Syrma SGS Technology Ltd
Incorporated in 2004, Syrma SGS Technology Limited is a Chennai-based engineering and design company engaged in electronics manufacturing services (EMS). The company provides integrated services and solutions to original equipment manufacturers (OEMs) from the initial product concept stage to volume production through concept co-creation and product realization.[1]
- Market Cap ₹ 15,844 Cr.
- Current Price ₹ 823
- High / Low ₹ 875 / 355
- Stock P/E 150
- Book Value ₹ 84.1
- Dividend Yield 0.18 %
- ROCE 6.34 %
- ROE 4.54 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 71.5%
Cons
- Stock is trading at 9.79 times its book value
- Promoter holding has decreased over last quarter: -3.45%
- Company has a low return on equity of 3.63% over last 3 years.
- Earnings include an other income of Rs.61.9 Cr.
- Company has high debtors of 185 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 354 | 397 | 438 | 646 | 1,136 | 1,833 | 2,278 | 2,024 | |
| 312 | 328 | 390 | 588 | 1,053 | 1,798 | 2,134 | 1,863 | |
| Operating Profit | 42 | 69 | 48 | 58 | 83 | 35 | 144 | 161 | 
| OPM % | 12% | 17% | 11% | 9% | 7% | 2% | 6% | 8% | 
| 3 | 2 | 6 | 8 | 37 | 51 | 44 | 62 | |
| Interest | 8 | 10 | 6 | 5 | 16 | 30 | 47 | 48 | 
| Depreciation | 10 | 10 | 12 | 13 | 17 | 32 | 46 | 48 | 
| Profit before tax | 27 | 52 | 36 | 48 | 86 | 24 | 95 | 127 | 
| Tax % | 23% | 16% | 21% | 36% | 36% | 16% | 16% | |
| 21 | 44 | 29 | 31 | 55 | 20 | 80 | 104 | |
| EPS in Rs | 298.68 | 615.26 | 382.62 | 2.22 | 3.11 | 1.13 | 4.48 | 5.83 | 
| Dividend Payout % | 0% | 0% | 0% | 0% | 48% | 133% | 34% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 42% | 
| 3 Years: | 52% | 
| TTM: | -14% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 7% | 
| 3 Years: | 30% | 
| TTM: | 649% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | % | 
| 5 Years: | % | 
| 3 Years: | 44% | 
| 1 Year: | 63% | 
| Return on Equity | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 4% | 
| 3 Years: | 4% | 
| Last Year: | 5% | 
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.70 | 0.70 | 0.75 | 138 | 177 | 177 | 178 | 
| Reserves | 56 | 101 | 237 | 406 | 1,278 | 1,264 | 1,320 | 
| 101 | 90 | 61 | 138 | 256 | 502 | 539 | |
| 128 | 155 | 160 | 233 | 460 | 1,157 | 1,441 | |
| Total Liabilities | 286 | 347 | 460 | 915 | 2,172 | 3,101 | 3,478 | 
| 86 | 86 | 81 | 114 | 248 | 474 | 495 | |
| CWIP | 0 | 0 | 0 | 40 | 25 | 10 | 55 | 
| Investments | 0 | 0 | 89 | 404 | 461 | 678 | 676 | 
| 200 | 260 | 290 | 356 | 1,438 | 1,939 | 2,251 | |
| Total Assets | 286 | 347 | 460 | 915 | 2,172 | 3,101 | 3,478 | 
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 10 | 71 | 24 | 14 | -61 | -185 | 87 | |
| -22 | -26 | -95 | -387 | -861 | 15 | -46 | |
| 13 | -21 | 68 | 355 | 942 | 180 | -40 | |
| Net Cash Flow | 2 | 25 | -3 | -19 | 20 | 10 | 1 | 
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 102 | 107 | 106 | 97 | 74 | 140 | 185 | 
| Inventory Days | 106 | 110 | 100 | 95 | 147 | 158 | 95 | 
| Days Payable | 152 | 172 | 149 | 123 | 150 | 245 | 271 | 
| Cash Conversion Cycle | 57 | 45 | 58 | 69 | 71 | 53 | 10 | 
| Working Capital Days | 1 | -4 | 38 | -17 | 11 | 0 | 0 | 
| ROCE % | 38% | 17% | 11% | 9% | 3% | 6% | 
Documents
Announcements
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          Approval Received By Syrma Strategic Electronics Private Limited Under Electronic Components Manufacturing Scheme (ECMS)
          
            2d - MeitY/Engineer India approved ECMS incentives for subsidiary's Naidupeta PCB project; Rs.765cr investment; FY2026-27–2031-32.
- 
        
          Announcement under Regulation 30 (LODR)-Press Release / Media Release
          
            23 Oct - Premier Energies and Syrma SGS acquire KSolare for ₹170 crore (51:49); FY25 revenue ₹342 crore; plan capacity to 1M inverters.
- 
        
          Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
          
            23 Oct - Syrma to acquire 49% of KSolare (₹83.3cr); joint buy with Premier Energies for total ₹170cr announced Oct 23, 2025.
- 
        
          Announcement under Regulation 30 (LODR)-Acquisition
          
            23 Oct - Syrma to acquire 49% of KSolare for INR83.3Cr; joint 100% acquisition with Premier Energies totals INR170Cr; closing within 90 days.
- 
        
          Submission Of Certificate Received Under Regulation 74(5) Of SEBI (Depository And Participants) Regulations, 2018 For The Quarter Ended September 30, 2025
          
            7 Oct - Regulation 74(5) not applicable; all shares in demat, no remat requests for quarter ended Sept 30, 2025.
Annual reports
Concalls
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      Nov 2022TranscriptPPT
About[1] Syrma is a technology-focused engineering and design company engaged in turnkey electronics manufacturing services (“EMS”), specializing in precision manufacturing for diverse end-use industries. They are leaders in high-mix volume product management and are present in most industrial verticals