Syrma Sgs Technology Limited (SYRMA)

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Syrma Sgs Technology Limited (SYRMA) · mywealthgrid

About

Syrma manufactures industrial products within the industrials sector. With a market cap of ₹28,249 Cr and quarterly revenues of ₹1,100–1,600 Cr, it operates at mid-cap scale. The company demonstrates solid capital efficiency with an ROE of 15%, strong balance-sheet health (D/E 0.12), and operating margins averaging 11.3% across recent quarters.

Face value: ₹10

Market cap

₹33,121 Cr

P/E

82.5×

P/B

11.6×

Dividend yield

0.2%

ROE

15%

ROCE

18.7%

Debt / equity

0.12

OPM

11.3%

EPS (TTM)

₹20.8

Book value

₹148.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation near peak: PE of 70.35 with stock at 52-week high (₹1,465) and 106% one-year return leave limited upside without significant earnings acceleration; verify expected growth rate.
Margin volatility: Operating margins swing 9.4%–12.6% across quarters, indicating either variable cost exposure or revenue-mix sensitivity; verify drivers and stabilization outlook.
Revenue cyclicality: Quarterly revenues range ₹1,086–1,588 Cr, signaling demand sensitivity; verify customer concentration, order visibility, and competitive positioning.
Capital utilization: Low debt (D/E 0.12) may reflect prudent discipline or underdeployment; verify capex intensity of growth plans and hurdle rates.

Generated analysis · source review pending

Growth drivers

Quarterly net profit of ₹65–119 Cr and debt-to-equity of 0.12 provide capacity to fund growth capex from cash generation without increasing leverage.
Operating margin averaging 11.3% (quarterly range 9.4%–12.6%) has room to improve if operational efficiency or product mix improves; verify these initiatives.
Return on equity of 15% shows capital is deployed efficiently; further growth requires incremental capex to sustain similar returns; verify capex plans and expected returns.

Generated analysis · source review pending

1,008 historical price candles were omitted because the exchange source has not been verified.

₹1,717.9+1.5%1Y

Quick read

rule-based

Pros

+Profit CAGR of 42.6% over the last 3 years
+Revenue CAGR of 33% over the last 3 years
+Comfortable interest coverage of 10.3×

Cons

−Low return on equity of 10.9% (3-yr avg)
−Expensive at 82.5× trailing earnings
−Trading at 11.6× book value
−Promoter holding fell 4.1 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

52/100

Business quality: 53
Growth: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,048	3,154	3,787	4,819
COGS	136	2,507	2,931	3,587
Gross profit	1,912	647	855	1,232
	320	448	532	688
	1,592	199	323	545
OPM %	77.7%	6.3%	8.5%	11.3%
Depreciation	31	51	75	84
Interest	22	38	58	48
	44	57	47	33
Profit before tax	1,583	166	237	445
Tax	56	42	53	100
Tax %	3.5%	25.3%	22.2%	22.4%
	1,527	124	184	346
PAT margin %	74.6%	3.9%	4.9%	7.2%
EPS (₹)	7.6	6.1	9.6	16.9
EPS adjusted (₹)	6.8	6.1	10.4	18
	19.9%	24.8%	15.7%	8.9%
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	138	177	177	178	193
Reserves	—	1,364	1,435	1,572	2,670
Minority interest	—	3	64	75	203
	—	347	576	611	353
	—	651	1,436	1,769	2,351
Total equity & liabilities	—	2,541	3,689	4,205	5,770
	250	506	989	1,144	1,331
CWIP	—	20	11	61	68
Investments	—	84	128	59	547
	—	1,931	2,561	2,940	3,824
Total assets	—	2,541	3,689	4,205	5,770

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13	1,334	-114	176	290
	-388	-914	-28	-105	-742
	355	997	155	-71	558
Net cash flow	-19	1,416	13	1	105
Free cash flow	—	1,223	-439	-60	106
CFO / Operating profit %	—	83.8%	-57.2%	54.6%	53.2%

Compounded sales growth

7 years: —
5 years: —
3 years: 33%
1 year: 27%

Compounded profit growth

7 years: —
5 years: —
3 years: -39%
1 year: 88%

Return on equity

7 years: —
5 years: —
3 years: 10%
Last year: 11%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2023 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Electronic Manufacturing Services	2,029.76	156.09	—	0
Others	18.63	0.49	—	0

SegmentFigure

Electronic Manufacturing Services · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	93.3%	20.5%	22.6%	25.6%
EBITDA margin %	77.7%	6.3%	8.5%	11.3%
EBIT margin %	76.2%	4.7%	6.6%	9.6%
PAT margin %	74.6%	3.9%	4.9%	7.2%
Working capital
Receivable days	72	108	142	139
Inventory days	1,571	146	102	108
Payable days	1,305	179	196	199
NWC days	338	75	49	48
Leverage
Current ratio	1.46	1.23	1.33	1.7
Debt to EBITDA	0.22	2.9	1.89	0.65
Debt to equity	0.23	0.36	0.35	0.12
Interest coverage	74.3	5.4	5.1	10.3
Asset turnover	0.81	0.85	0.9	0.84
Return ratios
Return on assets %	60.1%	3.4%	4.4%	6%
Return on capital employed %	95.4%	11.7%	15.5%	18.7%
Return on equity %	99.2%	7.7%	10.5%	12.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.21%	46.89%	46.89%	46.89%	46.89%	46.58%	46.52%	46.42%	42.97%	42.72%	42.28%	42.28%
	10.14%	11.12%	12.95%	10.44%	10.31%	8.48%	6.2%	6.34%	7.02%	6.47%	6.61%	7.52%
	9.63%	8.21%	5.8%	6.46%	6.45%	7.48%	7.73%	9.15%	16.39%	15.88%	16.59%	15.9%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%
	33.02%	33.78%	34.36%	36.21%	36.35%	37.37%	39.49%	38.02%	33.54%	34.8%	34.4%	34.17%
No. of shareholders	—	—	—	—	—	—	—	—	1,70,983	1,78,615	1,78,986	2,04,149

Promoter holding down 4.93 percentage points since Sep 2023.

55 deals · 26 Aug 2022 – 12 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	10,36,049	₹880.31	₹91.20 Cr
12 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	10,36,049	₹880.73	₹91.25 Cr
11 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	13,14,277	₹848.92	₹111.57 Cr
11 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	13,14,277	₹848.45	₹111.51 Cr
30 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	10,98,603	₹527.25	₹57.92 Cr
30 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	10,98,603	₹526.98	₹57.89 Cr
29 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	17,75,981	₹474.07	₹84.19 Cr
29 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	17,75,981	₹473.65	₹84.12 Cr
29 Oct 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	15,01,327	₹481.49	₹72.29 Cr
29 Oct 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	15,01,327	₹481.29	₹72.26 Cr

1–10 of 55

1 / 6

Mr. Sandeep TandonExecutive Director-Chairperson related to Promoter
Mr. Jasbir Singh GujralExecutive Director-MD
Mr. Jayesh Nagindas DoshiNon-Executive - Non Independent Director
Mr. Sudeep TandonNon-Executive - Non Independent Director
Mr. Kunal Naresh ShahNon-Executive - Independent Director
Mr. Anil Govindan NairNon-Executive - Independent Director
Mr. Hetal Madhukant GandhiNon-Executive - Independent Director
Mrs. Smita JatiaNon-Executive - Independent Director
Mr. Bharat AnandNon-Executive - Independent Director
Mr. Jaidit Singh BrarChief Executive Officer
Mr. Satendra SinghChief Executive Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 16 fund houses

Held by these funds

6.04%

of the company's equity

All mutual funds

9.55%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

56 schemes · 16 fund houses

		Shares
Small Cap Fund	Axis Mutual Fund	24.88 L	357.59	1.14%	1.291%	-0
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	15.55 L	223.43	1.52%	0.806%	-3.79 L
Franklin India Multi Cap Fund	Franklin Templeton Mutual Fund	13.77 L	197.84	3.76%	0.714%	-0
Flexi Cap Fund	Helios Mutual Fund	12.16 L	174.8	2%	0.631%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	11.71 L	168.24	2.06%	0.607%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	5.67 L	81.42	1.74%	0.294%	-0
Franklin India Flexi Cap Fund ( Formerly known as Franklin India Equity Fund) ^NEW	Franklin Templeton Mutual Fund	5.29 L	75.99	0.39%	0.274%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.62 L	52.01	2.85%	0.188%	+2,699

1–8 of 56

1 / 7

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Credit Rating by India Ratings & Research (Ind-Ra)5 May 2026 from India Ratings

Investor Presentation and earnings call

Jul 2026TranscriptAI SummaryPPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend18 Aug 2026 · ex-date₹1.5
Final dividend19 Sept 2025 · ex-date₹1.5
Final dividend10 Sept 2024 · ex-date₹1.5
Final dividend1 Sept 2023 · ex-date₹1.5

1

Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

51 announcementsExport CSV

1 Oct 2026, 12:08 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

28 Sept 2026, 4:36 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 11:44 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

10 Sept 2026, 8:12 pmCompany Update

Intimation Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) 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').

General PDF

3 Sept 2026, 4:15 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

2 Sept 2026, 2:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

26 Aug 2026, 3:15 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

25 Aug 2026, 10:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
1 Oct 2026, 12:08 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
28 Sept 2026, 4:36 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	93.3%	20.5%	22.6%	25.6%
EBITDA margin %	77.7%	6.3%	8.5%	11.3%
EBIT margin %	76.2%	4.7%	6.6%	9.6%
PAT margin %	74.6%	3.9%	4.9%	7.2%
Working capital
Receivable days	72	108	142	139
Inventory days	1,571	146	102	108
Payable days	1,305	179	196	199
NWC days	338	75	49	48
Leverage
Current ratio	1.46	1.23	1.33	1.7
Debt to EBITDA	0.22	2.9	1.89	0.65
Debt to equity	0.23	0.36	0.35	0.12
Interest coverage	74.3	5.4	5.1	10.3
Asset turnover	0.81	0.85	0.9	0.84
Return ratios
Return on assets %	60.1%	3.4%	4.4%	6%
Return on capital employed %	95.4%	11.7%	15.5%	18.7%
Return on equity %	99.2%	7.7%	10.5%	12.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indo-Mim LimitedINDOMIMINDOMIM	₹62,891 Cr	₹63,981 Cr	₹4,193 Cr	₹1,071 Cr	25.5%	₹534 Cr	12.7%	29.6%	21.3%	—
Aditya Infotech LimitedCPPLUSCPPLUS	₹44,797 Cr	₹44,910 Cr	₹4,883 Cr	₹709 Cr	13.4%	₹477 Cr	8.7%	33.8%	25.5%	61
Syrma Sgs Technology LimitedSYRMASYRMA	₹33,121 Cr	₹33,474 Cr	₹5,464 Cr	₹610 Cr	11.3%	₹402 Cr	7.2%	18.7%	15%	48
Honeywell Automation India LimitedHONAUTHONAUT	₹29,454 Cr	₹29,454 Cr	₹4,703 Cr	₹637 Cr	12.9%	₹551 Cr	11.2%	16.7%	12.4%	-12
Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

Syrma Sgs Technology Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Electronic Manufacturing Services · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends4

Board meetings1

Announcements

Not in the F&O segment

Dividends4

Board meetings1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Electronic Manufacturing Services · revenue

4

1

4

1