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Syrma SGS Technology Ltd.
NSE: SYRMATechnologyElectronic Components
- Last close
- ₹1,433.10
- Day change
- −₹62.60 (−4.19%)vs
- Market cap
- ₹32,502 crIndian rupees
- Research updated
- 1 report
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About Syrma SGS Technology
Syrma SGS Technology Ltd. is a prominent player in the electronics manufacturing services (EMS) industry, specializing in providing technology solutions across various domains. As an integral part of the electronics supply chain, the company focuses on delivering high-quality design and manufacturing services for products such as printed circuit boards (PCBs), radio frequency identification (RFID) tags, and other essential electronic components. Syrma SGS serves diverse sectors including automotive, industrial, and information technology, emphasizing its versatility and adaptability to fast-evolving technological trends. The company's strategic operations cater to a wide array of clients by offering custom solutions that enhance product performance, efficiency, and reliability. By leveraging advanced manufacturing techniques and a customer-centric approach, Syrma SGS Technology Ltd. contributes significantly to the innovation and development of electronic products worldwide. In the financial market, its presence underscores the growth potential of the EMS sector, underpinned by increasing demand for smart electronics and automation solutions. Headquartered in India, Syrma SGS is positioned at the nexus of global supply and technological advancement, with its production capabilities fostering progress across numerous industries.
- Sector
- Technology
- Industry
- Electronic Components
- Listing
- NSE: SYRMA
- Next results
- Employees
- 1,552
- Headquarters
- Chennai, India
- ISIN
- INE0DYJ01015
- Website
- syrmasgs.com
Public research · Report of
Business model & financial foundation
Syrma SGS (NSE: SYRMA), Electronics Manufacturing Services (EMS) and ODM: revenue of ₹4,819 crore in FY26 (+27.3% on FY25), an EBITDA margin of 11.3%, net profit of ₹317.8 crore and net cash of ₹454.9 crore.
- Revenue, FY26 (₹ crore)
- 4,819
- consolidated
- Revenue growth, FY26
- +27.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 317.8
- to owners
- Return on equity, FY26
- 13.8%
- on average equity
- Market capitalisation (₹ crore)
- 29,109
- at the close of 15 Oct 2026
Company profile
Syrma SGS is an Indian electronics manufacturing services company that designs and manufactures printed circuit board assemblies, box builds, RFID tags, magnetics and complete products for OEMs in automotive, industrial, consumer, healthcare, IT and railways. Per its FY26 annual report it runs 17 manufacturing facilities (about 1.27 mn sq ft) mainly in Chennai, Bargur, Bawal, Manesar, Gurgaon, Pune, Baddi, Bengaluru, Jodhpur and Navi Mumbai (Elcome), exports about a quarter of revenue, and is building a multilayer PCB plant in Andhra Pradesh plus JVs with Elemaster (Italy) and Kaga Electronics (Japan).
| Item | Value |
|---|---|
| Legal name | Syrma SGS Technology Limited (formerly Syrma Technology Private Limited) |
| Exchange and ticker | NSE: SYRMA; BSE: 543573 |
| ISIN | INE0DYJ01015 |
| Sector | Industrials / Electronics |
| Industry | Electronics Manufacturing Services (EMS) and ODM |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2024) |
| Market capitalisation | ₹29,109 crore (15 Oct 2026) |
| Shares outstanding | 18.78 crore (FY26) |
| Price | ₹1,692 (close, 15 Oct 2026) |
| 52-week range | ₹634.5 - ₹1,823 (to 15 Oct 2026) |
| Website | https://www.syrmasgs.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Perfect ID India Private Limited | 100% | FY26 year-end reported subsidiary stake; individual business not retrieved. |
| Syrma SGS Electronics Private Limited | 100% | FY26 year-end reported subsidiary stake; individual business not retrieved. |
| Syrma SGS Technology and Engineering Services Limited | 100% | FY26 year-end reported subsidiary stake; individual business not retrieved. |
| Syrma SGS Design and Manufacturing Private Limited | 60% | Elemaster high-reliability PCBA/box-build arrangement: 100% FY26 end, 60% following 14 Apr 2026 allotment (S2); renamed Syrma SGS Elemaster Private Limited 9 Sep 2026 (S112). |
| Syrma Semicon Private Limited | 100% | FY26 year-end reported subsidiary stake; individual business not retrieved. |
| Shinhyup Syrma Circuits Private Limited | 75% | PCB manufacture for automotive, home appliance, IT and medical applications; SH Electronic Co Korea 25%; formerly Syrma Strategic Electronics. |
| Syrma Mobility Private Limited | 100% | FY26 year-end reported subsidiary stake; individual business not retrieved. |
| Syrma Elecomp Private Limited | 100% | FY26 year-end reported subsidiary stake; individual business not retrieved. |
| Syrma Components Private Limited | 100% | FY26 year-end reported subsidiary stake; individual business not retrieved. |
| Syrma Johari Medtech Limited | 51% | Medical electronics (formerly Johari Digital Healthcare); reported FY26 year-end stake. |
| SGS Solutions GmbH | 66% | FY26 year-end reported subsidiary stake; individual business not retrieved. |
| Syrma Technology Inc. | 100% | US subsidiary; FY26 year-end stake, individual business not retrieved. |
| Elcome Integrated Systems Private Limited | 60% | Naval/maritime electronics, navigation, monitoring and safety systems; first tranche acquired 17 Dec 2025; remaining 40% phased. |
| Navicom Technology International Private Limited | 100% | Elcome's 100%-owned step-down subsidiary, NOT parent effective 100%. Parent effective interest derived 60% via Elcome at FY26 end; individual business not retrieved. |
| Syrma Johari Medtech Inc. | 100% | Johari Medtech's 100%-owned step-down, NOT parent effective 100%; derived parent effective 51%. Former Johari Digital Healthcare Inc; individual business not retrieved. |
| Syrma Kaga Electronics Private Limited | 60% | Incorporated 18 Aug 2026, Kaga India 40%; electronic design, assembly, bare PCB/interface cards/components. New and not operating at filing date; outside FY26 year-end group. |
SGS Tekniks Manufacturing and SGS Infosystems amalgamated into the company (NCLT order 7 Oct 2025, appointed date 1 Apr 2023); no material subsidiary at 31 Mar 2026 per FY26 annual report. Subsidiary list filled from the annual report below.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 42.72% | 42.28% | 42.28% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 6.47% | 6.60% | 7.51% | |
| Domestic institutions | 15.88% | 16.59% | 15.90% | |
| of which mutual funds | 10.00% | 9.74% | 9.55% | |
| Retail | 10.95% | 10.93% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Syrma SGS is a diversified electronics manufacturing services (EMS) and ODM company: it assembles printed circuit boards, box builds, RFID tags and magnetics, and designs complete products for OEMs. It reports a single EMS segment. FY26 revenue from operations was 4,819.1 cr, split by end market (company presentation, figures include FX) as automotive 1,139 cr, industrial 1,398.5 cr (Elcome consolidated from 17 Dec 2025), consumer 1,452.7 cr, healthcare 395.2 cr and IT/railways 433.6 cr. Exports were about a quarter of revenue (24% in Q1 FY27) and ODM ~17%. The FY26 annual report lists 17 manufacturing facilities. Syrma buys components (80-95% of critical components in Indian EMS are imported) and earns a conversion and design margin on top. It does not control component prices; it passes them through, so its percentage margin falls when component costs rise even when the absolute value-add holds. It is integrating backwards into multilayer PCBs through a 75%-owned JV with Shinhyup in Andhra Pradesh (ECMS approval 27 Oct 2025, eligible investment 765 cr, commercial start guided Apr 2027).
| Peer | Why the dossier compares them |
|---|---|
| Kaynes Technology India (KAYNES) | Diversified B2B EMS with industrial, auto, railway and aerospace mix closest to Syrma's |
| Dixon Technologies (DIXON) | |
| Avalon Technologies (AVALON) | Export-heavy industrial/medical EMS of similar model |
| Cyient DLM (CYIENTDLM) | Aerospace/defence/medical EMS, high-mix low-volume like Syrma's industrial book |
| Amber Enterprises (AMBER) | EMS and components with an electronics division (IL Jin) and PCB ambitions |
| PG Electroplast (PGEL) | Consumer-durables EMS/ODM peer for Syrma's consumer vertical |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,013 | 2,010 | 3,154 | 3,787 | 4,819 |
| Cost of revenue (vendor classification) * | 728.7 | 1,545 | 2,514 | 2,944 | 3,612 |
| Other operating costs (vendor classification) * | 75.5 | 107.8 | 143.5 | 156.4 | 205.1 |
| EBITDA (vendor classification) * | 103.4 | 228.8 | 254.2 | 343.1 | 569.9 |
| EBIT * | 86.1 | 199.2 | 203.9 | 291.1 | 488.8 |
| Finance costs | 5.20 | 20.5 | 41.3 | 58.5 | 48.3 |
| Profit before tax after exceptional items | 80.9 | 178.7 | 166.4 | 237.1 | 445.4 |
| Total current and deferred tax expense | 26.8 | 55.6 | 42.1 | 52.6 | 99.6 |
| Profit for the period including NCI | 56.7 | 123.1 | 124.3 | 184.5 | 345.8 |
| Diluted earnings per share (₹) | 3.15 | 6.75 | 6.02 | 9.52 | 16.92 |
| Other income | 41.5 | 48.9 | 37.8 | ||
| Materials, traded purchases and inventory change | 2,507 | 2,931 | 3,587 | ||
| Employee benefits expense | 144.6 | 191.0 | 218.0 | ||
| Other expenses | 300.1 | 340.9 | 469.9 | ||
| Operating EBITDA excluding other income and FX gains | 202.3 | 323.3 | 544.5 | ||
| Depreciation and amortisation | 51.5 | 75.1 | 84.1 | ||
| Exceptional items, signed gain / (loss) | -1.35 | -2.14 | -4.57 | ||
| Profit attributable to non-controlling interests | 17.0 | 14.6 | 28.0 | ||
| Profit attributable to owners | 107.3 | 169.9 | 317.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 582.9 | 1,543 | 1,613 | 1,750 | 2,862 |
| Current and non-current borrowings excluding leases | 218.3 | 374.7 | 576.3 | 611.2 | 353.1 |
| Cash equivalents plus other bank balances | 33.4 | 46.5 | 86.6 | 295.8 | 298.8 |
| Trade receivables | 272.2 | 402.2 | 930.1 | 1,477 | 1,841 |
| Inventories | 291.3 | 587.4 | 1,004 | 821.9 | 1,062 |
| Trade payables, MSME plus other creditors | 240.5 | 489.5 | 1,223 | 1,548 | 1,959 |
| Property, plant and equipment, net | 46.5 | 64.4 | 650.4 | 667.2 | 860.1 |
| Capital work-in-progress | 60.2 | 21.9 | 10.6 | 60.9 | 67.5 |
| Total assets | 1,154 | 2,543 | 3,689 | 4,205 | 5,770 |
| Non-controlling interests equity | 64.4 | 74.9 | 203.3 | ||
| Current and non-current lease liabilities | 53.6 | 53.4 | 46.8 | ||
| Current investments | 35.5 | 51.4 | 509.2 | ||
| Borrowings less cash and current investments | 454.2 | 264.0 | -454.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from / (used in) operating activities | -12.7 | -308.2 | -109.1 | 176.5 | 289.6 |
| Cash purchases of tangible and intangible assets | 0.37 | 0.19 | -337.7 | -245.2 | -191.8 |
| Free cash flow (vendor definition) * | -69.6 | -188.7 | -451.3 | -68.7 | 97.8 |
| Dividends paid, cash outflow | -26.5 | -26.6 | -28.9 | ||
| Cash investments in / acquisition of subsidiaries | -230.0 | 0.00 | -235.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted equity shares (crore) | 17.62 | 17.68 | 17.84 | 17.84 | 18.78 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 832.7 | 869.7 | 924.4 | 944.0 | 1,146 | 1,264 | 1,465 | 1,589 |
| Cost of revenue (vendor classification) * | 629.4 | 637.3 | 691.6 | 710.7 | 873.0 | 917.4 | 1,086 | 1,199 |
| Other operating costs (vendor classification) * | 86.4 | 107.6 | -171.9 | 96.3 | 106.1 | 131.8 | 144.8 | 152.5 |
| EBITDA (vendor classification) * | 81.0 | 101.3 | 100.1 | 102.7 | 124.0 | 169.7 | 186.0 | 176.7 |
| EBIT * | 64.3 | 79.0 | 104.6 | 82.1 | 102.1 | 146.0 | 163.4 | 154.2 |
| Finance costs | 13.6 | 15.4 | 15.6 | 14.9 | 12.6 | 7.68 | 13.0 | 13.3 |
| Profit before tax after exceptional items | 50.7 | 63.5 | 93.4 | 67.1 | 89.5 | 138.3 | 150.4 | 140.8 |
| Total current and deferred tax expense | 11.0 | 10.5 | 21.9 | 17.2 | 23.2 | 28.0 | 31.2 | 35.1 |
| Profit for the period including NCI | 39.6 | 53.0 | 71.5 | 49.9 | 66.3 | 110.3 | 119.2 | 105.7 |
| Diluted earnings per share (₹) | 2.03 | 2.74 | 3.67 | 2.79 | 3.43 | 5.33 | 5.28 | 5.19 |
| Other income excluding separately presented FX gains | 7.15 | 21.8 | 14.2 | 6.93 | 8.74 | 10.3 | 11.8 | 15.1 |
| Materials, traded purchases and inventory change | 631.2 | 643.0 | 673.1 | 710.7 | 873.0 | 917.4 | 1,086 | 1,199 |
| Employee benefits expense | 46.1 | 46.5 | 52.2 | 50.4 | 51.5 | 55.6 | 60.5 | 75.3 |
| Other expenses | 84.5 | 100.6 | 91.6 | 87.2 | 106.1 | 131.8 | 144.8 | 152.5 |
| Operating EBITDA (revenue less cogs, employee and other expenses) | 71.0 | 79.6 | 107.5 | 95.7 | 115.2 | 159.4 | 174.1 | 161.6 |
| Depreciation and amortisation | 16.7 | 20.2 | 20.8 | 20.6 | 21.8 | 20.3 | 21.4 | 22.5 |
| Exceptional items, signed gain / (loss) | 0.00 | -2.14 | 0.00 | 0.00 | 0.00 | -3.38 | -1.19 | 0.00 |
| Profit attributable to non-controlling interests | 3.41 | 4.21 | 6.02 | 0.18 | 2.28 | 7.53 | 18.0 | 5.62 |
| Profit attributable to owners | 36.2 | 48.8 | 65.4 | 49.7 | 64.1 | 102.8 | 101.2 | 100.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.6% | 98.3% | 56.9% | 20.1% | 27.3% |
| EBITDA margin | 6.4% | 8.5% | 11.3% | ||
| Net margin | 3.4% | 4.5% | 6.6% | ||
| Return on equity | 6.8% | 10.1% | 13.8% | ||
| Return on capital employed | 11.9% | 14.7% | 9.9% | 12.8% | 17.5% |
| Return on assets | 3.4% | 4.3% | 6.4% | ||
| Net debt (₹ crore) | 454.2 | 264.0 | -454.9 | ||
| Net debt / EBITDA | 2.25x | 0.82x | -0.84x | ||
| Interest cover | 16.6x | 9.74x | 4.94x | 4.98x | 10.1x |
| Asset turnover | 0.98x | 1.09x | 1.01x | 0.96x | 0.97x |
| Receivable days | 98 | 73 | 108 | 142 | 139 |
| Inventory days (on revenue) | 105 | 107 | 116 | 79 | 80 |
| Payable days (on revenue) | 87 | 89 | 142 | 149 | 148 |
| Cash conversion | -1.02x | 1.04x | 0.91x | ||
| Capex intensity | 0.0% | 0.0% | 10.7% | 6.5% | 4.0% |
| Free cash flow (₹ crore) | -13.0 | -308.4 | -446.8 | -68.7 | 97.8 |
| Dividend payout | 24.7% | 15.7% | 9.1% | ||
| EPS, diluted (₹) | 3.15 | 6.75 | 6.02 | 9.52 | 16.92 |
| Book value per share (₹) | 33,07,62,814 | 87,27,83,944 | 90,41,41,206 | 98,07,65,746 | 1,52,42,22,266 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and FX gains) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and FX gains).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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