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 ₹ 15,817 Cr.
- Current Price ₹ 820
- High / Low ₹ 910 / 355
- Stock P/E 87.0
- Book Value ₹ 145
- Dividend Yield 0.18 %
- 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 5.66 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.
- 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 | 2,984 | |
| 312 | 328 | 390 | 588 | 1,053 | 1,798 | 2,134 | 2,700 | |
| Operating Profit | 42 | 69 | 48 | 58 | 83 | 35 | 144 | 284 |
| OPM % | 12% | 17% | 11% | 9% | 7% | 2% | 6% | 10% |
| 3 | 2 | 6 | 8 | 37 | 51 | 44 | 55 | |
| Interest | 8 | 10 | 6 | 5 | 16 | 30 | 47 | 50 |
| Depreciation | 10 | 10 | 12 | 13 | 17 | 32 | 46 | 59 |
| Profit before tax | 27 | 52 | 36 | 48 | 86 | 24 | 95 | 230 |
| Tax % | 23% | 16% | 21% | 36% | 36% | 16% | 16% | |
| 21 | 44 | 29 | 31 | 55 | 20 | 80 | 180 | |
| EPS in Rs | 298.68 | 615.26 | 382.62 | 2.22 | 3.11 | 1.13 | 4.48 | 9.84 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 48% | 133% | 34% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 42% |
| 3 Years: | 52% |
| TTM: | 9% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 30% |
| TTM: | 353% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 43% |
| 1 Year: | 45% |
| 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 |
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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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
15 Nov - Earnings call transcript of the investor conference held for the unaudited financial results (Consolidated and Standalone) of the Company for the quarter and half year …
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
14 Nov - In continuation to our letter dated November 10, 2025, the attached letter is submitted.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Nov
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
11 Nov - Audio recording of Nov 11, 2025 conference call for Q2/H1 results uploaded.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
11 Nov - Monitoring agency reports no deviation; Rs832.94mn unutilized of Rs7,257.22mn IPO proceeds, quarter ended Sep 30, 2025.
Annual reports
Concalls
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Nov 2025Transcript PPT REC
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Jul 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT REC
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May 2024TranscriptNotesPPT
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT REC
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May 2023Transcript PPT REC
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May 2023TranscriptNotesPPT
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Feb 2023Transcript PPT
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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