Syrma SGS Technology Limited (SYRMA) AI Stock Analysis

• Market Cap: ₹137.88B
• Dividend Yield: 0.2%
• Average Volume (3M): 86.41K
• Price to Earnings (P/E): 56.5
• Beta (1Y): 1.42
• 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: 192,830,490
• 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: ₹1,000.00
• Price Target Upside: 33.31% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹857.00 ▲(14.24% Upside)

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

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term financial stability.

Profitability

Strong profitability margins suggest efficient cost management and pricing power, enhancing competitive positioning and financial resilience.

Market Presence

An expanding market presence indicates successful penetration and growth in key sectors, ensuring sustained revenue streams and competitive advantage.

Negative Factors

Cash Flow Challenges

Negative free cash flow can hinder the company's ability to fund growth initiatives and manage financial obligations, impacting long-term sustainability.

Debt Levels

Rising debt levels may increase financial risk and limit flexibility, potentially affecting the company's ability to invest in future opportunities.

EBITDA Margin Volatility

Volatile EBITDA margins can indicate inconsistent operational performance, which may affect profitability and strategic planning.

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: Negative
• Last Price: 750.15
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 750.15 is above the 20-day moving average (MA) of 730.56, below the 50-day MA of 783.03, and above the 200-day MA of 678.44, indicating a neutral trend. The MACD of -11.20 indicates Negative momentum. The RSI at 39.65 is Neutral, neither overbought nor oversold. The STOCH value of 47.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	74 Outperform	₹91.33B	47.81	―	―	31.50%	11.32%
NETWEB	67 Neutral	₹187.69B	138.64	―	0.08%	47.18%	38.90%
SYRMA	66 Neutral	₹137.88B	56.53	―	0.20%	1.30%	111.88%
MASTEK	65 Neutral	₹63.51B	17.35	―	1.62%	11.91%	-1.02%
TANLA	65 Neutral	₹66.86B	14.10	―	3.28%	3.31%	-11.27%
HAPPSTMNDS	62 Neutral	₹67.07B	33.85	―	1.26%	21.31%	-16.27%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Syrma SGS Technology Limited Corporate Events

Syrma SGS Bolsters Market Presence with Strategic Acquisitions

Syrma SGS Technology Limited has announced the acquisition of a 60% stake in Elcome Integrated Systems Private Limited for INR 235 crores as part of a strategic move to strengthen its operational capabilities. This acquisition includes Elcome’s subsequent acquisition of Navicom Technology International Private Limited, aiming to expand the company’s industry footprint and enhance its technological capabilities, potentially benefiting its stakeholders and market competitiveness.

Syrma SGS Launches New PCB Manufacturing Plant in Andhra Pradesh

Syrma SGS Technology Limited has commenced the construction of a new PCB manufacturing facility in Andhra Pradesh, marking a significant step in its expansion strategy. This facility, developed through a joint venture with South Korea’s Shinhyup Electronics, is expected to create over 1,000 jobs and enhance India’s electronics manufacturing ecosystem. The collaboration aims to combine Shinhyup’s engineering expertise with India’s manufacturing capabilities, positioning Syrma SGS as a key player in the high-growth electronics sector.

Syrma SGS Technology Limited Discusses Q2 FY ’26 Financial Results

Syrma SGS Technology Limited held an earnings call to discuss its unaudited financial results for the quarter and half-year ending September 30, 2025. The conference call, which was accessible on the company’s website, provided insights into the company’s financial performance, potentially impacting its market positioning and stakeholder interests.

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.