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 ₹ 16,718 Cr.
- Current Price ₹ 867
- High / Low ₹ 910 / 355
- Stock P/E 58.8
- Book Value ₹ 146
- Dividend Yield 0.17 %
- 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 5.95 times its book value
- Company has a low return on equity of 8.92% over last 3 years.
- Debtor days have increased from 107 to 142 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
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 | 4,278 | |
| 727 | 784 | 1,138 | 1,856 | 2,951 | 3,463 | 3,810 | |
| Operating Profit | 135 | 102 | 129 | 192 | 203 | 323 | 469 |
| OPM % | 16% | 11% | 10% | 9% | 6% | 9% | 11% |
| 13 | 18 | 18 | 44 | 56 | 47 | 54 | |
| Interest | 15 | 10 | 11 | 26 | 41 | 58 | 51 |
| Depreciation | 19 | 23 | 25 | 31 | 51 | 75 | 83 |
| Profit before tax | 113 | 87 | 111 | 179 | 166 | 237 | 388 |
| Tax % | 19% | 24% | 31% | 31% | 25% | 22% | |
| 92 | 69 | 79 | 123 | 124 | 184 | 298 | |
| EPS in Rs | 1,281.97 | 916.98 | 5.59 | 6.75 | 6.04 | 9.53 | 15.12 |
| Dividend Payout % | 0% | 0% | 0% | 22% | 25% | 16% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 34% |
| 3 Years: | 44% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 28% |
| TTM: | 102% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 49% |
| 1 Year: | 103% |
| 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
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Transfer Of Equity Shares Pursuant To Exercise Of Employee Stock Option Plan 2023
10 Feb - Transfer of 37,035 equity shares to employees from Trust on Feb 10, 2026 under ESOP Scheme 2023.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
3 Feb - Transcript of the Investor Conference held for the unaudited Financial Results (consolidated and standalone) of the the Company for the quarter and nine months ended …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
30 Jan - Audio recording of conference call for quarter and nine months ended Dec 31, 2025 uploaded (Jan 30, 2026).
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
30 Jan - Crisil MA report for quarter ended Dec 31, 2025: Rs7,257.22m net IPO proceeds; Rs6,732.78m utilized; no deviations.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jan
Annual reports
Concalls
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Feb 2026Transcript PPT
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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 2024TranscriptAI SummaryPPT
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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 2023TranscriptAI SummaryPPT
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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