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SYRMA - Syrma SGS Tech.

📊 NSE: SYRMA 🏢 Electronics - Components 📅 Last Updated: 12/14/2025 14:04

📢 Recent Corporate Announcements

Syrma SGS Approves Transfer of 37,035 Equity Shares Under ESOP Scheme 2023

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 06:42 PM

Syrma SGS Technology Limited has announced the transfer of 37,035 equity shares to eligible employees following the exercise of options under its ESOP Scheme 2023. The shares, each with a face value of Rs. 10, are being transferred from the Syrma SGS Employee Welfare Trust. This action was approved by the Nomination and Remuneration Committee on February 10, 2026. As the shares are transferred from an existing trust, there is no fresh issuance of capital or immediate equity dilution.

Transfer of 37,035 equity shares approved for eligible employees.
Shares are being transferred from the Syrma SGS Employee Welfare Trust.
The equity shares carry a face value of Rs. 10 each.
Approval granted by the Nomination and Remuneration Committee (NRC) under ESOP Scheme 2023.

💡 This is a routine administrative update regarding employee compensation and retention. No action is required from investors as the transaction size is negligible relative to the company's total market capitalization.

Syrma SGS Q3 FY26 PAT Jumps 108% YoY to ₹110 Cr; EBITDA Margins Expand to 12.6%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 03 Feb 2026, 04:50 PM

Syrma SGS reported a robust Q3 FY26 performance with revenue growing 45% YoY to ₹1,274 crores, driven by a 66% surge in exports. Profitability saw significant expansion, with EBITDA doubling to ₹159 crores and PAT rising 108% to ₹110 crores. The company has revised its annual EBITDA guidance upwards to over ₹500 crores, reflecting strong execution across auto, medical, and industrial verticals. Additionally, the integration of Elcome and the progress on the new PCB project provide strong visibility for future growth.

Q3 FY26 Revenue grew 45% YoY to ₹1,274 crores, while 9-month exports rose 45% to ₹837 crores.
Operating EBITDA for the quarter doubled to ₹159 crores with margins expanding to 12.6%.
Order book remains strong at ₹6,400 crores, providing high revenue visibility for the coming quarters.
Management upgraded full-year EBITDA guidance to ₹500+ crores, implying 55-57% annual growth.
Net working capital efficiency improved to 68 days (ex-Elcome), resulting in positive operating cash flow.

💡 Investors should take note of the significant margin expansion and the management's upward revision of EBITDA guidance. The stock remains a strong growth play in the EMS space given the robust order book and successful integration of acquisitions.

Syrma SGS Q3 FY26 PAT Jumps 108% YoY to ₹110 Cr; EBITDA Margins Expand to 12.6%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 03 Feb 2026, 02:41 PM

Syrma SGS reported a robust Q3 FY26 with revenue growing 43% YoY to ₹1,274 crore, driven by strong performance in exports and industrial verticals. Net profit (PAT) surged 108% YoY to ₹110 crore, while EBITDA margins expanded significantly to 12.6% from the previously guided 9%. The company successfully integrated the Elcome acquisition and maintained a healthy order book of ₹6,400 crore. Management has raised its full-year EBITDA guidance to over ₹500 crore, reflecting high confidence in operational efficiencies and export growth.

Q3 Revenue increased 45% YoY to ₹1,274 crore; 9M PAT doubled to ₹227 crore.
Export revenue hit a record ₹335 crore in Q3, growing 66% YoY and contributing 25% to the 9M mix.
EBITDA grew 101% YoY to ₹159 crore, with margins improving to 12.6% due to better product mix and operational efficiency.
Order book visibility remains strong at ₹6,400 crore across diverse sectors like Auto, Consumer, and Industrial.
PCB project construction is on track with trial production expected by Q3 FY27.

💡 Investors should view the margin expansion and guidance upgrade as strong positive signals for long-term growth. The successful integration of Elcome and focus on high-margin exports make Syrma a compelling play in the Indian EMS space.

Syrma SGS Technology Releases Audio Recording of Q3 and 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 30 Jan 2026, 11:09 PM

Syrma SGS Technology has officially released the audio recording of its conference call held on January 30, 2026, concerning the unaudited financial results for the quarter and nine months ended December 31, 2025. The recording provides a detailed account of management's discussion regarding the company's performance and strategic direction. This disclosure is part of the company's regulatory compliance under SEBI's Listing Obligations and Disclosure Requirements. Investors can access the full audio via the company's investor relations website to gain deeper insights into the quarterly numbers.

Audio recording for the Q3 and 9M FY26 earnings call is now publicly available.
The conference call was conducted on January 30, 2026, following the financial results announcement.
Compliance with SEBI Regulations 30 and 46(2) regarding timely disclosure of investor meets.
Recording link provided for transparent access to management's commentary on business operations.

💡 Investors should listen to the recording to understand management's guidance on the order book and margin outlook. No immediate trading action is required as this is a routine procedural filing.

Syrma SGS Q3 FY26 PAT Jumps 108% YoY to ₹1,103 Mn; Margins Expand Significantly

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Jan 2026, 07:03 PM

Syrma SGS reported a stellar performance for Q3 FY26, with revenue growing 43% YoY to ₹12,745 million and PAT more than doubling to ₹1,103 million. The company achieved significant margin expansion, with the PAT margin rising to 8.7% from 5.9% in the previous year. Growth was broad-based across all segments, particularly IT and Railways, which saw a 65% YoY increase. Additionally, the company completed the acquisition of a 60% stake in Elcome and progressed with its PCB and Solar Inverter JVs, strengthening its long-term growth outlook.

Q3 FY26 PAT surged 108% YoY to ₹1,103 million, while 9M FY26 PAT grew 101% to ₹2,266 million.
Operating EBITDA margin improved significantly to 12.6% in Q3 FY26 compared to 9.1% in Q3 FY25.
Revenue from operations for Q3 FY26 stood at ₹12,642 million, a 45% YoY increase driven by strong demand across Auto, Consumer, and Industrials.
Company turned net cash positive with ₹4,038 million as of December 2025, compared to a net debt position in March 2025.
Completed 60% stake acquisition in Elcome for ₹2,350 million and initiated site development for the PCB venture with Shinhyup.

💡 Investors should focus on the company's ability to scale revenue while simultaneously expanding margins, which indicates strong operational leverage. The successful integration of acquisitions and progress in high-growth JVs make this a robust growth play in the Indian EMS space.

Syrma SGS Q3 FY26 PAT Jumps 108% YoY to Rs 1,103 Mn; Revenue Up 43%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 06:59 PM

Syrma SGS reported a robust performance for Q3 FY26, with consolidated revenue growing 43% YoY to Rs 12,745 million. Profitability saw a significant boost as PAT surged 108% YoY to Rs 1,103 million, driven by operational efficiencies and scale. EBITDA margins expanded by 190 bps to 13.3%, reflecting an improved product mix. For the nine-month period, the company maintained strong momentum with PAT doubling to Rs 2,266 million.

Q3 FY26 Revenue grew 43% YoY to Rs 12,745 million compared to Rs 8,915 million in Q3 FY25
Net Profit (PAT) for the quarter surged 108% YoY to Rs 1,103 million from Rs 530 million
EBITDA margins improved significantly by 190 bps YoY to reach 13.3% in Q3 FY26
9M FY26 PAT grew 101% YoY to Rs 2,266 million on a revenue base of Rs 33,800 million
Management reports strong traction across industry verticals in both domestic and export markets

💡 The significant margin expansion and doubling of profits indicate strong operational leverage and demand in the EMS sector. Investors should consider this a positive signal for long-term growth, though they should monitor the sustainability of these high margins.

Syrma SGS Q3 PAT Surges 85% YoY to ₹933 Million; Extends M&A Deadlines

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 05:38 PM

Syrma SGS Technology reported a robust performance for Q3 FY26, with standalone revenue from operations growing 38.8% YoY to ₹11,513.94 million. Net profit (PAT) witnessed a significant jump of 85.4% YoY, reaching ₹933.10 million compared to ₹503.24 million in the restated year-ago period. The company also announced a short extension of deadlines for its 49% stake acquisition in Ksolare Energy and its joint venture with Elemaster S.P.A to late February 2026. Operational efficiency is evident as PAT margins improved significantly on a quarter-on-quarter basis from ₹653.99 million in Q2 FY26.

Standalone Revenue from operations increased 38.8% YoY to ₹11,513.94 million.
Net Profit (PAT) surged 85.4% YoY to ₹933.10 million; EPS rose to ₹4.84 from ₹2.83 YoY.
Long-stop date for Ksolare Energy 49% stake acquisition extended to February 20, 2026.
Elemaster S.P.A Joint Venture closure deadline extended to February 28, 2026.
Unutilized IPO proceeds stand at ₹524.43 million as of December 31, 2025.

💡 Investors should remain positive on the stock given the strong double-digit growth in both top-line and bottom-line. Watch for the successful closure of the Ksolare and Elemaster deals in February as they represent key expansion milestones.

Syrma SGS Q3 PAT Jumps 85% YoY to ₹933 Mn; Revenue Up 39% YoY

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Jan 2026, 05:34 PM

Syrma SGS Technology reported a robust performance for Q3 FY26, with standalone revenue growing 38.8% YoY to ₹11,513.94 million. Net profit surged 85.4% YoY to ₹933.10 million, reflecting strong operational momentum and margin improvement compared to the previous year. The company also announced short extensions for the completion of its 49% stake acquisition in Ksolare Energy and its joint venture with Elemaster S.P.A. IPO proceeds are nearly fully utilized, with ₹6,732.79 million already deployed towards growth initiatives.

Standalone Revenue from operations rose to ₹11,513.94 million, up from ₹8,292.71 million in Q3 FY25.
Profit After Tax (PAT) increased significantly to ₹933.10 million versus ₹503.24 million YoY.
Earnings Per Share (EPS) for the quarter stood at ₹4.84, up from ₹2.83 in the year-ago period.
Long-stop date for the Ksolare Energy acquisition extended to February 20, 2026.
Total IPO proceeds of ₹7,257.22 million are mostly utilized, with only ₹524.43 million remaining in fixed deposits.

💡 The strong earnings growth and sequential improvement in margins suggest Syrma is successfully scaling its EMS operations. Investors should maintain a positive outlook but monitor the final closure of the Ksolare and Elemaster strategic partnerships in February.

Syrma SGS Technology to Host Q3 FY26 Earnings Call on January 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jan 2026, 04:48 PM

Syrma SGS Technology has scheduled its earnings conference call for Friday, January 30, 2026, at 10:30 AM IST. The management will discuss the company's financial performance for the quarter and nine months ended December 31, 2025. The call will feature senior leadership, including the Managing Director, CEO, and CFO, providing an opportunity for interactive Q&A. This is a routine regulatory notification following the end of the third quarter.

Earnings call scheduled for January 30, 2026, at 10:30 AM IST.
Discussion to cover financial results for Q3 FY26 and 9M FY26.
Management representation includes MD J.S. Gujral, CEO Satendra Singh, and CFO Bijay Agarwal.
Dial-in access provided for India, Hong Kong, Singapore, UK, and USA.

💡 Investors should monitor the call for management's outlook on the EMS sector and updates on the company's order book. Pre-registration is advised for those wishing to participate in the interactive Q&A session.

Syrma SGS Q3 FY26 Share Capital Reconciled; 3.66 Lakh ESOP Shares Issued

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 13 Jan 2026, 02:10 PM

Syrma SGS Technology Limited has successfully completed its Reconciliation of Share Capital Audit for the quarter ended December 31, 2025. The report confirms that the total issued and listed capital matches perfectly at 19,28,30,485 equity shares. During the quarter, the company issued 3,66,322 shares under its Employee Stock Option Plans (ESOPs), which were applied for listing on both BSE and NSE. The company maintains a 100% dematerialization rate, with no shares held in physical form.

Total issued and listed equity share capital stands at 19,28,30,485 shares as of December 31, 2025.
A total of 3,66,322 shares were issued during the quarter under ESOP/RSU schemes.
100% of the company's equity shares are held in dematerialized form (91.79% NSDL and 8.21% CDSL).
Zero pending dematerialization requests were reported beyond the regulatory 21-day period.
The audit report confirmed no discrepancies between issued, listed, and total demat capital.

💡 This is a routine regulatory filing confirming the integrity of the share capital and compliance with SEBI norms. Investors should note the minor equity dilution from ESOPs but otherwise, no action is required.

Syrma SGS Reports Nil Remat Requests for Q3 FY26; 100% Shares in Demat Form

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 01:14 PM

Syrma SGS Technology Limited has submitted its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The company confirmed that 100% of its shareholding is currently held in dematerialized form. Its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, reported zero requests for rematerialization during the quarter. This filing is a standard regulatory requirement and indicates no change in the status of physical share certificates.

Compliance certificate filed for the quarter ended December 31, 2025
100% of the company's shares are held in dematerialized form
Zero rematerialization (REMAT) requests were received by the RTA during the quarter
The filing was processed by MUFG Intime India Private Limited (formerly Link Intime)

💡 No action is required as this is a routine administrative filing confirming compliance with SEBI regulations.

Syrma SGS Finalizes 75% Controlling Stake in JV with SH Electronic Co. Limited

🟢 POSITIVE ⭐ 7/10

M&A 📅 30 Dec 2025, 06:26 PM

Syrma SGS Technology Limited has completed the share allotment process for its Joint Venture (JV) with South Korea's SH Electronic Co. Limited. The JV, named Syrma Strategic Electronics Private Limited, has credited 6,70,448 equity shares to Syrma SGS and 2,26,816 shares to SH Electronic. Following this allotment, Syrma SGS holds a 75% controlling stake, while the South Korean partner holds 25%. This JV is strategically positioned to manufacture multi-layer Printed Circuit Boards (PCBs) and Copper Clad Laminates (CCL) for the automotive, medical, and IT sectors in India.

Syrma SGS now holds a 75% majority stake in the JV Company, Syrma Strategic Electronics Private Limited.
A total of 6,70,448 equity shares were credited to Syrma SGS and 2,26,816 shares to SH Electronic Co. Limited.
The JV focuses on manufacturing high-value components like multi-layer PCBs and Copper Clad Laminates (CCL).
Target markets include automobile electronic equipment, home appliances, IT, and medical services.
The partnership leverages South Korean expertise from SH Electronic Co. Limited (formerly Shinhyup Electronics).

💡 Investors should view this as a positive step toward backward integration and margin expansion in the EMS space. Monitor the JV's production timeline as it strengthens Syrma's position in high-growth sectors like automotive and medical electronics.

Syrma SGS Technology to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 08:40 PM

Syrma SGS Technology Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI insider trading regulations ahead of the company's financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the results are officially declared. The specific date for the board meeting to approve these results will be announced at a later time.

Trading window closure effective from January 1, 2026.
Closure pertains to the unaudited financial results for the quarter and nine months ending December 31, 2025.
Window to reopen 48 hours after the official declaration of financial results.
Board meeting date for result approval to be intimated in due course.

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals. Investors should watch for the upcoming board meeting date to prepare for the Q3 earnings release.

Syrma SGS Grants 4.21 Lakh Stock Options Under ESOP Plan 2023

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Dec 2025, 08:49 PM

Syrma SGS Technology Limited has approved the grant of 4,21,947 stock options to eligible employees under its Employee Stock Option Plan 2023. These options are granted at the prevailing market price and will be convertible into an equal number of equity shares of face value Rs. 10 each. The vesting is structured over a three-year period, with 30% vesting in the first and second years, and the remaining 40% in the third year. This initiative is designed to incentivize and retain key talent within the organization.

Grant of 4,21,947 stock options to eligible employees through an Employee Welfare Trust.
Options are priced at the market price as per SEBI (SBEB) Regulations, 2021.
Vesting schedule follows a 30:30:40 ratio over a period of three years from the date of grant.
The exercise period is a maximum of 3 years from the date of each vesting.
Each option represents one equity share of face value Rs. 10 upon exercise.

💡 No immediate action is required as ESOP grants are routine corporate measures for talent retention. Investors should note the potential minor equity dilution that may occur over the next 3-6 years as these options are exercised.

Syrma SGS Acquires 60% Stake in Elcome Integrated Systems for INR 235 Crores

🟢 POSITIVE ⭐ 8/10

M&A 📅 17 Dec 2025, 08:27 PM

Syrma SGS Technology has successfully completed the first tranche of its acquisition of Elcome Integrated Systems Private Limited. The company acquired a 60% stake for an aggregate consideration of approximately INR 235 crores through a combination of primary and secondary investments. This acquisition is part of a broader strategy where Elcome will also acquire the entire share capital of Navicom Technology International. The move aligns with Syrma's expansion goals in the specialized electronics and technology integration space.

Acquired 60% stake in Elcome Integrated Systems for ~INR 235 crores
Transaction completed via a mix of primary and secondary share purchases
First tranche of a deal intended to eventually acquire 100% of Elcome
Elcome to acquire 100% of Navicom Technology International as part of the deal structure
Follow-up to the initial board approval and disclosure made on November 10, 2025

💡 Investors should view this as a significant expansion of Syrma's capabilities and monitor the integration's impact on consolidated margins. Watch for future updates on the acquisition of the remaining 40% stake and the performance of the newly acquired entities.

View All SYRMA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 reached INR 1,146 Cr, representing a 37% YoY growth. For H1 FY26, total revenue was INR 2,109 Cr. The Industrial segment grew by 30% YoY in H1 FY26. The IT segment increased its contribution to 5% of total business in Q2 FY26. FY25 consolidated revenue was INR 3,787.19 Cr, up 19.43% YoY from INR 3,170.96 Cr in FY24.

Geographic Revenue Split

Export revenue for Q2 FY26 was INR 270 Cr, growing 40% YoY and contributing 23% of total operations. For H1 FY26, exports reached INR 502 Cr, a 35% YoY increase. The company has a long-term target to increase export contributions to 30% of total revenue (aspirational goal) from the current levels to capture higher margins.

Profitability Margins

Gross margins saw a slight sequential decline in Q2 FY26 due to a higher mix of the lower-margin IT business (5% of revenue). However, PAT margin for Q2 FY26 was 5.7% (INR 66.3 Cr), up from 4.8% in FY25. PBT margin for Q2 FY26 stood at 7.8% (INR 89.5 Cr), compared to 6.2% in FY25.

EBITDA Margin

EBITDA for Q2 FY26 was INR 124 Cr, up 53% YoY, with a margin of 10.7% (an improvement from 9.5% in Q2 FY25). Operating EBITDA margin for Q2 FY26 was 10.1% (INR 115.2 Cr), representing a 56% YoY growth. Management initially guided for 8.5% to 9% EBITDA margins for FY26 but expects to exceed this based on H1 performance.

Capital Expenditure

The company is planning a significant capital expenditure of INR 1,500 Cr for backward integration into PCB manufacturing. This investment is expected to generate steady-state annual revenues of approximately INR 2,500 Cr by FY29, based on an estimated asset turnover of 1.5x.

Credit Rating & Borrowing

Total consolidated debt as of March 31, 2025, was INR 611.2 Cr, up 6% from INR 576.3 Cr in FY24. The Debt-to-Equity ratio remained stable at 0.3 in FY25. Net Debt to EBITDA (LTM) was 0.7 as of September 2025, down from 0.8 in FY25.

⚙️ Operational Drivers

Raw Materials

Flexible PCBs and various electronic components are primary inputs. Specific raw material names like copper or silicon and their individual cost percentages are not disclosed in the available documents.

Capacity Expansion

The company is commissioning a large integrated electronics manufacturing facility in Pune. Additionally, the planned PCB manufacturing unit is designed to reach a revenue capacity of INR 2,500 Cr. A dedicated design center for MedTech ODM has also been established in Pune.

Raw Material Costs

Raw material costs are influenced by the business mix; for instance, the IT segment's expansion to 5% of revenue in Q2 FY26 led to a slight decline in gross margins due to different procurement costs and value-add profiles.

Manufacturing Efficiency

Capacity utilization improvements contributed to ROCE increasing from 9.9% in FY24 to 12.4% in FY25. Adjusted ROCE (excluding surplus IPO money and goodwill) was 16.0% in FY25.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

Growth will be driven by a shift toward high-margin segments (Industrial, Automotive, Healthcare) and long-term framework contracts. The company onboarded 8 major customers in Q2 FY26 with $100 million revenue potential for next year and signed a $250 million contract over 2-3 years. Backward integration into PCBs and the acquisition of a defense vertical provide new revenue streams.

Products & Services

Electronic Manufacturing Services (EMS), Original Design Manufacturing (ODM) services, inverters (via KSolare), flexible PCBs, automotive electronics, industrial control systems, healthcare/MedTech devices, and defense electronics.

Brand Portfolio

Syrma SGS, KSolare (Inverters).

New Products/Services

New product launches include inverters through the KSolare acquisition and flexible PCBs through backward integration. ODM revenue already contributes 38% of total revenue, focusing on higher value-add designs.

Market Expansion

Targeting a 30% growth in exports to reach INR 1,100 Cr in FY25, focusing on international markets for Industrial and MedTech segments to capture higher margins.

Strategic Alliances

The company acquired KSolare to enter the inverter market and has acquired a defense-focused entity to establish a new vertical in defense electronics.

🌍 External Factors

Industry Trends

The EMS industry is seeing a shift toward 'China Plus One' strategies and domestic manufacturing incentives in India. Syrma is positioning itself by expanding its Pune footprint and moving into high-growth segments like Railway electronics and MedTech.

Competitive Landscape

The company competes in the EMS and ODM space, focusing on differentiating through technical complexity in Automotive and Industrial verticals rather than low-margin consumer electronics.

Competitive Moat

The moat is built on 30+ years of R&D, a high share of ODM business (38%), and long-term customer framework contracts (e.g., a $250M multi-year deal) which provide high switching costs and revenue visibility.

Macro Economic Sensitivity

The company is sensitive to global trade policies, specifically American tariffs which impact the industrial portfolio, though the segment still achieved 30% growth in H1 FY26.

Consumer Behavior

There is a strategic shift to reduce reliance on the consumer sector in favor of more stable, high-margin industrial and automotive demand.

Geopolitical Risks

Trade barriers and tariffs (e.g., US tariffs) pose risks to the export-oriented segments, which the company aims to grow to 30% of total revenue.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to domestic and international regulations including data privacy, environmental standards, and safety norms. Compliance is managed by dedicated internal teams.

Environmental Compliance

The company monitors evolving environmental and safety regulations to avoid penalties and operational disruptions, though specific ESG costs are not listed.

⚠️ Risk Analysis

Key Uncertainties

Product mix volatility can cause quarter-on-quarter margin variations. For example, the IT segment's growth to 5% of revenue impacted gross margins sequentially in Q2 FY26.