Syrma SGS FY26 Investor Presentation Financials

Company Overview

Syrma SGS Technology Limited is an Electronics System Design and Manufacturing (ESDM) platform specializing in high-mix, high-complexity electronics for global OEMs across high-growth sectors. The company's strategic focus is to strengthen its presence in non-consumer verticals, expand into new high-growth segments, and strengthen its export profile.

Business Verticals Performance

Automotive and Electric Mobility:

Reported 22.3% CAGR (CY24-29) for India auto electronics growth
EV penetration scaling from ~6% (FY25) to ~30% by FY30
India-EU FTA (Jan 2026) creating export opportunities

Consumer Segment:

Revenue grew from ₹2,577 million in FY21 to ₹14,527 million in FY26
25.1% CAGR (CY24-29) India consumer electronics growth
RFID demand driven by logistics formalization + ONDC digitization
BharatNet enabling growth in GPON, RFID and smart devices

Healthcare & Medtech: Revenue grew from ₹314 million in FY21 to ₹4,336 million in FY26

Railways and IT:

Benefiting from ₹2.62 lakh crore capex (FY26) - Budget's highest-ever railway allocation
Kavach ATP rollout across 10,000+ km driving electronics module demand
PLI-driven domestic manufacturing shift creating import-substitution opportunity

Recent Strategic Initiatives

SYRMA X Shinhyup Korea JV:

75:25 JV establishing India's first large-scale multilayer PCB platform
Targets India's PCB market growing from $6.3 Bn to $24.7 Bn by 2033 (15.6% CAGR)
Addresses ₹80,000+ crore annual PCB imports with domestic production meeting only ~10% of demand
Located in 24-acre campus, Naidupeta, AP with foundation and structural work underway

ELCOME JV - Maritime Electronics:

Entry into high-margin, high-barrier maritime defence electronics segment
Leverages Elcome's 47+ years of defence expertise and Indian Navy relationships
Product categories include Navigation & Bridge System, Comms & Display, Surveillance and Safety, Platform Automation Modules

ELEMASTER JV: Focuses on high-reliability electronics with global OEM access

Financial Performance - FY26

Consolidated Financials (₹ in Million):

| Particulars | FY25 | FY26 | YoY Change |

| Revenue from Operations | 37,872 | 48,191 | 27.2% |

| Other Income | 489 | 378 | (22.7)% |

| Total Revenue | 38,361 | 48,569 | 26.6% |

| Gross Profit | 8,557 | 12,325 | 44.0% |

| Gross Margin % | 22.6% | 25.6% | 3.0% |

| EBITDA (Ex Other Income) | 3,238 | 5,445 | 68.2% |

| EBITDA Margin % | 8.6% | 11.3% | 2.7% |

| PBT | 2,371 | 4,454 | 87.9% |

| PBT Margin % | 6.2% | 9.2% | 3.0% |

| PAT | 1,845 | 3,458 | 87.5% |

| PAT Margin % | 4.8% | 7.1% | 2.3% |

Industry Segment Revenue - FY26 (₹ in Million):

Automotive: ₹13,491 (FY26) vs ₹8,213 (FY25) - 64% growth
Consumer: ₹14,527 (FY26) vs ₹11,390 (FY25) - 28% growth
Healthcare: ₹3,952 (FY26) vs ₹2,912 (FY25) - 36% growth
Industrials: ₹13,985 (FY26) vs ₹10,758 (FY25) - 30% growth
IT and Railways: ₹4,336 (FY26) vs ₹2,493 (FY25) - 74% growth

Financial Ratios - FY26:

EBITDA Margin (Ex Other Income): 11.3% vs 8.6% (FY25)
Debt to Equity: 0.1 vs 0.3 (FY25)
ROCE (%): 16.9% vs 12.4% (FY25)
ROCE (% Adj. for Goodwill): 20.1% vs 16.0% (FY25)
OCF/EBITDA: 53.2% vs 54.5% (FY25)
NWC Days: 63 vs 69 (FY25)

Balance Sheet - FY26 (₹ in Million):

Property, plant and equipment: ₹9,276 vs ₹7,281 (FY25)
Goodwill: ₹4,547 vs ₹3,221 (FY25)
Inventories: ₹10,616 vs ₹8,219 (FY25)
Trade receivables: ₹18,408 vs ₹14,775 (FY25)
Cash and cash equivalents: ₹8,203 vs ₹3,471 (FY25)
Total Assets: ₹57,700 vs ₹42,047 (FY25)
Total Equity: ₹30,655 vs ₹18,248 (FY25)
Borrowings: ₹3,531 vs ₹6,112 (FY25)
Trade payables: ₹19,586 vs ₹15,485 (FY25)

Debt and Cash Position - FY26 (₹ in Million):

Total Debt: ₹3,531 vs ₹6,111 (FY25)
Term Loan: ₹393 vs ₹898 (FY25)
Working Capital Loan: ₹3,138 vs ₹5,213 (FY25)
Total Cash & Equivalents: ₹8,203 vs ₹3,471 (FY25)
Net Debt/(Cash): (₹4,672) vs ₹2,639 (FY25)

Cash Flow - FY26 (₹ in Million):

Net Operating Cashflow: ₹2,896 vs ₹1,765 (FY25)
Capex & Investments: (₹7,420) vs (₹1,052) (FY25)
Net Cashflow from Financing activities: ₹5,578 vs (₹707) (FY25)

Q4 FY26 Financial Performance

Consolidated Financials - Q4 FY26 (₹ in Million):

| Particulars | Q4 FY25 | Q3 FY26 | Q4 FY26 | QoQ | YoY |

| Revenue from Operations | 9,324 | 12,642 | 14,650 | 15.9% | 57.1% |

| EBITDA (Ex Other Income) | 1,155 | 1,594 | 1,741 | 9.3% | 50.7% |

| EBITDA Margin % | 12.4% | 12.6% | 11.9% | (0.7)% | (0.5)% |

| PBT | 934 | 1,383 | 1,504 | 8.7% | 61.1% |

| PAT | 715 | 1,103 | 1,192 | 8.1% | 66.9% |

Industry Segment Revenue - Q4 FY26 (₹ in Million):

Automotive: ₹3,476 vs ₹2,146 (Q4 FY25) - 62% growth
Consumer: ₹3,827 vs ₹1,897 (Q4 FY25) - 102% growth
Healthcare: ₹1,362 vs ₹929 (Q4 FY25) - 47% growth
Industrials: ₹4,585 vs ₹3,775 (Q4 FY25) - 21% growth
IT and Railways: ₹1,401 vs ₹496 (Q4 FY25) - 182% growth

Management and Board

Board of Directors:

Sandeep Tandon - Executive Chairman (19+ years experience)
Sudeep Tandon - Non-Executive Director (20+ years experience)
Jayesh Doshi - Whole Time Director (Previously WTD and CFO at Dalmia Bharat)
Hetal Gandhi - Independent Director (35+ years financial services experience)
Smita Jatia - Independent Director (Director of Westlife Development)
Bharat Anand - Independent Director (Partner at Khaitan & Co)
Anil Nair - Independent Director (20+ years IT and consulting experience)
Kunal Shah - Independent Director (Co-founder of Dreamplug Technologies)

Management Team:

Sandeep Tandon - Executive Chairman
Satendra Singh - Chief Executive Officer (20+ years supply chain experience)
Ashwani Kumar - President – Operations (27+ years manufacturing experience)
Jasbir S. Gujral - Managing Director (40+ years leadership experience)
Bijay Agarwal - Chief Financial Officer (16+ years finance experience)
N.G. Sreedharan - Chief Technology Officer (30+ years electronics industry experience)

Investor Contact

Nikhil Gupta, CFA - Head of Investor Relations

Contact: +91 11 4700 2122