Syrma SGS Technology Ltd(SYRMA)

NSE: SYRMABSE: 543573

₹ 1,434.45-4.13%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 27,718 crNext results: 30 Oct 2026Website: www.syrmasgs.comUpdated: 24 Oct 2026

About

Syrma SGS Technology is an Electronics System Design and Manufacturing (ESDM) company serving six verticals - Industrials, Automotive, Consumer, Healthcare, IT, and Railways - with revenue of ₹4,819 crores in FY26, a 40% CAGR from ₹1,267 crores in FY22. The company ranks approximately 65th in global EMS league tables and generates about 24 - 25% of revenue from exports. In Q1 FY27 consolidated revenue reached ₹15,886 Mn, up 66.7% year-on-year.^[1][2]

Business segments

Electronic manufacturing services revenue was ₹4,658.02 crore in FY26, with Others at ₹95.89 crore (consolidated segment disclosure).^[1]
Consumer was the largest vertical at 34% of revenue in Q1 FY27 (₹5,328 Mn), recovering from 26% in Q4 FY26, driven by telecom and water purification ODM ramp-ups.^[3]
Automotive was 25% of Q1 FY27 revenue (₹3,949 Mn), up 78% YoY, led by EV penetration and charging infrastructure.^[3]
Industrials (including defense maritime) was 24% of Q1 FY27 revenue (₹3,766 Mn), down 18% QoQ due to rear-loaded maritime schedules.^[3]
Healthcare/MedTech was 8% of Q1 FY27 revenue (₹1,345 Mn), up 100% YoY; ODM accounts for the entirety of segment revenue.^[3]
IT & Railways was 9% of Q1 FY27 revenue (₹1,497 Mn), up 199% YoY, driven by IT hardware assembly and railway sector demand.^[3]
Management has set a cap on the lower-margin consumer business at ~30% of the portfolio, per the FY26 annual report.^[1]

Products and services

Core offerings span PCB Assembly & Box Build, RFID Solutions, Electro-Mechanical Parts, Electronic Design, Magnetic Components, and Tester Development.^[1]
RFID tags manufactured at 15 million tags per month; DRAM ICs re-balled and refurbished at 2.5 million units per month as of FY26.^[1]
Consumer telecom products include Wi-Fi routers (20,000 units/month), GPON devices (150,000 units/month), and OTT broadband/hybrid set-top boxes (100,000 units/month combined) as of FY26.^[1]
PLI 2.0 laptop line at Chennai, set up with MSI, has initial capacity of 100,000 units rising toward 1 million units.^[1]
Design arm SyrmaETS operates four R&D centres in Chennai, Pune, Bengaluru and Stuttgart with 195+ engineers across eight engineering disciplines.^[1]

Key operating numbers

Order book stood at ₹6,770 crores as of 30 June 2026.^[3]
Capacity utilisation was 65 - 70% in Q1 FY27.^[3]
ODM revenue reached ₹270 crores (17% of revenue) in Q1 FY27, up 115% YoY from ₹125 crores; FY26 full-year ODM was ₹825 crores (17% of revenue), up ~80% YoY from ₹453 crores.^[3]
Export revenue was ~₹387 crores (24% of operating revenue) in Q1 FY27, up 67% YoY; FY26 full-year exports exceeded ₹1,200 crores, up 41% YoY against a guided ₹1,100 crore target.^[3]
Net working capital days were 71 in Q1 FY27; FY26 year-end was 63 days, down from 69 days in FY25.^[3]

Operations and subsidiaries

Pure B2B model with manufacturing facilities in India, an R&D and manufacturing facility in Stuttgart, Germany, and a sales office in Texas, USA.^[1]
Certifications held include IATF 16949 (Automotive), ISO 13485 (Medical), AS 9100D (Aerospace & Defence), ISO 22163/IRIS (Railways), ISO 27001, ISO 27701, and TISAX.^[1]
Elcome Integrated Systems (60% acquired December 2025 for ₹235 crores) supplies navigation, monitoring and safety systems to India's naval and maritime forces; the remaining 40% is to be acquired in a phased manner.^[1]
Syrma SGS Elemaster Private Limited: JV with Italy's Elemaster at Bommasandra, Bengaluru, focused on high-reliability industrial and railway PCBA and box build.^[1]
Kaga Electronics JV (60% Syrma stake, initial combined investment ~₹24 - 25 crores) targets automotive and white goods assembly for Japan-linked customers in India.^[3]

Customers and distribution

Top 5 customers made up 34% and top 20 made up 63% of revenue, per the FY26 annual report.^[1]
The company signed its first multi-year framework contract, with revenue potential of approximately USD 250 million over two to three years (FY26 annual report).^[1]
18 new clients were onboarded in Q1 FY27 (5 auto, 3 industrial, 2 healthcare, balance telecom/IT/railways), with expected ₹1,000 crore+ incremental revenue at full ramp-up.^[3]
32 customers were onboarded in FY26, including applications in fuel injection systems, solar trackers, data-center motherboards, and FMCG liquid processing machines.^[4]
Export geography for 9M FY26 was approximately 5% US and 35% Europe; Dynabook was added as a new IT customer in Q2 FY26.^[5]

Expansion and capex

Greenfield bare-board PCB plant at Naidupeta, AP with Shinhyup: total phased capex ~₹1,600 cr over 3-5 years, ~half covered by policy support; trial production Dec 2026-early 2027 (FY26 annual report).^[1]
PCB project Phase 1: 75% Syrma SGS / 25% Shinhyup JV; Phase 1 capex ~₹400 crores with ₹130 crores spent; commercial production targeted April 2027; building 65 - 70% complete as of Q1 FY27.^[3]
PCB Phase 1 received ECMS approval of ₹765 crores and Andhra Pradesh state capital subsidy (approximately 50% of capex).^[6]
India's PCB market was $6.3 billion in 2024 with 90% of demand met by imports - the gap the Naidupeta plant targets.^[1]
Additional SMT lines and medical-grade plastics capacity being added at Jodhpur for Syrma Johari, targeting ~50% revenue growth in FY27 from a ₹210 crore FY26 base.^[3]
Bangalore facility being dedicated to data center power management and cooling systems, a new product area with no committed timeline.^[3]

Recent developments

September 2026: Syrma Johari MedTech inaugurated a new Medical Plastics and Precision Molding Facility in Jodhpur (120,000+ sq. ft.).^[7]
June 29, 2026: Satendra Singh stepped down as CEO and Jaidit Singh Brar was appointed CEO.^[1]
FY26 AGM: enabling approval sought for a QIP of up to ₹1,000 crore and a borrowing/charge limit of ₹2,955 crore, up from ₹800 crore earlier.^[1]
Executive Chairman Sandeep Tandon recommended for reappointment for 5 years to September 30, 2031; Jayesh Doshi to become Whole Time Director until March 31, 2031.^[1]
Q1 FY27: C-DAC approval obtained for domestic server motherboard manufacturing; early-stage client discussions underway.^[3]
Q1 FY27: Kaga Electronics JV formed (60% Syrma stake); ₹300 - 500 crores revenue targeted over 3 - 5 years.^[3]
December 2025: Syrma acquired 60% of Elcome Integrated Systems for ₹235 crores, consolidated from 17 December 2025; credit rating upgraded from AA- to AA in FY26.^[5]

Market Cap

₹27,718 Cr

High / Low

₹1,823 / 634

Stock P/E

75.1

Price / Book

9.7

Book Value

₹148

EPS

₹16.5

No. of Shares

19.28 Cr

ROCE

16.4%

ROE

13.8%

OPM

10.3%

Debt / Equity

0.12

Sales

₹4,819 Cr

Net Profit

₹346 Cr

Promoter holding

41.6%

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Syrma SGS Technology Ltd(SYRMA)

About

Business segments

Products and services

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Operations and subsidiaries

Customers and distribution

Expansion and capex

Recent developments

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