SYRMA

Syrma SGS Technology share price & financials

Price
₹1,334
Market cap
₹27.4k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 30 Jul 2026

Syrma SGS Technology Limited Q1 FY27

Revenue ₹1,604 cr +67%Operating EBITDA ₹162 cr +69%PAT ₹106 cr +112%PBT ₹141 cr +110%

What went well

  • Consolidated total revenue for Q1 FY27 stood at ₹1,604 crores, registering a 67% year-on-year growth.
  • Operating EBITDA increased by 69% year-on-year to ₹162 crores, while total EBITDA grew 72% to ₹177 crores.
  • PAT for the quarter is ₹106 crores with a 112% growth.

What to watch

  • Supply chain constraints due to geopolitical problems in the Middle East are a cause of concern, affecting specialty chemicals and component lead times.
  • Working capital days increased from 63 to 71 days, primarily due to higher inventory levels held as a strategic asset.
Read the full call →

What Syrma SGS Technology Limited does

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

  • Automotive and EV mobility
  • Industrials
  • Healthcare and medical devices
  • Consumer
  • Railways and IT
Manufacturing facilities
16
Manufacturing locations
Gurugram, Jodhpur, Bawal, Baddi, Manesar, Bengaluru, Chennai, Bargur, Pune and Hosur (upcoming)
Global R&D centres
4 (Gurugram, Pune, Chennai, Stuttgart-Germany)
Countries served
20+
Total client base
300+
Supplier base
1,890
Founded 1990Headquarters Mumbai, Maharashtra, IndiaEmployees 9,352 (FY25 (31 March 2025)) Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 6 delivered 2 missed 10 open
  • Greenfield Renewable Energy Project Plan Announcement went quiet said Q4 FY26 Promised: In the coming quarter or something Q1 FY27: Ghosted. The deadline of 'the coming quarter' has passed with no announcement of the new greenfield renewable energy project plans.
  • FY27 Revenue Growth revised up said Q3 FY26 Promised: 30% Q1 FY27: 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.
  • FY26 EBITDA delivered said Q1 FY26 Promised: 8.5-9% Margin Q4 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+.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 68.3%, net profit up 112.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue833 870 924 944 1,146 +38%1,264 +45%1,465 +59%1,589 +68%
EBITDA71 80 108 87 115 +62%159 +99%174 +61%162 +86%
Net profit40 53 71 50 66 +65%110 +108%119 +68%106 +112%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +87.7% 1Y

₹0.6k₹0.8k₹1.0k₹1.2k₹1.4k₹1.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 12 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹846.85 on 10 Sept 2025 → ₹1,589.3. High ₹1,639.2 (8 Sept 2026), low ₹640.15 (21 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+2.6%
30 Jul
Q4 FY26
−5.0%
12 May
Q3 FY26
+5.1%
30 Jan
Q2 FY26
+2.8%
11 Nov

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.

Financials, as filed

Revenue grew 33.0% a year over 3 years, FY23 to FY26. Operating margin widened to 11.1%.

Year endingFY23FY24FY25FY26
Revenue₹2.0k Cr₹3.2k Cr₹3.8k Cr₹4.8k Cr
Operating profit₹184 Cr₹208 Cr₹304 Cr₹535 Cr
Operating margin9.0%6.6%8.0%11.1%
Interest₹21 Cr₹40 Cr₹59 Cr₹49 Cr
Depreciation₹31 Cr₹52 Cr₹75 Cr₹84 Cr
Net profit₹123 Cr₹124 Cr₹184 Cr₹345 Cr
Net margin6.0%3.9%4.9%7.2%
Cash from operations₹-70 Cr₹-109 Cr₹176 Cr₹290 Cr
Free cash flow₹-188 Cr₹-446 Cr₹4 Cr₹114 Cr
ROCE15.0%10.0%12.0%17.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹5 Cr₹138 Cr₹177 Cr₹177 Cr₹192 Cr₹193 Cr
Reserves₹595 Cr₹434 Cr₹1.4k Cr₹1.4k Cr₹2.6k Cr₹2.7k Cr
Borrowings₹103 Cr₹218 Cr₹375 Cr₹630 Cr₹332 Cr₹400 Cr
Other liabilities₹258 Cr₹364 Cr₹628 Cr₹1.4k Cr₹2.1k Cr₹2.5k Cr
Total liabilities₹960 Cr₹1.2k Cr₹2.5k Cr₹3.7k Cr₹5.2k Cr₹5.8k Cr
Fixed assets₹292 Cr₹378 Cr₹532 Cr₹1.1k Cr₹1.1k Cr₹1.5k Cr
Capital work in progress₹0 Cr₹41 Cr₹25 Cr₹17 Cr₹77 Cr₹72 Cr
Investments₹132 Cr₹41 Cr₹84 Cr₹42 Cr₹144 Cr₹547 Cr
Other assets₹536 Cr₹694 Cr₹1.9k Cr₹2.6k Cr₹3.8k Cr₹3.7k Cr
Total assets₹960 Cr₹1.2k Cr₹2.5k Cr₹3.7k Cr₹5.2k Cr₹5.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +6.75 pp while promoters trimmed −4.15 pp. The shareholder count grew 27% to 2,04,149.

Promoters
42.3%
FIIs
7.5%
DIIs
15.9%
Government
0.0%
Public
34.2%
Others
0.1%

Since Jun 2025

  • DIIs +6.75 pp
  • Promoters −4.15 pp
  • Public −3.87 pp

How it drifted, 12 quarters

Over this window DIIs went from 9.6% to 15.9% — +6.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 47.2%, FIIs 10.1%, DIIs 9.6%, Public 33.0%.Dec '23: Promoters 46.9%, FIIs 11.1%, DIIs 8.2%, Public 33.8%.Mar '24: Promoters 46.9%, FIIs 12.9%, DIIs 5.8%, Public 34.4%.Jun '24: Promoters 46.9%, FIIs 10.4%, DIIs 6.5%, Public 36.2%.Sep '24: Promoters 46.9%, FIIs 10.3%, DIIs 6.4%, Public 36.4%.Dec '24: Promoters 46.6%, FIIs 8.5%, DIIs 7.5%, Public 37.4%, Others 0.1%.Mar '25: Promoters 46.5%, FIIs 6.2%, DIIs 7.7%, Public 39.5%, Others 0.1%.Jun '25: Promoters 46.4%, FIIs 6.3%, DIIs 9.2%, Public 38.0%, Others 0.1%.Sep '25: Promoters 43.0%, FIIs 7.0%, DIIs 16.4%, Public 33.5%, Others 0.1%.Dec '25: Promoters 42.7%, FIIs 6.5%, DIIs 15.9%, Public 34.8%, Others 0.1%.Mar '26: Promoters 42.3%, FIIs 6.6%, DIIs 16.6%, Government 0.0%, Public 34.4%, Others 0.1%.Jun '26: Promoters 42.3%, FIIs 7.5%, DIIs 15.9%, Government 0.0%, Public 34.2%, Others 0.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Syrma SGS Technology Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Tancom Electronics Private Limited 32.84%unchanged
Jasbir Singh Gujral 6.48%unchanged
Krishna Kumar Pant 6.35%unchanged
Ranjeet Singh Lonial 6.21%unchanged
Sanjiv Narayan 4.71%unchanged
Franklin India Small Cap Fund Mutual fund3.76%−0.70 pp
Tata AIA Life Insurance Co Ltd Unit Linked Multi Cap Fund Insurer2.67%unchanged
Modern Die Casting Llp 2.32%unchanged
HDFC Life Insurance Company Limited Insurer1.60%+0.06 pp
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund1.54%−0.07 pp
Motilal Oswal Small Cap Fund Mutual fund1.21%newly disclosed
Veena Kumari Tandon 0.64%unchanged

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.

Mutual funds in SYRMA

Filings to Aug 2026

0 new, 5 added, 1 trimmed, 0 sold out — net +0.03 L shares (+1.2%).

Held by funds
₹37 Cr
6 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹18 Cr · 0.5% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹18 Cr+0.02 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹9 Cr+0.01 L
Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund₹8 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

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 Aug 2026

5 added, 1 trimmed — net +3,056 shares (+1.2%)

Funds are sitting on
+78%
vs est. average cost
Held by funds
₹37 Cr
6 schemes · ≈ 0.12% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹18 Cr · 0.5% of that fund

Shares held by these funds +434%

Sep '23 2.51 L shares Jul '26

What the price assumes

Fair

To justify its price of ₹1589, this stock must grow earnings at 40% every year for 7 years. Our analysis caps realistic growth at ~41%. At that growth it is worth ₹1669 — upside of 5%.

Growth the price implies
40.0% a year
for 7 years, fading to 4%
It has actually compounded at
41.0% a year
net profit, FY23–FY26
The gap
-0.0 pp
5% downside if it only repeats history
Price today ₹1,589.3 Value at the reference growth ₹1,669.06

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Syrma SGS Technology Limited

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