SYRMA

Syrma SGS Technology Limited

Electronics manufacturing services for consumer, automotive and industrial end-markets

Industrials›Capital Goods›Industrial Manufacturing›Industrial Products

syrmasgs.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1604.60
Market cap
30,906 Cr
Stock P/E
77.0
P/B
10.80
Dividend yield
0.1%
ROE (FY26)
11.3%
ROCE (FY26)
14.4%
Operating margin (FY26)
9.6%
Debt / equity (FY26)
0.12
OCF / EBITDA (FY26)
53.2%
OCF / EBITDA (3Y)
33.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Syrma SGS (Syrma SGS Technology) makes electronic assemblies and finished electronic products to order for customers in consumer, automotive, industrial, healthcare, IT and railway markets, and also runs an ODM business and an export business.

Company snapshot

3rdBy market cap

Ranked among 69 companies in Industrial Products.

Segment mix

Reportable segments as of 2023-06-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 98.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Electronic Manufacturing Services
98.1%
590 Cr25 Cr2,591 Cr
Others
1.9%
12 Cr0.44 Cr11 Cr

What we see

Positives
  • ✓Debt-to-equity of 0.12x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 33% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales712 Cr707 Cr1,134 Cr1,160 Cr833 Cr869 Cr924 Cr944 Cr1,146 Cr1,264 Cr1,465 Cr1,589 Cr
Operating expenses (approx.)663 Cr668 Cr1,060 Cr1,115 Cr762 Cr790 Cr817 Cr857 Cr1,031 Cr1,105 Cr1,291 Cr1,427 Cr
EBITDA49 Cr39 Cr74 Cr45 Cr71 Cr79 Cr107 Cr87 Cr115 Cr159 Cr174 Cr162 Cr
OPM %6.9%5.5%6.5%3.8%8.5%9.1%11.6%9.2%10.1%12.6%11.9%10.2%
Other income9 Cr12 Cr16 Cr15 Cr10 Cr22 Cr22 Cr16 Cr9 Cr10 Cr12 Cr15 Cr
Interest8 Cr10 Cr12 Cr13 Cr14 Cr15 Cr16 Cr15 Cr13 Cr8 Cr13 Cr13 Cr
Depreciation12 Cr14 Cr16 Cr17 Cr17 Cr20 Cr21 Cr21 Cr22 Cr20 Cr21 Cr22 Cr
Profit before tax37 Cr27 Cr61 Cr29 Cr51 Cr64 Cr93 Cr67 Cr90 Cr138 Cr150 Cr141 Cr
Tax %17.4%24.8%26.1%31.0%21.8%16.6%23.5%25.7%25.9%20.3%20.7%24.9%
Net profit31 Cr20 Cr45 Cr20 Cr40 Cr53 Cr71 Cr50 Cr66 Cr110 Cr119 Cr106 Cr
EPS (₹)₹1.60₹0.88₹1.97₹1.09₹2.04₹2.74₹3.67₹2.79₹3.44₹5.33₹5.29₹5.19

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales438 Cr1,020 Cr2,048 Cr3,154 Cr3,787 Cr4,819 CrSign in free for the trailing twelve months
Operating expenses (approx.)392 Cr925 Cr457 Cr2,955 Cr3,463 Cr4,275 CrSign in free for the trailing twelve months
EBITDA47 Cr94 Cr1,592 Cr199 Cr323 Cr545 CrSign in free for the trailing twelve months
OPM %10.7%9.3%77.7%6.3%8.5%11.3%Sign in free for the trailing twelve months
Other income6 Cr13 Cr44 Cr59 Cr49 Cr38 CrSign in free for the trailing twelve months
Interest5 Cr7 Cr22 Cr38 Cr58 Cr48 CrSign in free for the trailing twelve months
Depreciation12 Cr19 Cr31 Cr51 Cr75 Cr84 CrSign in free for the trailing twelve months
Profit before tax40 Cr83 Cr1,583 Cr166 Cr237 Cr445 CrSign in free for the trailing twelve months
Tax %19.4%32.1%3.5%25.3%22.2%22.4%Sign in free for the trailing twelve months
Net profit32 Cr57 Cr1,527 Cr124 Cr184 Cr346 CrSign in free for the trailing twelve months
EPS (₹)₹3.72₹4.97₹7.55₹6.06₹9.55₹16.94Sign in free for the trailing twelve months
Dividend payout %——0.0%21.3%14.4%8.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital0.75 Cr138 Cr177 Cr177 Cr178 Cr193 Cr
Reserves241 Cr434 Cr1,364 Cr1,435 Cr1,572 Cr2,670 Cr
Borrowings56 Cr194 Cr347 Cr576 Cr611 Cr353 Cr
Other liabilities166 Cr377 Cr651 Cr1,436 Cr1,769 Cr2,351 Cr
Total liabilities463 Cr1,154 Cr2,541 Cr3,689 Cr4,205 Cr5,770 Cr
Fixed assets (net)75 Cr234 Cr384 Cr650 Cr803 Cr860 Cr
CWIP—39 Cr20 Cr11 Cr61 Cr68 Cr
Investments92 Cr41 Cr84 Cr128 Cr59 Cr547 Cr
Inventories77 Cr291 Cr587 Cr1,004 Cr822 Cr1,062 Cr
Trade receivables128 Cr272 Cr403 Cr930 Cr1,477 Cr1,841 Cr
Cash & bank28 Cr33 Cr46 Cr78 Cr81 Cr192 Cr
Other assets63 Cr243 Cr1,016 Cr888 Cr901 Cr1,201 Cr
Total assets463 Cr1,154 Cr2,541 Cr3,689 Cr4,205 Cr5,770 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity24 Cr15 Cr1,334 Cr-114 Cr176 Cr290 Cr
Cash from investing-94 Cr-394 Cr-914 Cr-28 Cr-105 Cr-742 Cr
Cash from financing68 Cr358 Cr997 Cr155 Cr-71 Cr558 Cr
Net cash flow-3 Cr-20 Cr1,417 Cr14 Cr2 Cr110 Cr
Free cash flow (OCF − Capex)18 Cr-69 Cr1,215 Cr-451 Cr-69 Cr98 Cr

Ratios

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.9%11.6%84.9%9.1%12.1%14.4%
ROE %13.3%9.5%7.7%6.4%10.1%11.3%
Debtor days1069772108142139
Inventory days1021441377141105109
Days payable1511191144172201201
Cash conversion cycle56122305764647
OCF / EBITDA %51.0%15.8%83.8%-57.2%54.6%53.2%
OCF / EBITDA % (3 years)——79.2%65.5%66.1%33.0%
Debt / equity0.230.340.230.360.350.12
Current ratio1.401.341.461.231.331.70
Net debt / EBITDA0.601.700.192.511.640.30