Syrma SGS Technology Ltd

SYRMA

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Market Cap

₹ 13,865 Cr

P/E

60.32

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Syrma SGS Technology Limited provides comprehensive electronics manufacturing services, focusing on precision manufacturing for diverse industries, including automotive, healthcare, and industrial applications.

The company achieved notable financial growth with a 37% YoY increase in quarterly revenue, driven by segments like auto and industrial sectors ably contributing to its strong performance.

Syrma SGS has made significant strides into new verticals through strategic acquisitions and JVs, such as acquiring a 60% stake in Elcome Integrated Systems to enter the defence electronics space.

Export revenues have shown a remarkable increase, demonstrating Syrma's robust international foothold, with major contributions from automotive and industrial electronics segments.

The company successfully reduced its debt levels and maintained a healthy cash balance, underscoring its financial resilience and strategic capital allocation toward growth initiatives.

Sector

Electronics

Industry

Electronics - Others

Market Cap

13,865 Cr

Volatility

High Risk

P/E Ratio

60.3

Industry P/E

52.7

PEG Ratio

2.0

P/B Ratio

4.9

52W High

909.50

52W Low

355.05

Sales CAGR

20.06%

52.18%

41.82%

10Y

—

Profit CAGR

48.34%

37.59%

12.69%

10Y

—

ROE

TTM

8.12%

3.52%

4.13%

10Y

—

ROCE

TTM

11.73%

6.33%

7.06%

10Y

—

Technicals

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Forecasts

No. of Analysts

32

1Y Price Target

904.96 ▲ 26.50%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PGEL	571.00	16,292 Cr	64.01	5.61	0.04	8.77	12.23	5.48
DATAPATTNS	2576.90	14,446 Cr	61.88	9.39	0.31	15.18	20.88	13.32
SYRMA	719.15	13,865 Cr	60.32	4.94	0.19	8.12	11.73	4.62
ZENTEC	1363.80	12,314 Cr	49.81	6.85	0.15	13.80	21.19	13.24
GENUSPOWER	301.00	9,189 Cr	20.04	4.82	0.81	24.17	19.15	7.97
APOLLO	228.60	8,167 Cr	99.83	6.52	0.09	7.59	11.15	4.48
AVALON	850.90	5,728 Cr	65.48	8.81	0.00	13.45	16.55	7.92

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	601	712	707	1,134	1,160	833	869	932	944	1,146
Expenses	564	663	668	1,060	1,115	762	790	817	857	1,031
Operating Profit	37	49	39	74	45	71	79	116	87	115
OPM %	6.14	6.88	5.49	6.50	3.84	8.52	9.10	12.39	9.18	10.06
Other Income	22	7.55	12	16	15	10	20	14	16	8.74
Interest	7.53	8.00	10	12	13	14	15	16	15	13
Depreciation	10	12	14	16	17	17	20	21	21	22
Profit Before Tax	41	37	27	61	29	51	64	93	67	90
Tax %	31.47	17.43	24.78	26.12	30.99	21.78	16.57	23.48	25.66	25.88
Net Profit	28	31	20	45	20	40	53	71	50	66
EPS in Rs	1.47	1.46	0.80	1.81	1.00	1.87	2.54	3.40	2.58	3.43

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	862	886	1,020	2,048	3,154	3,787	3,578
Expenses	729	787	925	1,861	2,955	3,463	3,226
Operating Profit	133	99	94	188	199	323	352
OPM %	15.38	11.19	9.26	9.17	6.29	8.54	9.84
Other Income	13	18	12	44	57	47	60
Interest	13	7.15	6.37	22	38	58	60
Depreciation	19	23	19	31	51	75	78
Profit Before Tax	113	87	81	179	166	237	275
Tax %	19.28	24.50	33.08	31.12	25.29	22.20	22.09
Net Profit	92	66	54	123	124	184	214
EPS in Rs	—	—	—	7.35	5.54	8.80	11.95
Dividend Payout %	0.00	0.00	0.00	20.00	24.92	15.76	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.57	4.62	138	177	177	178
Reserves	418	595	434	1,364	1,435	1,572
Borrowings	125	103	218	375	630	665
Other Liabilities	239	258	364	628	1,447	1,790
Total Liabilities	787	960	1,154	2,543	3,689	4,205
Fixed Assets	295	292	378	532	1,075	1,144
CWIP	1.20	0.02	41	25	17	66
Investments	30	132	41	84	42	59
Other Assets	460	537	694	1,901	2,555	2,935
Total Assets	787	960	1,154	2,543	3,689	4,205

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	156	37	15	-70	-114	176
Cash from Investing Activity	-49	-112	-368	-886	-9.98	-105
Cash from Financing Activity	-59	72	359	968	155	-71
Net Cash Flow	47	-3.65	5.60	12	31	0.61

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Aug 2025	Sep 2025
Promoters	47.27%	47.27%	47.21%	46.89%	46.89%	46.89%	46.89%	46.62%	46.55%	46.45%	43.00%	43.01%
FIIs	4.61%	9.27%	10.14%	11.12%	12.95%	10.44%	10.31%	8.49%	6.20%	6.34%	7.07%	7.02%
DIIs	8.57%	9.23%	9.63%	8.21%	5.80%	6.46%	6.45%	7.48%	7.74%	9.16%	16.65%	16.40%
Public	39.54%	34.23%	33.02%	33.77%	34.36%	36.22%	36.35%	37.41%	39.51%	38.05%	33.29%	33.57%
Total Shareholders	93,800	81,724	96,452	1,05,068	1,12,395	1,24,943	1,29,398	1,34,503	1,63,296	1,61,089	1,57,915	1,70,983

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 13, 2024	Syrma sgs employee welfare trust	Insider - Designated Person	Acquisition	484.11	0.48 Cr	10,000	0.00
Mar 13, 2024	Syrma sgs employee welfare trust	Insider - Designated Person	Acquisition	500.00	2.50 Cr	50,000	0.02
Mar 07, 2024	Syrma sgs employee welfare trust	Insider - Designated Person	Acquisition	519.21	2.47 Cr	47,500	0.0285
Mar 01, 2024	Syrma sgs employee welfare trust	Insider - Designated Person	Acquisition	499.18	0.50 Cr	10,000	0.005
Mar 01, 2024	Syrma sgs employee welfare trust	Insider - Designated Person	Acquisition	500.00	2.00 Cr	40,000	—
Aug 18, 2023	Horizon impex private limited	Insider - Directors Immediate Relative	Acquisition	470.25	16.48 Cr	3,50,470	—
Aug 18, 2023	Horizon impex private limited	Insider - Directors Immediate Relative	Acquisition	468.55	16.42 Cr	3,50,470	—
Jun 30, 2023	South asia growth fund ii hol...	Bulk	Sell	439.00	128.09 Cr	29,17,857	1.63
Jun 30, 2023	Nomura funds ireland public l...	Bulk	Buy	439.00	48.29 Cr	11,00,000	0.61
Jun 30, 2023	Bnp paribas arbitrage	Bulk	Buy	439.00	41.71 Cr	9,50,000	0.53

Projection

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PGEL	571.00	16,292 Cr	64.01	5.61	0.04	8.77	12.23	5.48
DATAPATTNS	2576.90	14,446 Cr	61.88	9.39	0.31	15.18	20.88	13.32
SYRMA	719.15	13,865 Cr	60.32	4.94	0.19	8.12	11.73	4.62
ZENTEC	1363.80	12,314 Cr	49.81	6.85	0.15	13.80	21.19	13.24
GENUSPOWER	301.00	9,189 Cr	20.04	4.82	0.81	24.17	19.15	7.97
APOLLO	228.60	8,167 Cr	99.83	6.52	0.09	7.59	11.15	4.48
AVALON	850.90	5,728 Cr	65.48	8.81	0.00	13.45	16.55	7.92

Overview

Detailed Summary

The company achieved notable financial growth with a 37% YoY increase in quarterly revenue, driven by segments like auto and industrial sectors ably contributing to its strong performance.

Syrma SGS has made significant strides into new verticals through strategic acquisitions and JVs, such as acquiring a 60% stake in Elcome Integrated Systems to enter the defence electronics space.

Export revenues have shown a remarkable increase, demonstrating Syrma's robust international foothold, with major contributions from automotive and industrial electronics segments.

The company successfully reduced its debt levels and maintained a healthy cash balance, underscoring its financial resilience and strategic capital allocation toward growth initiatives.

Sector

Electronics

Industry

Electronics - Others

Market Cap

13,865 Cr

Volatility

High Risk

P/E Ratio

60.3

Industry P/E

52.7

PEG Ratio

2.0

P/B Ratio

4.9

52W High

909.50

52W Low

355.05

Sales CAGR

20.06%

52.18%

41.82%

10Y

—

Profit CAGR

48.34%

37.59%

12.69%

10Y

—

ROE

TTM

8.12%

3.52%

4.13%

10Y

—

ROCE

TTM

11.73%

6.33%

7.06%

10Y

—

Syrma

Syrma SGS Technology Ltd

SYRMA

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904.96 ▲ 26.50%

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

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Syrma SGS Technology Ltd

SYRMA

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