Syrma SGS

SYRMA

NSE

BSE

SectorCapital Goods

Loading chart…

Company insights, generated from the most recent coverage.

Jefferies assigns a Hold rating to Syrma at 57x forward PE, citing limited upside potential following a 105% year-to-date rally that has largely priced in near-term growth expectations.
Read more
Syrma's PCB facility (₹400 Cr Phase 1) focuses on multi-layer boards and comes online in April 2027, placing it behind Kaynes in scale and technological depth, limiting its share in advanced PCB segments.
Read more
Syrma SGS becomes first Indian company to achieve TISAX certification, unlocking competitive advantage in automotive electronics supply chain.
Read more

The Quarter story

The two most recent quarterly results, compared side-by-side.

Syrma SGS Technology delivers strong revenue and profit growth across key segments, though rising material and operating costs require careful margin management.

Auto revenue grows from ₹2,215 Cr to ₹3,949 Cr from Q1 FY26 to Q1 FY27 — consistent segment momentum drives top-line expansion.

Gross margin eases from 25.4% to 24.5% from Q1 FY26 to Q1 FY27 — mix normalization and input costs pressure profitability.

Total revenue expands from ₹9,600 Cr to ₹16,037 Cr from Q1 FY26 to Q1 FY27 — strong core business growth across all verticals.

Material costs rise from ₹7,107 Cr to ₹11,992 Cr from Q1 FY26 to Q1 FY27 — volume-driven input pressure requires careful pricing management.

Profit after tax rises from ₹499 Cr to ₹1,057 Cr from Q1 FY26 to Q1 FY27 — robust net earnings generation despite higher input costs.

Operating expenses increase from ₹1,467 Cr to ₹2,278 Cr from Q1 FY26 to Q1 FY27 — scaling costs track revenue but need margin vigilance.

ROCE improves from 11.4% to 17.3% from Q1 FY26 to Q1 FY27 — superior capital efficiency from strategic investments.

Total debt rebounds from ₹5,294 Cr to ₹6,860 Cr from Q3 FY26 to Q1 FY27 — renewed funding supports expansion but increases leverage.

Consumer revenue climbs from ₹3,178 Cr to ₹5,328 Cr from Q1 FY26 to Q1 FY27 — strong product demand fuels segment traction.

Working capital days rise from 69 to 71 from Q1 FY26 to Q1 FY27 — slightly stretched inventory and receivables management needs monitoring.

About the company

Syrma SGS Technology Limited is an Indian company specializing in electronic system design and manufacturing. Founded in 1978, it operates 11 manufacturing facilities across India and provides turnkey electronics manufacturing services. The company focuses on precision manufacturing for diverse industries including automotive, healthcare, IT, industrial appliances, energy management, and consumer products. Syrma SGS offers services such as product design, prototyping, PCB assembly, box build, and tester development. It has three R&D facilities, two in India and one in Germany, and a supplier network spanning 19 countries. The company manufactures various electronic products including sub-assemblies, disk drives, power supplies, RFID products, and magnetic induction coils. In 2021, Syrma SGS acquired SGS Tekniks Manufacturing Private Limited and 75% of Perfect ID India Private Limited to expand its market share and capabilities.

In the news

Syrma JV targets ₹200 crore revenue in first year from Bengaluru facility

Syrma SGS Q4FY26: 56% Revenue Surge, Record Highs, and FY27 Ambitions

Syrma SGS

Insights

About the company

Insights