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 ₹ 14,306 Cr.
- Current Price ₹ 742
- High / Low ₹ 910 / 355
- Stock P/E 62.3
- Book Value ₹ 146
- Dividend Yield 0.20 %
- ROCE 11.7 %
- ROE 9.45 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 20.9%
Cons
- Stock is trading at 5.08 times its book value
- Promoter holding has decreased over last quarter: -3.45%
- Company has a low return on equity of 8.92% over last 3 years.
- Debtor days have increased from 107 to 142 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.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Part of BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 862 | 886 | 1,267 | 2,048 | 3,154 | 3,787 | 3,884 | |
| 727 | 784 | 1,138 | 1,856 | 2,951 | 3,463 | 3,495 | |
| Operating Profit | 135 | 102 | 129 | 192 | 203 | 323 | 389 |
| OPM % | 16% | 11% | 10% | 9% | 6% | 9% | 10% |
| 13 | 18 | 18 | 44 | 56 | 47 | 67 | |
| Interest | 15 | 10 | 11 | 26 | 41 | 58 | 59 |
| Depreciation | 19 | 23 | 25 | 31 | 51 | 75 | 83 |
| Profit before tax | 113 | 87 | 111 | 179 | 166 | 237 | 314 |
| Tax % | 19% | 24% | 31% | 31% | 25% | 22% | |
| 92 | 69 | 79 | 123 | 124 | 184 | 241 | |
| EPS in Rs | 1,281.97 | 916.98 | 5.59 | 6.75 | 6.04 | 9.53 | 12.53 |
| Dividend Payout % | 0% | 0% | 0% | 22% | 25% | 16% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 34% |
| 3 Years: | 44% |
| TTM: | 1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 28% |
| TTM: | 117% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 39% |
| 1 Year: | 18% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 9% |
| Last Year: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 138 | 177 | 177 | 178 | 192 |
| Reserves | 418 | 595 | 434 | 1,364 | 1,435 | 1,572 | 2,617 |
| 125 | 103 | 218 | 375 | 630 | 665 | 332 | |
| 238 | 258 | 364 | 628 | 1,446 | 1,788 | 2,069 | |
| Total Liabilities | 786 | 960 | 1,154 | 2,543 | 3,688 | 4,202 | 5,210 |
| 296 | 292 | 378 | 532 | 1,075 | 1,144 | 1,144 | |
| CWIP | 1 | 0 | 41 | 25 | 17 | 66 | 77 |
| Investments | 30 | 132 | 41 | 84 | 42 | 59 | 144 |
| 459 | 536 | 694 | 1,901 | 2,554 | 2,933 | 3,844 | |
| Total Assets | 786 | 960 | 1,154 | 2,543 | 3,688 | 4,202 | 5,210 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 156 | 37 | -13 | -70 | -114 | 176 | |
| -46 | -113 | -373 | -885 | -9 | -103 | |
| -59 | 72 | 382 | 968 | 155 | -71 | |
| Net Cash Flow | 51 | -4 | -4 | 13 | 32 | 2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 76 | 86 | 78 | 72 | 108 | 142 |
| Inventory Days | 93 | 109 | 119 | 139 | 146 | 102 |
| Days Payable | 110 | 112 | 98 | 116 | 178 | 196 |
| Cash Conversion Cycle | 60 | 83 | 99 | 95 | 76 | 49 |
| Working Capital Days | 20 | 51 | 30 | 42 | 36 | 37 |
| ROCE % | 15% | 16% | 15% | 10% | 12% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Updates on Joint Venture
30 Dec - Dec 30, 2025: Syrma allotted 670,448 shares, now holds 75% in JV with SH Electronic (25%).
-
Closure of Trading Window
26 Dec - Trading window closed Jan 1, 2026; reopens 48 hours after unaudited results for period ending Dec 31, 2025.
-
Intimation Of Grant Of Stock Options Under Syrma SGS Employee Stock Option Plan 2023
23 Dec - Grant of 4,21,947 stock options on Dec 23, 2025 under ESOP Plan 2023.
-
Announcement under Regulation 30 (LODR)-Updates on Acquisition
17 Dec - Acquired 60% of Elcome for ~INR 235 crore (first tranche), announced December 17, 2025.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
1 Dec 2025 - Groundwork begins Dec 1, 2025 for Syrma SGS PCB plant in Naidupeta; JV with Shinhyup; 1,000+ jobs.
Annual reports
Concalls
-
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
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