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Chennai EMS maker of PCB assemblies, RFID tags and automotive electronics for global OEMs.
Chennai EMS maker of PCB assemblies, RFID tags and automotive electronics for global OEMs.
Is paid to build circuit boards and finished devices to customers' designs, with component costs largely passed through, so revenue is large relative to margin. Its name reflects the combination of Syrma and SGS Tekniks.
In one line: A small, diversified Indian Jabil.
Moat: narrow (customer qualification, scale, process know-how). 18 facilities and long design-to-manufacture OEM ties, but EMS stays a low-margin business.
Headquarters: Chennai, India · Employees: 10,046
Size Syrma SGS Technology (SYRMA.NS) is an India Industrials company (Electronic Production Equipment) with a market value of $2.97B, the 285th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,459 on 6 Nov 2026.
Performance Over six months the shares gained 33.5%, against +2.0% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 8 in its peer set.
Growth Revenue grew 62.4% over the last twelve months (peer median +34.9%); the operating margin is 9.5% (peer median 9.5%).
Valuation It trades at 63.2× forward earnings against a peer median of 64.8× (4th cheapest of 7).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +62%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (10.6% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹63.1B | ₹48.2B | ₹37.9B | ₹31.5B | ₹20.5B |
| Revenue growth | — | +27% | +20% | +54% | — |
| Gross profit | ₹11.8B | ₹6.80B | ₹3.86B | ₹2.68B | ₹2.46B |
| EBITDA | ₹6.88B | ₹5.84B | ₹3.04B | ₹2.05B | ₹1.94B |
| Net income | ₹4.21B | ₹3.18B | ₹1.70B | ₹1.07B | ₹1.19B |
| Free cash flow | n/a | ₹854M | -₹945M | -₹4.34B | -₹1.72B |
| Capital expenditure | n/a | ₹1.92B | ₹2.45B | ₹3.38B | ₹1.18B |
| Total debt | ₹8.07B | ₹4.00B | ₹6.65B | ₹6.30B | ₹3.75B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Syrma SGS Technology SYRMA.NS | $2.97B | +33% | +62% | 10% | 63.2× | 33.7% |
| Dixon Technologies (India) DIXON.NS | $8.16B | +14% | +21% | 2% | 76.9× | 48.0% |
| Kaynes Technology India KAYNES.NS | $2.30B | -26% | +35% | 12% | 55.5× | n/a |
| Amber Enterprises India AMBER.NS | $2.39B | -28% | +15% | 5% | 59.6× | n/a |
| Avalon Technologies AVALON.NS | $1.34B | +51% | +44% | 10% | 69.4× | n/a |
| Cyient DLM CYIENTDLM.NS | $649M | +82% | -2% | 7% | 73.3× | 58.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SYRMA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.4% | -3.9% | 3rd lowest of 8 |
| 6-month return | +33.5% | +2.0% | 2nd highest of 8 |
| Distance from 52-week high | -19.9% | -24.6% | 3rd highest of 8 |
| Revenue growth (TTM) | +62.4% | +34.9% | 3rd highest of 8 |
| Operating margin | 9.5% | 9.5% | 4th highest of 8 |
| Forward P/E | 63.2× | 64.8× | 4th cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | 33.7% | n/a | — |
| Growth delivered (Del g) | +61.8% | n/a | — |
| Hurdle (Req g minus delivered) | -28.1 pp | n/a | — |
| ROIC minus cost of capital | +2.8 pp | -4.6 pp | 2nd highest of 8 |
| EV / EBITDA | 40.9× | 45.9× | 4th cheapest of 7 |
| Net debt / EBITDA | -0.3× | 0.3× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Syrma SGS Technology SYRMA.NS | India | $2.97B | +33% | +62% | 10% | 63.2× | 33.7% | +61.8% |
| Kaynes Technology India KAYNES.NS | India | $2.30B | -26% | +35% | 12% | 55.5× | n/a | n/a |
| Data Patterns (India) DATAPATTNS.NS | India | $2.24B | -11% | +34% | 37% | 60.2× | 61.0% | +32.8% |
| L&F 066970.KS | South Korea | $2.15B | -62% | +81% | 8% | n/a | n/a | n/a |
| PG Electroplast PGEL.NS | India | $1.65B | +2% | +21% | 6% | 49.3× | n/a | n/a |
| Apollo Micro Systems APOLLO.NS | India | $1.63B | +32% | +77% | 21% | 92.7× | n/a | n/a |
| Avalon Technologies AVALON.NS | India | $1.34B | +51% | +44% | 10% | 69.4× | n/a | n/a |
| Dixon Technologies (India) DIXON.NS | India | $8.16B | +14% | +21% | 2% | 76.9× | 48.0% | +49.7% |