Syrma SGS Technology Limited (SYRMA) AI Stock Analysis

• Market Cap: ₹150.99B
• Dividend Yield: 0.17%
• Average Volume (3M): 86.41K
• Price to Earnings (P/E): 69.7
• Beta (1Y): 1.40
• Revenue Growth: 1.30%
• EPS Growth: 111.88%
• Country: IN
• Employees: 1,321
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 3.60
• Shares Outstanding: 192,464,160
• 10 Day Avg. Volume: 85,012
• 30 Day Avg. Volume: 86,409
• PEG Ratio: 0.85
• Price to Book (P/B): 4.73
• Price to Sales (P/S): 2.19
• P/FCF Ratio: -137.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹872.33
• Price Target Upside: 0.08% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ₹982.00 ▲(12.66% Upside)

Syrma SGS Technology Limited demonstrates strong financial performance with robust revenue and profit growth, supported by a stable balance sheet. However, the high P/E ratio suggests the stock is overvalued, which could limit upside potential. Technical indicators show positive momentum, but caution is advised due to potential overbought conditions.

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 development, test set up conceptualization, and development for original equipment manufacturers. Its product portfolio comprises printed circuit board assemblies; radio frequency identification products; electromagnetic and electromechanical parts, including chokes, inductors, magnetic filters, and transformers; and other products, such as motherboards, DRAM modules, solid state drives, USB drives, and other memory products. The company also provides electronic sub-assemblies, assemblies and box builds, disk drives, power supplies/adapters, and fiber optic assemblies; and quick prototyping, and repair and rework services. It serves the automotive, healthcare, IT, industrial appliances, energy management, water purification, power supply, and consumer products industries. The company was founded in 1978 and is based in Chennai, India.

How the Company Makes Money

Syrma SGS Technology Limited generates revenue through several key streams within the electronic manufacturing services sector. The primary revenue source is derived from contract manufacturing, where the company partners with businesses to produce electronic components and products based on specific requirements. Additionally, SYRMA earns revenue from value-added services such as product design, engineering support, and supply chain management. Significant partnerships with major players in various industries, including automotive and consumer electronics, enhance their market presence and contribute to steady income. The company's earnings are also bolstered by long-term contracts and repeat business from established clients, ensuring a consistent revenue flow.

Syrma SGS Technology Limited Financial Statement Overview

Summary

Syrma SGS Technology Limited exhibits solid revenue and profit growth, driven by effective cost management and expanding market presence. The balance sheet displays stability with manageable leverage, while cash flow management requires attention to ensure sustainable growth. Overall, the financial health is strong, with opportunities for improvement in cash flow generation.

Income Statement

Syrma SGS Technology Limited has demonstrated robust revenue growth, with a significant increase from 2024 to 2025. The gross profit margin and net profit margin reflect strong profitability, supported by a healthy EBIT margin. However, fluctuations in EBITDA margins suggest some volatility in operational efficiency.

Balance Sheet

The company maintains a reasonable debt-to-equity ratio, indicating prudent financial management. The return on equity has shown improvement over the years, aligning with the company's profitability growth. The equity ratio remains strong, suggesting a stable financial foundation, although an increase in total debt warrants monitoring.

Cash Flow

Free cash flow remains negative, indicating potential challenges in generating surplus cash after investments. However, the operating cash flow to net income ratio has improved, pointing towards better operational cash generation. The company should focus on enhancing free cash flow to support growth and investment activities.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	35.71B	37.87B	31.54B	20.48B	10.20B	4.38B
Gross Profit	8.98B	8.09B	6.29B	4.93B	2.94B	1.52B
EBITDA	3.43B	2.86B	1.94B	1.82B	921.25M	451.93M
Net Income	2.00B	1.70B	1.07B	1.19B	555.38M	320.17M
Balance Sheet
Total Assets	0.00	42.05B	36.89B	25.41B	11.54B	9.07B
Cash, Cash Equivalents and Short-Term Investments	3.47B	3.47B	1.14B	1.25B	697.10M	1.07B
Total Debt	0.00	6.65B	6.30B	3.75B	2.18B	1.03B
Total Liabilities	-18.25B	23.80B	20.12B	9.98B	5.71B	3.64B
Stockholders Equity	18.25B	17.50B	16.13B	15.40B	5.72B	2.42B
Cash Flow
Free Cash Flow	0.00	-600.76M	-4.51B	-1.89B	-1.03B	177.32M
Operating Cash Flow	0.00	1.76B	-1.14B	-702.76M	-126.32M	371.14M
Investing Cash Flow	0.00	-1.05B	-281.80M	-9.14B	-3.99B	-1.12B
Financing Cash Flow	0.00	-706.98M	1.50B	9.97B	3.82B	715.62M

Syrma SGS Technology Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 871.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 871.65 is above the 20-day moving average (MA) of 827.88, above the 50-day MA of 821.09, and above the 200-day MA of 626.55, indicating a bullish trend. The MACD of 22.30 indicates Negative momentum. The RSI at 59.31 is Neutral, neither overbought nor oversold. The STOCH value of 73.92 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LATENTVIEW	73 Outperform	₹102.16B	53.36	―	―	31.50%	11.32%
SYRMA	70 Outperform	₹150.99B	69.73	―	0.17%	1.30%	111.88%
TANLA	69 Neutral	₹82.42B	17.38	―	2.95%	3.31%	-11.27%
MASTEK	65 Neutral	₹66.26B	18.10	―	1.53%	11.91%	-1.02%
HAPPSTMNDS	62 Neutral	₹77.16B	38.94	―	1.25%	21.31%	-16.27%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NETWEB	59 Neutral	₹205.76B	151.99	―	0.08%	47.18%	38.90%

Syrma SGS Technology Limited Corporate Events

Syrma SGS Technology Expands with Key Acquisitions

Syrma SGS Technology Limited has announced the acquisition of Elcome Integrated Systems Private Limited and Navicom Technology International Private Limited. The acquisition involves Syrma acquiring 60% of Elcome’s share capital in the first tranche for INR 235 crore, with Elcome subsequently acquiring Navicom. This strategic move is expected to enhance Syrma’s capabilities in the manufacturing of defense and maritime equipment, potentially strengthening its market position and expanding its operational scope.

Syrma SGS Technology Secures Compliance Certificate for Q3 2025

Syrma SGS Technology Limited has announced that it has received a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ending September 30, 2025. The company confirmed that this regulation is not applicable to them as all their shares are held in dematerialized form, and no rematerialization requests were received during the specified period. This announcement underscores the company’s adherence to regulatory standards and reflects its operational compliance, which is crucial for maintaining stakeholder trust and confidence.

Syrma SGS Technology Secures Shareholder Approval for Key Resolutions at AGM

Syrma SGS Technology Limited announced the successful conclusion of its 21st Annual General Meeting, where all resolutions proposed were approved by the shareholders with the requisite majority. The resolutions included adopting financial statements, declaring dividends, appointing directors, and approving remuneration for auditors. Additionally, the company plans to raise funds through the issuance of shares or securities to qualified institutional investors, indicating a strategic move to bolster its financial position and expand its market presence.

Syrma SGS Technology Limited Concludes 21st Annual General Meeting

Syrma SGS Technology Limited held its 21st Annual General Meeting on September 26, 2025, via video conferencing in compliance with regulatory guidelines. The meeting was attended by key company executives and auditors, and it provided an overview of the company’s business and financial performance for the fiscal year 2024-25. The AGM included discussions on various resolutions, and the necessary statutory documents were made available for inspection. The meeting concluded with no adverse remarks from the auditors on the financial statements.

Syrma SGS Technology Announces Board Changes

Syrma SGS Technology Limited announced a change in its board of directors during its 21st Annual General Meeting. Mr. Sudeep Tandon has been appointed as a Non-Executive Non-Independent Director, replacing Mr. Jaideep Tandon, who retired and chose not to seek reappointment. This change is part of the company’s ongoing governance and leadership strategy, potentially impacting its future direction and stakeholder engagement.

Syrma SGS Technology Appoints New Secretarial Auditors

Syrma SGS Technology Limited has announced a change in its secretarial auditors, appointing M/s. DPV & Associates LLP for a five-year term starting from the financial year 2025-26. This appointment was approved at the company’s 21st Annual General Meeting, reflecting a strategic move to ensure compliance and enhance corporate governance. The new auditors bring extensive experience in secretarial audits and corporate governance services, which could positively impact Syrma SGS’s operational integrity and stakeholder confidence.