SYRMA
Large CapSyrma SGS Technology Limited
IT
Syrma SGS Technology Limited is an Electronic System Design and Manufacturing Services (ESDM) provider in India, offering a range of services including product design, prototyping, and full-scale manufacturing across various industries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +59% YoY · PAT +68% YoY · +16% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,465 Cr | +58.5% | +15.9% |
| EBITDA | ₹174 Cr | +61.1% | +9.4% |
| Operating margin | 12.0% | +0 bps | -100 bps |
| PAT | ₹119 Cr | +67.6% | +8.2% |
| PAT margin | 8.1% | +44 bps | -58 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26: PBT +88% YoY, PAT +87% YoY, with significant margin improvement. Q4 FY26: PBT +61% YoY, PAT +67% YoY, driven by strong revenue growth.
Strong profitability expansion in FY26 and Q4 FY26, with robust YoY growth in PBT and PAT. Margin profile improved significantly, and the company moved to a net cash position, indicating sound financial health.
Revenue by Industry Segment FY26
Latest issuer-disclosed distribution across 5 reported categories.
Auto Segment Growth
Auto segment revenue grew 39% YoY in FY26 and 62% YoY in Q4 FY26.
IT and Railways Segment Growth
IT and Railways segment revenue grew 74% YoY in FY26 and 182% YoY in Q4 FY26.
Industrials Segment Growth
Industrials segment revenue grew 30% YoY in FY26 and 21% YoY in Q4 FY26.
Capex & Investments
Capex & Investments increased to ₹7,420 Mn in FY26 from ₹1,052 Mn in FY25.
Intense Competition
The company faces intense competition in Electronic System Design and Manufacturing Services.
Demand for Electronics
Risk of reduced demand for electronics in key focus areas.
Industry Disruptions
Disruptions in the electronics industry could impact operations.
Talent Retention
Ability to attract and retain highly skilled professionals is a risk.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both annual (FY26 vs FY25) and quarterly (Q4 FY26 vs Q4 FY25 and Q3 FY26) results. Annual comparison shows overall business health and margin expansion, while quarterly data highlights sequential momentum and recent performance trends.
Operating EBITDA Margin (Ex Other Income)
FY26: 11.3% (up 2.7% YoY); Q4 FY26: 11.9% (down 0.7% QoQ, down 0.5% YoY)
PAT Margin
FY26: 7.1% (up 2.3% YoY); Q4 FY26: 8.1% (down 0.6% QoQ, up 0.5% YoY)
ROCE (Adj. for Goodwill)
FY26: 20.1% (vs 16.0% in FY25)
Net Debt/(Cash) to EBITDA (LTM)
FY26: NM (Net Cash position of ₹4,672 Mn) (vs 0.8 in FY25)
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 12.0% (FY26), 12.6% (Q4 FY26) | Sustained margin expansion and stability, especially given slight QoQ dip in Q4. |
| ROCE (Adj. for Goodwill) | 20.1% (FY26) | Continued improvement in capital efficiency and asset utilization. |
| Net Cash Position | ₹4,672 Mn (FY26) | Maintenance of net cash position and efficient deployment of cash for growth. |
| IT and Railways Segment Growth | +74% YoY (FY26), +182% YoY (Q4 FY26) | Continued high growth rates and increasing contribution from this segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +38.5% / mo · near 52W high
Technical chart
SYRMAweekly · 3Y+128.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 74. Wait for confirmation.
- SMA20 rising (~27.8% over last month) — short-term momentum positive.
- RSI(14) at 74 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -112.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 70th percentile within IT. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 4.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 70th pctile, median 68 · Large: 52nd pctile, median 74
78 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 4.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 72.20
- P/B
- 8.11
- EV/EBITDA
- 37.47
- Market Cap
- 23168.00Cr
Profitability
- ROE
- 13.90%
- ROCE
- 16.70%
- ROA
- 6.00%
- Dividend Y
- 0.12%
Growth (CAGR)
- Revenue 5Y
- 40.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 11.35×
- Altman Z
- 6.76
- Book Value
- 148.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 290.00 Cr
- EPS TTM
- 16.48
Shareholding
- Promoter Hold
- 42.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 95%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.