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Syrma SGS Technology

SYRMA NSE
₹1,512.60 No trade today
P/E
79.19
View as Markdown
MCP
Close 4 Nov 2026 ₹1,512.60 +723.95 +91.8% 1Y
Start ₹788.65

Key Fundamentals

SmallcapIndustrial ManufacturingCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
16.80%
Debt to Equity
0.14
EPS (TTM)
₹19.10
Book Value
₹157.74
Market Cap
—
P/E (TTM)
79.19
P/B
9.59
ROE
14.00%
Dividend Yield
0.10%
EBITDA
₹582 Cr
52W High
₹1,822.60
52W Low
₹634.50
Volume
0

Peer Comparison

Industrials › Capital Goods › Industrial Products

Syrma SGS peer comparison
Indo-MIM
₹1,240.10106.91₹59,516 Cr18.470.55%23.40%25.00%₹3,482 Cr₹562 Cr
Aditya Infotech
₹3,999.8098.59₹46,234 Cr14.530.04%25.40%28.60%₹4,883 Cr₹477 Cr
Syrma SGS (this company)
₹1,512.6079.19₹28,543 Cr9.590.10%14.00%16.80%₹5,464 Cr₹401 Cr
Honeywell Automation
₹29,810.0047.82₹25,976 Cr5.650.38%12.60%17.00%₹4,703 Cr₹552 Cr
Jyoti CNC Automation
₹1,034.9573.19₹22,990 Cr11.010.00%18.20%21.30%₹2,191 Cr₹323 Cr
Kaynes Technology India
₹3,330.0064.57₹21,957 Cr4.710.00%8.69%12.70%₹3,899 Cr₹345 Cr
LMW
₹17,358.00106.09₹18,108 Cr6.100.21%4.05%5.58%₹3,374 Cr₹176 Cr
Median 7 companies₹3,330.0079.19₹25,976 Cr9.590.10%14.00%17.00%₹3,899 Cr₹401 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

49 Average

Data confidence 100/100

Category scores

Quality
38
Weak
Returns, margins, earnings quality 22% weight
Valuation
40
Weak
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
34
Poor
Solvency, leverage, coverage 9% weight
Momentum
76
Strong
Trend strength, vol-adjusted 12% weight
Ownership
37
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 36.3% CAGR over last 5 years

Weaknesses

4
  • Stock is trading at 10.1 times its book value
  • Promoter holding has decreased over last quarter: -0.66%
  • Company has a low return on equity of 10.4% over last 3 years.
  • Working capital days have increased from 46.9 days to 68.2 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish874
OscillatorsBearish270
Moving AveragesStrong Bearish604

Key readings

RSI (14)
44.21
Neutral
MACD (12,26,9)
−28.29
Bearish
SMA (50)
1,597.40
Bearish
SMA (200)
1,195.63
Bullish

As of

Analyst Rating

Based on 24 analysts
BUY71%

17 of 24 analysts rate Buy, 5 Hold, 2 Sell.

As of

BUY
17
71%
HOLD
5
21%
SELL
2
8%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+40.32%
3Y+33.01%
1Y+27.25%
TTM+53.01%

Net profit

Net profit growth by window
5Y+38.05%
3Y+41.16%
1Y+88.04%
TTM+87.38%

Operating cash flow

Operating cash flow growth by window
5Y+50.95%
3YTurned positive
1Y+64.77%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−0.18 pp
3Y+1.95 pp
1Y+2.80 pp
TTM+1.47 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹862 Cr
Mar 2021₹886 Cr
Mar 2022₹1,267 Cr
Mar 2023₹2,048 Cr
Mar 2024₹3,154 Cr
Mar 2025₹3,787 Cr
Mar 2026₹4,819 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹92.00 Cr
Mar 2021₹69.00 Cr
Mar 2022₹79.00 Cr
Mar 2023₹123 Cr
Mar 2024₹124 Cr
Mar 2025₹184 Cr
Mar 2026₹346 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹186 Cr −8.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Syrma SGS Technology trades at a market cap of ₹30,494 Cr with a PE of 79.16x and a price of ₹1,512 as of 2026-11-02. The company has delivered strong compounded profit growth of 36% CAGR over five years and 53% TTM sales growth, but trades at a premium valuation of 9.59x book value with a 3-year average ROE of just 10%.

Bull Case 8
  • Compounded profit growth of 84% on a TTM basis signals a sharp acceleration in earnings momentum
  • Revenue growth has been robust at 53% TTM and 33% CAGR over three years, indicating sustained business expansion
  • Five-year compounded sales CAGR of 40% reflects a durable long-term growth trajectory in the electronics manufacturing space
  • Debt-to-equity ratio stands at just 0.14, and the company has been reducing debt, providing significant financial flexibility
  • Stock has delivered a 1-year CAGR of 95%, rising from a 52-week low of ₹634.5 to ₹1,512, reflecting strong market re-rating
  • ROE has improved from a 3-year average of 10% to 14% in the last year, suggesting improving capital efficiency
  • ROCE of 14.83% indicates reasonable returns on total capital employed relative to the low leverage on the balance sheet
  • The company is expected to deliver a good upcoming quarter, pointing to near-term earnings visibility
Bear Case 7
  • Price-to-book of 9.59x (approximately 10.1x book value) is steep, meaning the stock prices in years of future value creation
  • Three-year average ROE of just 10% is modest relative to the premium valuation, indicating the market is pricing in future profitability that has not yet been consistently demonstrated
  • Working capital days have deteriorated from 46.9 days to 68.2 days, a 45% increase that could pressure free cash flow generation
  • Promoter holding decreased by 0.66% in the last quarter, which may signal reduced insider confidence at current levels
  • Dividend yield of just 0.09% offers virtually no income cushion, making returns entirely dependent on capital appreciation
  • The stock trades only 17% below its 52-week high of ₹1,822.6 but 138% above its 52-week low of ₹634.5, suggesting much of the re-rating may already be priced in
  • Three-year stock CAGR of 33% trails the TTM profit growth of 84%, but the 1-year stock CAGR of 95% exceeds it, raising the risk that the share price has front-run fundamentals

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

12h ago

TL;DR: Syrma SGS delivered a strong Q2FY27 with 87% profit growth and 74% revenue growth, comfortably ahead of its own 40-50% guidance. Export momentum and segment diversification across Auto and Industrials are clear strengths. The only near-term concern is a minor 58 bps YoY dip in EBITDA margin, though management has guided for margin improvement ahead. The trend is firmly improving, with new facilities adding capacity for sustained growth.

Headwinds 1
  • EBITDA margin dips YoY Nov 02

    EBITDA margin stood at 10.2% in Q2FY27, down 58 bps YoY, indicating slight margin compression despite strong topline growth.

Positives 6
  • Net profit surges 87% YoY Nov 02

    Syrma SGS net profit rose 87.2% YoY to ₹124.2 crore in Q2FY27, with consolidated revenue up 73.6% YoY to ₹1,989.7 crore.

  • Growth to beat 40-50% guidance Nov 02

    Management expects full-year growth to exceed its 40-50% guidance and anticipates improved margins in upcoming quarters.

  • Export revenue jumps 91% YoY Nov 02

    Export revenue rose 91% YoY to ₹513.8 crore, contributing 26% of operating revenue, reflecting strong international demand.

Quarterly Results

₹ Cr
SYRMA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
601
712
707
1,143
1,160
833
869
924
944
1,146
1,264
1,465
1,589
1,990
Expenses
564
663
667
1,059
1,115
762
790
817
857
1,031
1,105
1,291
1,427
1,796
Operating Profit
37
49
39
83
45
71
80
108
87
115
159
174
162
193
OPM %
6%
7%
6%
7%
3.9%
9%
9%
12%
9%
10%
13%
12%
10%
10%
Other Income
22
8.9
12
7
15
10
20
22
16
9
7
11.83
15
10
Interest
8
8
10.04
12.28
13.03
14
15
16
15
13
8
13
13
15
Depreciation
10
12
14
16
17
17
20
21
21
22
20
21
22
23
PBT
41
37
27
61
29
51
64
93
67
90
138
150
141
165
Tax %
31%
17%
25%
26%
31%
22%
17%
23%
26%
26%
20%
21%
25%
25%
Net Profit
28
31
20
45
20
40
53
71
50
66
110
119
106
124
EPS (₹)
1.61
1.6
0.87
1.97
1.09
2.04
2.74
3.67
2.79
3.33
5.33
5.25
5.19
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SYRMA profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
862
886
1,267
2,048
3,154
3,787
4,819
5,464
Expenses
727
784
1,138
1,856
2,951
3,463
4,273
4,853
Operating Profit
135
102
129
192
203
323
546
610
OPM %
16%
11%
10%
9%
6%
9%
11%
11%
Other Income
13
18
18
44
56
47
31
41
Interest
15
10
11
26
41
58
48
47
Depreciation
19
23
25
31
51
75
84
86
PBT
113
87
111
179
166
237
445
519
Tax %
19%
24%
31%
31%
25%
22%
22%
—
Net Profit
92
69
79
123
124
184
346
402
EPS (₹)
12.7
9.08
5.59
6.75
6.04
9.53
16.48
19.1
Div. Payout %
0%
0%
0%
22%
25%
16%
9%
—

Balance Sheet

₹ Cr
SYRMA balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
5
5
138
177
177
178
193
Reserves
418
595
434
1,364
1,435
1,572
2,670
Borrowings
125
103
218
375
630
665
400
Other Liabilities
238
258
364
628
1,446
1,788
2,504
Total Liabilities
786
960
1,154
2,543
3,688
4,202
5,767
Fixed Assets
296
292
378
532
1,075
1,144
1,458
CWIP
1
0
41
25
17
66
72
Investments
30
132
41
84
42
59
547
Other Assets
459
536
694
1,901
2,554
2,933
3,690
Total Assets
786
960
1,154
2,543
3,688
4,202
5,767

Cash Flow

₹ Cr
SYRMA cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
156
37
−13
−70
−109
176
290
Investing
−46
−113
−373
−885
−9
−103
−736
Financing
−59
72
382
968
150
−71
558
Net Cash Flow
51
−4
−4
13
32
2
111
Free Cash Flow
108
18
−103
−188
−446
4
114
CFO/EBITDA
131
58
13
−16
−27
73
69

Ratios

SYRMA financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
76
86
78
72
108
142
139
Inventory Days
93
109
119
139
146
102
108
Days Payable
110
112
98
116
178
193
199
Cash Conversion Cycle
60
83
99
95
76
52
48
Working Capital Days
20
51
30
42
36
37
68
ROCE %
—
15%
16%
15%
10%
12%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Syrma SGS insights

65 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 41.63%
  • Public 30.78%
  • DIIs 14.44%
  • FIIs 9.51%
  • Others 3.49%
  • Government 0.01%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Syrma SGS Technology

What does Syrma SGS Technology Ltd do?
Incorporated in 2004, Syrma SGS Technology Ltd is a Chennai-based electronics manufacturing services (EMS) company providing engineering, design, and manufacturing solutions.
Where is Syrma SGS Technology Ltd (SYRMA) listed?
Syrma SGS Technology Ltd trades as SYRMA on the NSE and under code 543573 on the BSE.
Which sector does Syrma SGS Technology Ltd belong to?
Syrma SGS Technology Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the PE ratio of Syrma SGS Technology Ltd?
Syrma SGS Technology Ltd trades at a PE ratio of 79.19 as of 4 Nov 2026, on earnings per share of ₹19.1, against a book value of ₹157.74 per share.
What is the 52-week high and low of Syrma SGS Technology Ltd?
Over the last 52 weeks Syrma SGS Technology Ltd has traded between ₹634.5 and ₹1,822.6 as of 4 Nov 2026.
Does Syrma SGS Technology Ltd pay dividends?
Syrma SGS Technology Ltd has a dividend yield of 0.10%.
What is the Return on Equity (ROE) of Syrma SGS Technology Ltd?
Syrma SGS Technology Ltd reported a return on equity of 14.00%. Its debt-to-equity ratio is 0.14.

Company Information

Incorporated in 2004, Syrma SGS Technology Ltd is a Chennai-based electronics manufacturing services (EMS) company providing engineering, design, and manufacturing solutions.

Website syrmasgs.com
Listed 26 Aug 2022
Face Value ₹10

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