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Syrma SGS Technology Limited
(SYRMA)
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Rating:68Neutral
Price Target:
₹1,781.00
▲(82.17% Upside)
Action:Reiterated
Date:09/08/26
The score is primarily supported by strong financial performance—rapid revenue growth, improving profitability, and a notably strengthened balance sheet. Technicals add support via an established uptrend and positive momentum, though elevated RSI suggests near-term overheating risk. The biggest constraint on the overall score is valuation, with a high P/E and minimal dividend yield increasing downside sensitivity to any execution or cash-flow volatility.
Positive Factors
Revenue Scaling
FY2026 revenue rose about 26% year over year after strong prior-year expansion, showing that Syrma SGS is scaling its EMS platform across OEM programs. Continued growth can improve utilization and broaden operating capacity, supporting durable earnings development if execution holds.
Negative Factors
Weak Cash Conversion
Free cash flow was positive in FY2026 but only about one-third of net income, while cash generation has been uneven across years. This weaker conversion can constrain internally funded expansion and makes earnings quality more sensitive to working-capital needs and reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scaling
FY2026 revenue rose about 26% year over year after strong prior-year expansion, showing that Syrma SGS is scaling its EMS platform across OEM programs. Continued growth can improve utilization and broaden operating capacity, supporting durable earnings development if execution holds.
Read all positive factors
Syrma SGS Technology Limited (SYRMA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹306.34B
Dividend Yield0.1%
Average Volume (3M)129.04K
Price to Earnings (P/E)78.3
Beta (1Y)1.56
Revenue Growth53.03%
EPS Growth70.86%
CountryIN
Employees1,552
SectorGeneral
Sector StrengthN/A
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)19.26
Shares Outstanding192,830,490
10 Day Avg. Volume227,904
30 Day Avg. Volume129,038
Financial Highlights & Ratios
PEG Ratio0.59
Price to Book (P/B)5.17
Price to Sales (P/S)3.07
P/FCF Ratio173.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,365.00Price Target Upside39.62% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)22.73
Revenue Forecast (FY)₹66.78B
Syrma SGS Technology Limited Business Overview & Revenue Model
Company Description
Syrma SGS Technology Limited, established in Chennai, India, in 1978, offers comprehensive electronic manufacturing services both domestically and internationally. The company provides integrated, high-value design and production solutions specifi...
How the Company Makes Money
Syrma SGS primarily makes money by providing contract manufacturing and related services to OEM customers under the electronics manufacturing services (EMS) model. Its core revenue stream is the sale of manufactured electronic assemblies and finis...
Syrma SGS Technology Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 54.64B | 48.19B | 37.16B | 31.30B | 20.10B | 10.13B |
| Gross Profit | 12.91B | 6.80B | 7.72B | 6.08B | 4.51B | 2.70B |
| EBITDA | 6.52B | 5.84B | 3.66B | 2.55B | 2.30B | 1.06B |
| Net Income | 3.68B | 3.18B | 1.70B | 1.07B | 1.19B | 555.38M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 57.70B | 42.05B | 36.89B | 25.41B | 11.54B |
| Cash, Cash Equivalents and Short-Term Investments | 8.08B | 8.08B | 3.47B | 1.14B | 1.25B | 697.10M |
| Total Debt | 0.00 | 4.00B | 6.65B | 6.30B | 3.75B | 2.18B |
| Total Liabilities | -30.65B | 27.05B | 23.80B | 20.12B | 9.98B | 5.71B |
| Stockholders Equity | 30.65B | 28.62B | 17.50B | 16.13B | 15.40B | 5.72B |
Cash Flow | ||||||
| Free Cash Flow | -1.86B | 853.55M | -600.76M | -4.51B | -1.89B | -1.03B |
| Operating Cash Flow | -1.15B | 2.69B | 1.76B | -1.14B | -702.76M | -126.32M |
| Investing Cash Flow | -2.66B | -7.62B | -1.05B | -281.80M | -9.14B | -3.99B |
| Financing Cash Flow | 6.05B | 5.98B | -706.98M | 1.50B | 9.97B | 3.82B |
Syrma SGS Technology Limited Technical Analysis
Positive
977.65
Price Trends
1444.14
Positive
1308.27
Positive
1047.57
Positive
Market Momentum
35.57
Positive
51.96
Neutral
47.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SYRMA, the sentiment is Positive. The current price of 977.65 is below the 20-day moving average (MA) of 1503.28, below the 50-day MA of 1444.14, and below the 200-day MA of 1047.57, indicating a bullish trend. The MACD of 35.57 indicates Positive momentum. The RSI at 51.96 is Neutral, neither overbought nor oversold. The STOCH value of 47.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SYRMA.
Syrma SGS Technology Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹306.34B | 78.28 | ― | 0.10% | 53.03% | 70.86% | |
62 Neutral | ₹151.39B | 107.93 | ― | ― | 44.38% | 65.57% | |
56 Neutral | ₹71.77B | 85.29 | ― | ― | -11.90% | 26.33% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹156.18B | 71.75 | ― | 0.05% | 15.15% | -25.34% | |
49 Neutral | ₹62.16B | 111.75 | ― | 0.12% | -1.41% | 605.33% | |
47 Neutral | ₹8.55B | -69.37 | ― | 0.93% | 132.73% | -227.63% |
* General Sector Average
IN:SYRMA
Syrma SGS Technology Limited
1,510.60
714.74
89.81%
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Syrma SGS Technology Limited Corporate Events
Syrma SGS Shareholders Clear All Resolutions at 22nd AGM
Aug 26, 2026
Syrma SGS Technology Limited reported the consolidated voting results of its 22nd Annual General Meeting, held via video conferencing on August 25, 2026, where shareholders participated through remote e-voting and electronic voting during the meet...
Syrma SGS Reappoints Executive Chairman, Elevates Doshi to Whole-time Director
Aug 25, 2026
Syrma SGS Technology Limited announced that shareholders at its 22nd Annual General Meeting have approved the re-appointment of Sandeep Tandon as Executive Chairman and the appointment of Jayesh Nagindas Doshi as Whole-time Director. Tandon will s...
Syrma SGS Forms Joint Subsidiary With Kaga To Boost Electronics Manufacturing
Aug 18, 2026
Syrma SGS Technology Limited operates in the electronics manufacturing sector, focusing on electronic components and printed circuit board-related products. Its market presence includes the design and manufacture of bare PCBs, interface cards and ...
Syrma SGS to Engage Investors at Equirus Annual India Conference
Aug 10, 2026
Syrma SGS Technology Limited has announced that its management and representatives will participate in the Equirus Annual India Conference in Mumbai on August 13, 2026, holding one-on-one and group meetings with investors throughout the day. The c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.