Syrma SGS logo

Syrma SGS

SYRMA NSE

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods
Market Cap
₹30,190 Cr
Volatility
Moderate
P/E Ratio
83.21
EBITDA
₹582 Cr
Return on Equity
11.28%
Debt to Equity
0.14
Book Value
₹148.44
EPS
₹5.58
52W High
₹1,660
52W Low
₹634.5

Tapetide Score

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

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 10.7 times its book value
  • Company has a low return on equity of 10.4% over last 3 years.
  • Promoter holding has decreased over last 3 years: -4.99%
  • Working capital days have increased from 46.9 days to 68.2 days

Growth Rate

Revenue Growth
26.61% lower than 3Y
Net Income Growth
87.53% higher than 3Y
Cash Flow Change
64.1% lower than 3Y
ROE
11.57% higher than 3Y
ROCE
-0.07% lower than 3Y
EBITDA Margin (Avg.)
23.35% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Syrma SGS Technology, with a market cap of ₹30,190 Cr, is a fast-growing electronics manufacturing services (EMS) player posting 53% TTM sales growth and 84% TTM profit growth. However, the stock trades at a PE of 76.8x and 10.8x book value, while 3-year average ROE remains modest at 10%, reflecting a tension between strong topline momentum and rich valuations.

Bull Case 8
  • TTM revenue growth of 53% significantly outpaces the 3-year compounded sales CAGR of 33%, indicating accelerating topline momentum
  • Compounded profit growth of 84% on a TTM basis suggests strong operating leverage kicking in as the business scales
  • 5-year compounded sales CAGR of 40% demonstrates a sustained multi-year growth trajectory, not a one-off spike
  • ROE has improved from a 3-year average of 10% to 14% in the last year, signalling improving capital efficiency
  • Company has actively reduced debt, strengthening the balance sheet and lowering financial risk during a capex-intensive expansion phase
  • 5-year compounded profit CAGR of 36.3% reflects consistent earnings compounding over a meaningful period
  • Stock has delivered a 1-year return of 91% and a 3-year CAGR of 45%, reflecting strong market confidence in the EMS growth story and India's electronics manufacturing tailwinds
  • Company is expected to deliver a good upcoming quarter, indicating near-term earnings visibility remains intact
Bear Case 8
  • PE ratio of 76.8x is extremely elevated, pricing in years of flawless execution with little margin of safety
  • Price-to-book of 10.8x is very high for a manufacturing business, implying significant premium over tangible asset base
  • 3-year average ROE of only 10% is modest for a stock commanding such premium valuations, raising questions about capital allocation efficiency
  • Working capital days have deteriorated from 46.9 days to 68.2 days, a 45% increase that ties up more cash in operations and pressures free cash flow
  • Promoter holding has declined by 4.99% over the last three years, which may signal reduced promoter conviction or dilution events
  • Dividend yield of just 0.09% offers virtually no income cushion, making returns entirely dependent on capital appreciation
  • Despite 84% TTM profit growth, the absolute ROE of 14% suggests the business still requires substantial capital to generate returns, typical of asset-heavy EMS models
  • Limited 10-year financial history (data unavailable for longer-term CAGR metrics) makes it difficult to assess performance through full economic cycles

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • JV with Kaga for PCBs Aug 19

    Syrma SGS formed a joint venture with Kaga Electronics India to manufacture bare printed circuit boards and electronic components, building dedicated capability in a foundational electronics supply chain segment.

  • AGM approves fund raise Aug 25

    The 22nd AGM on August 25 approved special resolutions for fund raising via private placement and appointed Jayesh Doshi as Whole Time Director, signaling growth investment intent.

Neutral 2
  • JV renamed Syrma SGS Elemaster Sep 10

    The JV company was renamed to Syrma SGS Elemaster Private Limited, approved by the Ministry of Corporate Affairs effective September 9, 2026, disclosed under SEBI Regulation 30.

  • Analyst meet scheduled Sep 8 Sep 3

    Syrma SGS scheduled an analyst and investor meeting on September 8 with no further details on agenda or venue disclosed.

TL;DR: Syrma SGS is actively expanding its manufacturing footprint through a new JV with Kaga Electronics for PCB production and has secured AGM approval for fund raising via private placement. No material headwinds surfaced in recent weeks. The trend is constructive, with strategic partnerships and capital-raising moves pointing toward capacity expansion in India's growing electronics manufacturing ecosystem.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
601
712
707
1,143
1,160
833
870
924
944
1,146
1,264
1,465
1,589
Expenses
564
663
667
1,059
1,115
762
790
817
857
1,031
1,105
1,291
1,427
Operating Profit
37
49
39
83
45
71
80
108
87
115
159
174
162
OPM %
6%
7%
6%
7%
3.9%
9%
9%
12%
9%
10%
13%
12%
10%
Other Income
22
8
12
7
15
10
20
22
16
9
7
11
15
Interest
8
8
11
13
14
14
15
16
15
13
8
13
13
Depreciation
10
12
14
16
17
17
20
21
21
22
20
21
22
PBT
41
37
27
61
29
51
64
93
67
90
138
150
141
Tax %
31%
17%
25%
26%
31%
22%
17%
23%
26%
26%
20%
21%
25%
Net Profit
28
31
20
45
20
40
53
71
50
66
110
119
106
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
1,282
917
5.59
6.75
6.04
9.53
16.48
19.1
Div. Payout %
0%
0%
0%
22%
25%
16%
9%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
131
58
13
-16
-27
73
69
Figures in ₹ Crores

Ratios

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

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46 extracted metrics + investor summaries across FY20–FY27.

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Shareholding Pattern

Others3.56%Govt.0.01%Promot.42.28%FIIs7.52%DIIs15.90%Public30.73%As ofJun 2026

Documents

Frequently Asked Questions about Syrma SGS

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.[1]
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 Industrials sector, in the Industrial Manufacturing industry.
What is the market capitalisation of Syrma SGS Technology Ltd?
Syrma SGS Technology Ltd has a market capitalisation of ₹30,190 Cr, which places it in the Large Cap band.
What is the PE ratio of Syrma SGS Technology Ltd?
Syrma SGS Technology Ltd trades at a PE ratio of 83.21, on earnings per share of ₹5.58, against a book value of ₹148.44 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 ₹1,660.
Does Syrma SGS Technology Ltd pay dividends?
Syrma SGS Technology Ltd has a dividend yield of 0.09%.
What is the Return on Equity (ROE) of Syrma SGS Technology Ltd?
Syrma SGS Technology Ltd reported a return on equity of 11.28%. 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.[1]

Website syrmasgs.com
Listed 2022-08-26
Face Value ₹ 10
Issued Size 19,28,30,485

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