EMS manufacturer of PCB assemblies, box-builds and RFID tags for auto, industrial and healthcare OEMs.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,589 | +68.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.0 | +1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 106 | +112.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 16.07 | +5.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 2.39 | +2.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 53.01 | +7.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
6 of 8 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Greenfield Renewable Energy Project Plan Announcement | In the coming quarter or something | Q4 FY26 | Ghosted. The deadline of 'the coming quarter' has passed with no announcement of the new greenfield renewable energy project plans. | Ghosted |
| FY27 Revenue Growth | 30% | Q3 FY26 | Guidance revised up. Based on strong Q1 performance (67% YoY growth), management is now confident they will 'exceed that guidance' of 30-35% growth for FY27. | Revised Up |
| FY26 EBITDA | 8.5-9% Margin | Q1 FY26 | Achieved. FY26 Operating EBITDA was ₹545 crores on revenue of ₹4,857 crores, resulting in a margin of 11.2%, well above the original 8.5-9% target and the revised guidance of ₹500 crores+. | Achieved |
2 of Syrma SGS Technology Limited's 18 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹773.85 on 24 Oct 2025 → ₹1,495.4. High ₹1,782.9 (30 Sept 2026), low ₹640.15 (21 Jan 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Syrma SGS is an Electronic System Design and Manufacturing (ESDM/EMS) company that designs and manufactures printed circuit board assemblies (PCBA), box-build electronics, RFID tags/readers, magnetic components, electro-mechanicals and BLDC motor modules for OEM customers. It serves five industry verticals — Automotive & EV mobility, Industrials, Healthcare & medical devices, Consumer electronics, and Railways & IT — and also runs an Original Design Manufacturing (ODM) business where it designs products for customers rather than just assembling to their specs. Its subsidiary Syrma Johari Medtech Limited (SJML) is an FDA/MDSAP/GMP-compliant ODM specialising in aesthetics, diagnostics, physiotherapy and life-sciences medical devices, and a separate Critical Communication division (originally 3G Wireless Communications, founded 2001) makes two-way radio and digital radio communication equipment for public safety, oil & gas and paramilitary customers.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
6 of 8 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Greenfield Renewable Energy Project Plan Announcement | In the coming quarter or something | Q4 FY26 | Ghosted. The deadline of 'the coming quarter' has passed with no announcement of the new greenfield renewable energy project plans. | Ghosted |
| FY27 Revenue Growth | 30% | Q3 FY26 | Guidance revised up. Based on strong Q1 performance (67% YoY growth), management is now confident they will 'exceed that guidance' of 30-35% growth for FY27. | Revised Up |
| FY26 EBITDA | 8.5-9% Margin | Q1 FY26 | Achieved. FY26 Operating EBITDA was ₹545 crores on revenue of ₹4,857 crores, resulting in a margin of 11.2%, well above the original 8.5-9% target and the revised guidance of ₹500 crores+. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Syrma SGS Technology Limited Q1 FY27
Syrma SGS Technology Limited reported a strong Q1 FY27, with significant year-on-year growth across revenue, EBITDA, and PAT, driven by robust export and ODM sales. The company is strategically building inventory to mitigate supply chain risks and is on track with its PCB project. While demand remains strong, geopolitical issues pose a risk to supply chain stability and could impact margins.
Read the full callSyrma SGS Tech. Q4 FY26
Syrma SGS Technology delivered a strong Q4 and full-year FY26, surpassing its own guidance for EBITDA, revenue, and exports. The company achieved a net cash position, significantly improved its working capital cycle, and saw robust growth across key verticals. Despite sequential margin moderation and external cost pressures, management expressed confidence in sustained growth and profitability for FY27, backed by a healthy order book and strategic investments, while maintaining a conservative outlook.
Read the full callSyrma SGS Tech. Q3 FY26
Syrma SGS Technology delivered a strong Q3 FY26, with sales growing 45% YoY and EBITDA surging 101% to INR159 crores, driven by robust performance across all verticals and significant export growth. The company achieved a positive operating cash flow for the nine-month period and maintains a healthy order book of INR6,400 crores. Strategic initiatives like the PCB project and the Elcome acquisition are progressing, with management confident in achieving its revised EBITDA guidance of over INR500 crores for FY26.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +112% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 833 | 870 | 924 | 944 | 1,146 | 1,264 | 1,465 | 1,589 |
| Expenses | 762 | 790 | 817 | 857 | 1,031 | 1,105 | 1,291 | 1,427 |
| Operating profit | 71 | 80 | 108 | 87 | 115 | 159 | 174 | 162 |
| Operating margin | 9.0% | 9.0% | 12.0% | 9.0% | 10.0% | 13.0% | 12.0% | 10.0% |
| Other income | 10 | 20 | 22 | 16 | 9 | 7 | 11 | 15 |
| Interest | 14 | 15 | 16 | 15 | 13 | 8 | 13 | 13 |
| Depreciation | 17 | 20 | 21 | 21 | 22 | 20 | 21 | 22 |
| Profit before tax | 51 | 64 | 93 | 67 | 90 | 138 | 150 | 141 |
| Tax rate | 22.0% | 17.0% | 23.0% | 26.0% | 26.0% | 20.0% | 21.0% | 25.0% |
| Net profit | 40 | 53 | 71 | 50 | 66 | 110 | 119 | 106 |
| EPS (₹ per share) | 2.04 | 2.74 | 3.67 | 2.79 | 3.33 | 5.33 | 5.25 | 5.19 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,049 | 3,163 | 3,787 | 4,819 |
| Expenses | 1,865 | 2,953 | 3,484 | 4,284 |
| Operating profit | 184 | 208 | 304 | 535 |
| Other income | 47 | 49 | 67 | 43 |
| Interest | 21 | 40 | 59 | 49 |
| Depreciation | 31 | 52 | 75 | 84 |
| Profit before tax | 179 | 166 | 237 | 445 |
| Net profit | 123 | 124 | 184 | 345 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 138 | 177 | 177 | 178 | 192 | 193 |
| Reserves | 434 | 1,364 | 1,435 | 1,572 | 2,617 | 2,670 |
| Borrowings | 218 | 375 | 630 | 665 | 332 | 400 |
| Other liabilities | 364 | 628 | 1,446 | 1,788 | 2,069 | 2,504 |
| Total liabilities | 1,154 | 2,543 | 3,688 | 4,202 | 5,210 | 5,767 |
| Fixed assets | 378 | 532 | 1,075 | 1,144 | 1,144 | 1,458 |
| Capital work in progress | 41 | 25 | 17 | 66 | 77 | 72 |
| Investments | 41 | 84 | 42 | 59 | 144 | 547 |
| Other assets | 694 | 1,901 | 2,554 | 2,933 | 3,844 | 3,690 |
| Total assets | 1,154 | 2,543 | 3,688 | 4,202 | 5,210 | 5,767 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 37 | -13 | -70 | -109 | 176 | 290 |
| Cash from investing | -113 | -373 | -885 | -9 | -103 | -736 |
| Cash from financing | 72 | 382 | 968 | 150 | -71 | 558 |
| Net cash flow | -4 | -4 | 13 | 32 | 2 | 111 |
| Free cash flow | 18 | -103 | -188 | -446 | 4 | 114 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 86 | 78 | 72 | 108 | 142 | 139 |
| Inventory days | 109 | 119 | 139 | 146 | 102 | 108 |
| Days payable | 112 | 98 | 116 | 178 | 193 | 199 |
| Cash conversion cycle | 83 | 99 | 95 | 76 | 52 | 48 |
| Working capital days | 51 | 30 | 42 | 36 | 37 | 68 |
| Return on capital employed | 15.0% | 16.0% | 15.0% | 10.0% | 12.0% | 17.0% |
| Dividend payout | 0.0% | 0.0% | 22.0% | 25.0% | 16.0% | 9.0% |
The businesses behind the company’s reported revenue.
Electronic Manufacturing Services contributes 98.1% of reported segment revenue.
Quarter ended 30 Jun 2023 · Consolidated
₹589.80 crore
₹11.50 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Electronic Manufacturing Services | 589.80 | 98.1% |
| Others | 11.50 | 1.9% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
To justify its price of ₹1495, this stock must grow earnings at 39% every year for 7 years. Our analysis caps realistic growth at ~41%. At that growth it is worth ₹1669 — upside of 12%.
Ownership
Promoters hold 41.62% as of Sept 2026; institutions added 0.54 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 8 holders trimming and 4 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Syrma SGS Technology Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 32.77% | −0.07 pp | |
| 6.31% | −0.17 pp | |
| 6.21% | −0.14 pp | |
| 6.04% | −0.17 pp | |
| 4.40% | −0.31 pp | |
| Mutual fund | 3.06% | newly disclosed |
| 2.63% | newly disclosed | |
| 1.91% | −0.41 pp | |
| Mutual fund | 1.50% | newly disclosed |
| Mutual fund | 1.38% | newly disclosed |
| Insurer | 1.35% | −0.25 pp |
| 0.43% | −0.21 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 1 added, 5 trimmed, 0 sold out — net −0.08 L shares (−3.1%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹21 Cr | −0.04 L | Sep '23 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹11 Cr | −0.02 L | Sep '23 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.01 L | Dec '25 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | −0.02 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | −0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
1 added, 5 trimmed — net −7,929 shares (−3.1%)
Shares held by these funds +393%
Oct '23 2.46 L shares Sep '26
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