SYRMA - Syrma SGS Technology Limited Share Price

Industrial Manufacturing

₹487.25-2.50(-0.51%)

Market Open as of Apr 28, 2025, 14:02 IST

What does Syrma SGS Technology Limited do?

Industrial Products•Capital Goods•Small Cap

Syrma SGS Technology Limited provides turnkey electronic manufacturing services in India, the United States, Germany, and internationally. The company offers product engineering services, that includes design and development, and verification and validation; phototype manufacturing and platform/ system integration; and original design and manufacturing services. Its product portfolio comprises printed circuit board assemblies; box build, electromechanical assembly, and full-systems integration services, that includes firmware, software loading, validation, testing, and commercial or custom packing, as well as offers products, such as scanning antenna, transceiver, transponder, disk drives, memory modules, power supplies / adapters, fiber optic assemblies, magnetic induction coils and RFID products, and other electronic products, as well as line tester development services. In addition, the company provides custom magnetic services, including brushless DC motor module for fan consists of brushless DC motor, driver circuit, and control system; electro-mechanicals; critical communication solutions; RFID tags and inlays; and magnetic products comprising custom magnetic chokes, magnetic inductors, and magnetic transformers. It serves automotive, consumer, industrial, healthcare, railways, and IT industries. Syrma SGS Technology Limited was founded in 1978 and is based in Chennai, India.

Industry Group:Industrial Manufacturing

Employees:1,321

Website:www.syrmasgs.com

Pros

Size: Market Cap wise it is among the top 20% companies of india.

Balance Sheet: Reasonably good balance sheet.

Growth: Good revenue growth. With NA% growth over past three years, the company is going strong.

Technicals: Bullish SharesGuru indicator.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Momentum: Stock price has a strong positive momentum. Stock is up 4.2% in last 30 days.

Cons

Smart Money: Smart money is losing interest in the stock.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: SYRMA vs Industrial Manufacturing

Comprehensive comparison against sector averages

Comparative Metrics

SYRMA metrics compared to Industrial

Category	SYRMA	Industrial
PE	55.15	27.37
PS	2.15	3.62
Growth	46.9 %	7 %

Performance Comparison

SYRMA vs Industrial (2023 - 2025)

Key Insights

1. SYRMA is among the Top 10 Industrial Products companies but not in Top 5.
2. The company holds a market share of 6.8% in Industrial Products.
3. In last one year, the company has had an above average growth that other Industrial Products companies.

Summary of Latest Earnings Report from Syrma SGS Technology

Summary of Syrma SGS Technology's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Outlook and Major Points from Management:

Revenue Growth: Targeting 30-35% YoY growth in FY26, building on 24% YoY growth in Q3 and 40% for 9M FY25.
Margins: Achieved 9.1% EBITDA margin in Q3 (7.2% for 9M FY25), reaffirming FY25 guidance of 7%+ and expecting further improvement in FY26.
Segments:
- Consumer: Aiming to reduce high-volume/low-margin consumer mix to ~35% (from 40%) to boost profitability.
- Industrial/Auto: Added new clients; industrial contributed 30% of Q3 revenue. Order book includes 30% auto, 38-40% consumer, and 20-22% industrial.
- Exports: Currently 20% of revenue (down from 25%) due to EU/Germany slowdown but expects gradual recovery.
- MedTech: Delays in product approvals; rebound expected by Q1 FY26.
Order Book: Rs.5,300 crore (executable over 9"“15 months), with railways (~70 crore FY25 revenue) and IT as emerging areas.
Operational Focus: Improving asset turnover (targeting 6"“7x) and ROCE (14.5"“15% FY25; 20% long-term).
Capex/Debt: Rs.180 crore spent in 9M FY25 (Pune/Germany facilities). Net debt at Rs.273 crore; working capital days at 64 (target <60).
Strategic Initiatives: Merger progress awaited; PLI benefits of Rs.15-17 crore FY25; evaluating inorganic growth (tech/geographic expansion).

Key Risks: Global demand volatility (EU/US), MedTech delays, and product mix shifts. Focus remains on scaling high-margin segments and operational efficiency.

Q&A Session

Last updated: Feb 25

What was the reason for the increase in debt year-on-year and how will it be managed?
Debt increased primarily due to higher working capital needs for new customer inventories and the Pune plant setup. Management aims to reduce net working capital days below 60 and highlighted that most debt is short-term, with no significant long-term loans.

How is the current order book structured, and over what timeframe will it execute?
The order book stands at Rs.5,300 crore, split as 30% auto, 38-40% consumer, 20-22% industrial, and the rest from healthcare, IT, and railways. These orders will execute over 9"“15 months.

What drove the margin improvement in Q3, and is it sustainable?
Margin improvement (9.1% EBITDA) stemmed from a favorable product mix (lower consumer segment share) and operational efficiencies. Management aims to sustain margins by reducing low-margin consumer business to ~35% of revenue.

Why has consumer segment growth tapered despite a large order book?
Growth moderation is intentional, as the company prioritizes renegotiating prices and shifting focus to higher-margin segments. PLI-linked revenue caps also limit aggressive consumer segment expansion.

What is the revenue and margin outlook for FY25 and FY26?
FY25 guidance is 7%+ EBITDA (Rs.300"“310 crore) with ~30"“35% revenue growth. FY26 targets similar growth with margin expansion via operational leverage and improved product mix.

How is the MedTech business performing, and what is the outlook?
MedTech revenue was subdued (Rs.20"“25 crore in Q3) due to delayed customer approvals but is expected to rebound in FY26. The order book includes 7"“7.5% MedTech contribution, with growth tied to new product development.

What is the ROCE target, and how will it be achieved?
ROCE is projected to reach 14.5"“15% in FY25, targeting 20% over two years via higher asset turnover (6x+) and EBITDA margins (8%+), supported by better working capital management.

What are the capex plans for FY25 and FY26?
FY25 capex is Rs.200"“245 crore (mainly for Pune/Germany facilities and SMT lines). FY26 capex is estimated at Rs.100"“150 crore, focused on capacity expansion and customer onboarding.

Will the company pursue inorganic growth or OSAT (semiconductor) expansion?
Inorganic acquisitions are evaluated for technology/regulatory gaps, not just revenue growth. OSAT plans are under review, with equity fundraising (e.g., QIP) reserved for strategic opportunities.

How does the PLI scheme impact financials?
PLI benefits accrued Rs.14 crore for 9M FY25 (full-year estimate: Rs.17 crore). Accounting shifted to accrual basis post-FY24, with FY25 benefits linked to current-year performance.

Balance Sheet for Syrma SGS Technology

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022
Cash and cash equivalents	-36.8%	25	39	19	29	11
Current investments	6766.7%	65	0.04	0	34	0
Loans, current	5.6%	39	37	0	0	0
Total current financial assets	51.1%	1,190	788	399	306	243
Inventories	-1.6%	661	672	422	348	269
Total current assets	25.2%	2,009	1,605	905	721	577
Property, plant and equipment	-0.5%	436	438	320	242	183
Capital work-in-progress	977.4%	33	3.97	19	20	12
Investment property	-	79	0	4.19	0	-
Non-current investments	0%	678	678	677	427	412
Loans, non-current	34.5%	40	30	16	3.33	1.63
Total non-current financial assets	-27.4%	723	996	1,126	1,175	1,251
Total non-current assets	-13.1%	1,300	1,496	1,503	1,449	1,463
Total assets	6.7%	3,309	3,101	2,408	2,170	2,041
Borrowings, non-current	-25.4%	48	64	88	86	2.19
Total non-current financial liabilities	-17.6%	71	86	109	86	5.2
Provisions, non-current	50.7%	8.91	6.25	7.16	4.85	4.9
Total non-current liabilities	-13.9%	88	102	123	99	15
Borrowings, current	12.3%	485	432	264	165	224
Total current financial liabilities	15.8%	1,746	1,508	784	562	577
Provisions, current	-65.6%	1.33	1.96	2.05	3.02	2.5
Current tax liabilities	-	-	0	4.34	5.94	1.61
Total current liabilities	14.7%	1,785	1,557	839	616	628
Total liabilities	12.9%	1,874	1,660	962	715	643
Equity share capital	0%	177	177	177	177	176
Total equity	-0.4%	1,436	1,442	1,445	1,455	1,398
Total equity and liabilities	6.7%	3,309	3,101	2,408	2,170	2,041

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022
Cash and cash equivalents	-13%	68	78	64	46	41
Current investments	244.1%	118	35	41	78	29
Total current financial assets	38.2%	1,502	1,087	658	540	428
Inventories	0.8%	1,012	1,004	735	587	499
Total current assets	19.1%	2,710	2,276	1,523	1,253	1,026
Property, plant and equipment	5.9%	688	650	469	384	320
Capital work-in-progress	340%	45	11	25	20	12
Investment property	60%	137	86	0	0	0.41
Goodwill	0%	322	322	322	118	118
Non-current investments	0.2%	6.41	6.4	6	6	4.27
Total non-current financial assets	-94.6%	17	299	443	753	842
Total non-current assets	-11%	1,257	1,413	1,385	1,288	1,335
Total assets	7.5%	3,967	3,689	2,908	2,541	2,361
Borrowings, non-current	12.7%	72	64	88	87	2.43
Total non-current financial liabilities	5.3%	140	133	109	91	23
Provisions, non-current	33.3%	17	13	14	9.2	8.75
Total non-current liabilities	6.6%	179	168	177	138	49
Borrowings, current	3.7%	531	512	334	260	295
Total current financial liabilities	13.3%	2,017	1,781	1,030	792	791
Provisions, current	-7.2%	3.95	4.18	3.99	4.16	3.41
Current tax liabilities	-10.2%	6.82	7.48	13	12	5.12
Total current liabilities	12.5%	2,076	1,845	1,113	860	852
Total liabilities	12.1%	2,255	2,012	1,290	998	901
Equity share capital	0%	177	177	177	177	176
Non controlling interest	7.9%	69	64	49	2.62	8.83
Total equity	2.1%	1,712	1,677	1,618	1,543	1,460
Total equity and liabilities	7.5%	3,967	3,689	2,908	2,541	2,361

Share Holdings

Understand Syrma SGS Technology ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
Tancom Electronics Private Limited	35.54%
Jasbir Singh Gujral	7.01%
Krishna Kumar Pant	6.9%
Ranjeet Singh Lonial	6.77%
Sanjiv Narayan	5.15%
Franklin India Smaller Companies Fund	4.2%
Modern Die Casting Llp	3.17%
Veena Kumari Tandon	0.79%
Bodies Corporate	0.17%
Manoharlal Tandon	0%
Sandeep Tandon	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Income Statement for Syrma SGS Technology

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	6.7%	514	482	816	727	404	393
Other Income	110%	22	11	12	13	12	8.01
Total Income	9%	536	492	828	740	416	402
Cost of Materials	0.3%	385	384	755	676	353	348
Purchases of stock-in-trade	1%	0.05	0.04	1.08	1.46	7.93	0.19
Employee Expense	0%	21	21	21	19	17	16
Finance costs	10%	12	11	11	9.37	7.93	5.96
Depreciation and Amortization	10%	12	11	11	10	8.69	7.06
Other expenses	43.8%	70	49	50	48	47	47
Total Expenses	6.1%	503	474	824	738	416	395
Profit Before exceptional items and Tax	94.1%	34	18	3.85	2.07	0.77	6.92
Exceptional items before tax	-	-2	0	0	0	0	-1.35
Total profit before tax	82.4%	32	18	3.85	2.07	0.77	5.57
Current tax	-28.6%	1.95	2.33	1.21	-0.43	-1.33	1.72
Deferred tax	104.8%	1.05	-0.05	-0.09	1.1	1.42	-3.73
Total tax	56.3%	3	2.28	1.12	0.67	0.09	-2.02
Total profit (loss) for period	86.7%	29	16	2.73	1.4	0.68	7.58
Other comp. income net of taxes	4.1%	0.06	0.02	-0.6	0.3	0.18	0.23
Total Comprehensive Income	86.7%	29	16	2.12	1.7	0.86	7.81
Earnings Per Share, Basic	788.9%	1.62	0.91	0.15	0.08	0.04	0.43
Earnings Per Share, Diluted	766.7%	1.6	0.91	0.15	0.08	0.04	0.43

Description	(%) Q/Q	Mar-2024	Mar-2023
Revenue From Operations	61.4%	1,833	1,136
Other Income	44.4%	53	37
Total Income	60.8%	1,886	1,173
Cost of Materials	91.5%	1,640	857
Purchases of stock-in-trade	-33.3%	11	16
Employee Expense	15.5%	68	59
Finance costs	107.7%	28	14
Depreciation and Amortization	93.8%	32	17
Other expenses	37.7%	180	131
Total Expenses	71.4%	1,861	1,086
Profit Before exceptional items and Tax	-71.8%	25	86
Exceptional items before tax	-	-1.35	0
Total profit before tax	-72.9%	24	86
Current tax	-86.4%	4.12	24
Deferred tax	-118.5%	-0.25	7.76
Total tax	-90.4%	3.87	31
Total profit (loss) for period	-64.8%	20	55
Other comp. income net of taxes	-236.4%	0.4	1.44
Total Comprehensive Income	-65.5%	20	56
Earnings Per Share, Basic	-94.5%	1.131	3.39
Earnings Per Share, Diluted	-94.8%	1.123	3.35

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	4.3%	869	833	1,160	1,134	707	712
Other Income	133.3%	22	10	15	16	12	8.9
Total Income	5.7%	891	843	1,175	1,150	719	721
Cost of Materials	-0.6%	643	647	1,006	944	584	581
Purchases of stock-in-trade	124.7%	1.56	-1.27	1.16	1.54	7.63	0.49
Employee Expense	-2.2%	45	46	45	40	38	31
Finance costs	7.7%	15	14	13	12	10	8
Depreciation and Amortization	18.8%	20	17	17	16	14	12
Other expenses	25.9%	108	86	84	81	83	80
Total Expenses	4.3%	826	792	1,146	1,089	692	682
Profit Before exceptional items and Tax	30%	66	51	29	61	27	38
Exceptional items before tax	-	-2.14	0	0	0	0	-1.35
Total profit before tax	26%	64	51	29	61	27	37
Current tax	-23.8%	9.38	12	9.44	14	3.47	11
Deferred tax	108.5%	1.14	-0.65	-0.3	1.48	3.21	-4.86
Total tax	0%	11	11	9.14	16	6.68	6.44
Total profit (loss) for period	33.3%	53	40	20	45	20	31
Other comp. income net of taxes	-1084.2%	-1.25	0.81	-1.55	-0.04	0.07	0.19
Total Comprehensive Income	30.8%	52	40	19	45	20	31
Earnings Per Share, Basic	67.3%	2.74	2.04	1.09	1.97	0.88	1.6
Earnings Per Share, Diluted	68.9%	2.74	2.03	1.08	1.96	0.87	1.59

Description	(%) Q/Q	Mar-2024	Mar-2023
Revenue From Operations	54%	3,154	2,048
Other Income	34.9%	59	44
Total Income	53.6%	3,212	2,092
Cost of Materials	1590.3%	2,604	155
Purchases of stock-in-trade	-33.3%	11	16
Employee Expense	35.2%	143	106
Finance costs	76.2%	38	22
Depreciation and Amortization	66.7%	51	31
Other expenses	43.2%	306	214
Total Expenses	499.2%	3,045	509
Profit Before exceptional items and Tax	-89.4%	168	1,583
Exceptional items before tax	-	-1.35	0
Total profit before tax	-89.6%	166	1,583
Current tax	-14.6%	42	49
Deferred tax	-111.4%	0.34	6.81
Total tax	-25.5%	42	56
Total profit (loss) for period	-91.9%	124	1,527
Other comp. income net of taxes	-428.1%	-1.1	1.64
Total Comprehensive Income	-92%	123	1,529
Earnings Per Share, Basic	-22.7%	6.06	7.55
Earnings Per Share, Diluted	-22.3%	6.02	7.46

Investor Care
Dividend Yield	0.33%
Dividend/Share (TTM)	1.5
Shares Dilution (1Y)	0.32%
Diluted EPS (TTM)	7.81

Financial Health
Current Ratio	1.31
Debt/Equity	0.35
Debt/Cashflow	-0.19

Cash Flow for Syrma SGS Technology

Consolidated figures (in Rs. Crores) / View Standalone Data

Finance costs	76.2%
Change in inventories	-27.6%
Depreciation	66.7%
Unrealised forex losses/gains	-
Dividend income	-164.3%
Adjustments for interest income	6.5%
Share-based payments	-
Net Cashflows from Operations	-104.4%
Income taxes paid (refund)	35.9%
Net Cashflows From Operating Activities	-108.6%
Cashflows used in obtaining control of subsidiaries	1105.3%
Proceeds from sales of PPE	-23.5%
Purchase of property, plant and equipment	194.5%
Proceeds from sales of investment property	-
Purchase of investment property	-102.6%
Purchase of intangible assets	87.8%
Dividends received	-
Interest received	-
Other inflows (outflows) of cash	162%
Net Cashflows From Investing Activities	96.8%
Proceeds from issuing shares	-
Proceeds from issuing other equity instruments	-100.1%
Payments to acquire or redeem entity's shares	-
Proceeds from borrowings	239.7%
Repayments of borrowings	-97.2%
Payments of lease liabilities	-
Dividends paid	-
Interest paid	-
Other inflows (outflows) of cash	-100.7%
Net Cashflows from Financing Activities	-84.5%
Effect of exchange rate on cash eq.	-254.5%
Net change in cash and cash eq.	-99.1%

Standalone figures (in Rs. Crores) / View Consolidated Data

Finance costs	107.7%
Change in inventories	-38.8%
Depreciation	93.8%
Unrealised forex losses/gains	-
Adjustments for interest income	6.5%
Share-based payments	-
Net Cashflows from Operations	-281.3%
Income taxes paid (refund)	-15.8%
Other inflows (outflows) of cash	-163.3%
Net Cashflows From Operating Activities	-203.1%
Cashflows used in obtaining control of subsidiaries	1105.3%
Purchase of property, plant and equipment	180.7%
Proceeds from sales of investment property	197.3%
Proceeds from sales of intangible assets	-3.1%
Purchase of intangible assets	238.1%
Interest received	-
Other inflows (outflows) of cash	160.9%
Net Cashflows From Investing Activities	101.5%
Proceeds from changes in ownership interests in subsidiaries	-
Payments from changes in ownership interests in subsidiaries	-
Proceeds from issuing other equity instruments	-100.1%
Proceeds from borrowings	110.3%
Repayments of borrowings	-
Payments of lease liabilities	35.4%
Dividends paid	-
Interest paid	100%
Other inflows (outflows) of cash	90.1%
Net Cashflows from Financing Activities	-81.3%
Effect of exchange rate on cash eq.	18.1%
Net change in cash and cash eq.	-52.6%

Valuation
Market Cap	8.73 kCr
Price/Earnings (Trailing)	55.15
Price/Sales (Trailing)	2.15
EV/EBITDA	26.49
Price/Free Cashflow	-21.74
MarketCap/EBT	42.58

Fundamentals
Revenue (TTM)	4.06 kCr
Rev. Growth (Yr)	24.02%
Rev. Growth (Qtr)	5.78%
Earnings (TTM)	158.21 Cr
Earnings Growth (Yr)	161.34%
Earnings Growth (Qtr)	33.7%

Profitability
Operating Margin	5.1%
EBT Margin	5.05%
Return on Equity	9.24%
Return on Assets	3.99%
Free Cashflow Yield	-4.6%

Is Syrma SGS Technology Better than it's peers?

Detailed comparison of Syrma SGS Technology against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
DIXON	Dixon Tech (India)Consumer Electronics	97.43 kCr	33.25 kCr	+22.31%	+100.40%	112.64	2.93	+106.45%	+141.44%
KAYNES	KAYNES TECHNOLOGY INDIAIndustrial Products	35.68 kCr	2.49 kCr	+14.38%	+110.55%	138.01	14.33	+34.13%	+56.13%
HONAUT	Honeywell Automation IndiaIndustrial Products	30.5 kCr	4.2 kCr	+2.26%	-23.24%	57.35	7.26	+2.88%	+14.30%
AMBER	Amber Enterprises IndiaHousehold Appliances	21.63 kCr	9.1 kCr	-6.75%	+68.52%	93.32	2.38	+30.29%	+56.02%
AVALON	Avalon TechOther Electrical Equipment	5.54 kCr	993.28 Cr	+6.79%	+58.48%	119.75	5.57	+5.90%	+5.94%

SYRMA - Syrma SGS Technology Limited Share Price

What does Syrma SGS Technology Limited do?

Sector Comparison: SYRMA vs Industrial Manufacturing

Comparative Metrics

Performance Comparison

Summary of Latest Earnings Report from Syrma SGS Technology

Balance Sheet for Syrma SGS Technology

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Income Statement for Syrma SGS Technology

Investor Care

Financial Health

Cash Flow for Syrma SGS Technology

Valuation

Fundamentals

Profitability

Is Syrma SGS Technology Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)