Syrma SGS Technology Limited (IN:SYRMA)
:SYRMA
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Syrma SGS Technology Limited
(SYRMA)
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Rating:66Neutral
Price Target:
₹1,036.00
▲(5.97% Upside)
Action:DowngradedDate:12/03/25
Syrma SGS Technology Limited's strong financial performance is the primary driver of its stock score, supported by robust revenue and profit growth. However, technical indicators suggest bearish momentum, and the high P/E ratio indicates overvaluation, which negatively impacts the overall score.
Positive Factors
Diversified EMS End-to-End Services
Syrma's multi-segment EMS model and end-to-end capabilities (PCBA, box-build, system integration, RFID and engineering) create durable customer stickiness and multiple revenue streams. This structural breadth reduces single-market cyclicality and supports higher-value work that sustains margins and repeat programs over time.
Negative Factors
Negative Free Cash Flow
Persistently negative free cash flow constrains self-funded expansion and heightens reliance on external financing or working capital cycles to support growth. Even with improved operating cash conversion, continued negative FCF can limit dividend capacity, increase leverage risk, and pressure investment plans if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified EMS End-to-End Services
Syrma's multi-segment EMS model and end-to-end capabilities (PCBA, box-build, system integration, RFID and engineering) create durable customer stickiness and multiple revenue streams. This structural breadth reduces single-market cyclicality and supports higher-value work that sustains margins and repeat programs over time.
Read all positive factors
Syrma SGS Technology Limited (SYRMA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹185.07B
Dividend Yield0.2%
Average Volume (3M)86.41K
Price to Earnings (P/E)34.4
Beta (1Y)1.51
Revenue Growth7.07%
EPS Growth94.48%
CountryIN
Employees1,321
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)5.50
Shares Outstanding192,830,490
10 Day Avg. Volume85,012
30 Day Avg. Volume86,409
Financial Highlights & Ratios
PEG Ratio0.85
Price to Book (P/B)4.73
Price to Sales (P/S)2.23
P/FCF Ratio-137.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,010.00Price Target Upside3.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)20.69
Revenue Forecast (FY)₹63.28B
Syrma SGS Technology Limited Business Overview & Revenue Model
Company Description
Syrma SGS Technology Limited provides turnkey electronic manufacturing services in India and internationally. The company offers value-added, and integrated design and manufacturing solutions, including value engineering, tool designing, mold deve...
How the Company Makes Money
Syrma SGS primarily makes money as a contract manufacturer and engineering/manufacturing partner to OEMs, earning revenue by supplying manufactured electronic assemblies and finished/near-finished electronic products under customer specifications....
Syrma SGS Technology Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 38.14B | 37.16B | 31.30B | 20.10B | 10.13B | 8.77B |
| Gross Profit | 8.95B | 7.72B | 6.08B | 4.51B | 2.70B | 2.72B |
| EBITDA | 4.51B | 3.66B | 2.55B | 2.30B | 1.06B | 1.05B |
| Net Income | 2.28B | 1.70B | 1.07B | 1.19B | 555.38M | 630.09M |
Balance Sheet | ||||||
| Total Assets | 52.10B | 42.05B | 36.89B | 25.41B | 11.54B | 9.07B |
| Cash, Cash Equivalents and Short-Term Investments | 7.58B | 3.47B | 1.14B | 1.25B | 697.10M | 1.07B |
| Total Debt | 3.32B | 6.65B | 6.30B | 3.75B | 2.18B | 1.03B |
| Total Liabilities | 23.22B | 23.80B | 20.12B | 9.98B | 5.71B | 3.64B |
| Stockholders Equity | 28.09B | 17.50B | 16.13B | 15.40B | 5.72B | 2.42B |
Cash Flow | ||||||
| Free Cash Flow | -1.86B | -600.76M | -4.51B | -1.89B | -1.03B | 177.32M |
| Operating Cash Flow | -1.15B | 1.76B | -1.14B | -702.76M | -126.32M | 371.14M |
| Investing Cash Flow | -2.66B | -1.05B | -281.80M | -9.14B | -3.99B | -1.12B |
| Financing Cash Flow | 6.05B | -706.98M | 1.50B | 9.97B | 3.82B | 715.62M |
Syrma SGS Technology Limited Technical Analysis
Positive
977.65
Price Trends
819.75
Positive
782.40
Positive
769.66
Positive
Market Momentum
38.77
Negative
75.13
Negative
91.93
Negative
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 above the 20-day moving average (MA) of 825.40, above the 50-day MA of 819.75, and above the 200-day MA of 769.66, indicating a bullish trend. The MACD of 38.77 indicates Negative momentum. The RSI at 75.13 is Negative, neither overbought nor oversold. The STOCH value of 91.93 is Negative, 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ₹67.95B | 9.84 | ― | 3.28% | 9.68% | 1.75% | |
73 Outperform | ₹52.54B | 10.29 | ― | 1.62% | 7.55% | 7.12% | |
68 Neutral | ₹56.79B | 42.91 | ― | 1.26% | 16.66% | -16.99% | |
67 Neutral | ₹231.49B | 60.10 | ― | 0.08% | 82.40% | 75.32% | |
66 Neutral | ₹185.07B | 34.37 | ― | 0.20% | 7.07% | 94.48% | |
65 Neutral | ₹60.47B | 47.32 | ― | ― | 27.49% | 19.52% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
IN:SYRMA
Syrma SGS Technology Limited
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Syrma SGS Technology Limited Corporate Events
Syrma SGS Confirms Fully Reconciled and Dematerialised Share Capital for March Quarter
Apr 9, 2026
Syrma SGS Technology Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended March 31, 2026, in compliance with Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018. The audit, conducted by M...
Syrma SGS Confirms Fully Dematerialised Shareholding, No Remat Requests in Q4 FY26
Apr 2, 2026
Syrma SGS Technology Limited has informed the National Stock Exchange of India and BSE that Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 is not applicable to the company for the quarter ended March 31, 2026. The c...
Syrma SGS Elevates Jayesh Doshi to Whole Time Director to Bolster Strategic Finance
Mar 23, 2026
Syrma SGS Technology Limited has appointed veteran finance executive Jayesh Nagindas Doshi as Whole Time Director for a five-year term starting April 1, 2026, transitioning him from his current role as non-executive director. The move follows inte...
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.