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 ₹ 30,597 Cr.
- Current Price ₹ 1,587
- High / Low ₹ 1,676 / 634
- Stock P/E 82.3
- Book Value ₹ 148
- Dividend Yield 0.09 %
- ROCE 16.8 %
- ROE 14.0 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 36.3% CAGR over last 5 years
Cons
- Stock is trading at 10.7 times its book value
- Company has a low return on equity of 10.4% over last 3 years.
- Promoter holding has decreased over last 3 years: -4.99%
- Working capital days have increased from 46.9 days to 68.2 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
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 862 | 886 | 1,267 | 2,048 | 3,154 | 3,787 | 4,819 | 5,464 | |
| 727 | 784 | 1,138 | 1,856 | 2,951 | 3,463 | 4,273 | 4,853 | |
| Operating Profit | 135 | 102 | 129 | 192 | 203 | 323 | 546 | 610 |
| OPM % | 16% | 11% | 10% | 9% | 6% | 9% | 11% | 11% |
| 13 | 18 | 18 | 44 | 56 | 47 | 31 | 41 | |
| Interest | 15 | 10 | 11 | 26 | 41 | 58 | 48 | 47 |
| Depreciation | 19 | 23 | 25 | 31 | 51 | 75 | 84 | 86 |
| Profit before tax | 113 | 87 | 111 | 179 | 166 | 237 | 445 | 519 |
| Tax % | 19% | 24% | 31% | 31% | 25% | 22% | 22% | |
| 92 | 69 | 79 | 123 | 124 | 184 | 346 | 402 | |
| EPS in Rs | 1,281.97 | 916.98 | 5.59 | 6.75 | 6.04 | 9.53 | 16.48 | 19.10 |
| Dividend Payout % | 0% | 0% | 0% | 22% | 25% | 16% | 9% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 40% |
| 3 Years: | 33% |
| TTM: | 53% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 36% |
| 3 Years: | 39% |
| TTM: | 84% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 45% |
| 1 Year: | 91% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 10% |
| Last Year: | 14% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 138 | 177 | 177 | 178 | 193 |
| Reserves | 418 | 595 | 434 | 1,364 | 1,435 | 1,572 | 2,670 |
| 125 | 103 | 218 | 375 | 630 | 665 | 400 | |
| 238 | 258 | 364 | 628 | 1,446 | 1,788 | 2,504 | |
| Total Liabilities | 786 | 960 | 1,154 | 2,543 | 3,688 | 4,202 | 5,767 |
| 296 | 292 | 378 | 532 | 1,075 | 1,144 | 1,458 | |
| CWIP | 1 | 0 | 41 | 25 | 17 | 66 | 72 |
| Investments | 30 | 132 | 41 | 84 | 42 | 59 | 547 |
| 459 | 536 | 694 | 1,901 | 2,554 | 2,933 | 3,690 | |
| Total Assets | 786 | 960 | 1,154 | 2,543 | 3,688 | 4,202 | 5,767 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 156 | 37 | -13 | -70 | -109 | 176 | 290 | |
| -46 | -113 | -373 | -885 | -9 | -103 | -736 | |
| -59 | 72 | 382 | 968 | 150 | -71 | 558 | |
| Net Cash Flow | 51 | -4 | -4 | 13 | 32 | 2 | 111 |
| Free Cash Flow | 108 | 18 | -103 | -188 | -446 | 4 | 114 |
| CFO/OP | 131% | 58% | 13% | -16% | -27% | 73% | 69% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 76 | 86 | 78 | 72 | 108 | 142 | 139 |
| Inventory Days | 93 | 109 | 119 | 139 | 146 | 102 | 108 |
| Days Payable | 110 | 112 | 98 | 116 | 178 | 193 | 199 |
| Cash Conversion Cycle | 60 | 83 | 99 | 95 | 76 | 52 | 48 |
| Working Capital Days | 20 | 51 | 30 | 42 | 36 | 37 | 68 |
| ROCE % | 15% | 16% | 15% | 10% | 12% | 17% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Auto Vertical Revenue ₹ Million |
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| Consumer Vertical Revenue ₹ Million |
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| Healthcare Vertical Revenue ₹ Million |
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| Industrials Vertical Revenue ₹ Million |
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| IT & Railways Vertical Revenue ₹ Million |
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| Export Revenue ₹ Million |
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| ODM Revenue ₹ Million |
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Extracted by Screener AI
Documents
Announcements
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Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('Listing Regulations') - Update On Change Of Name Of Syrma SGS Design And Manufacturing Private Limited ('Jvco') In Terms Of Joint Venture Agreement Between Syrma SGS Technology Limited ('Company'), And Elemaster S.P.A Tecnologie Elettroniche ('Elemaster').
- MCA approved JV name change to Syrma SGS Elemaster Private Limited from September 9, 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Management will attend Axis Capital non-deal roadshow in USA from 8–16 Sep 2026.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Syrma SGS Elemaster inaugurated a 20,000 sq ft high-reliability electronics facility in Bengaluru on September 2, 2026.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
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Announcement under Regulation 30 (LODR)-Change in Management
- Sandeep Tandon reappointed Executive Chairman from Oct 1, 2026; Jayesh Doshi appointed Whole-time Director for five years.
Annual reports
Concalls
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Aug 2026Transcript PPT REC
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Jun 2026Transcript PPT
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May 2026TranscriptAI SummaryPPT
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Feb 2026Transcript PPT
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Nov 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
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.