, design capabilities, strategic growth initiatives, while maintaining financial discipline. Beyond this quarterly financial performance, our strategic priorities remain intact.
50 crores during the quarter for this particular specific project, while overall CAPEX investment during the quarter is about Rs. We expect this PCB project to start at least commercial production by April of 2027. Our priority continues to be consistent and profitable growth, supported by operational excellence, disciplined capital allocation, and long-term customer relationship.
But again, this shows a very strong business addition pipeline for future years. Syrma SGS Technology Limited July 30, 2026 Page 6 of 27 We remain confident that as volume grows and continues to scale, and newer programs mature, our overall operational efficiencies will continue to improve overall over the medium term. Coming to our balance sheet performance: During the quarter, our net working capital days increased
The joint venture brings that capability into India, beginning with a dedicated plant for high-reliability industrial and rail electronics, and opening a route into Elemaster's global supply chain over time. ELEMASTER JVA ELEMASTER SYRMA SGS JVA BUILD PLAN { Location: Bengaluru (Bommasandra Industrial Area) { Products: PCBA & Box Build { We gain a margin-supportive vertical serving railways and industrial customers a
We were not present over there and rather than reinventing the wheel, we thought it better that it would be better to acquire and sort of scale up that business. So, those are the technology, market access , or regulatory approvals is what we look at in forming any joint venture or acquiring any company. Normally, we will not acquire a company which gives me additional revenues, but not one of these three strategic s
Equipment will be received from October onwards. And we are on schedule to power on the equipments in the quarter of January, March , and take out samples and then the process of approval from the client starts. Overall, I think we are well on track of not only achieving what we had guided but exceeding that achievement.
270 crores of ODM business for the quarter. On the customer concentration for the quarter, my top 5 customers contributed around 38%, while top 10 customers contributed around 51% and top 20 around 66% of our total revenue for the quarter. Coming to our order book visibility: As on June end, we have approximately Rs.
Together, these mark a shift from cyclical, order-led growth towards a more durable, structurally stronger business. PUTTING THE CAPITAL TO WORK The growth capital raised through our Qualified Institutional Placement last year was put straight to work across FY26 through three deliberate moves that widened our platform as few years in our history have. Into Naval and Maritime Electronics: a 60% stake in Elcome, a mar
Aniruddha Joshi: So, the percentage margin may see a slight correction. Again, I don't get a value add on the price increase. I would love to have it, but I don’t get it.
And beyond the supply chain shift away from China, what is driving specifically this for Syrma? Is it largely existing global customers giving wallet share gains or is it like a significant new addition on the export front? Syrma SGS Technology Limited July 30, 2026 Page 24 of 27 J.S.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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