Syrma SGS Technology Ltd
Incorporated in 2004, Syrma SGS Technology Ltd is a Chennai-based electronics manufacturing services (EMS) company providing engineering, design, and manufacturing solutions.[1]
- Market Cap ₹ 15,355 Cr.
- Current Price ₹ 796
- High / Low ₹ 910 / 355
- Stock P/E 62.2
- Book Value ₹ 145
- Dividend Yield 0.19 %
- ROCE 6.34 %
- ROE 4.54 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 71.5%
Cons
- Stock is trading at 5.51 times its book value
- Company has a low return on equity of 3.63% over last 3 years.
- Company has high debtors of 185 days.
- Promoter holding has decreased over last 3 years: -4.55%
* 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 | 3,621 | |
| 312 | 328 | 390 | 588 | 1,053 | 1,798 | 2,134 | 3,245 | |
| Operating Profit | 42 | 69 | 48 | 58 | 83 | 35 | 144 | 376 |
| OPM % | 12% | 17% | 11% | 9% | 7% | 2% | 6% | 10% |
| 3 | 2 | 6 | 8 | 37 | 51 | 44 | 45 | |
| Interest | 8 | 10 | 6 | 5 | 16 | 30 | 47 | 44 |
| Depreciation | 10 | 10 | 12 | 13 | 17 | 32 | 46 | 63 |
| Profit before tax | 27 | 52 | 36 | 48 | 86 | 24 | 95 | 313 |
| Tax % | 23% | 16% | 21% | 36% | 36% | 16% | 16% | |
| 21 | 44 | 29 | 31 | 55 | 20 | 80 | 245 | |
| EPS in Rs | 298.68 | 615.26 | 382.62 | 2.22 | 3.11 | 1.13 | 4.48 | 13.07 |
| 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: | 170% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 43% |
| 1 Year: | 71% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.70 | 0.70 | 0.75 | 138 | 177 | 177 | 178 | 192 |
| Reserves | 56 | 101 | 237 | 406 | 1,278 | 1,264 | 1,320 | 2,596 |
| 101 | 90 | 61 | 138 | 256 | 502 | 539 | 271 | |
| 128 | 155 | 160 | 233 | 460 | 1,157 | 1,441 | 1,952 | |
| Total Liabilities | 286 | 347 | 460 | 915 | 2,172 | 3,101 | 3,478 | 5,011 |
| 86 | 86 | 81 | 114 | 248 | 474 | 495 | 789 | |
| CWIP | 0 | 0 | 0 | 40 | 25 | 10 | 55 | 73 |
| Investments | 0 | 0 | 89 | 404 | 461 | 678 | 676 | 410 |
| 200 | 260 | 290 | 356 | 1,438 | 1,939 | 2,251 | 3,739 | |
| Total Assets | 286 | 347 | 460 | 915 | 2,172 | 3,101 | 3,478 | 5,011 |
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 |
| Free Cash Flow | -12 | 42 | 18 | -58 | -156 | -444 | -15 |
| CFO/OP | 43% | 112% | 70% | 46% | -50% | -480% | 71% |
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% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Export Share of Revenue Percentage |
|
||||
| Number of Manufacturing Facilities Count |
|||||
| Order Book Visibility INR Million |
|||||
| Net Working Capital Cycle Days |
|||||
| ODM Revenue Share Percentage |
|||||
| Total Employee Strength Count |
|||||
| Utility Metering Annual Production Million Units |
|||||
Documents
Announcements
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 1d
-
Rumour verification - Regulation 30(11)
2d - Syrma JV with Shinhyup: INR 1,595–1,600 Cr PCB/CCL/EMS project; 26.7 acres allotted; groundwork started.
-
Clarification sought from Syrma SGS Technology Ltd
2d - Exchange has sought clarification from Syrma SGS Technology Ltd on April 01, 2026, with reference to news appeared in www.ndtvprofit.com dated March 30, 2026 quoting …
- Closure of Trading Window 27 Mar
-
Announcement under Regulation 30 (LODR)-Change in Directorate
23 Mar - Jayesh N. Doshi appointed Whole Time Director effective April 1, 2026 for five years; shareholder approval pending.
Annual reports
Concalls
-
Feb 2026Transcript PPT
-
Nov 2025Transcript PPT REC
-
Jul 2025Transcript PPT REC
-
May 2025Transcript PPT REC
-
Feb 2025Transcript PPT REC
-
Nov 2024Transcript PPT
-
Aug 2024Transcript PPT
-
May 2024Transcript PPT REC
-
May 2024TranscriptAI SummaryPPT
-
Feb 2024Transcript PPT REC
-
Nov 2023Transcript PPT REC
-
Aug 2023Transcript PPT REC
-
May 2023Transcript PPT REC
-
May 2023TranscriptAI SummaryPPT
-
Feb 2023Transcript PPT
-
Nov 2022TranscriptPPT
Brief History[1]
Syrma SGS brings together over four decades of experience through the combination of Syrma and SGS Tekniks. Syrma, a Tandon Group company, has been engaged in electronics manufacturing in India since the late 1970s, while SGS Tekniks, established in the early 1990s, focused on serving automotive customers in North India. Following the merger, Syrma SGS operates as an electronics manufacturing services provider with a presence across global and Indian customers.